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As Reports of Hacking and Wire Fraud/BEC Scams Increase, Here’s What You Can Do to PrepareJune 12, 2019

Business Email Compromise ("BEC") is a scam perpetrated by cyber criminals to attack businesses that first began to be tracked and reported by the FBI in 2013. BEC typically consists of phony or phishing emails that appear to originate from a company executive or member of a company's accounting or finance department containing fraudulent payment instructions with the objective to…

Illinois Legislative Update: What You Need to KnowJune 7, 2019

As you may be aware, the Illinois legislature recently completed its 2019 legislative session. This session was particularly productive from a tax legislation perspective and we would like to update you on the key state and local tax changes that may affect you or your business. Please do not hesitate to contact any member of the HMB SALT team if…

Takeaways from Wayfair – By HMB’s SALT TeamJuly 9, 2018

Everyone is by now likely familiar with the recent Wayfair decision and its central holding. Prior to Wayfair, businesses had some degree of comfort that they would not be required to collect and remit sales or use taxes to states in which those businesses did …

Federal Tax Law Impact on Illinois Tax Revenue March 2018March 1, 2018

On December 22, 2017, Public Law 115-97, the Tax Cuts and Jobs Act (the Act) was signed into law.  This Act will impact Illinois' income tax base and therefore the state's income tax revenue. The Department has analyzed the Act based on current Illinois law, federal law, and Internal Revenue Service (IRS) rulings and interpretations and issued an "Explanation of the…

2017 Year-End Tax Letter: Anticipating ChangeDecember 6, 2017

Congress appears poised to enact a major tax reform that could potentially make fundamental changes in the way you and your family calculate your federal income tax bill, and the amount of federal tax you will pay. This letter is designed to help you evaluate …

Illinois Appellate Court Holds Entities Must Be Represented By an Attorney At Administrative HearingsApril 25, 2014

Illinois Appellate Court Holds Entities Must Be Represented By an Attorney At Administrative Hearings A recent decision by the Illinois Appellate Court held that corporations may not represent themselves at administrative hearings, but instead must be represented by an attorney. In Stone Street Partners, LLC v. The City of Chicago Department of Administrative Hearings, Case No. 12 M1 450026, Stone…

Why and When a Sweetheart Will (or No Will at All) is Not EnoughAugust 31, 2012

Why and When a Sweetheart Will (or No Will at All) is Not Enough Young couples at the stage where they are having children and purchasing their first home may not realize that they need estate planning.   The assets a couple is likely to acquire in the early stages of building wealth, such as a home, retirement accounts and life…

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