The Illinois General Assembly enacted a number of new tax measures in a flurry of activity at the end of its legislative session. Some of the changes are taxpayer friendly and others are not. Unlike the no-deal chaos of past...more
6/14/2019
/ Ballot Measures ,
Constitutional Amendment ,
Economic Development ,
Estate Tax ,
Foreign Derived Intangible Income (FDII) ,
Franchise Taxes ,
Income Taxes ,
Net Operating Losses ,
Proposed Legislation ,
Referendums ,
State Legislatures ,
Tax Amnesty ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Debt ,
Tax Reform ,
Trusts ,
Withholding Requirements
On Wednesday, the Illinois Department of Revenue (Department) issued additional guidance concerning its treatment of the new deemed repatriated foreign earnings provisions found in Internal Revenue Code Section 965, enacted...more
3/26/2018
/ Department of Revenue ,
Federal Taxes ,
Foreign Earned Income ,
Foreign Subsidiaries ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Repatriation ,
Reporting Requirements ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Liability ,
Tax Reform ,
Trump Administration
States are moving to advance different solutions in their efforts to address federal tax reform. Illinois recently introduced legislation to addback the new deduction for foreign-derived intangible income (a topic we’ve...more
The 2017 federal tax reform bill, known as the Tax Cuts and Jobs Act (Act), made a number of significant changes to the law, particularly to the international tax provisions of the Internal Revenue Code (IRC). Last month,...more
July 6, 2017, after months of wrangling and a marathon 4th of July weekend session, the Illinois House of Representatives voted to override Governor Bruce Rauner’s veto of Senate Bill (SB) 9, the revenue bill supporting the...more
May 16, 2017: Illinois Department of Revenue Affirms Cloud-Based Services Not Taxable -
In two recent General Information Letters (GILs), the Illinois Department of Revenue (Department) reaffirmed that computer software...more