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 […]

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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 […]

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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 […]

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Proposed Bill Would Require Taxpayers to Submit Income Statements Annually

On February 7, 2019, HB2217 was introduced to the Illinois House of Representatives.  If passed, it would amend the Property Tax Code and require all Cook County taxpayers who own income producing properties with an assessed value over $100,000 to submit income and expense statements to the Cook County Assessor’s Office on an annual basis. […]

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Estate Representatives Could Be Held Liable for Decedents’ Debts

The death of a loved one can be an extremely difficult and stressful time for descendants.  However, it is also a time that where a heightened level of scrutiny should be used when administering the decedent’s estate. Federal income taxes owed by a decedent’s estate may take priority over other claims and expenses, especially when […]

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Estate Representatives Could Be Held Liable for Decedents Debts

The death of a loved one can be an extremely difficult and stressful time for descendants. However, it is also a time that where a heightened level of scrutiny should be used when administering the decedent’s estate. Federal income taxes owed by a decedent’s estate may take priority over other claims and expenses, especially when […]

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Intellectual Property: Rethinking Your Tax Strategy

Along with many other changes to the corporate tax structure, the Tax Cuts and Jobs Act (TCJA) of 2017 also impacted the treatment of income generated by intellectual property. If your business generates income from its intangible assets, such as licenses and patents, it may be time to rethink your tax strategy. On the one […]

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IRS to Crack Down on “Independent Contractors vs. Employees”

The IRS has begun a crackdown on the classification of individuals in the workplace. Specifically, the IRS is beginning to examine whether an individual meets the requirements of an independent contractor or if they are, in fact, actually an employee.  The IRS currently estimates that 80% of workers that are classified as “independent contractors” are […]

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Rauner Expands Historic Preservation Tax Credit Program

In late July, Governor Rauner signed a bill expanding the River Edge Redevelopment Zone Historic Tax Credit. What was once limited to Aurora, East St. Louis, Elgin, Peoria, and Rockford will now be available statewide to promote employment and economic development. Created in 2012, the program offered a 25% state income tax credit for rehabilitating […]

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Potential Benefits to Hiring Your Child Part Time

Following one of the country’s most dramatic tax changes in history, hiring your child home for the summer is more appealing than ever. Both your child and your business can receive serious tax advantages should you decide to hire him or her part time. For sole proprietorships, single member LLCs, or husband-wife partnership LLCs, hiring […]

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