Knowledge Center

Wednesday, January 17, 2018

To Deduct or Not Deduct: The Illinois Personal Service Income Conundrum

By: David A. Hughes & Samantha K. Breslow
As published in Bloomberg Tax Reports

The Illinois replacement tax allows an LLC or partnership to deduct from its base income ''personal service income'' or a reasonable allowance for compensation paid or accrued for services rendered by the partners. In this article, David and Sam discuss recently proposed regulations seeking to clarify the deduction and what taxpayers should do in preparing for future audits.

Read the full article here

Questions or comments about Illinois personal service income? Click here to contact the authors

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