Finance & Accounting

2015 Illinois Tax Increase Rollback Results In Rare Income Tax Benefit

As you may recall, Illinois enacted an unprecedented 66% income tax increase for both corporate and individual taxpayers back in 2011. When we covered this issue in our blog back in June 2014, we did not anticipate that Illinois would let a … Continue reading

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State & Local Tax Perspective: Internet Sales Tax

Starting with New York, an increasing number of states have recently adopted laws that tax sellers whose only presence in the state are sales made over the Internet. One of the attributes these statutes depend on are “click through” arrangements that out-of-state … Continue reading

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Tax Bites: Tax extenders: 3 breaks for individuals on their 2014 returns

On Dec. 19, the president signed into law the Tax Increase Prevention Act of 2014 (TIPA), which extended through Dec. 31, 2014, many valuable tax breaks that had expired at the end of 2013. Here are three that individuals may be able … Continue reading

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Tax Bites: Tax extenders: 3 credits for businesses on their 2014 returns

The Tax Increase Prevention Act of 2014 (TIPA) extended through Dec. 31, 2014, a wide variety of tax breaks, including many tax credits — which are particularly valuable because they reduce taxes dollar-for-dollar. Here are three credits that businesses may benefit from … Continue reading

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State & Local Tax Perspective: Personal Liability

When starting a business, it is common to incorporate or form the company as a limited liability company. One purpose of forming separate legal entities is to shield owners and investors from entity level from liabilities of the business entity. But will … Continue reading

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