Tag Archives: tax

Rauner extends tax incentive program

Jan 22, 2017 | WLS-AM Staff

SPRINGFIELD, Ill. (AP) — Illinois Gov. Bruce Rauner has signed a temporary extension of a corporate tax incentive program which has been criticized as expensive and too favorable to large businesses.

The Republican’s action on Friday extends through April the EDGE program — for Economic Development for a Growing Economy.

Rauner supports replacing EDGE with another proposed incentive program which would be less generous.

EDGE provides tax breaks to businesses that create and maintain jobs in Illinois.

Rauner backs a sweetener that gives companies credit for 50 percent of the withholding taxes from jobs created. EDGE gave them 100 percent credit.

Some lawmakers complain that EDGE is too expensive or benefits larger companies over smaller ones.

___

The bill is SB513 .

 

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Schaumburg real estate executive pleads guilty to tax evasion

Mar 17, 2016 | WLSAM Staff

(CHICAGO) A northwest suburban real estate appraisal executive pleaded guilty Wednesday to failing to pay more than half a million dollars in income taxes.

William Daddono, 59, pleaded guilty to one count of willfully attempting to evade and defeat the payment of federal income tax, according to a statement from the U.S. attorney’s office.

Daddono, owner of Schaumburg-based Advanced Appraisal Group and American Appraisal Consultants, admitted in the plea agreement that he failed to pay taxes on more than $1.92 million from 2005 to 2010, prosecutors said.

He tried to conceal his earnings in a corporate account under the name of a defunct business he previously owned, according to the U.S. attorney’s office. His unpaid taxes amounted to more than $550,000.

Daddono, who lives in Palatine, is scheduled to appear before U.S. District Judge Sharon Johnson Coleman June 10 for a sentencing hearing, prosecutors said. His conviction carries a maximum sentence of three years in prison and a maximum fine of either $250,000 or twice the gross gain or loss from the offense.

© Copyright 2016 Sun-Times Media, LLC. All rights reserved.

State Tax Refunds to Be Delayed

Jan 4, 2016 | WLS-AM Staff

By Nick Gale, WLS News

 

(SPRINGFIELD) If you’re anticipating a tax refund from state, you’ll have to wait.

The Illinois Department of Revenue does not anticipate releasing Individual Income Tax refunds for the 2016 tax filing season until March 1, 2016.

It’s not the state budget woes that will hold back those refunds, but efforts to fight tax return fraud.

Listen to Nick Gale’s report for WLS radio news:

The department says by delaying tax refunds by a few weeks, it will be able to better detect attempts at identity theft and ensure taxpayer refunds do not fall into the hands of criminals.

For electronic returns filed prior to March 1, 2016, the department anticipates refunds to be issued within two to three weeks from March 1.

For electronic returns submitted on or after March 1, the department anticipates refunds to be issued within two to three weeks from the date the return was submitted.

@ 2016 WLS News

Preckwinkle: Tax Golf, Bowling, Cable

Oct 14, 2015 | WLS-AM Staff

preckwinkle

By Bill Cameron, WLS News

Just when you thought the tax hikes were done for now, Cook County President Toni Preckwinkle has proposed two more tax increases on top of the penny-on-the-dollar county sales tax hike previously approved.

At the Cook County Board Meeting, Preckwinkle proposed to slap the 3% county amusement tax on a round of golf, bowling and cable TV.

“It’s very modest, it’s very modest,” Preckwinkle said.

She argues, don’t blame her.

“In this state, for a very long time, we have not met our obligations and responsibilities and so people who have the misfortune to be in executive positions now are struggling with challenges that have been bequeathed to them by their predecessor’s inaction, inability [and] irresponsibility.”

Listen to Bill Cameron’s WLS radio news report here:

Another new proposed county tax is on e-cigarettes.

 

@ 2015 WLS News

Stroger Tax to Return?

Jun 12, 2015 | WLS-AM Staff
Cook County Commissioner Bridget Gainer (10th) tells Bill Cameron that raising the sales tax again is back on the table.
Cook County Commissioner Bridget Gainer (10th) tells Bill Cameron that raising the sales tax again is back on the table.

By Bill Cameron, WLS News

One of the tax hikes you hated the most may be making a comeback.

