Illinois Audit, Tax and Consulting

Illinois Insights

Illinois adopts SALT deduction workaround for pass-through entities

Illinois becomes the latest state to adopt a pass-through entity tax as a workaround to the federal SALT deduction limit.

Illinois revises rules for nonprofits making tax-exempt purchases

New and clarified regulatory requirements for purchases made by, or on behalf of, exempt entities in Illinois effective June 3, 2021.

Illinois offers $250 million in grants for COVID-19 recovery

Small businesses that experienced losses in 2020 due to COVID-19 are eligible for grants ranging up to $250,000.

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.