Illinois Audit, Tax and Consulting

Illinois Insights

Illinois Tool Works wins Tax Court debt-equity case

IRS’ attempt to re-characterize loan as a distribution from subsidiary’s earnings fails under debt-equity principles.

Illinois enacts FY19 budget with economic sales tax nexus provisions

Illinois’ FY19 budget legislation easily passes the general assembly with minor tax changes, including sales tax nexus expansion.

Illinois restores EDGE and Angel Investment Tax Credit programs

Illinois extends sunset of the Economic Development for a Growing Economy and Angel Investment tax credits for an additional five years.

Illinois enacts first state budget since 2015

The budget increases personal and corporate tax rates, makes tax exemption and credit changes and revises the unclaimed property law.

State tax credits bring opportunity to growing businesses

Businesses expanding or increasing activity in their current state or in new states should consider the benefits of state tax credits.

US Supreme Court requests response to retroactivity petition

High court looking for Washington Department of Revenue to respond to Dot Foods petition for writ of certiorari by early December.

Illinois tribunal determines CNG is a taxable motor fuel

Illinois Independent Tax Tribunal rejected argument that the motor fuel tax statutes exclude compressed natural gas.

Illinois adopts click-through nexus rules

Illinois department adopts guidelines for rebutting the presumption that nexus is established through click-through agreements.

Chicago issues new rulings on the taxability of certain web-based services

Chicago issues guidance regarding the taxability of nonpossessory computer leases and streaming movies and games.

Illinois expands applicability of insurance self-procurement tax

Illinois passes a bill to expand applicability of the insurance self-procurement tax to previously exempt Illinois-based middle market companies.

Illinois amends click-through nexus law

Illinois passes a bill to amend the click-through nexus law previously struck down by the Illinois Supreme Court.

Illinois MPC and graphics arts equipment exemption ends Aug. 30, 2014

The Illinois Manufacturer’s Purchase Credit and Graphic Arts Machinery and Equipment Exemption were not extended and will end Aug. 30, 2014.

Illinois Supreme Court invalidates local sales tax sourcing rule

The Illinois Supreme Court rules local sales and use tax sourcing regulations invalid but waives assessment against taxpayer that followed the regulations.

Illinois Manufacturer's Purchase Credit

The Illinois manufacturer’s purchase credit provides a tax credit for certain machinery and equipment purchases. Claims must be filed by June 30.

Taxation of Illinois resident trust found unconstitutional

An Illinois appellate court rules resident trust classification of decanted Illinois trust violates the due process clause of the U.S. Constitution.