Resolve Past Sales Tax Liabilities—Penalty Free The Illinois Department of Revenue (IDOR) is offering remote retailers a limited-time opportunity to come into compliance and resolve prior sales tax liabilities with a full waiver of penalties and interest. This program applies to businesses that sell to Illinois customers without a physical presence in the state and have unpaid sales tax for the period January 1, 2021 through June 30, 2026, provided they meet the economic nexus threshold...

Bank reconciliation is one of the simplest—and most important—controls a business can use to keep financial records accurate. Even with modern bank feeds and AI tools, mistakes can still slip through if the process isn’t handled carefully. 1. Infrequent or inconsistent reconciliations Waiting too long between reconciliations is one of the biggest issues. Small errors build up over time and become harder to trace. Monthly reconciliation should be the minimum, with higher-volume businesses...

Using QuickBooks Online (QBO) the right way can improve your financial accuracy, reporting capabilities, and operational efficiency....