Home/Tag: individual income tax

Big Week for S-Corp

It’s been a busy and productive week for team S-Corp!  First, we had two S-Corp representatives testifying before congressional committees on Wednesday. Second, with the Finance Committee working group comments due on April 15th, we made three separate submissions to the Business, Individual, and International working groups. And finally, as part of the working group submissions, we released the 2015 version of our “Pass Through” tax reform principles letter with 118 trade groups signing on!

Here’s a quick summary of each of these efforts.

S-Corp Testifies

In an S-Corp first, we had two witnesses testifying at congressional hearings on Tax Day.

Board

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2019-02-01T20:00:10+00:00April 20, 2015|

Illinois Governor Proposes Gross Receipts Tax!

S Corp Member Alert! Governor Blagojevich proposed last month to replace the Illinois state corporate income tax with a gross receipts tax (GRT). Under the current proposal, the state’s current 4.8% corporate income tax rate would be phased out over four years and the new GRT would be imposed on all revenues realized by IL businesses from the sale of good and services – .85% for goods and 1.95% for services. The change will increase projected annual revenue collections more than four-fold and has been characterized by the non-partisan Tax Foundation as the largest state tax increase this decade.

A massive

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2019-02-06T18:46:05+00:00April 12, 2007|