TAXATION

Taxes permeate virtually every planning element for the Private Client. To better serve you, DUGGAN BERTSCH offers a full tax and compliance practice to ensure theory properly meets up with your reporting reality.

Understanding in advance how a legal move ultimately impacts your income tax, gift tax, or estate tax returns may help clarify what the best practical solution will be. We pride ourselves on our strong compliance background; and although we engage in sophisticated U.S. and international tax representation, in many cases we begin our representation of a client with basic tax return preparation.

The Taxation practice of DUGGAN BERTSCH includes the following:

Individual Tax Return Preparation
Corporate/Entity Tax Return Preparation
Trust Tax Return Preparation
Private Foundation Return Preparation;
Domestic Tax Planning/Structuring
State & Local Tax Planning/ Structuring
International Tax Planning/Structuring
International Tax Compliance and Return Preparation
Tax Controversy – Federal, State, and Local representation
Preparation Tax Opinions and Memoranda
Tax Litigation
Tax Collection
Tax-Efficient Investment Planning
Estate and Gift Tax Planning
Captive Insurance Planning

With our team of CPAs and LLMs in taxation, DUGGAN BERTSCH is well-suited to handle your tax needs, no matter how sophisticated they may be.

Taxation News

SIGNIFICANT ESTATE, GIFT, AND INCOME TAX CHANGES PROPOSED UNDER THE “BUILD BACK BETTER ACT”

On September 13, 2021, the House Ways and Means Committee released a proposed tax bill (House proposal) as part of the Biden administration’s “Build Back Better Act.” The segments of the proposed bill discussed below highlight important changes to the way trusts, estates, and individuals could be taxed. However, it is important to note that this proposed legislation is likely to change (perhaps substantively) before it is finally passed into law.

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“For the 99.5% Act”

In late March, the “For the 99.5% Act” (the “Act”) was introduced to Congress. The Act contains several additions, removals, and amendments to the Internal Revenue Code that would significantly alter estate and business planning practices. The changes, if enacted, that would be most relevant to comprehensive planning for the private client are summarized in this article.

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The “Fair Tax for Illinois," Possibly to Become Known as "I’m Leaving for Florida," By Michael H. Israel, M.A., J.D., LL.M. (Taxation)

With the looming vote on the “Fair Tax for Illinois,” state residency planning has taken on new importance. The coverage to date regarding the proposed “Fair Tax For Illinois,” largely tainted by political bias, has been anything but clear.

The proposal is simple enough, though – it intends to change the existing Illinois income tax structure from one rate to a series of graduated rates. The impact, however, is neither certain nor clear.

First, the existing flat tax is mandated by the Illinois Constitution, which is why the rate system can only be changed by amending the Illinois Constitution. Doing so is a complex and difficult process, making systemic tax changes difficult.

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Paycheck Protection Program Flexibility Act: Forgiveness Relief

Last week Congress passed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020 (PFA), significantly amending certain provisions in the Paycheck Protection Program (PPP) relating to a borrower’s loan forgiveness relief requirements. The President subsequently signed the PFA legislation into law which provides PPP borrowers with the following favorable modifications that should enable more, if not all, of their PPP debt to be fully forgiven: Click Here to Read More

DB Alert: 2019 Payment and Filing Deadlines

As we previously alerted our clients and friends, the Internal Revenue Service has postponed the tax payment deadlines for calendar year taxpayers until July 15, 2020 provided that the amounts owed did not exceed certain levels (prior alert); however, the tax filing deadline itself was not automatically extended under this prior guidance.

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IRS TO ALLOW MOST TAXPAYERS TO DEFER PAYING 2019 TAXES ON APRIL 15, 2020 DUE TO COVID-19

Treasury Secretary Steven Mnuchin, speaking at a coronavirus news conference today, announced that individuals who owe taxes to the IRS can defer up to $1 million, and corporations can defer up to $10 million in payments, for a period of 90 days from the April 15th deadline. At this point, the deferral applies to the income taxes owed, and there does not appear to be a similar automatic extension for filing a return.

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