01/28/2011
New Rules for 2011, Part I - Income Tax Planning
Reduced federal income tax rates that were set to expire on December 31, 2010 have been extended for another two years and federal payroll tax reductions were also extended another year. However, Illinois income tax rates were increased on individuals and businesses and the ability of Illinois business to utilize net operating losses has been curtailed. This client alert discusses the details of these changes in tax rates affecting Illinois taxpayers.