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Articles with the keyword "state and local tax"
25 result(s) displayed (1 - 25 of 31):
More wealthy migrate south to avoid tax hikes
From InvestmentNews.com.Specter of higher federal and state burdens hastens exodus from NorthFor years, wealthy retirees from high-tax states in the Northeast and Midwest have been streaming to sunny, low-tax Florida. That stream is now turning into a flood.“We haven't had…
Illinois Budget Bills
On May 27, the Illinois General Assembly passed several bills comprising the fiscal year 2011 budget. Major tax provisions include the following:Tax Amnesty The bill would establish a tax amnesty program that would run from October 1 – November 8,…
Proposed Innovation Zone Bill To Provide Benefits for Certain Illinois Businesses
Illinois SB 3638 has been passed by the legislature and would create the Illinois Innovation Zone Act. Innovation Zones are certain areas in Illinois that would provide a variety of tax benefits for Illinois taxpayers. Benefits include an expansion of…
Manufacturers & Sales Tax - What You Need to Know
Compliance with sales tax is a relatively simple process. When making a sale, the seller must collect and remit sales tax at the rate applicable to the customer’s location. However, sales made to a customer who is not the end…
Illinois Taxpayers Can Earn a $2,500 Tax Credit For Each New Employee Hired
On April 13, 2010, Illinois Governor Pat Quinn signed Senate Bill 1578 into law, creating the Small Business Job Creation Tax Credit Act. The $2,500 withholding tax credit is available for each new, full-time Illinois job created during the incentive…
Rood Presents at Illinois CPA Society Business Tax Conference
Deb Rood, Senior Manager in Blackman's State and Local Tax group, along with David Hughes, Partner at Horwood, Marcus & Berk, will present "State and Local Tax Update" to attendees of the Illinois CPA Society 2010 Business Tax Conference taking…
Current Corporate Income Tax Developments, Part II
From CPA Letter Daily & The Tax Advisor. The past year has seen a number of changes in states' taxation of corporate income. Part 2 of this two-part article takes a state-by-state look at the areas of apportionment, unitary groups/filing…
Recent Developments in State Corporate Income Taxation
From CPA Letter Daily and AICPA.orgThe past year has seen a number of changes in states' taxation of corporate income. This article, in the March 2010 issue of The AICPA's Tax Advisor, takes a state-by-state look at the areas of…
Sosa Strikes Out and Illinois Residents Lose the Game (for Now.)
The goal of state income tax systems is to make sure all income is subject to tax once. For individual taxpayers, this is usually accomplished through a system of credits. Individuals pay tax on all of their income to their…
Rood Presents at Sales and Use Tax Seminar
Deborah K. Rood, Senior Manager in Blackman Kallick's State and Local Tax group, will help attendees understand sales and use tax complexities, avoid fines and make audits more manageable during this one-day Sales and Use Tax Seminar taking place in…
Rood to Present "State and Local Tax Update" at the Illinois CPA Society 29th Annual Midwest Accounting & Finance Showcase
Deb Rood, Senior Tax Manager, will co-present "State and Local Tax Update" at the Illinois CPA Society 29th Annual Midwest Accounting & Finance Showcase August 25, 2009 at the Donald E. Stephens Convention Center in Rosemont, Illinois.Hear the latest state…
California Now Processing a Portion of Pre-2007 LLC Fees
What is the California LLC fee?: California imposes a fee of up to $11,790 on LLCs that are organized in California, are registered with the Secretary of State to transact business in California or are doing business in California. This…
Sheth Interviewed by Accounting Technology
Prashant Sheth was recently interviewed by Accounting Technology magazine regarding Illinois sales and use tax. The article, "All Their Nexus Ain't in Texas," discusses the increasing utilization of accounting firms' state and local tax (SALT) practices as states become more…
Rood to Present at the Illinois CPA Society Business Tax Conference
Deb Rood will present "State and Local Tax Update" at the Illinois CPA Society's 2009 Business Tax Conference on Tuesday, May 19, 2009. Her session will provide an overview of what's hot in state taxes, including Illinois' new apportionment rules…
Sheth Quoted by The Weekly of Business Aviation
The Weekly of Business Aviation has quoted Prashant Sheth in its March 9, 2009, issue regarding the Illinois luxury tax. In the article titled, "Illinois Proposes Luxury Tax on Aircraft Purchases," Prashant explains that because of the current budget crisis…
Come Clean with Illinois Use Tax!
The Illinois Department of Revenue (IDOR) has initiated an aggressive approach to collect unreported use tax. Taxpayers who IDOR believes have unreported use tax are being contacted and allowed to "voluntarily report" their past due use tax liability within 60…
Mandatory Illinois Nonresident Withholding Begins with 2008 Tax Filings
Effective for taxable year ending on or after December 31, 2008, new withholding requirements apply to all pass-through entities with Illinois business income.Who is required to withhold?: All pass-through entities that have Illinois income for a taxable year allocable to…
New Year, New Chicago Tax Rates
With the projected budget deficit, the city of Chicago is once again raising some of its taxes. We frequently find that taxpayers are unaware about the myriad of local taxes that apply to businesses located in Cook County and Chicago.…
Rood to Speak at Sales and Use Tax Seminar on Dec 12
Deb Rood, Senior Tax Manager, speaks at the Sales and Use Tax Seminar on Dec. 12, 2008, in Downers Grove, IL. This seminar provides the perfect opportunity to get the most current information on all the aspects of complicated sales…
Guidance Issued on New Required Information Reporting in Maryland—Potential Penalties of $10,000 per Day for Noncompliance
Maryland's new information reporting requirement adds a significant burden to C corporations filing in Maryland. We believe the legislature plans to use the information gathered to estimate the change in revenue if certain changes to the tax law are made.…
Wisconsin Software Refund Opportunity
On July 11, 2008, the Wisconsin Supreme Court made a landmark decision in the case of the Wisconsin Department of Revenue v. Menasha Corporation. Menasha purchased SAP R/3 System software and sales tax was collected on the purchase price. This…
Ohio Appellate Court Holds Commercial Activity Tax (CAT) on Food Products to be Unconstitutional
In a judgment rendered on September 2, 2008, by the Court of Appeals of Ohio in Ohio Grocers Association et al. v. William W. Wilkins in His Official Capacity as Ohio Tax Commissioner (Ohio), the Ohio CAT was held unconstitutional…
California Appellate Court Holds LLC Fee Unconstitutional
In a judgment filed on August 11, 2008 by the California Court of Appeal (the Court) in Ventas Finance, LLC (Ventas) v. California Franchise Tax Board (FTB), the Limited Liability Company (LLC) gross receipts fees were held unconstitutional. The Court…
California Appellate Court Holds LLC Fee Unconstitutional
In a judgment filed on August 11, 2008 by the California Court of Appeal (the Court) in Ventas Finance, LLC (Ventas) v. California Franchise Tax Board (FTB), the Limited Liability Company (LLC) gross receipts fees were held unconstitutional. The Court…
Sheth Article Published by UIC Family Business Center
Prashant Sheth, Tax Partner, leads Blackman Kallick's State and Local Tax Practice. Prashant's article, "Illinois Offers 5% Sales Tax Credit on Production-Related Tangible Personal Property," was published in the August 2008 issue of the UIC Family Business Council eNewsletter. The…
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