Washington D.C. Senate

House Releases Rewrite of Build Back Better Tax Proposals

A version of H.R. 5376 (the Build Back Better Act), released on October 28, 2021 by the House Budget Committee, eliminates many of the previously proposed tax increases that would have impacted individuals.  The tax proposals eliminated in the rewrite include: Increase in the top marginal individual income tax rate; Increase in the capital gains rate for certain…

employee stock ownership plan

Unlocking Liquidity: Selling Your Business to an ESOP

An employee stock ownership plan – better known as an ESOP – can be an attractive and tax efficient alternative for owners of private companies that are seeking liquidity but do not want to sell to a third-party buyer. An ESOP is a qualified retirement plan that provides the business’ current and future employees beneficial…

unclaimed prope

New Illinois Unclaimed Property Program

The state of Illinois began a new unclaimed property enforcement program around July 1, 2021, to identify noncompliant companies that are incorporated, have locations or carry business permits in the state. Companies that have failed to file unclaimed property reports regularly or have filed incomplete reports with the state may be contacted by the Illinois Treasurer’s…

Illinois tax law

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 the entity level, in an effort to help individual residents mitigate the impacts of the federal $10,000 cap on state and local tax (SALT) deductions. Illinois joins 17 other states in enacting similar entity-level tax…