Illinois Audit, Tax and Consulting

Illinois Insights

State tax law changes for the second quarter of 2021

A summary of important updates for determining deferred tax provision under ASC 740 for the quarter ending June 30, 2021.

Illinois enacts fiscal year 2022 budget with tax changes

Significant tax changes made to GILTI, bonus depreciation, net operating loss limitations and the phase-out of the state’s franchise tax.

Chicago provides narrow guidance on Wayfair economic nexus

A new nexus safe harbor is available for remote sellers making under $100,000 of sales to Chicago customers in the previous four quarters.

2020 Elections: State and local tax ballot measures to know

Looming budget shortfalls coupled with tax-related ballot measures in many states could significantly affect 2021.

Illinois tax tribunal: company president liable for withholding tax

President held personally liable for unpaid income tax withholding even after another corporate officer found responsible.

Middle market relief for businesses impacted by the coronavirus

Widespread availability of credits and economic incentives during the COVID-19 pandemic may help businesses increase cash flow.

Illinois sales tax ruling on financial services software and services

Financial services businesses providing software and services to Illinois customers may have multiple transaction tax obligations.

Illinois enacts demographic reporting for public companies

Publicly traded companies located in Illinois may be subject to new demographic reporting requirements by Jan. 1, 2021.

Illinois enacts mobile workforce legislation

Beginning in 2020, some individual taxpayers working remotely in Illinois will have a 30-day safe harbor from the state income tax.

Illinois enacts new apprenticeship tax credit

Senate Bill 1591 provides an income tax credit for qualified apprentice education expenses through Dec. 31, 2024.