Tag Archives: Michael T. Donovan

ILN Today Post

How the Section 199A Proposed Regulations Would Affect Businesses

On August 8, 2018, the Internal Revenue Service (IRS) released proposed regulations (REG-107892-18) that address the operation and calculation of the 20% deduction for qualified business income (QBI) under newly enacted Section 199A of the Internal Revenue Code (the “Code”). These proposed regulations would apply to a domestic business operated as a sole proprietorship, partnership (including a limited liability company taxed as a partnership), S corporation, trust, or estate.

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ILN Today Post

Remote Sellers Required to Register and Collect Use Tax in Illinois Beginning October 1, 2018

Retailers with physical presence in Illinois have long been required to register and collect Illinois sales and use tax. However, beginning October 1, 2018, use tax registration and collection will also be required for retailers who (1) make sales from locations outside Illinois to customers in Illinois; (2) do not have physical presence in Illinois; and (3) meet either of the following “Threshold Requirements”:

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