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").
Illinois Estate Planning in Uncertain TimesBy Steven E. SiebersSeptember 2011Article, Page 448What happens if the federal estate tax exclusion goes back to $1 million? What are the implications of decoupling the Illinois from the federal tax? A look at these and other questions.
Implementation of Angel Investment Credit ProgramSeptember 2011Illinois Law Update, Page 440The Department of Commerce and Economic Opportunity enacted rules to implement the Angel Investment Credit Program. 14 Ill Adm Code 531. Key new rules will be examined in this article, but the entire section should be consulted to understand all the aspects of the new program. The amended rules became effective on June 1, 2011.
Are Nonprofit Hospitals Charitable Institutions?By Antonio SenagoreFebruary 2011Article, Page 96Is a nonprofit hospital a "charitable use" that qualifies for a property tax exemption? The author reviews the Illinois Supreme Court's Provena decision and predicts its likely effects, one of which is legislation to protect hospitals.
Mind the gap: Illinois taxes estates over $2 millionBy Helen W. GunnarssonFebruary 2011Lawpulse, Page 66Illinois' new estate tax kicks in at $2 million, not $5 million like its federal counterpart. That creates some estate-planning challenges for Illinois residents.
A Sigh of Tax ReliefBy Katarinna McBrideFebruary 2011Column, Page 100There's a lot for estate planners to like about the new federal tax law.