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?
Takeaways from Wayfair – By HMB’s SALT Team07/09/2018
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 …
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…
Federal Tax Law Impact on Illinois Tax Revenue March 201803/01/2018
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…
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 …
2017 Year-End Tax Letter: Anticipating Change12/06/2017
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 …
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.
Marilyn Wethekam Published in State Tax Notes “How Would Federal Tax Reform Affect States?”05/01/2017
There are a number of federal tax reform proposals currently being discussed. The question is what impact these proposals will have on state taxes. Will the reforms result in a state windfall or a revenue loss? What are the administrative complexities that must be addressed? …
HMB’s John Wiktor and Christin Handa are Published in Family Foundation Advisor’s Jan/Feb 2017 Issue02/01/2017
Family Foundation Advisor is a publication of the Civic Research Institute, offering guidance for effective foundation management, development and grant-making. Family Foundation Advisor is devoted exclusively to helping family foundation administrators and their professional advisors. In How to Connect With the Next Generation of Philanthropists, John and Christin discuss the changing landscape of philanthropy with respect to millennials joining the…
The Challenges of Leasing Mobile Property01/12/2017
David Machemer provides an overview of some of the technical tax issues that may be encountered when leasing vehicles used to transport persons or property in interstate commerce. Click here to read the full article…
IL Shipping and Handling Regs Part 130.410 and 130.415 Second Notice01/22/2016
SECOND NOTICE OF PROPOSED RULEMAKING 1) Agency: Illinois Department of Revenue 2) Title and Ill. Adm. Code Citation of Proposed Rulemaking: Retailers' Occupation Tax, 86 Ill. Adm. Code 130.410, 130.415 3) Date, Issue, and page number of the Illinois Register in which the First Notice was published: August 25, 2015, Issue 35, 39 Ill. Reg. 11865. 4) Text and Location of any Changes Made…
Illinois Appellate Court Holds Entities Must Be Represented By an Attorney At Administrative Hearings04/25/2014
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…
Commercial Lending and Equity Deal Terms for Middle Market Businesses, Spring 201403/05/2014
Spring 2014 The winter months were unusually cool in late 2013 and early 2014, and most middle market borrowers and lenders will likely concede that lending activity during those months was equally cool. The optimism for robust deal flow in 2013 never materialized into actual results, even though most middle market lenders remained quite optimistic until the bitter end. Spring,…
Commercial Lending and Equity Deal Terms for Middle Market Businesses, Fall 201310/14/2013
FALL 2013 Although the first half of 2013 was marred by stagnant activity within the middle market lending environment, senior lenders across the middle market seem quite optimistic about finishing the year with a bang. While it is difficult for senior lenders to pinpoint the exact cause for their optimism, the recurring talking point has been that these senior lenders…