As Reports of Hacking and Wire Fraud/BEC Scams Increase, Here’s What You Can Do to PrepareJune 12, 2019
Business Email Compromise ("BEC") is a scam perpetrated by cyber criminals to attack businesses that first began to be tracked and reported by the FBI in 2013. BEC typically consists of phony or phishing emails that appear to originate from a company executive or member of a company's accounting or finance department containing fraudulent payment instructions with the objective to…
Illinois Legislative Update: What You Need to KnowJune 7, 2019
As you may be aware, the Illinois legislature recently completed its 2019 legislative session. This session was particularly productive from a tax legislation perspective and we would like to update you on the key state and local tax changes that may affect you or your business. Please do not hesitate to contact any member of the HMB SALT team if…
Counseling a Cannabis-Related Business OverviewApril 24, 2019
David provides an overview of the regulation of cannabis and considers the top legal issues faced by a cannabis-related business, focusing on the conflict between federal law and state laws where medical or adult use recreational marijuana is legal.
Marilyn Wethekam Published In State Tax Notes – Should States Embrace GILTIApril 16, 2019
Should states embrace GILTI? Marylin Wethekam gives her opinion: “While the rationale for GILTI may work at the federal level, its adoption at the state level raises several issues and concerns.” Read the full brief here.
Breen Schiller Published in Journal of State Taxation (Volume 37, Issue 2) – “2018: An Income Tax Year in Review”April 1, 2019
Click here to read the original version, as published in the Journal of State Taxation's 2019 Spring issue. Everyone loves a sequel, right? What's old is new these days with remakes taking the box office by storm as well as dominating people's DVRs. The same can be said for the state tax world. A large number of my picks for…
Breen Schiller Published in Journal of State Taxation – 2018: An Income Tax Year in ReviewApril 1, 2019
Breen M. Schiller provides a review of significant income tax developments and court cases in 2018 published by Journal of State Taxation.
John Guzzardo and Rick Rein Published in NABT American Bankruptcy Trustee JournalJanuary 15, 2019
John Guzzardo and Rick Rein wrote an article for NABT American Bankruptcy Trustee Journal regarding the use of Consent Directives to locate offshore assets. A consent directive is a "rare bird" investigatory tool that litigants in the US may use to discover assets and information from debtors or third parties located anywhere in the world. Recently, the Ninth Circuit Bankruptcy…
Bankruptcy Trustees Can Utilize Consent Directives to Locate Offshore Assets of the DebtorJanuary 15, 2019
John Guzzardo and Rick Rein wrote an article for American Bankruptcy Trustee Journal regarding the use of Consent Directives to locate offshore assets.
The Trustee and the Bitcoin: Identifying and Recovering International Cryptocurrency AssetsAugust 7, 2018
Cryptocurrency has been all the rage recently in the financial and legal news. Everyone has or knows someone who owns bitcoin (the most common form of cryptocurrency), but what exactly is cryptocurrency?
Takeaways from Wayfair – By HMB’s SALT TeamJuly 9, 2018
Everyone is by now likely familiar with the recent Wayfair decision and its central holding. Prior to Wayfair, businesses had some degree of comfort that they would not be required to collect and remit sales or use taxes to states in which those businesses did …
Jordan Goodman and Marilyn Wethekam discuss South Dakota v. Wayfair with Sales Tax InstituteMay 30, 2018
Article by: Diane Yetter Read full article published by Sales Tax Institute on 5/18/18. The South Dakota v. Wayfair court case has been dominating news cycles lately and in a very short time, much has happened. On April 17th, the US Supreme Court heard oral arguments and this article gets different perspectives on the outcome from five experts on sales…
Challenges in Discovering Perpetrators of International Cryptocurrency FraudsMay 14, 2018
The use of cryptocurrencies is increasing at a staggering pace. As cryptocurrency use becomes mainstream, its use as a form of payment and storage as an asset will increase across industries and among companies and individuals.
