Category: Tax Law
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.
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
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
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
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
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
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