Section Newsletters

Articles on Taxation

Recent developments in federal tax By David A. Berek Trusts and Estates, October 2005 On August 22, 2005 the Service issued eight Revenue Procedures setting forth sample trust language for charitable remainder unitrusts.
Revised Form 1023: What it means for new charitable organizations By Marjorie A. Harris Federal Taxation, October 2005 In order to qualify for exemption from Federal income tax, most new charitable organizations are required to file Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, within 27 months following the end of the month in which the organization was established.
State tax advisory: Recent significant changes in Indiana and Chicago tax law By Stanley R. Kaminski State and Local Taxation, October 2005 INDIANA - From Sept. 15, 2005 until November 15, 2005, Taxpayers can take advantage of Indiana’s new Tax Amnesty.
Tax & Indebtedness Amnesty Fact Sheet: October 24, 2005-December 16, 2005 State and Local Taxation, October 2005 The following Amnesty programs will be offered:
When stepping up to pay your taxes pays off (amnesty & voluntary disclosure programs) By Julie-April Montgomery State and Local Taxation, September 2005 You've just found out that you never paid sales taxes as required by law for the last 10 years. Or you've underpaid your Chicago Transaction Tax for the past year because of a software error.
Amendment to applicable sections of the Internal Revenue Code changing the deductibility of attorney fees By Sarah Delano Pavlik Federal Taxation, August 2005 The case of Officer Cynthia Spina made national headlines in 2002. Officer Spina sued the Forest Preserve of Cook County, Illinois for sexual harassment and employment discrimination.
Amendment to applicable sections of the Internal Revenue Code changing the half-year age conventions to full-year age conventions for retirement plan distribution purposes By Thomas Vasiljevich Federal Taxation, August 2005 The Code1 provides that certain excise taxes are payable to the U.S. Treasury in the event that distributions from qualified retirement plans2 are made either earlier or later than attainment of certain designated ages.
Amendment to applicable sections of the Internal Revenue Code changing the minimum required distribution rules where a trust is the beneficiary of a qualified plan By Sarah Delano Pavlik Federal Taxation, August 2005 The Code1 provides that during a taxpayer’s lifetime (after the taxpayer’s required beginning date) and after the taxpayer’s death, minimum annual distributions must be made from the taxpayer’s qualified retirement accounts (“plan”).2
Amendments to Internal Revenue Code Section 5291 By Thomas F. Arends Federal Taxation, August 2005 Internal Revenue Code Section 529 provides for a tax exemption for qualified tuition programs as well as tax-free treatment on distributions from such plans to eligible, qualified beneficiaries.
Amendments to Internal Revenue Code Sections 55 and 56 By Kelli E. Madigan Federal Taxation, August 2005 The alternative minimum tax (the “AMT”) is a system of income taxation that operates separate from the regular income tax system.
Discharge of personal responsibility for federal tax By Mary Cascino Trusts and Estates, August 2005 The executor or administrator who is "qualified and appointed and acting in the United States" may apply in writing for discharge of personal liability for the decedent's income and gift tax liabilities. IRC §6905(a) (referred to herein as "executor").
Estate tax repeal By Robert J. Krupp Federal Taxation, August 2005 The debate surrounding the estate tax focuses on eliminating the tax in total or reforming it by increasing the exemption level and lowering the top rate.
Final regulations on GST Elections-Even more taxpayer friendly By Katarinna McBride Trusts and Estates, August 2005 IRS has issued Final Regulations that provide guidance for making IRC Section 2632(c)(5)(A)(i) election to not have the deemed allocation of unused generation-skipping transfer (GST) tax exemption apply for certain transfers to a GST trust (IRC Section 2632(c)(1)), and the Code Section 2632(c)(5)(A)(ii) election to treat a trust as a GST trust.
A review of the final regulations under Circular 230 By Guy E. Williams & Scott E. Garwood Federal Taxation, August 2005 Estate planning practitioners face the prospect of fines, censure, suspension and disbarment from practice before the IRS for violations beginning June 20, 2005—Further regulations issued on May 18, 2005 (see last page) help to clarify some of the problem areas.
Recent court decisions By William Seitz State and Local Taxation, July 2005 The appellate court reversed and remanded a summary judgment order by the circuit court in Du Page County.
