Filing For Unemployment Insurance In Illinois As A Business Owner Or Self-Employed Individual

(Image by Gerd Altmann from Pixabay ) The CARES Act, Public Law 116-46, signed into law 03/27/2020, see https://www.congress.gov/bill/116th-congress/house-bill/748, expanded unemployment benefits to include business owners and self-employed individuals. This means that you, as an owner or self employed individual with lost income as a result of Coronavirus shutdowns, can apply for Illinois unemployment insurance, in the same…

CARES Act Bailout: Your Nonprofit Is Eligible

You are eligible to receive a government bailout! Under “INCREASED ELIGIBILITY FOR CERTAIN SMALL BUSINESSES AND ORGANIZATIONS,” the Paycheck Protection Program (PPP) explicitly notes that nonprofit organizations meeting the size limitation of “less than 500 employees.” Despite being called loans, the PPP actually provides free money, 100% backed by the federal government: as long as…

CARES Act Paycheck Protection Loans For Indies

You are eligible to receive a government bailout! Fellow indies, whether you are self-employed, independent contractors, or sole proprietors: this could be your salvation. The CARES act, passed into law as H.R.748, specifically makes the new paycheck protection loans available for “eligible self-employed individuals,” meaning anyone who works in a trade or business and who…

Summary of Families First Coronavirus Response Act (H.R. 6201)

This is a summary of what the President signed on Wednesday, March 18, 2020, after it passed both houses. Employers of employees with 50-500 employees are affected. Department of Labor emergency regulations have not clarified what the “50 employee” amount means, but we do not appear to come within that category. Both for profit and…

Organizing an Illinois Not For Profit Entity

By: William A. Price, Attorney at Law, wprice@growthlaw.com, Member, Business and Securities Law Section Council Michael R. Karnuth, Attorney at Law, karnuthlaw@gmail.com, Member, Business and Securities Law Section Council I. Introduction As of 2016, there were 22,743 nonprofit organizations in Illinois. These entities range from hospital systems with over 1,000 employees to high school robotics…

Nonprofit Organization Killers No. 1: Loss of Federal Income Tax Exemption

Corporate or trust income tax at the highest rate (21% for corporations, 35% for trusts, in 2019)[i] applies if a nonprofit entity fails to qualify, engages in prohibited transactions, or stops operations that are exempt from taxation.[ii] 378 entity 501(c)(3) exemptions are listed by the IRS as having been revoked through formal hearings since 2005,…

Are High Net Worth People Leaving Illinois?

The Illinois Policy Institute has examined IRS data, and thinks this is a problem. Texas and Florida appear to be prime destinations, see https://www.illinoispolicy.org/reports/irs-data-show-continuing-illinois-wealth-flight/ The real problem appears, however,  to be attraction of new residents, since an aging population moving to warmer climates may have nothing to do with tax burdens, see https://www.chicagotribune.com/news/ct-census-illinois-population-trend-leavers-met-20190925-55e2uha64rardg7pa5734u6twu-story.html Past increases in…

Hospital And Other Illinois Property Tax Exemption Decisions In 2019

                          The Illinois Supreme Court’s decision in Oswald v. Hamer (2018 IL 122203, 115 N.E.3d 181, 425 Ill.Dec. 626 (Ill., September 20, 2018)) upheld a General Assembly action changing the statute which was interpreted to deny a charitable use exemption for a hospital…

Top Ten Church, Charity, and School Illinois Property Tax Exemption Mistakes

Top Ten Church, Charity, and School Illinois Property Tax Exemption Mistakes By: William A. Price, www.growthlaw.com Don’t apply for property tax relief before you get your federal exemption letter. You have the burden of proof of exemption, and though the IRS “Good Housekeeping Seal Of Approval” is not enough to prove state qualification, it is…