Welcome to the IMA Tax Policy Blog. The blog format reflects our efforts to provide IMA members with timely, relevant and thought provoking information in a form that is accessible for easy reference. IMA’s Tax Policy Blog will be updated on a regular basis. Weekly news update emails will be sent out to notify subscribers of new information posted on the blog. IMA members are welcome to submit material for the blog, or request specific information. Simply email Editor Stefany Henson at shenson@ima-net.org with your information or request. Editorial submissions are subject to review. 

Wednesday
Feb112015

IRS Completes the "Dirty Dozen" Tax Scams for 2015

The Internal Revenue Service wrapped up the 2015 “Dirty Dozen” list of tax scams recently with a warning to taxpayers about aggressive telephone scams continuing coast-to-coast during the early weeks of this year’s filing season. The aggressive, threatening phone calls from scam artists continue to be seen on a daily basis in states across the nation. The IRS urged taxpayers not give out money or personal financial information as a result of these phone calls or from emails claiming to be from the IRS.

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Thursday
Feb052015

Illinois Employers Required to Set up Retirement Savings Plan

Illinois employers that have been in business for at least two years and employ 25 or more people will be required to offer their employees a retirement plan under a law signed by Governor Pat Quinn. The new law is effective June 1, 2015, and implementation must be completed within two years. The Illinois Secure Choice Savings Program (S.B. 2758) establishes the option of an individual retirement plan for more than two million Illinois private sector employees who currently do not have access to any retirement plan at work. The program creates an individual retirement savings option through a three percent payroll deduction for private sector employees with employers who do not offer a retirement plan besides Social Security. Employees can opt-out of the program, or contribute more or less than the default three percent.

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Thursday
Feb052015

Ten IRS Tips about Free Tax Preparation

Each year, millions of people have their taxes prepared for free. The IRS’s Volunteer Income Tax Assistance or and Tax Counseling for the Elderly programs have helped people for more than 40 years. Many people know these programs by their initials. Here are 10 tips from the IRS about VITA and TCE: 1. Trained and Certified. The IRS works with local community groups to train and certify VITA and TCE volunteers. 2. VITA Program. VITA generally offers free tax return preparation to people who earn $53,000 or less. 3. TCE Program. TCE is mainly for people age 60 or older. The program specializes in tax issues unique to seniors. AARP participates in the TCE program and helps people with low to moderate incomes. 4. Free E-file. VITA and TCE provide free electronic filing. E-filing is the safest, most accurate way to file your tax return. Combining e-file with direct deposit is the fastest way to get your refund.

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Wednesday
Jan282015

McGladrey Webcast series: It’s not a matter of if, but when you’ll experience a data breach

From IMA member McGladrey …

With today’s advanced threats and rapidly evolving malware, your company faces data security risk exposures from internal and external sources every day. Not only is the complexity and number of cybersecurity incidents steadily rising, but so is your organization’s financial and reputational risk to harm. 

Attend McGladrey’s three-part webcast series 

Develop preventive controls to harden your internal and external environment and reduce the likelihood you will be breached

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Wednesday
Jan282015

Illinois Tax Rate Decrease and Net Operating Loss Changes Discussed

From IMA member Plante Moran …

The Illinois Department of Revenue (DOR) has issued an information bulletin that discusses the decrease in corporate income and personal income tax rates effective for income received on or after January 1, 2015. The bulletin also provides information on how estimated payments are affected by the income tax rate change, how fiscal-year filers, short-year filers, and 52/53 week filers will calculate their income tax rate, and changes to the Illinois net operating loss (NOL) deduction for corporations. The tax rate for corporations is decreasing from 7 percent to 5.25 percent, and the tax rate for individuals, trusts, and estates is decreasing from 5 percent to 3.75 percent. The replacement tax rates of 2.5 percent for corporations and 1.5 percent for S corporations, partnerships, and trusts remain the same.

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