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Tax Law: Opportunity Zone Tax Shelter Program Under Investigation

Opportunity Zones Under Investigation

The Treasury Department’s deputy inspector has opened an investigation into the Opportunity Zone program. Let’s take a look. What is the Opportunity Zone Program? Before we dive into the Opportunity Zone investigation, let’s quickly recap the program. As part of the 2017 tax overhaul, lawmakers added a tax deferment option known as the Opportunity Zone Read More

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Tax Law: Opportunity Zone Updates

Opportunity Zone Updates Expand Program

The United States Treasury Department updated the Opportunity Zone program. The new parameters make it easier for investors to participate. What is the Opportunity Zone Program? Politicians developed the Opportunity Zone program in 2017. Conceived as a win-win proposition, the “OZ” program funnels investment capital into economically distressed areas while providing a legal tax shelter Read More

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Opportunity Zone Tax Law: Can Cannabis companies use the program?

Cannabis and the Opportunity Zone Program

Investors love the new Opportunity Zone (OZ) program, which allows for the diversion of capital gains into developing communities in exchange for significant tax breaks. But confusion about project qualification parameters lingers. For example: Can you invest in cannabis-related Opportunity Zone projects? Are they even allowed? It’s not an easy question to answer since state Read More

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Tax Law: Illinois Investment Opportunity

Incredible Illinois Investment Opportunity

The Treasury Department released more information about the “Opportunity Zone” project. Lawmakers hope it will revitalize distressed regions across the country — and give ethical investors an attractive tax break option. A relatively straightforward and common sense program, the government will waive substantial taxes for qualifying businesses that move into designated areas. Though the bill’s Read More

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cryptocurrency lawyer: Investing in Opportunity Act

Investing in Opportunity Act

What do you get when two senators — one each from the left and right — and a fabled tech billionaire put their heads together? Answer: a federal tax-reduction initiative called the Investing in Opportunity Act, which could go a long way in improving underdeveloped areas, while also providing an incredible tax break for cryptocurrency Read More

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Startup law: 5 tips for smartly setting up your startup

5 Legal Considerations for Every Illinois Startup

It’s time to get your Illinois startup off the ground. So let’s look at five legal considerations with which you need to familiarize yourself.  Formal Business Registration Makes a Big Difference A lot of startups don’t register their companies, and it’s a mistake. Formal registration, like  forming an LLC with your state, affords you certain Read More

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Here’s How To Eradicate Capital Gains Tax Burden

Have you heard about the new way to eliminate capital gains taxes while helping under-served communities revitalize? It’s called the Qualified Opportunity Zone (OZ) program. What is the Opportunity Zone Program? Policy makers conceived of the OZ program as a win-win proposition that would give individuals and businesses a way to reduce tax burdens while Read More

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cryptocurrency tax law tips

Tips from a Crypto Tax Accountant and Lawyer

Crypto taxes are a high priority for the IRS this year. Currently, authorities treat token holdings like property subject to capital gains and losses, similar to real estate, bonds, and stocks. With that in mind, let’s examine a few crypto-related tax tips. If you want to develop a tailored tax plan — which leverages compliant Read More

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Tax Law: Small Business Tips

Leverage the New Tax Code And Save

Business publications are begging small companies to work with tax professionals this year. Even though many deductions and credits have disappeared, new options abound. Small Business Tax Tips: Top Three Deductions That Went Away Under the New Tax Code Let’s look at the eliminated tax deductions and credits that will likely affect small businesses. Employers Read More

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