On June 5, 2024, Illinois Gov. J.B. Pritzker signed legislation, H.B. 4951, which amends several tax law provisions affecting businesses operating in Illinois. These changes will take effect on January 1, 2025. Net Operating Loss Deductions The legislation includes corporate income tax changes that increase and extend the amount of the annual limitation on the…
The Inflation Reduction Act of 2022 allocated more than $45 billion for tax enforcement. After a decade of decreasing numbers of audits, the trend is reversing. The IRS anticipates increasing audits by tax year 2026. Likely prospects typically include high-income taxpayers, self-employed individuals, business owners, estates, large and complex corporations, and large partnerships. The IRS…
On June 6, the U.S. Supreme Court issued a ruling that could significantly impact federal estate tax liability for privately held businesses. The case focused on a life insurance policy taken out by a company to buy back a deceased shareholder’s stock. In upholding the appellate court’s decision, the Court found that the proceeds from…
