Tax Law News and Insights

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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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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In 2024, the IRS announced that it was intensifying its audit of the deductibility and use of private aircraft. Previously, the use and ownership of such aircraft was not a high-priority item. The IRS named this new audit priority the "Business Aircraft Campaign." Such private use for business can take...

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