Publications

Section Newsletter Articles on Taxation

Collection Issues and the IRS—Part III By William M. Gasa Federal Taxation, March 2009 In addition to massive bailouts authorized by our federal government, other federal agencies have taken action to assist citizens. On January 8, 2009, the IRS issued “IRS TAX TIP 2009—Special Edition, IRS Help for Financially Distressed Taxpayers.” Because of the potential impact on everyone representing taxpayers before the IRS, the news release follows in full.  
Economic Recovery Package Federal Taxation, March 2009 WASHINGTON, D.C.—Ways and Means Committee Chairman Charles B. Rangel (D-NY) today released details of the economic recovery package falling under the jurisdiction of the Committee. This groundbreaking plan will provide critical tax, health and job-training benefits to American families, incentives for businesses to grow and create jobs and assistance for those who have lost their jobs or are economically disadvantaged.
Fed Tax Section to Capitol Hill, Washington D.C. By Leonard S. DeFranco Federal Taxation, March 2009 The Federal Tax Section Council is planning another trek to visit with members of Congress.
To C or not to C….With apologies to Shakespeare By Gregory A. Zbylut Federal Taxation, March 2009 It’s the bane of every attorney—the client who doesn’t pay.
Bond or lien requirements of the Uniform Penalty and Interest Act in administrative proceedings By David R. Reid State and Local Taxation, February 2009 An unconstitutional argument based on equal protection and pertaining to 35 ILCS § 735/3-7 is plausible, but is unlikely to prevail.
Legal and tax issues for franchisees By William A. Price General Practice, Solo, and Small Firm, January 2009 Buying and operating a franchise is different than most of the other purchase or investment decisions your client will make in the course of your lifetime. Your client is getting a business that they will run using a more-or-less established system, not purchasing something physical like a car or a house.  
Collection Issues and the IRS – Part II By William M. Gasa Federal Taxation, December 2008 In our October newsletter, I reported that the IRS has made Internal Revenue Manual (IRM) procedural changes previously issued to field personnel also available to the public.
Estate and gift tax changes for 2009 By Mike Drone Federal Taxation, December 2008 Several changes in the estate and gift tax law go into effect in 2009.
Illinois Department of Revenue 2008 Practitioners Meeting State and Local Taxation, December 2008 The Illinois Department of Revenue has scheduled its annual Tax Practitioners’ Meetings.
President-Elect Obama’s proposed rise in capital gains doesn’t mean you will pay more taxes when you sell your home By Michael S. Schimmel Federal Taxation, December 2008 Your stocks are worthless and your retirement plan is virtually nonexistent.
President-Elect Obama’s proposed rise in capital gains doesn’t mean you will pay more taxes when you sell your home By Michael S. Schimmel Real Estate Law, December 2008 Your stocks are worthless and your retirement plan is virtually nonexistent.
Should your LLC make an S election to save on social security and Medicare taxes? By Tracy J. Nugent Business and Securities Law, December 2008 Many factors are relevant in making the decision to elect S corporation tax status for an LLC, including whether the LLC qualifies to make the election, whether the LLC is likely to own, sell or refinance appreciating property, obtaining basis for loans to the LLC, the ability to adjust the LLC’s basis in it assets, and whether special allocations of income and expense items may be involved.
Tax trends By David Eldridge State and Local Taxation, December 2008 A compilation of information about certain major bills and other matters considered during 2008 through Veto Session that may be of interest to ISBA State and Local Tax Section members.
Jurisdictional competition between states and off-shore tax havens for corporate charters By Andrew J. Tessman State and Local Taxation, November 2008 This article attempts to explain jurisdiction competition between states and answer whether the presence of off-shore jurisdictions with highly favorable tax law affects the jurisdictional competition dynamic among the states for corporate charters.
