Category: Tax Law
Illinois Ends State QSBS Exclusion and Introduces New Corporate NOL Limits
Illinois has enacted two significant income-tax changes that may affect business founders, investors, and C corporations operating in the state. On June 16, 2026, Governor J.B. Pritzker signed Public Act 104-0468, which separates Illinois from federal tax treatment of qualified small business stock (“QSBS”) gains and imposes additional limits on corporate net operating loss (“NOL”)
Illinois Gas Taxes Rise 154% Since 2018
Between 2018 and 2026, gas taxes in the State of Illinois increased 154% Currently, the State of Illinois imposes the second-highest gas tax of any state, second only to California. Further, Illinois is one of only three states that apply their state’s sales tax to gasoline purchases. Illinois’ high gas tax rate is in part
Illinois Remains Among the Nation’s Highest Sales Tax States
Illinois continues to rank among the states with the highest combined state and local sales tax rates in the nation. According to the Tax Foundation’s Midyear Report released on July 1, 2026, Illinois has a statewide sales tax rate of 6.25% and an average combined state and local sales tax rate of approximately 8.98%, placing
Chicago’s New Social Media Tax Faces Legal Challenge
Chicago has adopted a first-of-its-kind tax targeting certain large social media platforms as part of the City’s 2026 budget. Under the Social Media Amusement Tax (SMAT), qualifying platforms with more than 100,000 monthly active Chicago users are generally required to pay a tax of 50 cents per user, per month. City officials originally estimated the
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