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  • MTC Online Marketplace Seller Voluntary Disclosure Initiative

    September 7, 2017
    With the ever changing budget issues at the state and local levels, sales and income taxes are becoming more strategic revenue sources to address these issues. Recent rulings in many states recognize that sellers in any online marketplace must adhere to the sales and income tax rules at the state and local levels, not the third-party marketplace fulfiller. This means that if you participate in any third-party Online Marketplace (such as Amazon or Walmart, to name two) where the Marketplace holds your inventory for order fulfillment or otherwise facilitates your sales, there may be sales and/or income tax obligations in states you did not realize.... Read more
  • Proposed Centralized Partnership Audit Regulations

    July 27, 2017
    Under the current Internal Revenue Service (IRS) partnership audit system, any adjustments made by an audit at the partnership level flow through to the partners. The partners are then responsible for their share of any additional taxes and penalties due. Changes under the Bipartisan Budget Act of 2015 created a centralized partnership audit system. This system makes the partnership responsible for any changes that arise due to an IRS audit of the tax return. ... Read more
  • Tax Law Changes Included in New Illinois Legislation

    July 18, 2017
    On July 6, 2017, for the first time in over two years, Illinois passed its budget bill, which includes multiple tax law changes affecting both individuals and businesses. ... Read more
  • Donor Advised Funds

    June 29, 2017
    With tax reform on the horizon, it may be advantageous to accelerate deductions and create immediate tax benefits. If you are planning on making substantial charitable contributions in the future, but are unsure what tax law changes will be in effect at that time, a donor advised fund may help take some guess work out of the equation.... Read more
  • The Circle of Life: Tax Breaks When Caring for Aging Parents

    June 7, 2017
    Early on, your parents took care of you and received tax breaks for doing so, such as the dependency exemption and the childcare credit. Now that the circle is coming around and your parents need your support and encouragement, some of these same tax breaks may be available to you.... Read more
  • The Changing Landscape of Nexus

    May 18, 2017
    Do you know how and when your business can be taxed by other states? The key term in navigating multistate taxation is nexus, which is created when you have a specific presence or connection with that state. Once nexus is established, you may become subject to a state’s sales, income or gross receipt taxes.... Read more