A tax on real estate transfers pursuant to divorce—In Chicago now and coming soon to a municipality near you!! By Barbara Downs Family Law, November 2008 On October 6, 2008 the City of Chicago Finance Committee voted unanimously to support Alderman Burke’s proposed ordinance to exempt transfers of the marital home pursuant to a divorce or legal separation judgment from payment of the Chicago Real Estate Property Transfer Tax.
The Vienna Conventions—Now they have a few waltzes for state and local taxation By Julie-April Montgomery State and Local Taxation, November 2008 Have you ever wondered if international law affects the practice of state and local taxation?
Collection issues and the IRS—Part I By William M. Gasa Federal Taxation, October 2008 The IRS has made Internal Revenue Manual (IRM) procedural changes previously issued to field personnel also available to the public.
It seems straightforward, but it’s not… tax traps for the unwary By Gregory A. Zbylut Federal Taxation, October 2008 The average taxpayer has a ‘tax attention span’ of a few years, at most. And tax preparers often do, too. Yet, a good memory, and some homework up front can often avoid headaches later.
Recent decisions in real estate tax cases By Timothy E. Moran State and Local Taxation, October 2008 Two recent cases of interest to practitioners.
State tax legislation passed by the 95th General Assembly By William Seitz State and Local Taxation, October 2008 Recent legislation of interest to state and local tax practitioners.
A tax on real estate transfers pursuant to divorce—In Chicago now and coming soon to a municipality near you!! By Barbara Downs Family Law, October 2008 We recently had a horrendous case involving the enforcement of the Chicago Real Estate Transfer Tax in an old divorce case. First, some background.
4H and FFA income tax By Paul A. Meints Agricultural Law, September 2008 Your client’s 16-year-old child is involved with the Future Farmers of America (FFA) program at his high school.
Illinois Department of Revenue proposing numerous new and revised Illinois income tax regulations By David J. Kupiec and Natalie M. Martin State and Local Taxation, September 2008 The Illinois Department of Revenue is in the process of updating existing and drafting new income tax regulations primarily to address recently enacted income tax legislation, Public Acts 95-0233 (SB 1544) and 95-0707 (SB783).
Legislative agenda item: Arguments in favor of eliminating or limiting the Independent Contractor Designation By Gregory A. Zbylut Federal Taxation, August 2008 One of the largest problems facing small businesses, during boom times as well as recessions, is having sufficient cash on hand to pay bills as they come due.
Legislative agenda item: Estate Tax Repeal By Robert J. Krupp Federal Taxation, August 2008 The debate surrounding the estate tax no longer focuses on eliminating the tax in total. Rather, the debate centers on the amount of the exemption and the rate.
Legislative agenda item: Offers in compromise By William M. Gasa Federal Taxation, August 2008 These comments are submitted as a follow-up to last year’s report, which is attached in its entirety at the end of these comments, and will address the status of last year’s recommendations.
Legislative agenda item: Proposed changes to Section 6694—Understatement of Taxpayer Liability by Return Preparer By George E. Marifian Federal Taxation, August 2008 These Comments address the need for amendments to recent changes to the tax return preparer penalty and the definition of tax return preparer in IRC Sections 6694 and 7701(a)(36).
Legislative agenda item: Proposed changes to Section 6694—Understatement of Taxpayer Liability by Return Preparer By George E. Marifian Federal Taxation, August 2008 These Comments address the need for amendments to recent changes to the tax return preparer penalty and the definition of tax return preparer in IRC Sections 6694 and 7701(a)(36).
Summary of the new proposed ROT (and use tax) regulations as they relate to vehicles—Effective July 1, 2008 State and Local Taxation, August 2008 Recently, the Illinois Department of Revenue has proposed amendments to its existing (1) dealer incentive/rebate rules, (2) drive away vehicle rules and (3) Interim Use Rules. Such rules significantly change how the Illinois Retailers Occupation Tax and Use Tax apply in these areas.
Recent decisions in real estate tax cases By Timothy E. Moran State and Local Taxation, July 2008 Plaintiff brought action to quiet title in a case where it had redeemed taxes and acquired title to the property from the former owner.