Fred Marcus, Jordan Goodman and Marilyn Wethekam authored Bloomberg Tax Management Portfolio, “Sales and Use Taxes: The Machinery and Equipment Exemption”April 3, 2018
State and Local Tax Attorneys Fred Marcus, Jordan Goodman and Marilyn Wethekam recently authored "Sales and Use Taxes: The Machinery and Equipment Exemption" for Bloomberg BNA's Tax Management Portfolios, 1330 3rd edition. This portfolio discusses sales and use tax incentives for machinery and equipment used in manufacturing operations. HMB offers a limited number of hard copies for clients. Click here to…
Breen Schiller Published in Journal of State Taxation: “2017: An Income Tax Year in Review”March 5, 2018
Most of the buzz of 2017 focused on state attempts to "Kill Quill" and a "will they or won't they" debate of whether the U.S. Supreme Court would accept cert to review the long-standing "physical presence" standard for remote sales tax collection established under Quill Corporation v. North Dakota. The decision to accept the case could result in a major…
Federal Tax Law Impact on Illinois Tax Revenue March 2018March 1, 2018
On December 22, 2017, Public Law 115-97, the Tax Cuts and Jobs Act (the Act) was signed into law. This Act will impact Illinois' income tax base and therefore the state's income tax revenue. The Department has analyzed the Act based on current Illinois law, federal law, and Internal Revenue Service (IRS) rulings and interpretations and issued an "Explanation of the…
To Deduct or Not Deduct: The Illinois Personal Service Income ConundrumJanuary 17, 2018
The Illinois replacement tax allows an LLC or partnership to deduct from its base income ”personal service income” or a reasonable allowance for compensation paid or accrued for services rendered by the partners.
Marilyn Wethekam “2018, the Year to Marginalize Quill”January 5, 2018
2017 was to be the year of federal tax reform. The initial federal tax reform proposals were more theoretical than detailed. There was, however, a common theme. The proposed reform was focused on territorial concepts, taxing imports, encouraging repatriation of foreign earnings by reducing the …
2017 Year-End Tax Letter: Anticipating ChangeDecember 6, 2017
Congress appears poised to enact a major tax reform that could potentially make fundamental changes in the way you and your family calculate your federal income tax bill, and the amount of federal tax you will pay. This letter is designed to help you evaluate …
Look Before You Leap: Demystifying Cross-Border RecoveriesOctober 29, 2017
Rick Rein Contributed to an article discussing Local jurisdictions and establishing a plan of action for achieving an international recovery of an asset.
Sins of the States: Local Government’s Search for Revenue, State Tax Notes, July 17, 2017August 14, 2017
The focus of the SALT community’s discussion generally has been on the states’ search for revenue and the creation of new revenue sources. What has been overlooked in that discussion, however, is the revenue needs of cities, counties, and other local governmental bodies.
Timing Is Everything – Reporting of Revenue Agents ReportsAugust 14, 2017
Nowhere in the state tax world is that statement more important than complying with the state filing requirements for reporting changes to federal taxable income.
Telecoms Face Tough Tax Questions Surrounding Realty Versus Personality ClassificationsJuly 21, 2017
David’s article explores the ramifications of treating something as tangible personal or real property for sales/use and property tax purposes, specific to the telecommunication industry.
Key Issues for Collectors: Buyer BewareJune 5, 2017
Recent cases have brought to the forefront issues regarding the risks of purchasing art.
30 Things I’ve Learned After 30 Years as an Estate PlannerMay 29, 2017
The ABA published this article in one of their journals and it expresses my views of what makes a satisfying client relationship, as well as a satisfying relationship with partners, referral sources, and the legal practice generally.
Marilyn Wethekam Published in State Tax Notes “How Would Federal Tax Reform Affect States?”May 1, 2017
There are a number of federal tax reform proposals currently being discussed. The question is what impact these proposals will have on state taxes. Will the reforms result in a state windfall or a revenue loss? What are the administrative complexities that must be addressed? …