Chicago partner authors SIOR article regarding tax liability reduction for real estate licensees
Chicago Partner James Hochman has authored “Where the Illinois Broker License Act Could Actually Help You Reduce Tax Liability” for his spring 2015 column, “Plain Speaking from a Lawyer.” Mr. Hochman's column appears quarterly in the Society of Industrial and Office Realtors Professional Report. In this SIOR report issue, he discusses a provision in the Illinois Real Estate License Act related to the possible reduction of income tax liability for Illinois licensees.
Mr. Hochman explains that an Illinois licensee could form a corporation (or limited liability company) where the licensee is the sole shareholder or member, and income derived from licensed services or other services may be paid by the sponsoring broker to that entity. In the full article, Mr. Hochman further elaborates on the subject, including why a few savvy licensees have formed such entities.
To read the complete article, please click here.