Tax Law News and Insights

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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The One Big Beautiful Bill Act, a budget reconciliation bill, passed the United States House of Representatives vote on May 22, 2025, and is currently under Senate consideration. The bill, if enacted, would make significant changes to U.S. income tax law, including by adding a new section 899 to the...

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