As previously announced, the Illinois Department of Revenue has begun a new amnesty program, running October 1 through November 15, 2019. All taxes paid to the Illinois Department of Revenue for taxable periods ending after...more
The Illinois General Assembly enacted a number of new tax measures in a flurry of activity at the end of its legislative session. Some of the changes are taxpayer friendly and others are not. Unlike the no-deal chaos of past...more
6/14/2019
/ Ballot Measures ,
Constitutional Amendment ,
Economic Development ,
Estate Tax ,
Foreign Derived Intangible Income (FDII) ,
Franchise Taxes ,
Income Taxes ,
Net Operating Losses ,
Proposed Legislation ,
Referendums ,
State Legislatures ,
Tax Amnesty ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Debt ,
Tax Reform ,
Trusts ,
Withholding Requirements
The Illinois Department of Revenue (Department) announced that it will grant abatement of late filing penalties for taxpayers that file their Illinois business income tax returns on or before November 15 and request penalty...more
On Wednesday, the Illinois Department of Revenue (Department) issued additional guidance concerning its treatment of the new deemed repatriated foreign earnings provisions found in Internal Revenue Code Section 965, enacted...more
3/26/2018
/ Department of Revenue ,
Federal Taxes ,
Foreign Earned Income ,
Foreign Subsidiaries ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Repatriation ,
Reporting Requirements ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Liability ,
Tax Reform ,
Trump Administration
States are moving to advance different solutions in their efforts to address federal tax reform. Illinois recently introduced legislation to addback the new deduction for foreign-derived intangible income (a topic we’ve...more
The 2017 federal tax reform bill, known as the Tax Cuts and Jobs Act (Act), made a number of significant changes to the law, particularly to the international tax provisions of the Internal Revenue Code (IRC). Last month,...more
Last year, Illinois enacted a mid-year income tax rate increase. Effective July 1, 2017, Illinois increased the income tax rate for individuals, trusts and estates from 3.75 percent to 4.95 percent, and for corporations from...more
On August 31, 2017, in a 4-3 split decision, the Virginia Supreme Court (Court) affirmed a circuit court’s ruling that in order for income to qualify for the “subject-to-tax” exception to its addback statute, the income must...more
July 6, 2017, after months of wrangling and a marathon 4th of July weekend session, the Illinois House of Representatives voted to override Governor Bruce Rauner’s veto of Senate Bill (SB) 9, the revenue bill supporting the...more
On May 31, the Illinois General Assembly closed its regular legislative session, without a budget agreement.
Senate Bill 9 -
As we previously reported, the Senate passed a modified version of Senate Bill 9 (Bill), a tax...more
Just days away from the May 31 close of its regular legislative session, the Illinois General Assembly has yet to enact the comprehensive series of tax and budget reforms that were first proposed by the Illinois Senate...more
On April 30, 2015, out-of-state professional football players earned victories against the City of Cleveland, Ohio. In a pair of cases decided by the Ohio Supreme Court, the court first struck the City’s method of allocating...more