With the implementation of the Tax Cuts and Jobs Act that was passed in 2017, there have been several changes to the tax system. The Opportunity Zone program was a small piece of the tax reform that has recently gained more publicity. The Opportunity Zone program provides tax benefits to real-estate investors. The Trump Administration recently released definitions and rules in a package of proposed regulations.
Landlords have a duty to know the laws applicable to their properties, in all matters great and small. While security deposits may seem on the “smaller” end of a landlord’s duties, he or she must remain compliant with all state and local municipal laws—even when handling security deposits. Whether a large or small residential unit landlord in the City of Chicago, a violation of the state and municipal security deposit laws can have a catastrophic domino effect, resulting in lost revenue, penalties, and lawsuits. In fact, some landlords have had to shell out six-figure settlements and file for bankruptcy as a result of violating the laws surrounding security deposits.