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Free State Tax Advice

In the rush to understand the changes made by the 2017 federal tax reform law, known as the Tax Cuts and Jobs Act (TCJA), tax-exempt organizations may not yet have had time to consider how the federal changes may affect state taxes. Similarly, state taxing authorities and state tax practitioners may be so wrapped up in the state and local tax (SALT) implications of the TCJA for individuals or regular C corporations (especially changes affecting the 2017 tax year) that they may not yet have had time to consider the SALT implications of tax reform for tax-exempt organizations.

Significant changes to federal unrelated business income under TCJA
A tax-exempt organization is generally subject to federal income tax only on unrelated business income (UBI) — generally, income that is unrelated to the organization's tax-exempt purpose. The TCJA made several significant changes to the definition and structure of federal UBI, effective for tax years beginning after Dec. 31, 2017. One such change is the new "siloing" rule, under which a tax-exempt organization must track its income and expenses from each separate unrelated trade or business, and losses derived from one unrelated trade or business may not offset the income from another unrelated trade or business.

  • business tax climate 2016

    The Tax Foundation recently released its 2016 State Business Tax Climate Index and Illinois improves from 31st to 23rd due to the sunset of higher corporate and individual income taxes enacted in 2011.    Each year the Tax Foundation compiles the Index to rank the 50 U.S. states across more than 100 variables in the areas of corporate income tax, individual income tax, sales tax, property tax, and unemployment insurance tax.

  • business tax climate 2016

    The Tax Foundation recently released its 2015 State Business Tax Climate Index.  Each year the Tax Foundation compiles the Index to rank the 50 U.S. states across more than 100 variables in the areas of corporate income tax, individual income tax, sales tax, property tax, and unemployment insurance tax.

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By Dugan Lopatka - Accountants for Midsize Businesses in Chicago:  CPAs for Small Businesses

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Dugan & Lopatka, CPAs, PC, 104 E. Roosevelt Road, Wheaton, Illinois 60187 -MAP- T: (630) 665-4440 Fax: (630) 665-5030