Kilpatrick's State and Local Tax Blog was recently launched to share timely updates, expert analysis, and actionable strategies on legislative changes, audit defense, and multistate tax controversy and planning, empowering you to navigate the complex SALT landscape.
In this post, we spotlight Jordan Goodman and Jesse Feinstein's key articles from the Illinois franchise tax series. Below is a roundup of their coverage to date.
April 2024
Introduction to the Illinois Franchise Tax and its Importance to Your Company: The series kicks off with a look at why the Illinois franchise tax matters—and why companies doing business in Illinois need to have it on their radar. A great starting point for anyone new to the topic.
Laying Out the Basics of the Illinois Franchise Tax: Jordan and Jesse break down the fundamental mechanics of the tax—who owes it, what it applies to, and how the basic calculation works.
Calculating Allocation Factor for Illinois Franchise Tax Purposes: A deeper dive into one of the trickier parts of the franchise tax: figuring out how much of your company's paid-in capital is actually allocable to Illinois.
Common Problems and Simple Solutions: A practical look at the mistakes companies frequently make when dealing with the Illinois franchise tax—and straightforward ways to fix them.
May 2024
Laying Out the Basics of the Illinois Franchise Tax: An updated take on the franchise tax fundamentals, revisiting the core concepts with fresh perspective.
Calculating Allocation Factor for Illinois Franchise Tax Purposes: Another look at allocation factor calculations, building on the April discussion with additional detail.
Common Problems and Simple Solutions: More real-world pitfalls and fixes for companies navigating the Illinois franchise tax.
What is a Penalty Abatement?: The series branches out into penalty abatement—what it is, when it's available, and how companies can take advantage of it to reduce their tax burden.
Around the Country: Recent Cases in Tax Penalty Abatement: A survey of notable penalty abatement cases from across the country, with key takeaways for taxpayers looking to challenge penalties.
November 2024
A Recipe for Bad Tax Policy: Jordan and Jesse step back from the technical details to take a broader policy perspective, examining what happens when franchise tax policy goes wrong—and what lawmakers should keep in mind.
Stay tuned to the SALT Blog for new posts from the team.
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