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FEBRUARY 19, 2019
 
 
 
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Tax Legal News
In house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review on-line edition.

Around the clock, the National Law Review's editors screen and classify breaking news and analysis authored by recognized legal professionals and our own journalists.

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Partnerships are not subject to the Illinois Income Tax. Instead, partners are taxed individually on their distributive shares from a partnership.[1]For nonresident individual partners, only their pro rata share of the partnership's income apportioned to Illinois is taxable.[2] Corporate partners may be required to combine the partnership income and factors in their combined business income and factors if they are unitary with the partnership.[3] However, it is always important to keep in mind that Illinois also imposes a Replacement Tax which is generally imposed at the entity level.[4]  More on Corporate Partnership Income Here>
 
 
 
Drinker Biddle  Law FIrm LogoNew Internal Revenue Code Section 4960 (“Section 4960”) imposes a 21 percent excise tax on “excess remuneration” and “excess parachute payments” paid by an organization that is exempt from tax under section 501(a) of the Code to certain “covered employees” during a taxable year. Section 4960 applies for taxable years beginning after December 31, 2017. For employers on a calendar year tax year, this means Section 4960 took effect with respect to amounts paid in 2018. As the deadline to report and pay the excise tax approaches (May 15, 2019, is the deadline for calendar year taxpayers), tax-exempt employers have questions about how Section 4960 is meant to be applied. IRS Notice 2019-09 (the “Notice”), published at the start of 2019, provides guidance on the application of Section 4960 and sheds light on, among other things: (i) what is an applicable tax-exempt employer, (ii) who is a covered employee, (iii) what constitutes excess remuneration and excess parachute payments, and (iv) how to report and pay the excise tax. More on Tax Developments Here> 
 
 
 
This week, the New Jersey Division of Taxation issued key guidance on the Opportunity Zone program. The guidance provides that New Jersey will conform to federal tax rules when it comes to the Opportunity Zone tax benefits for gross income and corporation business tax purposes.   More on Tax Benefits Here
 
 
 
 

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