Samantha Breslow published in Tax Notes State – “Debugging the (State Tax) Code: Outdated Sales Tax Terminology”12/09/2019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 Debugging the (State Tax) Code: Outdated Sales Tax Terminology…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…
Breen Schiller published in Tax Notes – “Navigating Local Labyrinths: Practitioners’ Guide to Local Taxes”11/25/2019
Read the full article on Tax Notes here (subscription required). Breen Schiller, Stephen J. Jasper, Mitchell A. Newmark and Carley A. Roberts discuss businesses entering new jurisdictions. Breen explains Chicago's unique Personal Property Lease Transaction Tax and how it affects businesses operating in the city. Download a PDF of the full article here. Chicago Personal Property Lease Transaction Tax For…
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.
Breen Schiller Published in Journal of State Taxation (Volume 37, Issue 2) – “2018: An Income Tax Year in Review”04/01/2019
Everyone loves a sequel, right? What's old is new these days with remakes taking the box office by storm as well as dominating people's DVRs. The same can be said for the state tax world. A large number of my picks for this year's noteworthy income tax decisions are appeals from previous years' decisions. The following cases are ones that…
Breen Schiller Published in Journal of State Taxation – 2018: An Income Tax Year in Review04/01/2019
Breen M. Schiller provides a review of significant income tax developments and court cases in 2018 published by Journal of State Taxation.
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…
Breen Schiller Published in Journal of State Taxation: “2017: An Income Tax Year in Review”03/05/2018
Most of the buzz of 2017 focused on state attempts to "Kill Quill" and a "will they or won't they" debate of whether the U.S. Supreme Court would accept cert to review the long-standing "physical presence" standard for remote sales tax collection established under Quill Corporation v. North Dakota. The decision to accept the case could result in a major…
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.