Department of Revenue amends rules governing income taxes in IllinoisApril 2009Illinois Law Update, Page 174The Department of Revenue amended several sections and added two new sections to Ill Adm Code 100. The updates implement the amendments made to the Illinois Income Tax Act (IITA) (35 ILCS 5).
Illinois Estate Tax Planning in 2009 and BeyondBy Gary R. Gehlbach and Emily R. VivianFebruary 2009Article, Page 80Beginning this year, the gap between the Illinois and federal estate tax widens. This article discusses the implications and makes the case for an Illinois QTIP.
State Income Tax rules updatedJanuary 2009Illinois Law Update, Page 16The Illinois Department of Revenue amended Title 86, which governs Illinois state income tax rules. 86 Ill Adm Code 100.7300 et seq. The purpose of the amendment is to provide guidance on the application of the Illinois income tax withholding requirements for employers.
Real estate and divorce: No more transfer-tax exemption?By Helen W. GunnarssonDecember 2008Lawpulse, Page 606 To the chagrin of matrimonial lawyers, Chicago has begun taxing the transfer of a divorcing couple's jointly owned home to one of the ex-partners.
How to use Gifts to reduce Illinois estate taxesBy Robert J. KolasaNovember 2008Article, Page 580In 2009, federal and Illinois estate taxes will be "decoupled." Here's how estate planners can use gifts to help clients pay less.
Changes to the Illinois income tax lawsOctober 2008Illinois Law Update, Page 504The Illinois Department of Revenue made several amendments and added two sections to Part 100 of Title 86, relating to the assessment and collection of Illinois income tax.
New rules governing reporting requirements of private biodiesel producersJuly 2008Illinois Law Update, Page 340The Department of Revenue amended 86 Ill Adm Code 500, in an effort to impose reporting and payment requirements on those who produce biodiesel fuel or biodiesel fuel blends for self-use. 86 Ill. Adm. Code 500.
New Preparer Standards For Estate, Gift ReturnsBy David A. BerekFebruary 2008Column, Page 102The standards and penalties long app-licable to income tax returns now apply to estate and gift tax filings.
Estate Planning for the Rest of UsBy Helen W. GunnarssonOctober 2007Article, Page 520Most people don't have estates large enough to owe tax when they die. But they still need estate-planning advice.
Even More Uncertainty about Estate-Tax ApportionmentBy Carleen L. SchrederJune 2007Article, Page 306Two recent decisions interpreting apportionment waiver clauses in wills and revocable trusts make new law. Here's an analysis.
State must take reasonable steps to inform homeowner debtor of impending house saleJune 2007Illinois Law Update, Page 292On April 19, 2007, in a case that was remanded to the Illinois Supreme Court from the United States Supreme Court, the Illinois Supreme Court, effectively, affirmed its own prior decision, holding that the state and the purchaser of a tax deed had made sufficient efforts to give notice to the delinquent taxpayer.
Sales of intangible property during cessation of business activity is nonbusiness incomeJanuary 2007Illinois Law Update, Page 14The Illinois Appellate Court, First District, affirmed on November 9, 2006, the Circuit Court of Cook County's grant of summary judgment in favor of the plaintiff after the Illinois Department of Revenue (Department) issued a notice of deficiency against her for alleged failure to report over $20 million in partnership income.
Series LLCs: Practical Pointers and Tax ImplicationsBy Randall H. Borkus and Kimberly J. MyersJanuary 2007Article, Page 22Beware the danger in failing to properly separate assets in the series, and note unanswered tax questions.
Discovery rules changed for appeals of property assessments of over $1 millionDecember 2006Illinois Law Update, Page 650The Property Tax Appeal Board (Board) has added section 1910.79 and amended section 1910.95 of 86 Ill Adm Code 1910, effective September 29, 2006, in order to "streamline and expedite the appeal process" for appeals on property assessments of $1 million or more.
New rules on openness and evidence adoption in property tax hearingsNovember 2006Illinois Law Update, Page 584The Property Tax Appeals Board (Board) has amended sections 1910.67 and 1910.90 to 86 Ill Adm Code 1910 to reflect that although property tax appeal hearings are generally open to the public, the board or its officers can now close all or parts of hearings in order to protect private information from being disclosed.
The Increasing Estate-Tax Exclusion AmountBy David A. BerekAugust 2006Column, Page 440Here's a look at legislative proposals for making the higher estate-tax exclusion permanent.
Procedures for appealing to PTAB adjustedMay 2006Illinois Law Update, Page 230In order to clarify existing procedures and add a new deadline extension for submitting rebuttal evidence, the Property Tax Appeal Board has amended and added to Part 1910 of Title 86, 86 Ill Adm Code 1910, effective February 15, 2006.
Danger lurks in p.i. confidentiality clausesBy Helen W. GunnarssonMarch 2006Lawpulse, Page 110A recent case – involving none other than Dennis Rodman – holds that plaintiffs must pay tax on the portion of a settlement award deemed payment to a p.i. client for his or her silence.
