On May 31, 2025, the Illinois General Assembly passed House Bill 2755, which contains three amnesty programs the state estimates will substantially increase its coffers. Illinois Governor JB Pritzker signed the bill into law...more
6/26/2025
/ Audits ,
Filing Deadlines ,
Franchise Taxes ,
Government Agencies ,
Legislative Agendas ,
New Legislation ,
Penalties ,
Retailers ,
State and Local Government ,
State Taxes ,
Tax Amnesty ,
Tax Liability ,
Tax Returns
Illinois enacted a pass-through entity tax (PTE Tax) that may be elected by partnerships and S corporations to permit a federal deduction of state income taxes that otherwise are limited to $10,000 per year from 2018 to 2025...more
9/7/2021
/ Business Ownership ,
Governor Pritzker ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Partnerships ,
Pass-Through Entities ,
S-Corporation ,
Shareholders ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Deductions