Hashing Out Illinois’ New Sales Tax on Leases Following years of negotiations, changes to the sales tax on leases of tangible personal property will go into effect on Jan. 1, 2025.

Heading Toward a Professional Services Tax A series of budget pressures are creating the perfect storm for a professional services tax to surface in Chicago.

O Tax Revenue, Where Art Thou? As state and city leaders scramble to find additional tax revenues for their future fiscal budgets, they’ll likely want to steer away from taxing services. Here’s some history on why.

The Effects of Eliminating Illinois’ Grocery Tax While it may seem like a positive, eliminating the state’s 1% sales tax on groceries brings several complications to the checkout lane.

A CPA’s Basic Guide to SALT Requirements State and local taxes affect every business in Illinois in one way or another. To ensure their clients remain tax compliant, it’s important for CPAs to know the fundamentals, red flags, and where to look for additional guidance.

It’s Complicated: A Closer Look at Cannabis Sales and 280E Although sales of recreational and medical cannabis are legal in Illinois, they remain illegal at the federal level. Here’s how it complicates taxable income.

Illinois’ Sales Taxes: A Deeper Dive on Exclusions and Exemptions Exclusions and exemptions may sound the same, but when it comes to Illinois’ sales taxes, they’re actually quite different.

Tax the Rich? That’s a Poor Idea Three tax proposals that promise to generate additional tax revenue and offer a more equitable tax system are part of Illinois’ long history of misled ideas.

Illinois’ Corporate Income Tax: Never-Ending Complexity Having the state’s income tax mirror the federal tax base seems simple enough, but decoupling from federal tax treatment makes it anything but.