About Us
Lewis & Associates Tax Planning, Inc. (LATP) is a trusted tax consulting firm based in St. Charles, Illinois. LATP provides a range of tax solutions for business owners and individuals. Turn to us for income tax reduction, wealth management, IRS debt relief, tax planning and preparation. Our staff resources include Certified Public Accountants, Enrolled Agents Admitted to Practice Before the IRS and Financial Advisors, all with more than 25 years of experience. Owner and President E. Pete Lewis, MBA, CPA, EA worked more than 30 years in the industry and founded LATP in 2008 to serve business and individual tax clients, answer tax questions, and act as a resource for clients financial needs.
The products and services we offer
Recommendations Received (53)
"Pete Lewis is knowledgeable, professional and can solve the trickiest tax problems! Bring Pete..."
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"Pete Lewis is knowledgeable, professional and can solve the trickiest tax problems! Bring Pete your tricky tax returns and hardest tax questions and he will solve them for you! "
"Local, knowledgeable and responsive. Pete has his clients needs in mind."
Products & Services
We help business owners reduce tax liabilities through proactive strategies which often include investment planning techniques.
LATP offers solutions to curing IRS, state income tax and payroll tax debt which burden individuals and business owners. During the process we also...
Filing current and past due income taxes for business owners and individuals is a primary service offered by LATP. We will e-file your returns at n...
Recommendations Given (30)
"I've worked with Michael. He is competent and professional. "
"Patrick is an excellent negotiator working on behalf of clients with tax debt issues."
Recent Activity
This is a complicated matter with different tax treatments for the PPP loan versus the EIDL advance from the SBA.
Under Section 1106(i) of the CARES Act (PPP) loan forgiveness is not taxable. This is a deviation from the normal rules related to discharge of debt which is taxable with certain...
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This is a complicated matter with different tax treatments for the PPP loan versus the EIDL advance from the SBA.
Under Section 1106(i) of the CARES Act (PPP) loan forgiveness is not taxable. This is a deviation from the normal rules related to discharge of debt which is taxable with certain exceptions. However, Section 1106(i) does not address whether expenses incurred related to loan forgiveness will be nondeductible. Generally, these type of expenses when paid to realize tax exempt income are not deductible. So the presumption is that loan forgiveness expenses will be nondeductible. Further guidance on this matter is still pending. So for accounting purposes I am treating the PPP loan as a liability on the Balance Sheet and reclassifying it to Other Income on the P&L when forgiven. However, for tax purposes the loan forgiveness portion on the P&L will be excluded from taxable income with an additional increase to taxable income for nondeductible expenses.
Regarding the EIDL advance, this is considered a Grant. The jury is still out regarding taxability of the EIDL advance. I think every CPA is waiting for Treasury guidance on how to handle it.
Since I am in the tax planning and financial industry most of my technical guidance comes from tax publications, IRS interpretations, business valuation periodicals and webinars. However, my marketing advice primarily comes from peers.
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Since I am in the tax planning and financial industry most of my technical guidance comes from tax publications, IRS interpretations, business valuation periodicals and webinars. However, my marketing advice primarily comes from peers.
I advise my business clients to start preparing for tax season before the 12 month tax period begins. There are a handful of transaction-based credits and deductions available through tax planning. If you snooze you lose.
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I advise my business clients to start preparing for tax season before the 12 month tax period begins. There are a handful of transaction-based credits and deductions available through tax planning. If you snooze you lose.
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Many of my clients have inquired about IRC Section 199A, which is the new 20% deduction for pass-through entities. It's important to know that all types of revenue is not included in the calculation, the deduction applies to partnerships, S corporations and sole proprietors and there's a...
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Many of my clients have inquired about IRC Section 199A, which is the new 20% deduction for pass-through entities. It's important to know that all types of revenue is not included in the calculation, the deduction applies to partnerships, S corporations and sole proprietors and there's a threshold cut-off for businesses in the service industries.
Interest rates have increased by 25 basis points. Theoretically, bond values should drop which would mean a mass exodus from bonds into stocks. I know the China trade crisis is partly behind the stock drop. But what else is going on?
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Interest rates have increased by 25 basis points. Theoretically, bond values should drop which would mean a mass exodus from bonds into stocks. I know the China trade crisis is partly behind the stock drop. But what else is going on?