Listen to Bill’s report here:

Remember the widely hated Todd Stroger sales tax hike? County Board President Toni Preckwinkle rolled it back  but now county finances are so dire, Cook County Commissioner Bridget Gainer (10th) tells Bill Cameron that raising the sales tax again is back on the table.

“To say it’s not on the table is silly because like I said there’s only a couple of things you can really look at,” Gainer said. ” I mean 80-percent of the budget at Cook County is personnel. We have 20,000 employees so it’s correctional officers at the jail, it’s nurses at the hospital, it’s people at the clinics.”

Meanwhile, Gainer says the recent “bro with no ho” remark made by U.S. Sen. Mark Kirk is ridiculous, crass and crazy.

@ Copyright 2015 WLS News

 

Illinois Republican leader: Reform before tax hike

May 28, 2015 | WLS-AM Staff
Photo Credit; Morguefile.com
Photo Credit; Morguefile.com

By John Dempsey, WLS News

The head of the Republicans in the Illinois Senate is telling WLS her party is open to an income tax increase, but only if Illinois Government is reformed.   Lemont State Senator Christine Radogno told “The Big John Howell Show” on WLS, that reforms must come before revenue.  “I think that people might be open to that but certainly not if there’s no reform to put the brakes on spending.   That’s the only way extra money is going to solve the problem, and Democrats are absolutely uninterested in that” Radogno said.

LISTEN to State Senator Christine Radogno on “The ‘Big’ John Howell Show” here.

The majority Democrats in the Illinois House and Senate are advancing a $36.3 billion dollar budget that Republicans say has a three billion dollar deficit.   Democrats have voted down a series of measures that they say represent budget cuts Republican Governor Bruce Rauner wants to make.   Republicans say those votes are a sham and are designed not to give the measures a fair hearing, but to score political points.   Rauner has said Illinois needs structural reform in areas such as workers compensation, limiting large jury awards in civil lawsuits, and giving local communities the right to limit unions.

It appears the legislature will miss Sunday’s deadline to adjourn it’s spring session, which means a long summer overtime session is likely.

Copyright @ 2015 WLS News

Judge tries to shut down Trudeau fight over taxes

May 22, 2015 | WLSAM Staff

(CHICAGO) A judge sought to end the snit Thursday between TV pitchman Kevin Trudeau and a receiver put in charge of Trudeau’s assets nearly two years ago, the Chicago Sun-Times is reporting.

Trudeau, who is in prison in Alabama, has complained through his attorneys that the court-appointed receiver had failed to file tax returns for Trudeau, his wife or 19 of Trudeau’s purported businesses. But the receiver countered that Trudeau had refused to turn over control of those businesses, claiming “he either lacked control over them or the entities were empty shells with nothing to turn over.”

U.S. District Judge Robert Gettleman shot down a Trudeau motion Thursday that sought to force the receiver to file the tax returns.

“The receiver can only file returns for those assets it has in its possession,” Gettleman said.

And as for Trudeau’s personal tax returns, the judge later added, “if he had assets or income that he didn’t report, that’s his problem, not mine or the receiver’s.”

The self-improvement guru has been accused of defying Chicago’s federal courts for more than a decade. U.S. District Judge Ronald Guzman called Trudeau “deceitful to the very core” when he sentenced Trudeau last year to 10 years in prison after a contempt conviction.

Gettleman also noted Thursday that, “Mr. Trudeau’s income was not exactly an easy thing to track down.”

— Chicago Sun-Times

© Copyright 2015 Sun-Times Media, LLC. All rights reserved.

Lawmakers resurrecting so-called “Millionaire’s Tax”

May 20, 2015 | WLS-AM Staff

By Nick Gale, WLS News

(SPRINGFIELD) Lawmakers in the Illinois House are resurrecting a so called “Millionaire’s Tax.”

Listen to Nick’s report here:

A House committee has approved an amendment to the Illinois State Constitution that would place and extra three percent stae tax on income above a million dollars. The money, according to House Democratic Majority Leader Barbara Flynn Currie, would go to schools.

“This tax would bring in about $1 billion a year. That translates into close to $500 per student across the public education system in Illinois,” Currie said.

Opponents argue a tax on millionaires is a tax on success and would drive job creators out of Illinois. It’s unclear if the proposal will go anywhere in the State Senate – but if it were to pass in Springfield, it would ultimately be up to voters.

@ Copyright 2015 WLS News

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