Divorcing? Be Careful Of Tax Consequences

If you’re thinking about divorce, saving taxes are probably the least of your concerns. However, addressing the tax implications of dividing property and structuring alimony may save you considerable financial grief in the future. Here are three common tax implications to keep in mind when speaking with your divorce attorney:
Property Transfers Incident To Divorce
Section 1041 of the Internal Revenue Code (“IRC”) addresses transfers of property between spouses or incident to a divorce. The general […]

By | May 17th, 2018 ||

Illinois Quarterly Review

The Illinois Department of Revenue has issued multiple publications providing guidance on the impact of the federal Tax Cuts and Jobs Act (TCJA) on Illinois taxpayers and the State of Illinois. One TCJA provision that has garnered much attention is Internal Revenue Code (IRC) section 965, which imposes a tax on untaxed foreign earnings and profits for certain shareholders of controlled foreign corporations. The Department noted that Illinois does not follow the IRC section […]

By | April 12th, 2018 ||

Breaking: Indiana Enacts Cloud Software Tax Exemption

This morning, Indiana Governor Eric Holcomb signed a bill into law that will exempt cloud-based software transactions from State Gross Retail and Use Taxes, effective July 1, 2018. The signing took place at the headquarters of Indiana-based cloud service provider DemandJump, Inc.

Specifically, Senate Enrolled Act No. 257 (which was unanimously passed by both chambers of the General Assembly) will add a new section to the Indiana Code chapter on retail transactions that specifically provides that “[a] […]

By | March 6th, 2018 ||