News & Articles

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

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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