Marilyn A. Wethekam Published in Tax Notes State – “Controlling the Way in Which We Respond”07/06/2020
In her excerpt from the first installment of Board Briefs in 2020 from Tax Notes State, Marilyn addresses tax issues related to the digital economy. Download the full article by Tax Notes State here. In the words of that great philosopher Snoopy, “When you can’t control what’s happening around you, challenge yourself to control the way in which you respond.”…
Force Majeure? It’s Unorthodox, But I’ll Allow It: Bankruptcy Court Excuses § 365(d)(3) Performance Due to Coronavirus06/10/2020
In an opinion for our troubled times, Northern District of Illinois Bankruptcy Judge Donald Cassling granted debtor Hitz Restaurant Group (“Hitz”) some reprieve from § 365(d)(3)’s strict requirements due to a combination of COVID-19 shutdown orders and a favorably-worded force majeure clause. (more…)…
Samantha K. Breslow Published in Tax Notes State – “Internet Tax Freedom Act: Protector From the Tax Man?”06/08/2020
In this second of a three-part series, Breslow discusses the Internet Tax Freedom Act and whether the digital world has really been protected from the tax man. Adoption and Intent of the ITFA Initially adopted in 1998 under the Clinton administration with the mantra “no new internet taxes,” the Internet Tax Freedom Act (ITFA) was made permanent on February 24,…
Marilyn A. Wethekam Published in Tax Notes State – “Tax Policy in a Digital Age – Square Pegs in Round Holes”04/23/2020
In her excerpt from the first installment of Board Briefs in 2020 from Tax Notes State, Marilyn addresses tax issues related to the digital economy. Download the full article from Tax Notes State here. Generally, you cannot put a square peg in a round hole. However, that is precisely what may be occurring as a result of the meteoric growth…
Samantha Breslow published in Tax Notes State – “Debugging the (State Tax) Code: Outdated Sales Tax Terminology”12/09/2019
Read the full article on Tax Notes here (subscription required). Samantha Breslow discusses how the sluggishness of legislation does not often adjust itself to the speed and terminology of technology. However, there are a few states that are adapting to overcome the discrepancies. Download a PDF of the full article here. Debugging the (State Tax) Code: Outdated Sales Tax Terminology…
Marilyn Wethekam published in Tax Notes – “The Intersection of State Tax Policy and Federal Tax Reform”11/25/2019
Read the full article on Tax Notes here (subscription required). Marilyn Wethekam discusses how federal tax reforms do not always coincide with state tax policies. Download the full article here. The 2017 enactment of the Tax Cuts and Jobs Act made significant changes to the federal tax system. One of the drivers for the reform was to make the United States…
Chris Lutz published in State Tax Notes – What to Do With Public Law 86-27209/25/2019
Read the full article on State Tax Notes here (subscription required). In his new column on State Tax Notes, Chris discusses how states and Congress should address challenges presented by Public Law 86-272 and criticizes state efforts to interpret the law out of existence. In the past 15 years, the state corporate income tax landscape has undergone significant change. Although…
Marilyn Wethekam Published in State Tax Notes – To Share Tax Information or Not Is the Question08/06/2019
Disclosing tax return information has always been a dicey topic. Under the guise of transparency, there have been several proposals by tax advocates over the years to disclose tax information. The focus of these proposals has generally been on the taxes paid by corporate America and the use of tax planning strategies. As a general principle, this type of limited…
David Machemer Published in Journal of State Taxation – The Lessor’s Burden: Tax Challenges for Illinois Equipment Leasing08/06/2019
Illinois’ tax treatment of leases is an anomaly when compared to most other jurisdictions. The general rule in most jurisdictions is to impose sales tax on the receipts collected from the lessee, the actual user of the equipment. However, Illinois differs, at least in the context of a long-term lease (i.e., more than one year), by treating the lessor of…
Counseling a Cannabis-Related Business Overview04/24/2019
David provides an overview of the regulation of cannabis and considers the top legal issues faced by a cannabis-related business, focusing on the conflict between federal law and state laws where medical or adult use recreational marijuana is legal.
