Tax Planning for High-Net-Worth Individuals Beyond the Basics
September 30, 2026For high-net-worth individuals, tax planning is not simply a year-end search for deductions. It is the coordinated management of income, investments, business interests, property, gifts, trusts, and future transfers. A decision that lowers current income tax may create a less favorable estate-tax result, reduce liquidity, or limit control over an asset. Anthony J. Madonia &… Read more »
End of an Era – Ben Hurwitz Retires
September 29, 2026Farewell to Our Favorite Non-Socialite Ben Hurwitz Known around the office for his crack of dawn start time and disdain of footwear, Ben Hurwitz, our fearless Tax Department leader, is retiring. Much to his chagrin, we shone the spotlight on him one last time. We celebrated with him at a celebratory luncheon on October 5…. Read more »
Qualified Production Property (QPP): A New 100% First-Year Tax Deduction
September 23, 2026By Irina Heyer, CPA Qualified Production Property (QPP) is a special tax category of nonresidential property used directly in domestic manufacturing, production, or refining that allows companies to deduct 100% of the cost in the first year. Internal Revenue Code Section 168(n) allows businesses to immediately deduct 100% of the cost of eligible Qualified Production… Read more »
Jimmy Buffett’s Paradise lost – A $275 Million Estate Disaster
September 23, 2026Jimmy Buffett didn’t leave a paradise behind as he had planned, instead it became a legal nightmare after his death. He built his empire on the philosophy of carefree beach living. His Margaritaville brand grew from a Key West souvenir shop into a $275 million empire spanning restaurants, hotels, and cruises. But since his passing… Read more »
Consider a Family LLC to Simplify Investment Accounts
September 23, 2026Simplifying Your Investment Accounts Might Be as Easy as an LLC There are many options to consider in planning a family legacy. Families tend to manage numerous investment accounts across individuals and trusts which can create administrative burdens. One option to streamline your investments is to consolidate into a family LLC or partnership. A family… Read more »
A Fun Day at Blackberry Farm
September 23, 2026Discover the Joys of Blackberry Farm Adventures On Sunday, September 13, we welcomed over 65 guests to the Performance Pavillion at Blackberry Farm in Aurora, IL. We had great food, a photo booth and lots of happy families. Thanks to those of you that attended-we enjoyed catching up. Special thanks to the great staff at… Read more »
Are 40-somethings Preparing a Retirement Account?
September 23, 2026Are People in their 40s Saving in a Retirement Account? Nearly four in 10 people in their 40s still have no retirement account, despite being about 20 years from retirement age. Yet these Americans in their 40s are more likely to have retirement savings than their parents were at the same age, and those who… Read more »
IRS Extends Drought Relief to Farmers and Ranchers
September 23, 2026The Internal Revenue Service has issued guidance on an extension of tax relief for farmers and ranchers in most states and other regions who sold or exchanged livestock because of drought conditions. Those affected may take more time to replace their livestock and defer tax on any gains from the forced sales or exchanges. Notice… Read more »
New IRS Fact Sheet Helps with Overtime Deductions
August 25, 2026IRS Updates Guidance on Overtime Deduction Workers eligible for a federal tax break on overtime pay may claim it more easily for 2026. This contrasts with their experience on their 2025 returns. The change reflects new rules for 2026 through 2028. The IRS issued a new fact sheet on the overtime compensation deduction. Furthermore, it… Read more »
Child Support Changes for 2027
August 25, 2026Senate Bill 3524 Gives Major Update to Child Support Take note Illinois parents involved in divorce, parentage or child support proceedings. Illinois has enacted Senate Bill 3524 and it will take effect on January 1, 2027. This law updates the state’s income-shares child support model. Its key points are that it lowers the shared-care threshold… Read more »