Individual, Estate, and Gift Taxation

In attending various tax conferences that discuss this topic in detail, I have compiled the following list of "issues" that might trigger a tax audit:

  • Making a lot of money or large fluctuations of income
  • Making sure you are reporting all of your income, especially if you're a business. This can be a grey area if you operate a cash business reported on your Schedule C,...

The increase in Illinois tax rates was supposed to be temporary but now it appears headed towards permanence. There are proposals to change Illinois tax rates to graduated tax rates instead of the current flat tax rate system. An additional tax on high income taxpayers has also been suggested. The effect is many people are thinking about changing their state of residence.


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