Description

In this episode, we continue our conversation with Dave Kupiec, CPA, JD, and Natalie Martin, JD, of Kupiec & Martin, LLC, for a deep dive into Illinois tax law. We break down the often-overlooked Illinois franchise tax—a complex and frequently misunderstood area of state taxation. We explore how this tax impacts businesses, particularly during audits in Chicago and Cook County, and highlight the hidden risks that can catch taxpayers off guard.

You’ll gain key insights into potential liabilities and learn proactive strategies to stay ahead of compliance issues. The conversation also underscores the importance of strong collaboration between legal and tax teams to navigate the shifting terrain of Illinois tax law.

Key Takeaways:

• Franchise tax in Illinois is easy to overlook: Many businesses don’t fully understand it, which can lead to problems.
• Audits in Chicago and Cook County are high risk: These areas are more likely to trigger issues if your filings aren’t solid.
• Legal and tax teams need to work together: Teamwork helps catch mistakes and stay compliant.
• Plan ahead to avoid trouble: A proactive approach can save time, money, and stress later.

Chapters

00:00 - Intro

00:29 - Understanding the Franchise Tax: Key Insights

13:30 - Registration and Liability in Business Transactions

21:23 - Chicago's Taxation Challenges

31:05 - Navigating State Tax Regulations

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