Reclaiming property tax overpaymentsDecember 2014Illinois Law Update, Page 572In Cook county, if a property is assessed twice for the same year or was assessed prior to its becoming taxable, and if these taxes that were assigned in error were paid at sale or otherwise, or were overpaid by the same or different claimants, then the Cook County Treasurer will refund these taxes to the proper claimant.
Sales tax exemptions reinstated for coal miningNovember 2014Illinois Law Update, Page 524In the wake of Pub. Act 98-456, which reinstated the coal exemption retroactive to July 1, 2003, the Department has amended the Part titled "Retailers' Occupation Tax" to allow sales tax exemptions for equipment and materials used in coal mining operations.
Angel investment tax credit guidanceOctober 2014Illinois Law Update, Page 472The Department of Revenue amended its income tax regulations to provide guidance on the Angel Investment Credit. 86 Ill. Adm. Code 100 (eff. July 9, 2014).
Sales tax on medical cannabisOctober 2014Illinois Law Update, Page 472The Department of Revenue ("DOR") updated regulations concerning the Retailers' Occupation Tax in order to comply with the Compassionate Use of Medical Cannabis Pilot Program Act. 86 Ill. Adm Code 130 (eff. July 25, 2014).
Tax collection to improve county roadsOctober 2014Illinois Law Update, Page 472From now until August 1, 2024, road districts, consolidated or otherwise, may accumulate no more than 50% of the taxes collected from a subdivision in order to improve nondedicated roads that are in the subdivision from and for which the taxes were collected.
New and expanded sales tax exemptionsSeptember 2014Illinois Law Update, Page 424The Department of Revenue adopted amendments to the regulations governing the "Retailers' Occupation Tax." 86 Ill. Adm. Code 130 (eff. June 9, 2014).
Pickup trucks and SUVs now subject to vehicle rental taxSeptember 2014Illinois Law Update, Page 424In compliance with amendments to the Automobile Renting Occupation and Use Tax Act, the Department of Revenue adopted an amendment which effectively imposes a vehicle rental tax on vehicles with a gross vehicle weight rating of 8,000 pounds or less. 86 Ill. Adm. Code 180 (eff. June 9, 2014).
Changes to Use Tax ActJuly 2014Illinois Law Update, Page 320Per amendments to the Use Tax Act, lessors are not subject to the tax imposed by the Use Tax Act for amounts not calculated at the time a vehicular lease is executed. Such amounts may include, but are not limited to, charges for excess wear and tear.
Property tax bills going digitalJuly 2014Illinois Law Update, Page 320Upon written request from a property owner, township and county tax collectors may now email property owners their tax bills.
The Tipping Point: The End of Automatic Gratuities?By Brian RothMay 2014Article, Page 230Many restaurants impose a set gratuity on large groups to make sure servers get their fair share. But a new IRS ruling classifies automatic gratuities as service charges, not tips.
Department of Revenue can refuse registration and permit for tax defaultFebruary 2014Illinois Law Update, Page 68The Department of Revenue may now refuse to issue a license, registration, or permit if the owner, partner, or, in the case of a limited liability company, a manager or member whose name is on the application is in default for money due under any tax or fee act administered by the Department.
Estate Planning and the American Taxpayer Relief ActBy Stephen M. Margolin and Lindsey Paige MarkusFebruary 2014Article, Page 92Thanks to ATRA, a married couple with a properly structured estate can pass more than $10 million free of federal estate tax. But beware income and state-estate tax consequences.
Supreme court ends sales-tax-avoidance practiceBy Adam W. LaskerJanuary 2014Lawpulse, Page 10The court's ruling means companies can't set up a remote "sales" office and thereby avoid local taxes - but that the company in this case doesn't owe a $23 million tax bill.
The Illinois Supreme Court nixes the Amazon taxBy Adam W. LaskerDecember 2013Lawpulse, Page 606The supreme court invalidated an Illinois law requiring out-of-state retailers to pay Illinois use tax on Internet-based sales, ruling that it was preempted by the federal Internet Tax Freedom Act.
Beware FATCA’s broad reachBy Adam W. LaskerSeptember 2013Lawpulse, Page 446Think a new law designed to ferret out taxable income parked offshore won't affect any of your clients? You might be unpleasantly surprised, tax experts warn.
First district clarifies meaning of “all taxes due” under 2003 Tax Delinquency Amnesty ActNovember 2012Illinois Law Update, Page 580On August 22, 2012, the first district appellate court held that a taxpayer who filed an amended tax return was rightly assessed a double interest charge under the Unified Penalty and Interest Act ("Penalty Act") because it failed to pay its entire tax liability for the years 2000 and 2001 during the 45-day amnesty period created by the 2003 Tax Delinquency Amnesty Act ("Amnesty Act").