Welcome to DUGGAN BERTSCH, LLC — A law firm dedicated to thoughtful, innovative and uncompromising legal representation for the Private Client.

The needs of the private client are both pointed and diverse. While you require the advanced skills of a specialist, you also have diverse needs that must be understood and integrated by your lawyer. With its broad base of multi-degreed, multi-disciplinary attorneys, DUGGAN BERTSCH is uniquely positioned in the legal space to best serve the needs of Private Clients.

We look forward to showing you the DUGGAN BERTSCH difference.

 

News From DUGGAN BERTSCH

Illinois Enacts Sweeping Changes to LLC Act

The Illinois Limited Liability Company Act (805 ILCS 180/1-1) has undergone significant changes via House Bill 4361, which was signed into law by Governor Rauner on July 28, 2016.  These amendments took effect July 1, 2017.  The consequences of the amendments to the Act may require revisiting and amending existing documents to ensure compliance with new provisions under the Act, and consistency with the intent of the parties.  Some of these changes are detailed below.  Please feel free to contact us to discuss how these amendments may impact you.   

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STATE AND LOCAL TAX UPDATE – Illinois Increases Taxes

by Michael H. Israel, M.A.,J.D., LL.M

The Illinois Department of Revenue has issued an information bulletin regarding the new Illinois income tax rates.  These rates became effective July 1, 2017

Regarding individuals, trusts, and estates, the Illinois Income Tax is increasing from 3.75 percent (.0375) to 4.95 percent (.0495).

Regarding corporations (excluding S corporations), the Illinois Income Tax is increasing from 5.25 percent (.0525) to 7 percent (.07).

Guidance has also been issued as to how estimated payments are impacted by the mid-year tax increases as well as the impact on the apportionment method of calculating income. 

Please feel free to contact us to discuss how these issue may impact you.  

David Henderson to present at Illinois CPA Society

David Henderson, CPA, CFP, J.D., LL.M., will present on the topic of International Captive Insurance Companies on Thursday, June 22, 2017 at the Illinois CPA Society’s All Tax Committee Meeting.  David will provide information about international captive insurance companies that is vital for practitioners working with clients with international captive insurance companies.  The Illinois CPA Society is a professional organization representing more than 24,000 accounting and finance professionals working in public accounting, corporate finance, not-for-profits, consulting, government, and education.  Founded in 1903, the Illinois CPA Society is one of the largest state CPA societies in the U.S.

State and Local Tax Reminder about State Income Tax Residency

At DUGGAN BERTSCH, LLC, we are often asked by clients to explain the process by which a taxpayer can establish a “new” state residency for income tax purposes. 

Sometimes we are asked to explain the impact of moving to a new state altogether  or about the impact of remaining in your current state of residence while spending significant amounts of time in another or several other states. 

STATE AND LOCAL TAXATION REMINDER:

Our firm represents both individuals as well as numerous and varied business entities.  While determining state tax obligations is always a complex process, when a taxpayer has income from sources in multiple states, the complexity greatly increases.  Past considerations relied upon “physical presence” as the main factor in determining tax reporting obligations - those days have quickly changed.  Some states now assert obligations based upon “economic presence”.

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