Final Regulations Regarding Estate Tax Published

Under the Tax Cuts and Jobs Act (TCJA), the federal exclusion for estate taxes increased from $5.49 million in 2017 to $10 million, indexed for inflation, for estates of decedents dying after December 31, 2017. The exclusion for 2020 will be $11.58 million. However, these exclusion amounts will revert back to prior law once the […]

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Illinois Legalizes Recreational Marijuana

With the legalization of recreational use of marijuana in Illinois as of January 1, 2020, employers need to review their policies and practices related to marijuana use by employees to comply with employee protections in the new law. Drug Policies and Testing Under the Cannabis Regulation and Tax Act, it is now legal for people […]

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Estate Planning Changes for Retirement Accounts

In December, Congress passed the SECURE Act, which makes several significant changes to 401(k)s and IRAs.  The changes relevant to individual tax planning and estate planning include: Elimination of Age Limits for Contributions to IRAs:  Previously, once a person reached age 70 ½, the person no longer was able to continue to contribute to traditional […]

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