SALT & Pepper

  • Illinois Corporate Income Tax: Alternative Apportionment

    Like most states, Illinois statutes and regulations permit taxpayers and the Director of the Department of Revenue to obtain alternative apportionment of Illinois base income. Although case law is relatively scant, alternative apportionment remains an important means of reaching a fair income tax liability in the State. And with the State's amorphous treatment of market based sourcing, alternative apportionment is likely to become an increasingly important tool, particularly in resolving controversies.
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  • Illinois Corporate Income Tax- Financial Organizations

    Financial organizations in Illinois are required to follow different apportionment rules than general service providers. Prior to December 31, 2017, such businesses were also required to file separate unitary business returns from taxpayers that filed their income tax returns under the standard apportionment rules. Beginning with the tax year ending December 31, 2017, however, financial organizations must be included in the combined return with the entire unitary business group. It is therefore crucial for taxpayers to understand the nuances as to how to calculate the apportionment factor for financial organizations in Illinois.
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  • HMB Takeaways from Wayfair

    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 not have physical presence. Now that the physical presence test is gone, state legislation must be reviewed on a case-by-case basis to determine whether it will survive Commerce Clause scrutiny. Rather than go over every detail of the case, we at Horwood Marcus & Berk Chtd. thought it would be helpful for each attorney to give a takeaway or two from the case.
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About HMB Law

Welcome to HMB's SALT & Pepper blog. As the title suggests, this blog tracks important and emerging issues, trends and developments that affect our clients not only in State and Local Tax (SALT) but also in other disciplines and industries. This blog is designed to be a helpful resource. We hope our readers will find it practical, insightful and valuable.


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