tax Tag Archives — Firm News & Legal Updates

Tax Planning During a Crisis: How COVID-19 May Impact Your Taxes

Published on: June 19, 2020 | By Hart David Carson LLP

Many of the various reliefs and incentives put out by the government are intended to help ease the burdens of individuals and businesses alike. Whether you’re a high net worth individual with a complex financial scenario or a small business owner trying to make ends meet during an economic lull, the pandemic will likely impact your tax situation.

Tax Deadlines Postponed

One of the reliefs extended by the IRS is an extension on tax deadlines. Taxes and returns that were due in April are now due by July 15th. If more time is still needed, individuals and businesses are able to extend that deadline further by filing an extension.

Estate Planning Vs. Succession Planning – What’s the Difference?

Published on: March 4, 2020 | By Hart David Carson LLP

Two types of planning that business owners often overlook are estate planning and succession planning. While the two are often lumped together—and in some cases overlap—they are separate processes with their own goals.

Here, we’ll look at how estate and succession planning differ.

Estate Planning

What Is Succession Planning and Why Is It Important?

Published on: February 18, 2020 | By Hart David Carson LLP

Succession planning is the process of passing on the leadership of a company to others. Often, it involves training employees internally or recruiting qualified individuals from outside the organization.

Definition of Succession Planning

No one is guaranteed to stay with any given company forever. A business’s current executive leaders and owners may retire, move on to other opportunities, or pass away, leaving a void that needs to be filled.

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

Should My Business Create a Captive Insurance Company?

Published on: September 25, 2019 | By Hart David Carson LLP

Insurance can be expensive, and when you need to file a claim, you might find your business at the mercy of your insurance provider. The issues your business might have with insurance could be mitigated by creating a captive insurance company.

What Is Captive Insurance?

Captive insurance is a subsidiary company completely owned by your business and that provides risk mitigation services. In other words, your business creates and owns the company, and that company provides insurance coverage more or less on your terms.

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