On June 5, 2019, Illinois Governor J.B. Pritzker signed legislation enacting a tax amnesty program scheduled to run from October 1, 2019 through November 15, 2019.
For companies with average revenues over $25 million in the three previous years, the Tax Cuts and Jobs Act (TCJA) had a major impact on the deductibility of business interest expense. Prior to 2018, businesses were allowed to deduct 100% of all interest expense that was incurred.
It has been a little over a year since the Supreme Court overruled the Professional and Amateur Sports Protection Act (PASPA) in May 2018, permitting states across the U.S. to pass regulations that will allow them to offer sports betting.
On Thursday June 19th, the Governmental Accounting Standards Board
(GASB) issued its Implementation Guide on Fiduciary Activities (guide).