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.
Provena loses its charitable property tax exemptionBy Helen W. GunnarssonMay 2010Lawpulse, Page 230A hospital that gives away less than one percent of its annual revenue in free patient care doesn't qualify for a charitable property tax exemption, the Illinois Supreme Court holds.
The Illinois QTIP Election to the RescueBy Robert J. KolasaDecember 2009Article, Page 612Big news for estate planners - the new Illinois QTIP lets clients use the full federal exclusion without Illinois estate tax consequences.
Presenting property tax appealsOctober 2009Column, Page 532Q: The fair market value of my house has decreased since the recession, but my property taxes haven’t. I’ve filed an appeal of my assessment with the Board of Review, and I’m waiting for the hearing. What is my best argument at the hearing? What should I take with me in the way of evidence? What are my chances in getting the taxes reduced?
Winning at Darwin's GameBy Katarinna McBrideAugust 2009Column, Page 420Survivor-style challenges and opportunities confront estate planners.
Illinois Retailers' Occupation Tax revisedMay 2009Illinois Law Update, Page 226The Illinois Department of revenue revised the retailers' occupation tax as it relates to fly-away aircrafts and taxes charged by hotels and similar establishments for the rental of meeting, conference, banquet, and other similar types of rooms when food and beverages are provided. 86 Ill Adm Code 130.