The question facing every business is with all the uncertainty concerning Illinois tax, how can you continue to effectively compete in the Illinois marketplace?
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(PRWEB) June 25, 2015
“State tax uncertainty in Illinois continues to create problems for businesses as they try to budget their business costs and determine what, if any, additional Illinois taxes will be incurred,” said David J. Kupiec, CPA, JD of Kupiec & Martin, LLC . “This tax uncertainty can be mitigated to some extent by taking these uncertainties into consideration when businesses expand, restructure or reevaluate Illinois operations.”
Kupiec & Martin, LLC’s Natalie M. Martin, JD went on to point out that on May 31st, the Illinois General Assembly concluded its scheduled legislative session without addressing the state's budget issues for the fiscal year starting July 1, 2015, as well as the underfunded state pensions.
“The year started on a positive note for taxpayers with the January 1, 2015 partial rollback of the Illinois income tax rates. Those rates were increased by 67 percent in 2011,” Martin noted, “Even with recently proposed budget cuts, the General Assembly is reported to be more than $3 billion dollars short of a balanced budget.”
Illinois State Representative Jack Franks in the June 3, 2015 Daily Herald article sums it up, as he comments on the per diem and mileage payments for lawmakers being lower this year, "We have nothing to be proud of here," complained Representative Franks, a Marengo Democrat. "We haven't passed a budget or fixed pensions, so let's not kid ourselves. We did a fiscally responsible thing at a micro level several years ago, but not at the macro level."
Kupiec & Martin, LLC works with taxpayers on issues ranging from business planning, state tax audits and litigation, to navigating through Illinois and other states’ complicated tax laws and help their clients effectively and efficiently conduct business. Kupiec and Martin explained that the past practices of quick, simple fixes to reduce state taxes are over, as the states become more knowledgeable and aggressive.
“The question facing every business is with all the uncertainty concerning Illinois tax, how can you continue to effectively compete in the Illinois marketplace?” Kupiec and Martin questioned. “The General Assembly and the Governor may look for increased tax revenues from a rollback of some or all of the recent income tax rate reductions; an expansion of the Illinois sales tax on tangible personal property to include services; and subjecting retirement income to the Illinois income tax, as well as other possibilities.”
In any scenario, according to Kupiec and Martin, all businesses will undoubtedly be impacted by the upcoming Illinois tax increases. For example, a business that does not provide services will still feel the impact if Illinois expands its sales tax base to include services, because that business may be taxed on the services it uses in day-to-day Illinois operations. Thus, all Illinois taxpayers will be impacted. “We are working with our clients doing business in Illinois to mitigate the effects of potential tax increases,” Kupiec and Martin said.
About Kupiec & Martin, LLC
Kupiec and Martin provides a unique hands-on approach to their clients’ needs. They listen to their clients and provide a multi-faceted approach to solving their issues by understanding their business to provide the optimal solution. For more information, please visit: kupiecandmartin.com or call (312) 632-1022.
The NALA is a full-service marketing agency providing custom personalized service for small and medium-sized businesses throughout the United States.
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