Estate Tax Relief for Surviving Spouses

Marriage is a sacred bond. You have made vows to your spouse, who is your partner in life and is your most important relationship. You have worked hard together, raised children together, and planned your lives together. That is why when people plan their estates, the first priority is often to make sure that their  … Read more

Teaching Your Child About Taxes

While paying taxes is hardly popular, most people accept that this obligation is a part of the American experience. Taxes pay for our government, schools, and our military, and allow our democracy to continue. Unfortunately, the process of figuring out one’s tax obligation can be confusing, even for people who have been filing their taxes  … Read more

IRS Enters Reporting Agreement With More Foreign Nations

Many American taxpayers diversify their investment portfolios by investing and holding their money overseas. There is nothing inherently wrong with this and makes sound financial sense. However, the IRS sees this money as hidden, lost tax revenue. Traditionally, the IRS has been unable to access this money as it relied on taxpayers self-reporting their foreign  … Read more

What is a Death Tax?

We work hard to provide for our families. We sacrifice, we save, and we make financial decisions with the future in mind. Ultimately, it is all done to provide a good life for your family during your lifetime and beyond. That is why many people who have accumulated great wealth in their lifetime resent that  … Read more

Recovering Estate Assets

Recovering Estate Assets

Being named executor or administrator of an estate is an enormous responsibility. There are complex laws, highly specific pleadings and procedures, and crucial deadlines. Further, the executor has a fiduciary duty to the estate to carry out these responsibilities with reasonable care. Ultimately though, the role of executor is a hallowed promise to honor the  … Read more

How is Spousal Support Decided?

Spousal maintenance, also referred to as alimony, is money that one spouse must pay to a dependent spouse following a divorce. The purpose of this money is to help that spouse to maintain the standard of living that he or she enjoyed during the marriage. Traditionally, family courts in Illinois have had broad discretion in  … Read more

The Bitcoin Dilemma for Tax Reporting

If you have followed financial news over the past decade, then you have probably heard of Bitcoin. Introduced to the world in 2009, Bitcoin is an open-source, entirely digital currency. Since its inception, Bitcoin has been categorized by speculation, wild value swings, and the abrupt shuttering of a major currency exchange. More recently, Bitcoin values  … Read more

Accounting for Business Expenses

Starting a business can be truly exciting. You are pursuing your dreams and have become your own boss. Obviously, it is also incredibly hard work and an exercise in coming to expect the unexpected. One thing that you can count on is just how much time you are going to spend on record keeping. Efficiently  … Read more