Flaxman Legal & Financial Services

05/09/2025

The Cook County Treasurer's Office just disclosed nearly 2 billion of property taxes being shifted onto homeowners due to business appeals. As a homeowner, you can also appeal your property taxes to reduce this burden. Do you know if your property taxes are fair? Reach out for a free consultation.

A new study from the Cook County Treasurer's Office finds businesses shifted nearly two billion dollars in property taxes onto homeowners through appeals. Cook County Treasurer Maria Pappas joined CBS News Chicago

01/30/2025

The Cook County, Illinois, Treasurer's Office just issued first installment 2024 property tax bills. The amount due is a fixed 55% of your prior year bill. Any property tax assessment reduction that we secured for you will be reflected in your second installment bill later this year. With seemingly ever-rising taxes and inflation, it is more important than ever to manage your property taxes. Let us help you. No fee unless we win.

https://www.cookcountytreasurer.com/newsarticle.aspx?articleid=2049

Cook County Treasurer's Office - Chicago, Illinois

01/29/2025

Here's a January 24, 2025 update from FinCen about last year's new business ownership-reporting requirements and the resulting confusion from pending litigation:

"In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
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On January 23, 2025, the Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland). As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) still remains in place, reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop. Reporting companies also are not subject to liability if they fail to file this information while the Smith order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports."

If you have a business organization and have not already submitted ownership information reports, keep checking the pending litigation and FinCEN announcements.

01/16/2025

Great information from my First American friends on using a for a primary residence.
https://www.firstexchange.com/1031-exchange-for-primary-residence?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter

In most cases, you can’t use a 1031 exchange for a primary residence. Learn more about the rules involved

10/24/2024

We are proud of the results we are achieving on this year's property tax appeals. You cannot obtain a reduction unless you appeal. If you wait until you receive your bill, you will be too late. Let us help you manage your property taxes. No fee unless we win.

06/25/2024

The 2023 Cook County, Illinois second installment property tax bills (payable in 2024) are now available online (link to Treasurer search page below). Payments are due by 08/01/2024. Feel free to contact us if you want to review your property tax situation, as there are still potential ways to save money even after missing an assessment appeal deadline.
https://www.cookcountytreasurer.com/setsearchparameters.aspx

Cook County Treasurer's Office - Chicago, Illinois

03/26/2024

Many thanks to Jan Hartshorne at First American Title in the Chicago Metro area for smoothly completing an early Spring Glennview real estate closing, and always helping us and our clients be successful.

02/01/2024

Don't shoot the messenger. The 2023 First Installment Property Tax Bills just became available from Cook County Government on the Cook County Treasurer's Office website.

https://www.cookcountytreasurer.com/newsarticle.aspx?articleid=1805

01/16/2024

On January 1, 2024, many corporations, LLC's and other entities created by the filing of a document with a State are now required, in the absence of certain limited exemptions, to disclose information on their "beneficial owners" with the Financial Crimes Enforcement Network ("FinCEN") pursuant to the Corporate Transparency Act ("CTA"). The National Small Business Association ("NSBA") challenged the constitutionality of this new Federal legislation but, as of this writing, their action has not been resolved. How do you intend to proceed with these new Federal reporting requirements?

12/28/2023

Legislation listing for the Illinois General Assembly

12/28/2023

Beginning January 1, 2024, Illinois will have a new Radon Awareness Act ("RAA") that applies to leases entered on or after Jan. 1, 2024. The amended law will make radon disclosure mandatory for many leases of dwelling units and is a significant change from prior law. Illinois Landlords should familiarize themselves with this new law, determine if any exclusion applies, and if not, add RAA compliance to their leasing checklists.
https://ilga.gov/legislation/fulltext.asp?DocName=10300HB2217enr&GA=103&SessionId=112&DocTypeId=HB&LegID=146435&DocNum=2217&GAID=17&SpecSess=&Session=

Legislation listing for the Illinois General Assembly