Is The Opportunity Zone Program On The Chopping Block?

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 […]

Opportunity Zone Program Gets Update From The Federal Government

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 […]

Investment Law News: 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 […]

Cryptocurrency Tax Reduction Strategy: 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 […]

Art Collection Law: Tax Strategy Solution for Like-Kind Elimination

For decades, art collectors relied on “like-kind exchanges” to temper tax obligations. Unfortunately, lawmakers scrubbed them from the new tax code.  But all is not lost. Recently, Art News suggested substituting the new “Opportunity Zone” program as a tax strategy. We also think the idea is worth considering. Let’s take a look. Art Collector Tax […]

Help! The IRS Suspended My Passport Over Unpaid Taxes!

You may have trouble obtaining or renewing a passport if you owe federal taxes. But fear not, we have solutions. Pull up a chair for five minutes; let’s review the issue. IRS Can Deny or Suspend Your Passport? The Fixing America’s Surface Transportation (FAST) Act includes a provision that allows the federal government to deny […]

Our Illinois Lawyers Can Help Small Businesses 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 […]