Federal Taxation

The newsletter of the ISBA’s Section on Federal Taxation

ISBA Members, please login to join this section

2024 Articles

Become an Illinois Bar Foundation Champion By Jessica R. Durkin December 2024 At least twice a year at ISBA Annual and Midyear Meetings, we are pitched by colleagues and the Illinois Bar Foundation to become a “Champion.” But what is a Champion really, and what’s in it for us?
Changes to Estate Tax Planning May Be Needed for Closely-Held Businesses with Key Man Insurance Policies Securing Buy-Out Agreements By Sandra D. Mertens, Esq. December 2024 Recognizing that the business may not have the funds to redeem the deceased owner’s shares, the buy-out agreement may require the business to obtain “key person” insurance on the owners, which would be earmarked for the purchase price of the redemption.
Roundup of Recent IRS Penalty Abatement Caselaw By Sandra D. Mertens June 2024 Summaries of several recent court decisions with interesting penalty abatement results.
The Tax Code and Bankruptcy Code Collide: Navigating the Maze of IRS Income Tax Dischargeability in Chapter 7 Bankruptcy By Robert V. Schaller March 2024 In the ever-evolving landscape of bankruptcy law, the dischargeability of IRS back taxes via Chapter 7 bankruptcy remains a beacon of hope for many grappling with financial burdens.
Tax Legislation Remains Stalled in Senate By Philip Speicher June 2024 The Tax Relief for American Families and Workers Act of 2024 is a $78 billion bipartisan tax bill that would extend or increase certain tax benefits for families and businesses, but its future appears uncertain after stalling in the Senate.
U.S. Supreme Court to Decide Whether 2017 Mandatory Repatriation Tax Is Constitutional and Satisfies Due Process in Moore v. United States By Sandra D. Mertens March 2024 The Tax Cuts and Jobs Act of 2017 significantly changed portions of the U.S. tax code, including adding the Mandatory Repatriation Tax, which imposes tax on certain U.S. shareholders of foreign corporations.