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The Cook County Treasurer Maria Pappas has publicly stated that she expects the second installment 2020 real estate tax bill to be due on October 1, 2021.  Ms. Pappas anticipates that the bills will go out in August so that they are received by Cook County taxpayers at least 30 days before the October 1, […]
Continue Reading 2020 Second Installment Cook County Real Estate Tax Bills Are Expected To Be Due On October 1, 2021

Every three (3) years, the City of Chicago is reassessed by the Cook County Assessor.  When that occurs, the Assessor reviews data from sales transactions within the City proper and looks towards “trends” in the real estate market on a more “macro” level of review.  There are eight (8) total Townships within the City which […]
Continue Reading City of Chicago Reassessment Begins With Significant Assessment Increases in Rogers Park

Due to delays in the finalization of Cook County Board of Review tax appeals and certification of final assessments, Cook County property owners will most likely get more time to pay their 2020 second installment property tax bills.  The current due date for the 2020 second installment of property tax payments is August 2nd, but […]
Continue Reading Second Installment 2020 Property Taxes For Cook County Taxpayers Will Most Likely Be Delayed

The Illinois Department of Revenue announced a tentative 2020 Cook County Equalization Factor of 3.0861 on January 26, 2021.  Every year, the Illinois Department of Revenue is legally required to calculate the equalization factor to achieve uniform property assessments throughout the state. The Cook County Equalization Factor or multiplier is a 5.51% increase from the […]
Continue Reading Tentative 2020 Cook County Equalization Factor Set

The Cook County Board of Commissioners in November 2020 waived the 1.5 percent late fee, for two months, on all Tax Year 2020 property taxes.  As a result, Cook County Taxpayers can pay the first installment which is due on March 2, 2021, through May 3, 2021, without incurring a late fee.  Late fees will […]
Continue Reading Cook County Board of Commissioners Waived Penalties and Interest for 2020 First Installment Tax Bill For Two Months or Until May 3, 2021

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Congress included the Corporate Transparency Act (CTA) in the National Defense Authorization Act for FY 2021. The legislation requires filing of information on beneficial owners of new (and eventually, of existing) US entities and foreign entities which apply for permission to do business in the US.  These requirements will be effective on promulgation of regulations by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). This agency is required to promulgate the regulations within one year from the 1/1/2021 date the legislation (P.L. 116-283) became law.
 
Due Dates For Reports
 
Existing companies will have to report beneficial ownership information…
Continue Reading New Federal Corporate Transparency Act Will Add Owner Disclosure Requirements For All Business Entities

The Covid-19 pandemic, coupled with a deep recession and other factors in 2020, has caused the fewest number of commercial property sales in a decade.  Real estate investors bought and sold just under $11.5 billion of Chicago-area commercial real estate which is a 32% decrease from 2019 according to the data put forth by the […]
Continue Reading Commercial Real Estate Sales in Chicago drop to a 10-year low in 2020

Ronnie Fieldstone and Jay Rosen, Partners at Saul Ewing Arnstein & Lehr (SAUL) will be participating in a joint webinar with EB5 Affiliate Network (EB5AN), a leading EB-5 regional center network, to share their advice and experience working with EB-5 project sponsors and developers who have…
Continue Reading <a href="/blogs/70763"><h3>EB-5 Redeployment Webinar with Ronnie Fieldstone and Jay Rosen</h3></a>

Fritz Kaegi and the Cook County Assessor’s Office has recently prepared a report which it claims to show that the Cook County Board of Review has corrected the Assessor’s Office’s original assessments in an excessive manner, especially those assessments placed on commercial, industrial and multi-family property owners in the northern townships of Cook County during […]
Continue Reading The Cook County Board of Review Has Reviewed and Corrected the Excessive Assessments Issued by the Cook County Assessor

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Last year, the CARES Act granted businesses and nonprofits a payroll tax credit, but due to its several restrictions most clients were unable to qualify. The newly passed Taxpayer Certainty and Disaster Tax Relief Act of 2020, a part of the Consolidated Appropriations Act of 2021, drops many of the restrictions. In so doing, the new law frees up potentially millions in credits for qualified employers due to the expanded Employee Retention Tax Credit (ERTC), now applicable through the first two quarters of 2021. The major changes are:

  • increase the credit percentage from 50% to 70% of qualified wages.
  • increase the creditable

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Continue Reading Huge New Stimulus Credits in the Consolidated Appropriations Act of 2021 Available to Employers Impacted by the Pandemic

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The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. 

Full Forgiveness Terms

Second Draw PPP Loans made to eligible borrowers qualify for…
Continue Reading Paycheck Protection Program Second Draw Loans

As expected, Senator Grassley, with significant support, including the support of IIUSA, has proposed a bill to reauthorize the EB-5 Regional Center Program (the “EB-5 Program”) in order to “prevent fraud and promote and reform foreign capital investment and job creation in American communities.”…
Continue Reading Newly proposed Senate Bill by Senator Grassley entitled &quot;EB-5 Reform and Integrity Act of 2020&quot;

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After months of negotiations, Congress finally passed the Consolidated Appropriations Act late in the evening last night, and the new legislation includes a little something for everyone. Here are some of the highlights relating to the Payroll Protection Program (PPP):

  • The bill provides that gross income does not include any amount that would otherwise arise from the forgiveness of a PPP loan. Also clarified is that deductions are allowed for otherwise deductible expenses paid with the proceeds of a PPP loan that is forgiven, and that the tax basis and other attributes of the borrower’s assets will not be reduced as a result

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Continue Reading PPP Highlights of the New Covid Relief Legislation

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The Families First Coronavirus Response Act (FFCRA) that was passed in March required specified employers to provide emergency paid sick leave, as well as emergency paid leave under the Family and Medical Leave Act (FMLA), to employees. FFCRA leave ends this month, but tax credits continue for leave voluntarily extended to employees.

Highlights include:

  • Mandated FFCRA Leave ends on December 31, 2020.
  • As of January 1, 2021, covered employers may voluntarily provide emergency paid sick leave or emergency paid FMLA Leave under FFCRA (as adopted earlier this year) and take the tax credit associated with this leave.
  • The tax credit may only be taken

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Continue Reading Employers: Changes Coming to Mandatory FFCRA Leave Requirements