Fred M. Ackerson
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Fred M. Ackerson focuses his practice on multistate tax planning and controversies and federal income tax planning. Fred has over 30 years of experience in state and federal taxation.
In the state tax field, Fred has represented numerous clients in administrative hearings, litigation and tax planning matters. His state tax litigation experience includes unitary business group composition, business and non-business income controversies, financial organizations, income taxation of partnerships, net operating losses, franchise taxes sales, use and excise taxes, nexus and Public Law 86-272, Due Process and Commerce Clause issues, the Illinois Uniformity Clause and other constitutional issues. Fred also consults with clients on a wide variety of state tax planning issues, including state income and franchise tax planning for mergers, acquisitions and corporate restructuring transactions, consolidated and combined return planning, and nexus and interstate commerce issues. Read Fred Ackerson's full bio.
Illinois Enacts Pass-Through Entity Tax to Help Partners and S Corporation Shareholders Avoid the $10,000 SALT Cap
By Fred M. Ackerson on Sep 3, 2021
Posted In California, Illinois, Income Tax, New York
Illinois enacted a pass-through entity tax (PTE Tax) that may be elected by partnerships and S corporations to permit a federal deduction of state income taxes that otherwise are limited to $10,000 per year from 2018 to 2025 by the Tax Cuts and Jobs Act of 2017 (TCJA). State income taxes paid by individuals, whether...
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