by Leif Jensen | Jun 15, 2020 | Taxes |
Long-term capital gains still have favorable rates. Profits from the sale or exchange of capital assets held for over a year are generally taxed at 0%, 15% or 20%. To be long-term the assets must be held over a year. The rates are based on set income thresholds...
by Leif Jensen | May 26, 2020 | Taxes |
Cook County Assessor Fritz Kaegi has plans to reevaluate every single property in the county in the wake of the coronavirus pandemic. Typically, only a third of Cook County gets reassessed in a given year in what’s known as the triennial assessment. That’s when many...
by Leif Jensen | May 13, 2020 | Taxes |
Cook County Assessor Fritz Kaegi has plans to reevaluate every single property in the county in the wake of the coronavirus pandemic. Typically, only a third of Cook County gets reassessed in a given year in what’s known as the triennial assessment. That’s when many...
by Leif Jensen | Apr 20, 2020 | Rant, Taxes |
At times I really believe that Illinois Department of Revenue does nothing but think of dirty tricks and schemes to play on its citizens. The most recent case has occurred to two of our clients so far this year. In both cases the husband and wife both work for the...
by Leif Jensen | Apr 14, 2020 | Taxes |
High-income individuals who haven’t or refuse to file returns are also finally getting IRS’s scrutiny. Talk about low hanging fruit. Revenue officers will conduct in-person visits with individuals who received income in excess of $100,000 but didn’t file returns in...
by Leif Jensen | Apr 13, 2020 | Taxes |
Pass-through entities can expect to see more IRS audits in 2020 and more over the next few years. That’s in part because audit rates for pass-throughs have been dismally low in the recent past. The 2017 overall exam rates for partnerships and S corporations were 0.4%...
