Welcome to The Public Ledger Archives. Since 1989, John Kasperek Co., Inc. has served Illinois municipalities, school districts, townships, and nonprofits with expert accounting and audit services — and The Public Ledger brings that expertise to you through practical guides on tax legislation, municipal compliance, and governmental accounting standards. The content of this newsletter comes directly from our CPAs who understand the unique challenges facing public sector organizations.
Upcoming Statutory Deadlines
April 2026
May 2026
June 2026
Illinois Municipal Compliance
Essential guides for Illinois municipalities, school districts, and townships navigating statutory requirements.
Understanding Your Fund Financial Statements
A walkthrough of the fund financial statements in your annual audit. Covers the three fund categories — governmental, proprietary, and fiduciary — and explains how to read the balance sheet, the reconciliation to government-wide statements, the statement of cash flows, and what fund balance actually tells you about your municipality's financial health.
Three fund categories explained • New SFY 2027 audit rules • 180-day audit deadline
Read Full Article →How to Talk to Voters About Property Taxes
A guide to the property tax section of your annual audit. Covers tax levies, EAV, tax rates by fund, extended levies, collection percentages, and levy adjustments, with talk tracks your staff and elected officials can use in real conversations with residents.
Talk tracks for each key concept • Tax levy, EAV, and rate relationships • Truth in Taxation requirements • PTELL caps and levy adjustments • Statute citations with ILGA links
Read Full Article →Your Spring Statutory Calendar: April, May & June 2026
Key statutory deadlines for Illinois municipal officials covering April, May, and June 2026 — with statute citations sourced directly from the IML's 2026 Calendar of Statutory Duties. Tax ordinance certifications, budget adoption, pension reporting, and board appointments, all in one place.
April 1 IDOR tax ordinance certification deadline • Police and firefighters pension fund annual reports • Statement of Economic Interests by May 1 • Appropriation ordinance by July 31 • 20 verified ILGA statute links
Read Full Article →What Your Audit Opinion Actually Means
Four types of audit opinions, what each one signals about your municipality's financial health, and why the Yellow Book report matters just as much. Understanding the opinion your auditor delivers this fall starts here.
Unmodified, qualified, adverse & disclaimer opinions • 180-day filing deadline: October 27, 2026 • Material weakness vs. significant deficiency • Yellow Book findings separate from opinion • Illinois Office of the Comptroller filing
Read Full Article →Illinois Tax Levy Guide: Deadlines, Requirements & Truth in Taxation
Your complete guide to the Illinois tax levy process, including the last Tuesday in December deadline, Truth in Taxation requirements, and common pitfalls to avoid.
December 30, 2025 deadline • Truth in Taxation trigger and requirements • Budget adoption must precede levy ordinance • Common statutory mistakes with solutions • Direct links to 65 ILCS 5/8-3-1 and 35 ILCS 200/18-55
Read Full Article →Illinois TIF Reporting Guide: Annual Compliance Requirements
Master the Illinois Comptroller TIF reporting requirements, including the 180-day deadline, FY25 templates, and special Cook County requirements.
180-day deadline after fiscal year-end • Cook County: ALL vendors (no $10K threshold) • FY25 Excel template and instructions • Illinois Comptroller portal submission • Joint Review Board meeting requirements
Read Full Article →ARPA Closeout Notifications: The Final Step for Illinois Municipalities
U.S. Treasury is sending closeout notifications to municipalities for State and Local Fiscal Recovery Funds. Complete guide to required actions, portal access, and certification deadlines.
Closeout notifications sent to NEUs under $10M • Treasury Portal access via ID.me or Login.gov • No spending after certification • Pre-closeout checklist and timeline • Complete SLFRF compliance resources
Read Full Article →Your Municipality May Have Unclaimed Property Waiting at the State Treasurer's Office
Illinois holds over $5 billion in unclaimed property — and local governments are among the rightful owners. Learn how to search ICash for vendor credits, uncashed checks, insurance refunds, and more that may belong to your entity.
Free ICash search portal • Vendor checks, insurance claims, escrow balances • Step-by-step claim filing guide • 5-year window before funds transfer to General Revenue • Complimentary searches for JKC audit clients
Read Full Article →OBBBA Tax Law Updates
Comprehensive guides to the One Big Beautiful Bill Act provisions affecting individuals, families, and municipalities.
