SALT & Pepper
Illinois’ Income Taxation of Foreign Income
January 29, 2019
Authored by: Christopher Lutz
In:
State & Local Tax (SALT)With the Tax Cuts and Jobs Act (TCJA), many taxpayers have begun to focus on the manner in which states tax foreign income. Illinois’ taxation of foreign income is fairly in line with most other states. However, given how much states can diverge on this complicated issue, having a general understanding of how the state treats foreign income is necessary for any multinational business operating in Illinois.
Read MoreChicago and Cook County Amusement Tax
January 08, 2019
Authored by: Samantha Breslow
In:
State & Local Tax (SALT)Although the Chicago and Cook County amusement tax are imposed similarly on taxpayers, they are independently administered taxes that feature key differences. Both the Chicago Amusement Tax Ordinance and Cook County Amusement Tax Ordinance impose the tax “upon the patrons of every amusement” within the city or county, but require the owner, manager, or operator of the amusement to collect the tax from each patron and remit the tax to the Chicago Department of Finance or the Cook County Department of Revenue.
Read MoreObtaining Jurisdiction Over a Foreign Corporation for Section 1782 Discovery is Becoming Extremely Difficult
January 07, 2019
Authored by: Eric (Rick) Rein
In:
International Asset RecoveryPursuant to 28 U.S.C. Section 1782, a party may apply to conduct discovery in the U.S. for use in foreign proceedings. In a recent decision from the U.S. District Court for the Southern District of New York, In re Ruiz, 2018 U.S. Dist. Lexis 180262, the court considered whether former investors in Banco Popular could conduct discovery against Banco Santander in New York for use in foreign proceedings before the General Court of Justice of the European Union. Banco Santander is incorporated and has its principal place of business outside of New York.
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