Tax Law News and Insights

The "Tax Cuts and Jobs Act" (the Act) recently signed into law includes changes that significantly affect estate and gift taxes. These changes are fairly easy to describe, but their impact on our clients varies widely. This is particularly true when recent changes to the estate tax laws of some...

Read More

The Illinois Department of Revenue has published guidance on the impact of federal tax reform on Illinois taxpayers, including with respect to the repatriation transition tax, prepaid property tax, and small business expensing. The Tax Cuts and Jobs Act (the Act), signed into law on December 22, 2017, will have...

Read More

The U.S. Internal Revenue Service has just announced that it will end the Offshore Voluntary Disclosure Program ("OVDP") on 28 September 2018. The OVDP provides non-compliant taxpayers with a fixed penalty scheme and protection from criminal prosecution for failing to file correct and complete U.S. Federal tax returns and non-U.S....

Read More