Category: Tax Law
What the “One Big Beautiful Bill” Means for Your Taxes
On July 4, 2025, the federal government passed a major new bill known as the “One Big Beautiful Bill” (OBBB). This legislation extends many parts of the 2017 Tax Cuts and Jobs Act and introduces several new tax rules that could impact individuals, families, and business owners for years to come. Temporary Tax Cuts Are
New IRS Tax Brackets Take Effect in 2023
Higher federal income tax brackets and standard deductions are now in effect. These measures give Americans a chance to increase their take-home pay in 2023 and shield more of their income from the Internal Revenue Service. The increase in tax brackets is intended to avoid a phenomenon known as “bracket creep,” which happens when taxpayers
Now That Tax Changes Are Closer to Reality, What do You Need to Know?
Congress is buzzing with talk of revising the tax law to target more wealthy individuals, and federal lawmakers continue to take steps towards achieving those changes. On September 13, 2021, the House Ways and Means Committee released parts of a bill that, if enacted, would reshape the U.S. tax landscape and collect more from wealthier
Biden Tax Plan 101 – Understand the changes you need to know, in minutes
Written by Rock Fusco & Connelly’s trusted advisors at Dugan & Lopatka CPAs A new administration almost always means changes to the tax code, and President Biden is no exception. President Biden’s ambitious new tax plan proposes numerous changes across the board— for individuals, businesses, nonprofits, and entire industries. Some of these changes will almost
Federal Tax Guidelines – Filing Date Pushed Back
Federal Tax Guidelines – Filing Date Pushed Back As a result of the COVID-19 pandemic, the Internal Revenue Service (“IRS”) has postponed the April 15, 2020 federal income tax filing deadline. July 15, 2020 is the new deadline for both income tax filings and income tax payments to the IRS. What does this mean for
Cook County Real Estate Tax Incentives
With high real estate taxes on commercial and industrial properties in Cook County, compared to neighboring collar counties, the Cook County Board (“the Board”) has created several programs designed to encourage industrial and commercial development. Specifically, the Board is offering real estate tax incentives for new construction, and the reutilization of vacant buildings. In Cook
Cryptocurrency: Easy to Conceal, Hard to Value
Cryptocurrencies have often been described as “the new offshore account” because it is too expensive and time consuming to trace. Cryptocurrencies, such as Bitcoin, are anonymous and decentralized, and although they are a popular form of investment, they are also a tool for those attempting to hide assets. Every time a Bitcoin is exchanged the
Investing in a Qualified Opportunity Zone
In 2017, the Tax Cuts and Jobs Act established a Qualified Opportunity Zone program that provides tax incentive for investing your money in an “economically stressed community.” All 50 states have certified zones and investing in these areas provide the opportunity to defer and potentially reduce the taxes you pay on recognized capital gains. This
Chicago Hotel Owners Face Looming Tax Increases, Surplus in Downtown Hotels
More than 2,000 new hotel rooms are expected to open in downtown Chicago in 2019 as tourism in the city reaches an all-time high. The additional 2,000 rooms increase the total number of hotel rooms downtown to 47,000, adding more competition in an already competitive market. The seven-year uptick in hotel construction has recently led
RFC’S Recent Real Estate Tax Department Successes
RFC’S Recent Real Estate Tax Department Successes Achieved a one-year tax savings of approximately $138,000 for a 200+ room hotel in the River North area. Represented the owner of a 366-unit apartment complex in Wheeling in an appeal, resulting in a three-year tax savings of approximately $280,000. Obtained an annual tax savings of approximately $28,000