A recent decision by the United States Court of Federal Claims in Kwong v. United States created a potential refund opportunity for taxpayers who were assessed penalties and interest related to certain tax filings that had an original due date…
Public Law No. 119-21, also known as the One Big Beautiful Bill Act (“OBBBA”), was signed into law nearly a year ago in July 2025. However, for many taxpayers the state income tax implications of the One Big Beautiful Bill…
Summary Pursuant to 35 ILCS 120/2-13, the Illinois Department of Revenue (“Department”, or “IDOR”) is launching a remote retailer amnesty program for Retailers’ Occupation Tax. The program will take place from August 1, 2026 through October 31, 2026. During this…
Effective July 1, 2026, the Illinois Department of Employment Security (IDES) will implement a change to how certain 401(k) contributions are treated for unemployment insurance purposes. This update reflects a revision to the Illinois Administrative Code and aligns state treatment with…
Recent federal legislation has introduced several changes affecting commercial real estate owners, including updates to bonus depreciation, interest expense limitations, excess business loss rules, and energy-related incentives. This resource provides a concise overview of the key tax provisions under the…
Overview Generally, the State of Illinois may tax the worldwide income of a person who is domiciled, that is, a resident of Illinois. Recently, the Illinois Department of Revenue (“IDOR”) adopted administrative rules providing clarification on factors that are considered…
On Friday, January 16, 2026, the U.S. Court of Appeals for the Fifth Circuit issued a landmark decision that fundamentally disrupts the IRS’s recent campaign to limit the § 1402(a)(13) self-employment tax exception. In Sirius Solutions L.L.L.P. v. Commissioner, No. 24-60240,…
With the passage of Senate Bill 9 on July 7, 2017, Illinois made substantial changes to its treatment of unclaimed property. These changes affect the reporting responsibilities of unclaimed property holders, including the types of property covered by the law.…
On July 4th, President Trump signed into law the legislation commonly referred to as the One Big Beautiful Bill Act. The signing followed the passage of the legislation by the House of Representatives on July 3rd on a 218-214 vote,…
On Thursday, May 22, 2025, the House of Representatives passed legislation titled the One Big Beautiful Bill Act by a 215-214 vote. The legislation includes increased spending for homeland security (e.g., border wall construction and drones and other border-security equipment)…