Section Newsletter Articles on Taxation

Case summaries By Joan Smuda State and Local Taxation, July 2017 Recent cases of interest.
Key tax provisions in the Better Care Reconciliation Act of 2017 By Kristen Henry Federal Taxation, July 2017 The American Health Care Act of 2017 (AHCA), which repeals and replaces parts of the Patient Protection and Affordable Care Act (ACA), recently passed the U.S. House of Representatives on May 4, 2017. The Senate then put forth a discussion draft on June 22, 2017, titled the Better Care Reconciliation Act of 2017 (BCRA), followed by a revised discussion draft on July 13, 2017. The BCRA includes multiple tax provisions, repealing or expanding upon some of the ones originally enacted in the ACA.
Legislative state tax update of the Illinois Income Tax Act and Retailers’ Occupation Tax Act By David Kupiec State and Local Taxation, July 2017 Illinois Public Act 100-0022 amends the Illinois Income Tax Act and Retailers’ Occupation Tax Act-- here's what you need to know.
Substance-over-form or just good tax planning? By Richard M. Colombik Federal Taxation, July 2017 In Summa Holdings, Inc. v. Comm’r, the 6th Circuit Appellate Court has partially put a leash on the IRS Commissioner to argue that a transaction, if done solely for income tax purposes, may be set aside on substance-over-form arguments if the transaction clearly follows the Tax Code.
Updating commuter benefits under 132(f) By James Creech Federal Taxation, July 2017 The shift from transportation to “mobility” has left the transportation fringe benefits of Internal Revenue Code Section 132(f) out of touch and in need of an update to better reflect current and future transportation options.
State and local tax update By David P. Dorner State and Local Taxation, June 2017 Recent tax-related updates of interest.
Summary of the recent tax reform proposals from the Trump administration By Kristen Henry Federal Taxation, May 2017 On April 26, 2017, the Trump Administration set forth updated tax reform proposals. This reform would modify both individual and business tax returns while also potentially having state tax implications as well.
Taxpayers lose in two recent appellate court decisions involving erroneous homestead exemptions By Mary Ann Connelly State and Local Taxation, May 2017 Reviews of Cuevas v. Berrios and Mulry v. Berrios.
US Congressional demand to preserve state & local tax deductions and municipal bond tax exemption By Evan W. Schanerberger State and Local Taxation, May 2017 A coalition known as the Big 7 sent a letter to Congress on April 4, 2017 requesting Congress keep the tax exemption for municipal bond interest and the ability to deduct state and local taxes.
Chicago’s new tobacco products tax declared illegal By Amy McCracken State and Local Taxation, April 2017 In a refreshing opinion, in the case of Iwan Ries & Co., et al. v. City of Chicago, et al., the Cook County Circuit Court recently held that “or” means “or” when interpreting a statutory limitation on the imposition of new tobacco taxes by municipalities. In doing so, the Court declared the City of Chicago’s new tax on Other Tobacco Products in violation of Illinois law since it was expressly prohibited by a 1993 state statute.
A review of Carle Foundation v. Cunningham Township By Keith Staats State and Local Taxation, April 2017 Depending on the outcome of this case in the circuit court, the appellate court and Supreme Court may finally reach the issue of the constitutionality of the Illinois charitable hospital property tax exemption.
Office of the Cook County Assessor Attorney, Representative, and Appraiser Meeting— February 23, 2017 By Thomas A. Jaconetty State and Local Taxation, March 2017 Takeaways from the recent meeting.
2016 tax year in review By Paul A. Meints Trusts and Estates, February 2017 A look back at last year and predictions of what's to come.
Profit motive or hobby? By Patrick D. Owens Federal Taxation, February 2017 In Roberts v. Commissioner, the United States Court of Appeals for the Seventh Circuit reversed the Tax Court’s opinion and voided the taxpayer’s tax deficiencies in 2005 and 2006 in finding that the taxpayer’s horse racing activities amounted to a business rather than merely a hobby.
Recent local tax decisions By Stanley R. Kaminski State and Local Taxation, February 2017 A list of recent court and administrative decisions in Illinois involving local taxation.
IRS inflation adjustments for 2017 By Jennifer Bunker Trusts and Estates, January 2017 The Internal Revenue Service has announced its annual inflation adjustments for tax year 2017.
Proposed 2704 changes meet stiff resistance at IRS hearing By Bruce A. Johnson Trusts and Estates, January 2017 Since the tax court decision of Kerr v. Commissioner, the IRS has been concerned that certain loopholes exist in IRC 2704 that allow taxpayers to gift interests to family members in entities that have no business purpose and allow the transfer of wealth without due consideration of the value to the transferor.
The 36th Annual State & Local Taxation Conference By Hon. Alexander P. White State and Local Taxation, December 2016 The 36th Annual State and Local Taxation Conference of the National Conference of State Tax Judges took place in Portland, OR on Thursday, September 8 through Saturday, September 10, 2016.
Court dismisses declaratory judgment action against Department of Revenue for failure to exhaust administrative remedies By Brian Fiflet State and Local Taxation, December 2016 Can a nonresident corporation seek judicial determination on nexus without first exhausting administrative remedies?
Proposed 2704 changes meet stiff resistance at IRS hearing By Bruce A. Johnson Business Advice and Financial Planning, December 2016 Since the tax court decision of Kerr v. Commissioner, the IRS has been concerned that certain loopholes exist in IRC 2704 that allow taxpayers to gift interests to family members in entities that have no business purpose and allow the transfer of wealth without due consideration of the value to the transferor.
Recent decisions in real estate tax cases By Timothy E. Moran and Ciarra J. Schmidt State and Local Taxation, December 2016 Recent cases of interest to practitioners.
2016 court decisions State and Local Taxation, November 2016 Recent cases of interest to tax practitioners.
2016 legislative update State and Local Taxation, November 2016 Newly enacted laws.
Collections State and Local Taxation, November 2016 Answers to common questions regarding the Collections Bureau.
Could a departing shareholder’s continuation with the company as an employee or a consultant be treated as a “retained interest” under Section 2036 or 2701 of the tax code? By Hilary E. Wild Federal Taxation, November 2016 What if your client wants to remain an employee or an independent contractor of a corporation after gifting his stock in the corporation to his children?
Legislation and rulemaking State and Local Taxation, November 2016 New laws and rules of note.
Proposed IRS regulations may eliminate long-standing discounts for family-owned businesses By Bruce A. Johnson Federal Taxation, November 2016 The Internal Revenue Service released proposed regulations on August 2, 2016 that would modify and expand Internal Revenue Code 2704 (IRC 2704) impacting the valuation of privately-held, minority interests that are controlled by the same family.
Sales/excise tax update – 2016 legislation and rulemaking State and Local Taxation, November 2016 Recently enacted laws and rules related to sales and excise tax.
Staff directory State and Local Taxation, November 2016 A useful resource of personnel and contact information.
Submitted questions and answers State and Local Taxation, November 2016 Read the recent questions and answers from the most recent DOR Practitioners Meeting.
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