Trump Accounts Explained: Complete Guide to the New Child Savings Program
Everything you need to know about the new Trump Accounts child savings program, including the $1,000 federal seed deposit, contribution limits, investment rules, and how to register starting July 2026.
$1,000 federal seed deposit • $5,000 annual contribution limit • Employer contributions up to $2,500 • July 4, 2026 registration opens • Complete IRS Notice 2025-68 breakdown
Read Full Article →No Tax on Overtime: OBBBA Overtime Pay Deduction Guide
Comprehensive guide to the new overtime pay deduction for 2025–2028. Learn who qualifies, how to calculate your deduction, reporting requirements, and what employers need to know.
Up to $12,500 deduction (single) / $25,000 (joint) • FLSA "hours worked" definition • 2025 transition year reporting • Employer action items for 2026 • Income limits and phase-out rules
Read Full Article →Opportunity Zones Under OBBBA: What Illinois Municipalities Need to Know
The OBBBA makes Opportunity Zones permanent with major changes. Discover new eligibility criteria, rural incentives, and the July 2026 redesignation process — plus implications for South Suburbs.
Permanent QOZ program with decennial redesignation • July 1, 2026 → January 1, 2027 redesignation cycle • 70% median income threshold • Rural incentives: 30% basis step-up • 5-year deferral schedule
Read Full Article →No Tax on Tips: Complete Guide to the Tip Income Deduction
Service workers can now deduct up to $25,000 of qualified tips from federal income tax. Complete guide to qualifying occupations, reporting methods, and what this means for employers.
Up to $25,000 annual tip deduction • Nearly 70 qualifying occupations • Kitchen staff in tip pools • 2025 transition year with flexible reporting • FICA taxes still apply
Read Full Article →Tax Season & Client Resources
Updates on services, tax planning guidance, and tools to help you stay ahead.
Business Meal Deductions Changed in 2026. Here's What Your Company Needs to Know.
The business meal deduction rules for 2026 after the temporary 100% restaurant provision expired. What qualifies, documentation requirements under IRS Publication 463, and how to maximize your deductions.
50% deduction for qualifying business meals • IRS Publication 463 documentation requirements • Business purpose and directly related tests • Entertainment vs. meal distinction • Employer-provided meal exceptions
Read Full Article →Home Energy Tax Credits & Home Office Deduction: 2025 Filing Guide
Two valuable credits for homeowners — the Energy Efficient Home Improvement Credit and the Residential Clean Energy Credit — plus what business owners need to know about the home office deduction for the 2025 tax year.
30% credit on qualifying upgrades • Up to $3,200 annually for efficiency improvements • No cap on clean energy installations • New QMID code requirement for 2025 • Home office simplified method: $5/sq ft up to $1,500
Read Full Article →Senior Property Tax Exemptions: Cook County Benefits You May Be Missing
Cook County seniors may qualify for significant property tax reductions and Illinois benefits that could save thousands annually. Learn about the homeowner exemption, senior citizen exemption, senior freeze, and license plate discounts.
Homeowner exemption ($10,000 EAV reduction) • Senior citizen exemption ($8,000 reduction) • Senior freeze for incomes under $65,000 • Illinois license plate discount • Exemptions can be combined
Read Full Article →Introducing TaxesToGo: Secure Online Tax Portal
Our new secure online portal makes tax preparation easier while maintaining personalized service. Upload documents, track progress, and e-sign returns — all with bank-level security.
January 2026 launch • Secure document upload with progress tracking • Electronic signature capabilities • Bank-level TLS 1.3 and AES-256 encryption • Traditional services still available
Read Full Article →Questions or Suggestions?
The Public Ledger is written by Al Vaughn, Operations & Content Coordinator at John Kasperek Co., Inc. Have questions about an article or need help with a specific compliance issue? Get in touch:
Email:
Office: (708) 862-2262
Website: www.kasperekcpa.com
Expert Guidance for Your Organization
From governmental audits and financial reporting to tax preparation and municipal compliance — John Kasperek Co., Inc. has served Illinois public sector organizations since 1989.