Progressive Illinois Tax and Its Federal ImpactBy Patrick D. OwensFederal Taxation, September 2020On June 5, 2019, Illinois passed Public Act 101-0008, which will implement a progressive income tax effective January 1, 2021.
Whistleblower Reforms Under the Taxpayer First ActBy Kristen HenryFederal Taxation, June 2020A look at the relevant provisions covering the reporting of tax fraud and protections in cases of possible employer retaliation.
The SECURE Act – Congress Just Moved the GoalpostsBy Patrick D. OwensTrusts and Estates, May 2020An overview of some of the major provisions of the Setting Each Community Up for Retirement Enhancement Act, which passed Congress in December and became effective January 1, 2020.
The SECURE Act – Congress Just Moved the GoalpostsBy Patrick D. OwensFederal Taxation, March 2020An overview of some of the major provisions of the Setting Each Community Up for Retirement Enhancement Act, which passed Congress in December and became effective January 1, 2020.
Choice of Entity in 2019: Focus on Section 199A for Flow-ThroughsBy Kathy Garlow & Shaul WassermanFederal Taxation, September 2019Proper business categorization is an essential decision for an organization. The Tax Cuts and Jobs Act, enacted in 2017, makes it necessary to revisit the basics of categorization.
Health savings accounts 2018 contribution limitBy Brian T. WhitlockFederal Taxation, June 2018The Tax Cut and Jobs Act changed how inflation indexing is calculated for many provisions of the Internal Revenue Code.
Tax Cuts and Jobs Act of 2017 changes kiddie tax rulesBy Brian T. WhitlockFederal Taxation, June 2018The Tax Cuts and Jobs Act of 2017 decouples the tax returns of dependent children from the tax returns of their parents.
Tax pamphlet: Do you have canceled debt?By James CreechFederal Taxation, August 2013The Center for Economic Progress has provided a new pamphlet designed to answer frequently asked questions about issues that commonly occur for low income taxpayers.
Corporate and partnership tax updateBy Michael L. EnglishFederal Taxation, November 2002In Revenue Procedure 2002-22, the IRS announced conditions under which it would consider a request for a ruling that an undivided fractional interest in rental real property is not an interest in a business entity.
Individual income tax update: Legislative developments and selected IRS rulingsBy Thomas F. ArendsFederal Taxation, November 2002Introduction: The following update is a summary of recent legislative developments and selected IRS rulings in the individual income tax area that was set forth in the Federal Taxation Section's 2002 Federal Tax Conference recently held in Chicago and Bloomington, Illinois.
The Internet and personal property like-kind exchanges— The brave new worldBy Edward J. HannonFederal Taxation, November 2002Under the rules of section 1031 of the Internal Revenue Code, a taxpayer will recognize no gain for federal income tax purposes if, among other things, the taxpayer exchanges property that is used in the taxpayer's trade or business or held for investment solely for like-kind property that is used in the taxpayer's trade or business or is held for investment.
Tax procedure updateBy Thomas F. ArendsFederal Taxation, November 2002Introduction: The following update is a summary of selected topics on IRS tax collection procedure and representation issues presented and discussed at the Federal Taxation Section's Federal Tax Conference recently held in Chicago and Bloomington, Illinois.
Estate, gift and generation-skipping tax updateBy Kelli E. MadiganFederal Taxation, June 2002IRS Notice 2002-25: The Notice extends the time period for donees who made charitable contributions in excess of $250 between the period of September 10 and December 31, 2001, to obtain a written acknowledgment from the charitable organization as required under Section 170 (f)(8), or to acquire evidence of a good faith effort to obtain the documentation from such charity, until October 15, 2002.
Individual income tax updateBy James S. ZmudaFederal Taxation, June 2002In 1 122 S. Ct. 1414, 152 L. Ed. 2d 437 (2002), the United States Supreme Court held that an individual's interest in a tenancy by the entirety was a property interest to which a tax lien could attach.
The tax treatment of tenant-in-common ownership interests in a like kind exchange is now the subject of a recently issued revenue procedureBy Edward J. Hannon & Elizabeth S. TenneyFederal Taxation, June 2002On March 20, 2002, the Internal Revenue Service (IRS) issued Revenue Procedure 2002-22, which sets forth the conditions under which the IRS will consider a request for private letter ruling on the issue of whether an undivided fractional interest in real property qualifies as qualifying replacement property for purposes of the tax-free like kind exchange rules of Code Section 1031.
Corporate and partnership taxBy Michael L. EnglishFederal Taxation, March 20021. Corporate compensation deduction denied. The Tax Court, in Tesco DriveAway Co., Inc., T.C. Memo. 2001-294, ruled that an accrual method corporation could not deduction compensation paid to related cash method taxpayers where the payments were made after the close of its fiscal year but prior to the end of the taxpayer's calendar year.
Individual income tax updateBy James S. ZmudaFederal Taxation, March 2002In Mora v. Comm'r, 117 T.C. No. 23 (2001), the Tax Court held a woman was entitled to separate innocent spouse relief under I.R.C. §6015(c) with regard to her former husband's tax shelters.
Chairman’s cFederal Taxation, February 2002One of the goals of the section council over the past two years has been to establish and maintain a dialog with members of the Illinois Congressional delegation.
Estate and gift and generations gifting tax updateBy Kelli E. MadiganFederal Taxation, January 2002In two different Private Letter Rulings the IRS acknowledged two different state court orders reforming trust documents to correct a scriveners' error in the underlying document.
