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Tag Archive for illinois

Tax Partner – International And Transfer Pricing (Illinois)

Tax Partner With Law Firm In Illinois

TaxConnections has been retained by a leading multinational law firm to locate a Tax Partner to lead the Midwest region in serving transfer pricing and international clients. This market facing role is due to the continued expansion of the international and transfer pricing practice. The Tax Partner will team with a group of talented economists who are already in place to grow the Midwest tax practice. The law firm currently has about 80 tax lawyers worldwide and this successful practice is expected to double in size over the next five years.

The Tax Partner will assist multinational clients to design, develop, implement, document and defend transfer pricing strategies. They will provide clients guidance in analyzing factual material, communicate the benefits of the transfer pricing methodologies both to government representatives and the courts and negotiate advance pricing agreements on a worldwide basis.

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Tax Partner –Transfer Pricing/International (Law Firm)

Tax Partner- Transfer Pricing ( Law Firm Midwest)

TaxConnections has been retained by a leading multinational law firm to locate a Tax Partner to lead the Midwest region in serving transfer pricing and international clients. This market facing role is due to the continued expansion of the international and transfer pricing practice. The Tax Partner will team with a group of talented economists who are already in place to grow the Midwest tax practice. The law firm currently has about 80 tax lawyers worldwide and this successful practice is expected to double in size over the next five years.

The Tax Partner will assist multinational clients to design, develop, implement, document and defend transfer pricing strategies. They will provide clients guidance in analyzing factual material, communicate the benefits of the transfer pricing methodologies both to government representatives and the courts and negotiate advance pricing agreements on a worldwide basis.

Read more

Are Home Mortgage And Home Equity Loan Interest Still Deductible Under The New Law?

I am writing to let you know about changes in the rules for deducting qualified residential interest, i.e., interest on your home mortgage, under the Tax Cuts and Jobs Act (the Act).

Under the pre-Act rules, you could deduct interest on up to a total of $1 million of mortgage debt used to acquire your principal residence and a second home, i.e., acquisition debt. For a married taxpayer filing separately, the limit was $500,000. You could also deduct interest on home equity debt, i.e., other debt secured by the qualifying homes.

Qualifying home equity debt was limited to the lesser of $100,000 ($50,000 for a married taxpayer filing separately), or the taxpayer’s equity in the home or homes (the excess of the value of the home over the acquisition debt). The funds obtained via a home equity loan did not have to be used to acquire or improve the homes. So you could use home equity debt to pay for education, travel, health care, etc. Read more

5 Survival Tips For Tax Season

Tax Season Stress Relievers –

It’s almost that time of year that we all look forward to, especially accountants buckling down with their survival kits! It goes without saying that money and stress go hand in hand. For that reason it is easy to understand that the tax preparation season can be a stressful time of year for CPAs. It is not uncommon for them to put in 70-80 hours/week during the tax season including sleepless nights, lots of coffee, and weekends at the office. To help reduce some stress for our CPAs this tax season, we have put together a list of tips to help ease the stress and make these coming weeks as painless as possible: Read more

Are You Missing the Boat? Do You Find Tax Credits Too Complex? We Don’t!

Today, there currently are nearly 3,000 tax credits and incentives programs in the United States, sponsored by federal, state and local governments to drive job creation, employee training, capital investment and new business development. These statutory and negotiated opportunities – including point-of-hire tax credits, to property & sales tax incentives, to utility & infrastructure abatements, to name a few – are available to companies of all sizes, across a broad range of industries.

But a relatively small number of companies, regardless of their size or financial sophistication, are benefiting fully from the tax credit and incentive-related benefits to which they are entitled. Industry estimates suggest that fewer than 25 percent of eligible US businesses participate in Read more

Illinois Click-Through Legislation Preempted by Federal Law

TaxConnections Blog Post The Supreme Court of Illinois recently affirmed a lower court’s ruling that the state’s click-through nexus legislation was preempted by a federal law governing taxes placed on electronic commerce.

In 2011, the Illinois General Assembly enacted Public Act 96-1544,1 which added new click-through nexus legislation and sought to tax a common contractual arrangement known as “performance marketing.” In performance marketing, an online retailer contracts with an individual to place hyperlinks for a retailer’s website in consumer-targeted or high-volume areas, as a means for creating online presence and directing potential customers to the retailer’s website. Illinois’s legislation sought to establish nexus with retailers making more than $10,000 per year through performance marketing relationships.

The Performance Marketing Association, Inc. (“PMA”) filed a complaint against the representative for the Illinois Department of Revenue, seeking declaratory and injunctive relief from the click-through nexus element in Public Act 96-1544. The circuit court of Cook County sided with PMA, finding that the click-through nexus legislation was preempted by the Internet Tax Freedom Act (ITFA), 2 which prohibits “multiple discriminatory taxes on electronic commerce.” Accordingly, the circuit court granted PMA’s motion for summary judgment. Read more

Illinois Responds to Prior Tobacco Tax Court Ruling

iStock_000013235100XSmallWhat is meant by a “cigarette” in Illinois? This question has been circulating through the tax community since December 2012. In August, 2013, it was reported that Illinois officially changed the definition of a “cigarette” and a “little cigar” for purposes of the Illinois tobacco tax regime. This is a major victory for tobacco products manufacturers and tobacco distributors in the state of Illinois.

As a starting point, Cigar Association of America v. Hamer, Cook County, 12 L 51033 was decided in December, 2012. That case was centered on a trade association arguing that Illinois’ definition of a cigarette was constitutionally invalid because it was too vague. In Illinois, a cigarette was defined as any roll containing tobacco that is suitable for smoking or if it met two of the following criteria: Read more

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