We wanted to make you aware of another  new provision in the 2025 federal tax law that may impact high-income individuals who itemize deductions—especially those making charitable contributions. As you may know, starting in 2026, a floor was added to charitable deductions meaning if you itemize, you will no longer get a deduction on the first 0.5% of your AGI for charitable contributions.    Additionally, starting in 2026, a new rule known as the “2/37th limitation” will reduce the value of...

No one likes to receive a penalty notice from the IRS, but if you’ve filed or paid your tax return late, don’t panic – relief may be...

Illinois Starting in 2025, Illinois will implement new sales tax requirements for out-of-state retailers with a physical presence in the...