Tax & Accounting Blog

Illinois Supreme Court Upholds Tax Increases on Alcohol, Candy, Soft Drinks, and Grooming Products

Illinois Supreme Court Upholds Tax Increases on Alcohol, Candy, Soft Drinks, and Grooming Products

The Supreme Court of Illinois has reversed Wirtz v. Quinn, an Illinois First District Appellate Court decision which declared the increased tax rate on alcohol, candy, soft drinks, and grooming and hygiene products to be unconstitutional because Public Act 96-35 violated the state’s “one subject” requirement. Public Act 96-35 implemented numerous tax changes, including an … Read More

Form 1099 Changes to Note as You Prepare for Year-End Statements and Filing

Form 1099 Changes to Note as You Prepare for Year-End Statements and Filing

Notes that may help you plan your Form 1099 reporting season: Your company’s logo, slogans or advertising are not permitted on the Form 1099 statements you send out to report amounts paid in 2011 and later years. This is the new rule, though we’re still waiting for the IRS to issue specific clarifications or explanations of … Read More

Visit Thomson Reuters at the TEI Annual Conference Oct 31 – Nov 2 in San Francisco, CA

Visit Thomson Reuters at the TEI Annual Conference Oct 31 – Nov 2 in San Francisco, CA

  Visit ONESOURCE Indirect Tax part of Thomson Reuters, at this year’s TEI Annual Conference taking place October 31 through November 2. We will be in Booth #11.  This year’s event is being held at the San Francisco Marriott Marquis Hotel 55 4th St. San Francisco, CA 94103  Phone: 415-896-1600. You’re also invited to visit … Read More

Do You Know Your Risk Profile?

Do You Know Your Risk Profile?

As we all know, every company is under constant pressure to perfectly manage its financial reporting obligations. For a tax department, its main responsibility for financial reporting is the Effective (income) Tax Rate (“ETR”).  Any movement of that rate, in this highly volatile stock market, can cause a negative impact to a company’s stock price. … Read More