Articles Tagged with tax

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The laws that govern employment and labor are primarily designed to protect the rights of workers throughout the nation. Unfortunately, those laws are both numerous and complex, so making sure your business complies with all of them can be a challenge without skilled legal counsel.

At Hart David Carson LLP, we help Illinois employers navigate the process of labor law compliance while also developing effective internal policies, management practices, and contracts.

Employment & Labor Practice Areas

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Complex tax laws are among the various hurdles individuals and business owners have to face in one way or another. If your tax situation involves multiple international jurisdictions, it compounds their complexity. International tax laws often overlap and interact in ways that aren’t immediately obvious.

Following are some tips to help you handle foreign tax planning a little more easily.

Tip 1: Stay Current on Relevant International Laws

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Given how cryptocurrency is not backed by any central authority, there is relatively little regulation governing it. That said, it is still taxable, particularly when it’s exchanged as payment or held as a capital asset. Because of that, Bitcoin, Ethereum, and other virtual currencies often need to be reported on your income tax return.

When Cryptocurrencies Are Not Taxed

But first, there are situations where cryptocurrency isn’t taxed. If you have purchased virtual tokens with your own money, it is not considered income. As such, until you sell it for a profit or loss, you won’t have to report it.

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.

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

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 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

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:

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.

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

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