IRS guidance on carryover basis for 2010 decedentsBy Ryan A. WalshFederal Taxation, December 2011Form 8939, the basis allocation form required to be filed by executors opting out of the estate tax, is now due January 17, 2012.
A taxing endeavor: Understanding how to apply Illinois sales taxBy John J. Tufano, Jr.Business and Securities Law, November 2011The increasing spotlight upon Illinois sales tax serves as a reminder for businesses to evaluate the ways in which they conduct sales transactions and to which counties they pay the retailers' occupation tax.
IRS collection issuesBy William M. GasaFederal Taxation, September 2011A summary of the report to given to Congress addressing issues associated with IRS collection.
Recent tax-related legislationBy William SeitzState and Local Taxation, September 2011A synopsis of tax-related bills recently signed into law.
Section 7430—Awarding of costs and certain fees: Proposed technical correctionsBy George E. MarifianFederal Taxation, September 2011Due to recent amendments, a current disparity in Section 7430 of the Internal Revenue Code gives rise to the result that, in practice, a taxpayer who settles an entire case in IRS Appeals even though he has received a 30-day letter, is entitled to no reimbursement.
Tax Code reformBy Leonard S. DeFrancoFederal Taxation, September 2011It is the belief of the Federal Tax Section Council that tax code modernization is essential for economic growth. Our collective goal is to suggest methods to effective and efficient tax practices.
Tax Web siteBy Donna F. HartlFederal Taxation, September 2011 Need tax research assistance? Want free help? Look no further! The Federal Tax Section of the ISBA maintains a Web site of helpful federal, state and local tax tools that go well beyond the basic links to the Internal Revenue Code and corresponding regulations. Check us out at <http://www.isba.org/sections/fedtax/links>.
Personal property replacement taxes and public librariesBy Phillip B. LenziniLocal Government Law, August 2011If a library existed before 1978, it should be receiving personal property tax replacement funds, either directly from the State or through its host municipality or township.
Tax increment financing: A public financing tool for private redevelopmentBy Nancy HyzerReal Estate Law, May 2011The first in a series of articles exploring the creation and evolution of tax increment financing utilized by municipalities and developers over the past 34 years throughout the State of Illinois.
Income tax recent cases and rulingsBy Philip D. SpeicherFederal Taxation, April 2011A summary of recently decided cases relating to income tax.
Negotiating tax increment financing redevelopment agreementsBy Herbert J. KleinLocal Government Law, April 2011As redevelopment agreements typically exist for a number of years, care should be taken to address all known and reasonably anticipated issues in a clear and unambiguous manner. Here's a look at some of the items the agreement should address.
Recent changes to the omitted assessment tax lawBy William SeitzState and Local Taxation, April 2011A look at the amendments to Public Act 96-1553, which attempt to give taxpayers more meaningful appeal opportunities, and an opportunity to put the Cook County Assessor on notice of omitted assessments.
Tax “holiday”—Emancipation DayBy Nancy Franks-StrausFederal Taxation, April 2011Find out the reason for this year's tax deadline extension.
Wirtz et al. v. Quinn et al.By David P. DornerState and Local Taxation, April 2011A summary of the case, currently on appeal to the Illinois Supreme Court.
Written policies required for non-profitsBy Donna F. HartlFederal Taxation, April 2011A list of written policies that the IRS is asking each tax-exempt organization to disclose this year.
A note from the Co-EditorsBy Mary Ann Connelly & Stanley R. KaminskiState and Local Taxation, February 2011An introduction to the issue from Co-Editors Mary Ann Connelly and Stanley Kaminski.