Estate planning is essential for everyone. For some, it can be complicated. However, if you own foreign property, your estate planning may be even more complicated. Generally, the laws of the United States that apply to your domestic estate do not apply to your foreign property and may not dictate how that property will be distributed to your heirs. Thus, careful planning and expert advice is essential.
The Opportunity Zone Program provides investment opportunity with tax deferral benefits. This article will give you some general information about the QOZ and how it works. We have the experience to help you take advantage of this new federal program and realize the offered tax benefits.
Fritz Kaegi, elected Cook County Assessor in 2018 and self-proclaimed “outsider,” took office vowing to reform the County’s property tax assessment system, particularly with regard to commercial properties. In February, Kaegi backed new legislation that would require taxpayers for income generating property to annually submit income and expense data to the Assessor’s Office. The Assessor could then use that data (or not) to set assessments for those commercial properties. The legislation passed in the Illinois Senate, but was stalled in the House and died when the legislative session ended. Kaegi proclaims, however, that this is not the last we have seen or heard from him on this legislation. Here is why Kaegi’s proposed mandatory disclosure bills could have significant implications on business owners and taxpayers.