Marilyn Wethekam Published In State Tax Notes – Should States Embrace GILTI04/16/2019
Should states embrace GILTI? Marylin Wethekam gives her opinion: “While the rationale for GILTI may work at the federal level, its adoption at the state level raises several issues and concerns.” Read the full brief here.
John Guzzardo and Rick Rein Published in NABT American Bankruptcy Trustee Journal01/15/2019
John Guzzardo and Rick Rein wrote an article for NABT American Bankruptcy Trustee Journal regarding the use of Consent Directives to locate offshore assets. A consent directive is a "rare bird" investigatory tool that litigants in the US may use to discover assets and information from debtors or third parties located anywhere in the world. Recently, the Ninth Circuit Bankruptcy…
Bankruptcy Trustees Can Utilize Consent Directives to Locate Offshore Assets of the Debtor01/15/2019
John Guzzardo and Rick Rein wrote an article for American Bankruptcy Trustee Journal regarding the use of Consent Directives to locate offshore assets.
The Trustee and the Bitcoin: Identifying and Recovering International Cryptocurrency Assets08/07/2018
Cryptocurrency has been all the rage recently in the financial and legal news. Everyone has or knows someone who owns bitcoin (the most common form of cryptocurrency), but what exactly is cryptocurrency?
Jordan Goodman and Marilyn Wethekam discuss South Dakota v. Wayfair with Sales Tax Institute05/30/2018
Article by: Diane Yetter Read full article published by Sales Tax Institute on 5/18/18. The South Dakota v. Wayfair court case has been dominating news cycles lately and in a very short time, much has happened. On April 17th, the US Supreme Court heard oral arguments and this article gets different perspectives on the outcome from five experts on sales…
Challenges in Discovering Perpetrators of International Cryptocurrency Frauds05/14/2018
The use of cryptocurrencies is increasing at a staggering pace. As cryptocurrency use becomes mainstream, its use as a form of payment and storage as an asset will increase across industries and among companies and individuals.
Fred Marcus, Jordan Goodman & Marilyn Wethekam authored Bloomberg Tax Management Portfolio-“Sales & Use Taxes: The Machinery and Equipment Exemption”04/03/2018
State and Local Tax Attorneys Fred Marcus, Jordan Goodman and Marilyn Wethekam recently authored "Sales and Use Taxes: The Machinery and Equipment Exemption" for Bloomberg BNA's Tax Management Portfolios, 1330 3rd edition. This portfolio discusses sales and use tax incentives for machinery and equipment used in manufacturing operations. HMB offers a limited number of hard copies for clients. Click here to…
To Deduct or Not Deduct – The Illinois Personal Service Income Conundrum01/17/2018
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.
Marilyn Wethekam “2018, the Year to Marginalize Quill”01/05/2018
2017 was to be the year of federal tax reform. The initial federal tax reform proposals were more theoretical than detailed. There was, however, a common theme. The proposed reform was focused on territorial concepts, taxing imports, encouraging repatriation of foreign earnings by reducing the …
Look Before You Leap: Demystifying Cross-Border Recoveries10/29/2017
Rick Rein Contributed to an article discussing Local jurisdictions and establishing a plan of action for achieving an international recovery of an asset.
Timing Is Everything – Reporting of Revenue Agents Reports08/14/2017
Nowhere in the state tax world is that statement more important than complying with the state filing requirements for reporting changes to federal taxable income.
Sins of the States: Local Government’s Search for Revenue, State Tax Notes, July 17, 201708/14/2017
The focus of the SALT community’s discussion generally has been on the states’ search for revenue and the creation of new revenue sources. What has been overlooked in that discussion, however, is the revenue needs of cities, counties, and other local governmental bodies.
Telecoms Face Tough Tax Questions Surrounding Realty Versus Personality Classifications07/21/2017
David’s article explores the ramifications of treating something as tangible personal or real property for sales/use and property tax purposes, specific to the telecommunication industry.
Key Issues for Collectors: Buyer Beware06/05/2017
Recent cases have brought to the forefront issues regarding the risks of purchasing art.
30 Things I’ve Learned After 30 Years as an Estate Planner05/29/2017
The ABA published this article in one of their journals and it expresses my views of what makes a satisfying client relationship, as well as a satisfying relationship with partners, referral sources, and the legal practice generally.