taxseason

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.

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.

Top Corporate Governance Trends for 2020

Published on: January 22, 2020 | By Hart David Carson LLP

Regulations, business trends, and socioeconomic factors can all impact the way corporations are run. As those factors change, so too will corporate governance best practices. In 2020, some of the major trends that corporations will need to account for are:

Increased digitization
Shifts in workplace culture

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.

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