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Client Alerts
01.14.25
Attention All Illinois Taxpayers: The Illinois Gives Tax Credit Act
For tax years ending on or after December 31, 2025, the program created under this Act offers a state income tax credit to individuals and businesses that submit an application through MyTax Illinois and, following approval of the application, contribute to permanent endowment funds held by Qualified Community Foundations (QCFs). Subject to the limitations referenced below, the state income tax credit is equal to 25% of the amount contributed.
01.06.25
Expiring TCJA Provisions Could Significantly Alter the Federal Income Tax Landscape for Business Entities after 2025
When the Tax Cuts and Jobs Act (TCJA) was signed into law in 2017, it substantially altered the U.S. income tax landscape that had existed since 1986. Many of these changes, however, were temporary and will automatically be reversed for tax years beginning on or after January 1, 2026, unless Congress acts. Therefore, you should prepare for the possibility that temporary TCJA changes will be reversed and plan accordingly. This Client Alert highlights some of the temporary TCJA provisions impacting income tax for business entities that are scheduled to be reversed for tax years beginning on or after January 1, 2026.
01.02.25
1099-MISC vs. 1099-NEC
In 2021, the IRS released a new form: Form 1099-NEC. This form is still in use for 2024, along with Form 1099-MISC. However, there seems to be some ongoing confusion over which form to use. This Client Alert will provide you with some general guidelines and resources to help you determine whether you should file Form 1099-NEC or Form 1099-MISC. It will also address the new e-filing requirement that has been implemented for the upcoming filing season.
12.20.24
New Federal Tax Relief Available for Victims of Presidentially Declared Disasters
The Federal Disaster Tax Relief Act of 2023 (H.R. 5863), which President Biden signed into law on December 12, 2024, may allow taxpayers whose personal-use property was destroyed or damaged by a presidentially declared disaster to claim a federal tax refund. This is because this new law, among other things, expands the definition of “qualified disaster” to include presidentially declared disasters occurring between January 1, 2020, and January 11, 2025.
12.02.24
It is Not Too Late to Trim Your 2024 Taxes
As the end of the year draws near, savvy taxpayers look for ways to reduce their tax bills. This year, the sense of urgency is higher for many because of some critical factors. This Client Alert contains several tax-related strategies to consider before year end.
11.11.24
How the U.S. Election Changes the Outlook for Taxes
The outcome of the November 5 election is likely to significantly impact taxes. Many provisions in President-elect Donald Trump’s signature tax legislation from his first time in the White House, the Tax Cuts and Jobs Act (TCJA), are scheduled to expire at the end of 2025. Now, there is a better chance that most provisions will be extended.
11.08.24
2025 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service’s (“IRS”) recently announced 2025 cost-of-living adjustments for Retirement, Health and Welfare Plans and transportation programs.
11.05.24
Expiring TCJA Provisions Could Significantly Alter the Federal Income Tax Landscape for Individuals after 2025
Because deep divisions exist in the current Congress, the risk is high that Congress will fail to take action the that would be needed to prevent the reversal of the temporary TCJA changes. Therefore, you should prepare for the possibility that temporary TCJA changes will be reversed and plan accordingly. This Client Alert highlights the more significant temporary TCJA provisions impacting income tax for individuals that are scheduled to be reversed for tax year's beginning on or after January 1, 2026 and provides tax planning suggestions to reduce the impact these changes would otherwise have on your finances.
10.29.24
How Will the 2025 Inflation Adjustment Numbers Affect Your Year-End Tax Planning?
The IRS has issued its 2025 inflation adjustment numbers for more than 60 tax provisions in Revenue Procedure 2024-40. Inflation has moderated somewhat this year over last, so many amounts will increase over 2024 but not as much as in the previous year. Take these 2025 numbers into account as you implement 2024 year-end tax planning strategies.
10.23.24
Expiring TCJA Provisions Could Hike Your Federal Estate & Gift Tax Bills
While the Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the U.S. tax system, many of the changes were only made on a temporary basis. Several critical provisions are scheduled to expire after 2025, absent congressional action. With strategic planning, you can reduce the impact on your finances.
