A Look at the IRS Tax Probe into Facebook From a Naperville Business Lawyer

In 1789, Benjamin Franklin penned a letter to a French scientist named Jean-Baptiste Le Roy in which he observed, “Our new Constitution is now established, and has an appearance that promises permanency; but nothing in this world can be said to be certain, except death and taxes.” While Ben Franklin was not the first person […]

The Confusion Regarding Corporate Tax Payments in Illinois

At the end of January, Illinois Speaker of the House Michael Madigan submitted a proposal aimed at cutting the corporate income tax in half. This move has been viewed somewhat pessimistically because three years before, Madigan was responsible for substantially increasing the income tax rate for Illinois companies. However, over the past year, Madigan has […]

Changes in the Tax Code For Businesses in 2014

The end of the year is always a time that business owners find themselves scrambling to make sure everything is in order. There are year-end bonuses to consider, new laws to plan for, and, of course, taxes to think about. 2013 was a big year for business owners when it came to tax considerations. One […]

Common Tax Write-Offs for Business Owners

Owning a small business has many advantages, not the least of which is the fact that business ownership can result in a decreased tax burden. Depending on the type of organization you have set up, you may be able to take advantage of one or more of the following common deductions for business owners: Business […]

Bill Pushing for Business Tax Transparency Passes State Sentate

A bill passed by the Illinois State Senate would make public the tax data of all publicly traded companies. Senate Bill 282 narrowly passed the Senate by a vote of 30-27 and now heads to the House. Business interests say the bill, which would disclose (two years after filing) a qualifying company’s tax liability before […]

Pending Legislation Would Require Corporations to Annually Disclose State Income Tax Liability

The Chicago Tribune reports that a proposal currently pending in the Illinois Senate would mandate publicly traded corporations subject to Illinois income taxes to publicly disclose their state income tax liability each year. Traditionally, corporations do not make such disclosures. However, in order to protect corporate information, the disclosures would not occur until two years after the end […]

Taxes and the Self-Employed: What You Need to Know

As full-time work becomes scarce and more difficult to find, an increasing portion of the workforce has turned to self-employment as a solution. The self-employed workforce includes such workers as contractors, freelancers, temporary workers, and small business owners. One source estimates that over 86,000 in the city of Chicago alone identify themselves as self-employed. Along […]

State of Illinois and Non-Profit Hospitals Dispute Property Taxes

The Illinois Constitution provides that property used “exclusively for….charitable purposes” are subject to certain property tax exemptions. Yet, until the Illinois government withdrew Provena Covenant Medical Center’s tax exemption in 2004, that clause was rarely enforced. The state’s revocation of Provena’s exemption (based on their insufficient level of charity care) marked the start of years-long […]