Legal News
Corporate Transparency Act/Beneficial Ownership Information Reports
Under the Corporate Transparency Act, Beneficial Ownership Information (BOI) of many Illinois businesses must be reported to the Financial Crimes Enforcement Network (FinCEN). Reporting Requirements All domestic and foreign corporations, limited liability companies, or other business entities that are registered with the Illinois Secretary of State’s Department of Business Services are required to file a
Search for Unclaimed Property
The Illinois State Treasurer, Michael Frerichs, is holding billions of dollars in unclaimed property belonging to individuals or their heirs who are unaware of, have forgotten about, or didn’t realize they inherited. This includes dormant financial assets such as checking and savings accounts uncashed wage and payroll checks uncashed stock dividend checks certificated shares of
Taxpayer Bill of Rights
Publication 1 explains your rights as a taxpayer and the processes for examination, appeal, collection, and refunds.
Taxpayers can deduct up to $300 in charitable contributions without itemizing
The Coronavirus Aid, Relief and Economic Security Act (The CARES Act) includes several temporary tax law changes to help charities. This includes the special $300 deduction designed especially for people who choose to take the standard deduction, rather than itemizing their deductions. This change allows individual taxpayers to claim a deduction of up to $300
Signing Wills and Powers of Attorney in the Time of COVID-19
Schlack & McGinnity has the technology in place to facilitate virtual estate plan signings
The New SECURE Act for Retirement Accounts
. Under the SECURE Act, the beneficiary has only 10 years after the year of the account owner’s death to withdraw the entire retirement account
Taxpayers Should be Wary of Unsolicited Calls from the IRS
The real IRS will not:
•Call to demand immediate payment
•Call someone if they owe taxes without first sending a bill in the mail
•Demand tax payment and not allow the taxpayer to question or appeal the amount owed
•Require that someone pay their taxes a certain way, such as with a prepaid debit card
•Ask for credit or debit card numbers over the phone
•Threaten to bring in local police or other agencies to arrest a taxpayer who doesn’t pay
•Threaten a lawsuit
Probate & Alternatives; Which is right for you?
Probate is not the only method of transferring assets of a deceased individual to others after death. Living trusts, transfer on death instruments, joint tenancies, and beneficiary designations are alternative estate planning tools that can be used to transfer a decedent’s assets without the need for Probate.
Should the IRS Have Forever to Assess Tax?
As most taxpayers know, the IRS generally does not have unlimited time to assess income tax against them. However, there are several exceptions to this general rule…