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A charitable lead trust provides a regular income stream to one or more charities during the trust term, after which the remaining assets pass to your heirs or other noncharitable beneficiaries.

Are you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner.

The Illinois Department of Revenue recently announced a Sales Tax Holiday for qualifying items from August 5, 2022 until August 14, 2022.  Public Act (P.A.) 102-0700 creates a state sales tax holiday on qualifying items effective August 5, 2022, through August 14, 2022.

The Illinois Department of Revenue recently announced the suspension of 1% of Grocery Tax. Public Act (P.A.) 102-0700 suspends the state 1 percent (1%) low rate of sales and use tax on retail sales of groceries normally taxed at this rate from July 1, 2022, through June 30, 2023.

We would like to congratulate Susan Tipton the owner and winemaker at Acquiesce Winery on her prestigious award. Last week, she received the 2022 Best Woman Winemaker award at the prestigious International Women's Wine Competition!

Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. This was a slightly smaller increase than the 8.5% figure for the period ending in March, which was the highest 12-month increase since December 1981.

According to nonprofit consultant Double the Donation, almost 65% of U.S. companies offer matching gift programs to help boost their employees' charitable giving power. Sadly, billions of dollars in corporate matching gift funds go unclaimed every year. If your not-for-profit isn't actively pursuing these gifts, you may be leaving them on the table.

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years.

A Health Savings Account (HSA) can be a powerful tool for financing health care expenses while supplementing your other retirement savings vehicles. And it offers estate planning benefits to boot.

The IRS has begun mailing notices to payers that filed certain returns with information that doesn’t match the agency’s records. These notices are sent by the IRS twice a year to payers who filed information returns that are missing a Taxpayer Identification Number (TIN), have an incorrect name or have a combination of both.

There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year.

Although most charitable donors aren’t primarily motivated by potential tax breaks, they still need to know how donations affect their taxes. It’s important for your not-for-profit to educate them — particularly as tax laws change. For example, in 2020 and 2021, even nonitemizers were allowed to deduct up to $300 and itemizers could deduct cash gifts up to 100% of their adjusted gross income (AGI).