As Congress grapples with tax proposals and the pandemic continues to create uncertainty for businesses, corporations and pass-through entities can…
Illinois Enacts Bill Allowing for PTE Tax Elections
Illinois on August 27, 2021 enacted S.B. 2531, which will allow pass-through entities (PTEs) to elect to be taxed at…
Employee Retention Credit (ERC) – Additional Guidance Released
On August 4, 2021, the IRS issued Notice 2021-49, which provides long overdue guidance for employers that have taken or…
Estate Planning Options in an Uncertain Time
Currently, U.S. citizens and non-U.S. citizens domiciled in the U.S. are entitled to an $11.7 million gift and estate tax…
Illinois Tax Changes: Fiscal 2022 Budget Legislation
As part of its fiscal year 2022 budget (FY 2022 Budget Implementation Act), Illinois enacted legislation (S.B. 2017) containing numerous…
Proposed Changes to the Self-Employment Tax Exemption
The recently published Green Book contains details on changes proposed by the Biden Administration that aim to rationalize the net investment income…
