In an article published by Bloomberg Tax, Samantha Breslow delves into the challenges presented to taxpayers after Chicago's previously hidden Private Letter Rulings ("PLRs") come to light.
"Historically, it has been very difficult to gain access to Chicago GILS ["General Information Letters"] or PLRs, which results in a lack of transparency for taxpayers trying to comply with city ordinances," said Sam. "In contrast, the Illinois Department of Revenue publishes these rulings and there is no reason for the city not to follow that same practice."
With the IRS and many state revenue agencies publishing their PLRs on a regular basis, Chicago's reluctance to disclose the rulings is a steep contrast. The murky guidance provided by the city breeds frustration for accountants, tax attorneys and taxpayers alike who need a clear picture in order to navigate specific businesses and industries.
Read the full article by Bloomberg Tax here.
Click here to contact Sam with questions on Chicago's PLRs.