After more than five decades in the legal profession, our founding partner, David Schlack, has retired from the firm. David’s expertise in tax law, estate planning, and business law were instrumental in shaping our firm’s reputation for excellence. Going forward, the firm will be led by Kelly McGinnity whose knowledge, experience and dedication to our…
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…
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…
Publication 1 explains your rights as a taxpayer and the processes for examination, appeal, collection, and refunds.
After more than five decades in the legal profession, our founding partner, David Schlack, has retired from the firm. David’s expertise in tax law, estate planning, and business law were instrumental in shaping our firm’s reputation for excellence. Going forward, the firm will be led by Kelly McGinnity whose knowledge, experience and dedication to our
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
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
Publication 1 explains your rights as a taxpayer and the processes for examination, appeal, collection, and refunds.
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
Schlack & McGinnity has the technology in place to facilitate virtual estate plan signings
. 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
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 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.
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…