Publications

Section Newsletter Articles on Taxation

Administrative problems with the increased Form 1099 reporting requirements By Eric Blackledge Federal Taxation, October 2010 A look at the burdens to businesses and to the IRS imposed by the new 1099 requirements of the Health Care Reform legislation.
Case summaries By Tara H. Ori State and Local Taxation, October 2010 Two recent cases affecting state & local tax practitioners.
Chair’s corner By Michelle L. Heller Federal Taxation, October 2010 A note from Chair Michelle Heller.
The Cook County Board of Review v. The Property Tax Appeals Board, et al. By William Seitz State and Local Taxation, October 2010 Condominium Association proved with clear and convincing evidence that a violation of uniform assessment occurred.
Estate tax issues By Thomas F. Arends Federal Taxation, October 2010 The debate surrounding the estate tax centers on the amount of the exemption and the rate. As to the particular exemption levels and the tax rate, the ISBA's Federal Taxation Section supports a permanent exemption level of at least $3.5 million, provided it is indexed for inflation. The Section does not support any rate in excess of 45 percent.
Irwin Industrial Tool Co. v. Department of Revenue, Docket No. 109300 (Ill Sup Ct. 9/23/2010) By William Seitz State and Local Taxation, October 2010 Can the Illinois Department of Revenue impose a use tax on the full value of an aircraft even though it is hangared outside of the state of Illinois?
Offers in Compromise By William M. Gasa Federal Taxation, October 2010 These comments are a follow-up and expansion of the Federal Taxation Section's 2007, 2008 and 2009 Offers in Compromise reports.
Proposed technical correction to Section 7430 By George E. Marifian Federal Taxation, October 2010 This article addresses the need to harmonize Section 7430(c)(7)(B) with Section 7430(c)(2)(B) of the Internal Revenue Code.
3 ways your business can run afoul of tax authorities By Gregory A. Zbylut Corporate Law Departments, September 2010 Steer clear of these minefields and you may have fewer tax-related headaches.
Capital loss carry forwards: Valuation and equitable distribution By Michael DiDomenico Family Law, September 2010 In the current market, divorce practitioners must increasingly consider capital loss carry forwards and the question of whether they constitute marital property.
Illinois tax amnesty enacted—Interest and penalties abated or doubled By David J. Kupiec and Natalie M. Martin State and Local Taxation, September 2010 The amnesty program provides that, upon payment by a taxpayer of all taxes due to the State of Illinois for any taxable period ending after June 30, 2002 and prior to July 1, 2009, the Department shall abate and not seek to collect any interest or penalties that may be applicable and the Department shall not seek civil or criminal prosecution for any taxpayer for the period of time for which amnesty has been granted to the taxpayer.
Recent decisions in real estate tax cases By Timothy E. Moran State and Local Taxation, September 2010 Recently decided cases affecting real estate tax practitioners.
TIF 101 By David J. Silverman Local Government Law, September 2010 An explanation of Tax Increment Allocation Financing, arguably the most powerful economic redevelopment tool available to municipalities in Illinois.
Calumet Transfer v. Illinois Property Tax Appeal Board By William Seitz State and Local Taxation, August 2010 The first of two articles in this issue discussing the recently decided case of Calumet Transfer v. PTAB.
Comparable sales are admissible to establish whether bankruptcy sales reflect market value By Timothy E. Moran State and Local Taxation, August 2010 Author Tim Moran's summary of the Calumet Transfer v. PTAB case.
Need for a license ensures you pay your taxes By Julie-April Montgomery State and Local Taxation, August 2010 Before you can obtain a license to open your business, the government issuing the license will normally check to ensure that you, as either an individual or a person involved with another business, have no outstanding tax obligations.
Only months to go until the largest tax hikes in history By Ryan Ellis Agricultural Law, August 2010 A summary of federal tax increases that will take effect if Congress doesn't act.
Irwin Industrial Tool Co. v. IDOR By William Seitz State and Local Taxation, July 2010 The Supreme Court will consider whether the appellate court erred in upholding a use tax imposed by the Illinois Department of Revenue on the full value of an aircraft even though it was hangared outside of the state.
Trust fund recovery penalties By David P. Dorner State and Local Taxation, July 2010 If a business were to default on the payment of its trust fund taxes, the Department could seek recovery of such taxes, plus penalties and interest, in the form of a 100 percent penalty directly from the responsible officer or employee.
Employer’s expense tax relief ordinance FAQs State and Local Taxation, June 2010 Frequently asked questions relating to an employer's expense tax.
I’m a nonresident of Illinois—maybe? By David P. Dorner State and Local Taxation, June 2010 While a person may believe he or she is no longer a resident of Illinois, they in fact may still be considered residents for Illinois income tax purposes.
I’m a nonresident of Illinois—maybe? By David P. Dorner General Practice, Solo, and Small Firm, June 2010 While a person may believe he or she is no longer a resident of Illinois, they in fact may still be considered residents for Illinois income tax purposes.
New financial reporting rules and proposed IRS rules would raise the stakes on taking aggressive tax positions By Edward J. Hannon and Michelle B. Baxter Federal Taxation, May 2010 Two recent changes to financial reporting and tax return disclosure rules could impact whether taxpayers will choose to take tax positions that have a significant chance of being challenged by the IRS.
Provena Covenant Medical Center v. Department of Revenue, No. 107328. (Illinois Supreme Court, March 18, 2010) By William Seitz State and Local Taxation, May 2010 Provena Hospitals sought administrative review of a decision by the Director of Revenue that it was not entitled to a property tax exemption for charitable and religious organizations for the 2002 tax year.
Who wants cake? Section 368 tax-free reorganizations for corporations By Derek P. Usman Federal Taxation, May 2010 By utilizing the reorganization exit strategy, business owners are able to sell their business while deferring their gain.
With great power comes great responsibility—Deferring cancellation of debt income for tax partnerships By Brian A. Smith and William E. Russell Federal Taxation, May 2010 The American Recovery and Reinvestment Act of 2009 became effective on February 17, 2009, and many questions regarding how the cancellation of indebtedness (COI) deferral election applies to partnership situations still remain unanswered.
Does the Voluntary Payment Doctrine trump state unclaimed property laws? By Stanley R. Kaminski and David I. Curkovic State and Local Taxation, April 2010 Under a state’s voluntary payment doctrine, money considered voluntarily paid should not be subject to a state’s unclaimed property law.
“What’s in a name …”—The importance of properly classifying “independent contractors” By Betsy Johnson Corporate Law Departments, April 2010 Studies have shown that companies can save as much as 30% of payroll and related taxes by classifying workers as independent contractors.
The Cook County Board of Review v. The Illinois property tax Appeals Board and Fulton House Condominium Assoc., Ill. App. Ct. , First Dist. ( Sept 30, 2009) By William Seitz State and Local Taxation, March 2010 This case involved the 2003 triennial for the 113-unit Fulton House Condominium.
Practice note: Abatement of tax penalties for reasonable cause: Best practices By David P. Dorner General Practice, Solo, and Small Firm, March 2010 With many states facing historical fiscal deficits and the need for additional revenues, the issue of tax penalties and the abatement of such penalties for reasonable cause have become increasingly relevant.