Insights & Resources
Expert perspectives on tax strategy, financial planning, and business advisory from the GCAAG team.
S Corporation Elections: A Practical Tool for Managing Your Total Tax Burden
Considering an S corporation election for your business? Learn how S corp status can lower your total tax burden by splitting owner income into salary and distributions, when the election makes sense, what it costs, and how to know if it's right for you.
Indiana Tax Amnesty 2026: Enrollment Deadline of September 9
Indiana's Tax Amnesty 2026 program closes September 9. GCAAG outlines the waived penalties, enrollment terms, and required steps for pre-2024 liabilities.
Rental Property Tax Questions, Answered: A Guide for Real Estate Investors
Rental property tax FAQ from GCAAG: entity structuring, depreciation, deductible costs, cash flow vs. taxable income, and what to know before you sell.
Resale Inventory vs. Business Consumables: An Illinois Sales and Use Tax Overview
Illinois sales and use tax: is it resale inventory or a taxable business consumable? The answer depends on what happens to the item after purchase — and the rules shift again for construction contractors and installers.
IRS Announces Midyear Increase to Standard Mileage Rates for 2026
Effective July 1, 2026, the IRS has increased standard mileage rates in response to rising fuel costs. Learn the revised rates and their implications.
Trump Accounts: Your Launch-Day FAQ
Today — the 250th anniversary of the founding of the United States — the U.S. Department of the Treasury officially launched the full Trump Accounts app nationwide. We've pulled together the questions we're hearing most from clients this week, based directly on Treasury's own announcements.
Why Your CPA and Financial Advisor Need to Be Coordinating Your Financial Plan
A CPA and a financial advisor working in sync can catch tax consequences before they hit your return. Learn why coordinated planning — not once-a-year filing — protects Chicagoland, Northwest Indiana, and Tampa, Florida area business owners from costly surprises.
The Section 72(t) Exception: How to Take Early Retirement Distributions Penalty-Free
The 10% early withdrawal penalty on retirement accounts feels like gravity — unavoidable. But Section 72(t) of the tax code creates a real exception. If you take Substantially Equal Periodic Payments (SEPP) based on your life expectancy, the penalty disappears. The rules are strict, but the strategy is legitimate.
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