Fred M. Ackerson
Subscribe to Fred M. Ackerson's PostsFred M. Ackerson focuses his practice on multistate tax planning and controversies and federal income tax planning. Fred has over 30 years of experience in state and federal taxation. Read Fred M. Ackerson's full bio.
Illinois Amnesty Programs Now Underway
By Lauren A. Ferrante, Fred M. Ackerson and Mary Kay McCalla Martire on Oct 1, 2019
Posted In Franchise Tax, Illinois, Income Tax, Interest and Penalties, Procedure, Sales Tax
As previously announced, the Illinois Department of Revenue has begun a new amnesty program, running October 1 through November 15, 2019. All taxes paid to the Illinois Department of Revenue for taxable periods ending after June 30, 2011, and prior to July 1, 2018, are eligible for amnesty with relief from penalties and interest. Unlike...
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Choices for Illinois Taxpayers in Implementing the 2017 Income Tax Rate Increase
By Fred M. Ackerson, Lauren A. Ferrante and Mary Kay McCalla Martire on Feb 15, 2018
Posted In Allocation/Apportionment, Illinois, Income Tax
Last year, Illinois enacted a mid-year income tax rate increase. Effective July 1, 2017, Illinois increased the income tax rate for individuals, trusts and estates from 3.75 percent to 4.95 percent, and for corporations from 5.25 percent to 7 percent. The Illinois Personal Property Replacement Tax (imposed on corporations, partnerships, trusts, S corporations and public...
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Illinois Franchise Tax Relief on the Horizon
By Fred M. Ackerson on Dec 4, 2017
Posted In Franchise Tax, Illinois, Local Tax
For Illinois corporate clients who pay significant Illinois corporate franchise tax, relief may be on the way. Illinois is on the verge of joining Delaware and many other jurisdictions that permit simple conversions from corporate to limited liability company (LLC) form, by enacting the “Entity Omnibus Act” as part of House Bill 2963, passed by...
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Tax Changes Implemented As Part of Revenue Package Supporting Illinois Budget
By Fred M. Ackerson, Lauren A. Ferrante and Mary Kay McCalla Martire on Jul 7, 2017
Posted In Illinois, Income Tax, Sales Tax
Yesterday afternoon, after months of wrangling and a marathon 4th of July weekend session, the Illinois House of Representatives voted to override Governor Bruce Rauner’s veto of Senate Bill (SB) 9, the revenue bill supporting the State’s Fiscal Year (FY) 2017-2018 Budget. The vote ended Illinois’ two year budget impasse and may avoid a threatened...
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Plain and Simple: Maryland Tax Court Holds Insurance Company is Exempt from Corporate Income Taxes
By Fred M. Ackerson on May 13, 2015
Posted In Income Tax, Insurance Tax, Maryland, Procedure
Although taxpayers often complain that complying with the tax laws imposed by the numerous state and local taxing jurisdictions that exist in the United States is a burdensome process, many of these tax statutes also provide benefits to taxpayers in the form of exemptions, deductions and credits. Taxpayers who structure their affairs according to the...
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U.S. Supreme Court Turns its Attention to State Tax, Agrees to Hear “Double Taxation” Case
By Fred M. Ackerson on Jun 2, 2014
Posted In Constitutional Issues, Income Tax, Maryland
The Supreme Court granted the petition for certiorari filed by the Maryland Comptroller of Treasury in Comptroller v. Wynne, Dkt. No. 13-485 (U.S. Sup. Ct., cert. granted May 27, 2014). The central issue in Wynne is whether a state must allow its residents a credit for income taxes paid to other states, in a manner...
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