Casting a shadow over a popular tax avoidance device, a recent case disallowed an estate tax break for a decedent who maintained too much control over the business he transferred to his family limited partnership.
On February 17, 2005, the Illinois Supreme Court reversed the appellate court's dismissal of the property owners' appeal and remanded the case to the appellate court.
On December 2, 2004, the Illinois Supreme Court reversed the orders of the appellate and circuit courts, which reversed the Illinois Department of Revenue's (Department) holding that the property in question was not tax exempt.
If you advise or sit on the board of a tax-exempt organization, take note of an IRS initiative to make sure nonprofits aren't paying employees too much.
The Department of Revenue recently adopted amendments to the Real Estate Transfer Tax, 86 Ill Adm Code 120. Effective October 13, 2004, the changes affect sections 120.5, 120.10, and 120.20 of the code.
Effective immediately, if a park district lies wholly within one county, the park district board of that district is authorized to increase property taxes for corporate purposes for any one year
The Illinois Department of Revenue recently adopted rulemaking to implement the requirements of various public acts, including 92-492, 92-322, 92-526, and 92-393.
Appellate court precedent makes it difficult for assessors to change the valuation of property more often than once every four years. But what are the limits on assessors' authority to "revise and correct"?
On January 15, 2003, the Department of Revenue (department) adopted new rules involving the unconditional repayment requirement of a claimant who files a claim for either credit or refund of the Use Tax in title 86 of the Illinois Administrative Code.
On September 19, 2002, the Illinois Supreme Court held that the plaintiffs, a private citizen and a watchdog group, did not have standing to recover funds for Illinois taxpayers that were illegally received by employees of the Secretary of State's Office.
Demographic trends and tax-law changes may generate some short-term business, but they'll mean less work for estate-planning lawyers in the long run. Are you ready to adjust your practice?
Here's how taxing authorities can determine whether property is being used for religious purposes without impermissibly inquiring into religious beliefs.
