IRS Tag Archives — Firm News & Legal Updates

Should I Challenge My Property Tax Assessment?

Published on: May 28, 2021 | By Hart David Carson LLP

If your property tax bill seems too high, you may wonder if there’s anything you can do to lower it. One option is to challenge your property tax assessment, but that’s only effective in certain situations, particularly given how these taxes are calculated in Illinois. In this article, we’ll discuss how to decide whether you should challenge your property’s tax assessment.

How Property Taxes Are Determined

Before diving into whether you should challenge the tax assessment on your home, it helps to first understand how your taxes are calculated. In Illinois, a property’s taxable value is determined by an assessor from your county or township.

How Do Property Tax Liens Work in Illinois?

Published on: January 8, 2021 | By Hart David Carson LLP

When a property owner fails to pay property taxes, the county in which the property is located creates a lien on it for the amount owed. Tax liens are sold in order to recoup losses from unpaid taxes, and the buyers of those liens get the benefit of investing in a piece of real estate.

What Is a Property Tax Lien?

A property tax lien is a claim on a piece of property for an amount owed in unpaid taxes. It is generated when the owner fails to pay their property taxes, and the lien itself may be sold to the highest bidder to recover that amount.

Potential Consequences of Coronavirus on Real Estate Investing

Published on: May 25, 2020 | By Hart David Carson LLP

Between the lower interest rates, government bailouts, and economic challenges present during the current pandemic, real estate investing is likely to be heavily impacted, at least during the short term. In some cases, real estate investors may find themselves with unexpected opportunities, while other scenarios present difficulties.

While it’s not totally clear exactly how investment properties will be affected as yet, there are some likely changes that will occur.

Consequences for Rental Properties

Illinois Tax Laws – Nuances and Recent Changes

Published on: February 14, 2020 | By Hart David Carson LLP

Illinois tax code is complex, and a lot of it is fairly punishing to local residents and businesses. In fact, one study rated Illinois the “least friendly” state in terms of taxes.

Navigating the maze of tax laws and regulations often requires expert guidance, especially when it comes to more complex tax situations. Here, we’ll look at some of the nuances of Illinois’s tax code.

Illinois Tax Nuances

How to File a Business Tax Extension

Published on: December 6, 2019 | By Hart David Carson LLP

Sometimes, your business might need a little more time beyond the deadline to prepare its tax return. Fortunately, filing an extension is fairly simple as long as you keep a few important items in mind.

Reasons to File a Business Tax Extension

There are a number of reasons why you might file a business tax extension. These include:

What Are Business Tax Credits and How Do I Use Them?

Published on: October 15, 2019 | By Hart David Carson LLP

For most businesses, taxes are a burdensome expense. Business tax credits are a way to reduce the total dollar amount of taxes your organization pays each year.

Definition of Business Tax Credits

Put simply, tax credits are reductions to the actual dollar amount of taxes owed. They are offered by the government as an incentive for businesses to invest in things that improve society, such as research and development, using green energy, providing for employees’ needs, and so on.

Commonly Asked Questions About Business Taxes

Published on: October 1, 2019 | By Hart David Carson LLP

Taxes are complicated. For businesses, they can get especially convoluted. While tax season itself is a long way off, most businesses need to keep their tax obligations in mind year-round.

Following are some of the questions people commonly ask about business taxes.

Business Tax Deductions

Cryptocurrency & the IRS

Published on: March 6, 2018 | By Hart David Carson LLP

Cryptocurrency and the IRS

As Bitcoin, Ethereum, Zcash, and other forms of virtual currencies become more and more prevalent, many people have begun facing the tax implications of their trading, buying, and selling activities on the blockchain. Numerous individuals have accumulated a great deal of wealth thanks to this new technology, and the IRS has taken notice.

As the technology and the usage thereof develop, so too will the codes and rules set forth by the IRS over how this type of income should be reported and taxed. When it comes to planning for the tax implications of buying and selling cryptocurrencies, making an ICO, or engaging in other business transactions involving blockchain technology, you need an attorney who is both experienced in tax law as well as up-to-date on the latest developments.

Charitable Trusts – Laws to Consider

Published on: February 28, 2018 | By Hart David Carson LLP

Charitable Trusts – Laws to Consider

At the heart of a charitable trust is the leaving of your legacy to causes you wish to support. This type of trust is an excellent way to give back to the community while also minimizing the tax exposure of your estate. However, in order to give maximally and keep your estate’s tax burden down, it must be properly constructed. This way, it will adhere to the laws governing tax exempt status.

The Charitable Trust Act