Appellate Court affirms denial of motion to vacate tax deed By Karen Dimond State and Local Taxation, June 2005 In a recent published opinion, the Appellate Court, Fourth District, held that (1) a trial court's order is final the day it is entered if the trial court does not request the submission of a written order; (2) a post-trial motion filed after a notice of appeal is filed does not deprive an appellate court of jurisdiction if the motion is not directed against the judgment; (3) a section 2-1401 motion was properly denied because it did not rely on any of the grounds for relief listed in section 22-45 of the Property Tax Code; and (4) section 22-45 of the Property Tax Code does not violate the constitutional equal-protection principles.
The proposed amendments to the practice and procedure before the Property Tax Appeal Board State and Local Taxation, June 2005 Property Tax Appeal Board notice of proposed amendments 1. Heading of the Part: Practice and Procedure for Appeals Before the Property Tax Appeal Board 2. Code Citation: 86 Ill. Adm. Code 1910 3. Section Numbers: Proposed Action: 1910.11 New Section 1910.70 Amended 1910.72 New Section 1910.80 Amended 4. Statutory Authority: 35 ILCS 200/ Art. 7 and 16-180 through 16-195 5. A Complete Description of the Subjects and Issues Involved:
The administrative process for protesting tax assessments and refund denials By Julie-April Montgomery State and Local Taxation, May 2005 Many state and local tax bodies find that tax compliance is greater when audit activity is constant and strong.
Corporate and partnership tax update By James S. Zmuda Federal Taxation, May 2005 The Internal Revenue Service ("IRS") has issued final regulations regarding qualified real estate investment trust ("REIT") subsidiaries, qualified subchapter S subsidiaries and single-owner eligible entities that are disregarded as entities separate from their owners.
Estate and gift tax update By Franklin S. Mitvalsky Federal Taxation, May 2005 Here are some recent developments which have occurred in the areas of marital deduction planning, estate administration, will construction and charitable deduction planning which the estate and gift tax practitioner will hopefully find useful.
IRS liaison update By Thomas F. Arends Federal Taxation, May 2005 The editorial staff of the Newsletter would like to inform members of the Federal Taxation Section that Mr. Thomas Arends and Mr. William Gasa of the Section Council currently serve as liaisons for the Section to the Internal Revenue Service.
Recent decisions in real estate tax cases State and Local Taxation, May 2005 Certain property assessed as open space was included within tax increment financing redevelopment area.
Do I really get my money back? (The local tax credit/ refund issue) By Julie-April Montgomery State and Local Taxation, April 2005 What if you mistakenly paid your Chicago tax money to the State of Illinois? Or you paid tax to Cook County on a transaction for which you qualified for an exclusion or exemption from tax?
Real estate tax exemption for a substance abuse facility By Alexander P. White State and Local Taxation, April 2005 The Defendant, the Illinois Department of Revenue ("The Department"), appealed an order of the Circuit Court of Cook County, which had granted the Plaintiff, Hazelden Foundation ("Hazelden"), a charitable-use exemption for certain real property owned by Hazelden for the tax year 1998.
City of Chicago tax increases State and Local Taxation, March 2005 The City of Chicago recently increased a number of its taxes.
Collection procedure update By William M. Gasa Federal Taxation, March 2005 The reaction of the professional community to the IRS Restructuring and Reform Act of 1998 (RRA98) signed by President Clinton on July 22, 1998 was that there would be a "kinder and gentler" IRS.
Corporate and partnership tax update By James S. Zmuda Federal Taxation, March 2005 The Internal Revenue Service ("IRS") has issued final regulations that exempt employers from depositing FUTA taxes until their FUTA tax liability exceeds $500.
Estate taxation of IRA distributions: Two unique (yet unsuccessful) arguments taxpayers have tried to reduce their estate tax liability By Gina Usechek Trusts and Estates, March 2005 This article reviews two unique approaches where taxpayers have attempted to reduce estate tax liability with respect to retirement plan distributions.
The Streamlined Sales Tax amnesty: To wait or not to wait, that is the question By Stanley R. Kaminski State and Local Taxation, March 2005 By the end of 2005, 10 or more states comprising 20 percent or more of the total population of the United States may be approved as fully compliant members of the Streamlined Sales and Use Tax Agreement ("SSUTA").
93rd General Assembly 2003-04 legislation-Summary (Part II) By Mary Ann Connelly State and Local Taxation, February 2005   Public Act No. Statute Affected Brief Description Effective Date P.A. 93-689 (HB 599)

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