Attorneys At Law

Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Attorneys At Law - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Important Tax Due Dates For Cook, DuPage, and Kane Counties

Cook County
Taxpayers should have received a tax bill the first week of February.

If for some reason they did not receive a tax bill they should call the Treasurer’s office at 312-603-5656 to request a duplicate bill.

1st Installment was due on March, 1 2016
2nd Installment is due on varying dates each year, depending on data prepared by other counties. Last year it was due on August 3, 2015.

Check on a Cook County property.

DuPage County
Taxpayers should have received a tax bill the first week of May.

If for some reason they did not receive a tax bill they should call the Treasurer’s office at 630-407-5900 to request a duplicate bill.

1st Installment is due on June 1st, 2016
2nd Installment is due on September 1st, 2016

Check on a DuPage County property.

Kane County
Taxpayers should have received a tax bill the first week of May.

If for some reason they did not receive a tax bill they should call the Treasurer’s office at 630-232-3565 to request a duplicate bill.

1st Installment is due on June 1, 2016
2nd Installment is due on September 1, 2016

Check on a Kane County property.

Title Indemnities (TI)
Title Indemnities for the first group of 2015 Real Estate Property Taxes will start in/around April 2016 for the following counties: DeKalb, DuPage, Kane, Kendall, Lake, LaSalle, McHenry, and Will.

2016 Tax Changes to Impact Smaller “Large” Employers

Starting in 2016 a mandate takes effect that requires employers with 50-99 employees to start offering health coverage or they will have to pay a tax penalty. The mandate applies to employers with full time employees and full-time equivalent (FTE) employees totaling at least 50. This cannot be avoided by dividing business activities into different companies either. Companies with the same owner or that are related in general are treated as a single employer. Even if coverage is provided by the employer, the employer can still be penalized if the coverage is considered unaffordable. If the employee has to pay more than 9.66% of W-2 wages, it’s unaffordable.

Health Savings Accounts

Employers can provide health care coverage at a reduced rate if they use a Health Savings Account (HAS). This combines a high-deductible health plan (HDHP) with a savings account similar to an IRA. The IRS updates the definition of an HDHP annually so be sure to always check for new requirements.

Small Employer Health Insurance Credit

Small employers are given incentives to provide health care and a small employer is defined as having less than 25 full time employees. Small employers can reduce their tax bill dollar for dollar by half of the premiums they pay if they can meet certain requirements. The average annual wages of the employees cannot exceed $25,000 for full credit. The payroll limit is adjusted annually for inflation. You purchase coverage from a government exchange for small employers called SHOPs. You have not already claimed the credit for two consecutive years.

Reporting Requirements

Whether or not the new mandate affects the employer, if they provide health coverage to employees in 2015, the employer has new requirements to adhere to. The employer has to give their employees Form 1095-B, Health Coverage, by January 31st, 2016. The employer also has to send copies to the IRS by February 29th, 2016 or March 31st, 2016 if they’re transmitted electronically to detail the 2015 coverage. Here is a link to the IRS website detailing this form. http://www.irs.gov/pub/irs-pdf/i109495b.pdf

Tax Advisor

See your tax advisor to make sure you get everything correct, especially since the tax rules are complex and continually growing.