Tax Law News and Insights

The Sun Will Not Set: The One Big Beautiful Bill

Published: Jul 18, 2025
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The long-anticipated "sunset" of the Tax Cuts and Jobs Act of 2017 (TCJA) was slated for the end of 2025. Upon this "sunset," the federal estate and gift tax exemptions—which reached $13.99 million per individual in 2025—would have dropped to roughly $7 million per individual (after indexing for inflation), significantly...

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Landmark Tax Legislation Of The One Big Beautiful Bill Act: What It Means For You

Published: Jul 16, 2025
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Takeaways: TCJA provisions—including individual and business tax cuts—are now permanent. New deductions target middle-class earners, including relief on tips, overtime, and car loans. Major boosts for businesses: 100% bonus depreciation, expanded R&D expensing, and more. Green energy tax credits are rolled back, while Opportunity Zones receive a permanent extension. On...

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Illinois First State In The Nation To Implement A Per-Bet Excise Tax On Sports Gambling

Published: Jul 14, 2025
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Sports betting has been somewhat of a pastime for Illinoisans, and the state legislature has yet again capitalized on the popular hobby. Illinois is currently the second-largest regulated sports betting market in the U.S., trailing only New York in terms of revenue generated.1 In an expedited fashion, the Illinois state legislature...

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