Illinois Enacts Major Tax Changes Effective July 1
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Beginning July 1st, Illinois manufacturers no longer have to pay sales tax on most of the supplies used as part of the manufacturing process. According to the June issue of the
Illinois Department of Revenue’s Informational Bulletin, the following are production-related tangible personal property used or consumed in a manufacturing process: property purchased for incorporation into real property within a facility; supplies and consumables including fuels, coolants, solvents, oils, lubricants and adhesives; hand tools, protective apparel and fire and safety equipment.
This addition is in the same statute that grants a sales tax exemption for machinery and equipment used in manufacturing.
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Other changes in the tax laws coming from Springfield include:
- Motor fuel tax rate changes and amendments, changing tax rates for gasoline/gasohol, diesel fuel and other forms of gas, including natural gas
- Including electronic cigarettes in taxes on “tobacco products” and an increase in the cigarette tax
- Video gaming terminal tax
- Sports wagering tax
- Privilege tax for gambling games and licenses
- Amusement tax for admissions to organization gaming facilities
- Parking tax, beginning January 1, 2020, for using a space in a parking area or garage
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For the fine print on any or all of these changes, please contact us at 630-653-1616 or email us (
[email protected]). We are happy to share more details about these tax changes as they might apply to you or your business.
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Our People Make a Difference
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Some of our best friends and animals gathered at
Cosley Zoo
on July 25 to enjoy "
Cosley Zoo Uncorked." This event, held annually at the zoo in Wheaton, offered a distinctive event with wine tasting (humans only), hors d'oeuvres, a raffle and giveaways. Cosley Zoo is a facility of the
Wheaton Park District
.
Pictured here are, (L to R)
John Vires, CFP®, CFA®, financial advisor at MMA & Co.,
Jim Mathieson, CPA, retired co-founder of our firm, and
Mike Dzugan, Wheaton's city manager
. (Photo credit: Larry Kmiecik)
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Once again MMA & Co. will be a sponsor of the
Wheaton Chamber of Commerce Roast & Toast, a mid-summer event designed to bring folks together just to have fun. This year's event will be held from 5:30 p.m. to 8:30 p.m. on Thursday, August 1, at
Danada House in Wheaton. Sips-n-samples, backyard games, live music by
Brian Allison, a raffle and trivia game will be just some of the highlights. The pig roast & fixin's will be provided by
Steamboat BBQ and dessert will include those oh-so-famous custom hand-dipped ice cream bars from
Graham's Fine Chocolates & Ice Cream (worth the price of admission) and cookies & coffee from
Five & Hook. To register, visit the Wheaton Chamber of Commerce's
website.
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The 30th Annual
Carol Stream Chamber of Commerce John Wheeler Golf Tournament is scheduled with a new date, a new time and a new course. Mark your calendar for this event that begins with registration at
7:00 a.m. on Thursday, September 26, at
Bloomingdale Golf Course in Bloomingdale. The Ball Run will begin at 8:45 a.m. with a shotgun start at 9:00 a.m. Golfers will enjoy specialty holes along the way, a cocktail hour at 2:00 p.m and dinner, a live auction and a raffle at the end of the tournament.
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More Baby News!
Nataliya McDonald, CPA, and her husband
Brad welcomed new daughter
Ryeesa Raylene McDonald at 8:34 p.m. on Saturday, July 13. Ms. Ryeesa weighed in at 7 pounds, 7 ounces, and 18 inches long. Mom, dad and baby are all doing well.
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As is our tradition, we hosted a baby shower for Nataliya prior to Ryeesa's arrival. Surprise guests at the shower included
Alice Berardi, CPA, and her new baby
Vivien, giving us an opportunity to meet Alice's daughter. Here, Nataliya has a chance to practice her baby-holding skills with Vivien in anticipation of Ryeesa's arrival. Our hope is that the two girls will grow up to love accounting and join the firm.
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Summertime... and the livin' is easy. Many of our team members are off enjoying well-earned vacations, and we hope you are, too. Enjoy these lazy days of summer. Just remember, we're never too busy to help. If you have questions or would like to schedule some time to talk taxes, accounting or financial planning, we're here for you.
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Ron Austin, CPA
Brian Eisenmenger, CPA
Brian Hagene, CPA
Brett Mathieson, CPA
Mike Moyski, CPA
John Straus, CPA
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