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The Latest News From Thompson Flaherty

St. Louis Earnings Tax
  • Uncategorized
St. Louis Earnings Tax: What the 1% Really Costs Your Business and Employees
The St. Louis 1% earnings tax applies to businesses and employees working inside city limits, not just residents. Here's what it costs, who owes it, and how to stay compliant.
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Illinois Pass-Through Entity
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Illinois Pass-Through Entity (PTE) Tax Election: Who Should Take It in 2026?
The Illinois PTE tax election lets S-corps and partnerships deduct state taxes at the entity level. Post-2025, the math changed. Here's who benefits in 2026 and what to model before
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Quarterly Estimated Taxes for Illinois Self-Employed
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Quarterly Estimated Taxes for Illinois Self-Employed – Deadlines, Amounts, and Penalties
Self-employed in Illinois? Here are the 2026 quarterly estimated tax deadlines, how to calculate what you owe, and what happens if you miss a payment.
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Accountant Cost in the Metro East
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How Much Does an Accountant Cost in the Metro East? (2026 Pricing Guide)
Wondering what a CPA costs in Metro East Illinois in 2026? Here's what you'll actually pay for tax prep, bookkeeping, and year-round accounting services.
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Business colleagues working together
  • Announcements, News
We’re Now Serving Chicago

Thompson Flaherty is expanding north. As of May 2026, we are officially serving small businesses, professionals, and families across the Chicago metro area, including Lincoln Park, Near North, the West

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Updated Meal Deduction Guide
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An Updated Meal Deduction Guide for 2026
A 2026 guide for small business owners on what meals you can still deduct, what changed under the OBBB Act, and how to keep your records clean.
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Accounting Firms in the Metro East
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Top 3 Accounting Firms in the Metro East (2026 Guide)
A 2026 guide to the top accounting firms in the Metro East: who they fit, what they cost, and how to pick the one that actually matches your situation.
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  • Uncategorized
When Should an Illinois Business Switch from Sole Prop or LLC to S-Corp?
When to switch from sole prop or LLC to S-corp in Illinois: the income threshold, the tax math, and how to know if the timing is right for your business.
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