What CPAs Should Know About the Growing Vacation Rental Landscape CPAs who understand the complex tax and financial requirements of vacation rentals are best positioned to help a growing client base optimize their financial outcomes.

Traversing the Murky Waters of Illinois’ New Sales Tax on Leases Changes to Illinois’ sales tax on leases of tangible personal property have created a sea of anticipated and unanticipated complications.

Another Attempt at ‘Leveling’ Illinois’ Sales Tax Despite the Illinois General Assembly’s latest legislative move to further level the playing field for out-of-state retailers, problems persist.

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.