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…

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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…

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Alternative Legal Services Markets Top $10 billion In Sales

The practice of law has changed, starting in London, and moving fast around the world. The four biggest law firms are the “Final Four” accounting firms, with law licenses in many countries and over 10,000 lawyer employees collectively. British solicitors (their term for non-trial lawyers, where trial lawyers are barristers) firms like Eversheds, Allen &…

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Employee Stock and Stock Options Plans

  Stock option plans and other stock plans let you compensate your employees or independent contractors for improving the value of the company without making them immediately liable for taxes on the value of their stock or options. There are several variations. These include:   Classic stock options: Employee or Contractor purchase rights, exercisable immediately…

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Illinois General Assembly Adds Harassment Liability And Training Mandates

The Illinois General Assembly passed, and Governor Pritzker is expected to sign SB 75. This legislation: a. Increases information exchange between state departments concerning candidates for state licenses or those holding same whose licenses may be refused, revoked, or suspended as a result of commission of a civil rights violation. b. Specifies that a “hostile…

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Historical Reasons For Companies Are Good Questions To Ask About Yours

When Roman tenants stumbled back into the lobby of their apartment buildings after a night of drinking, they probably threw a few coins into a clay pot by the stairway. If they died of drink (or the lead lined pipes, or the diseases that city life still features), the coins in the pot would pay…

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ISBA LLC and S Corporation Tax Seminar Free Powerpoint

Jim Nepple and I presented a half day seminar on LLC and S corporation tax issues on May 15, 2018. My part focused on what pass-through entities are, and how Illinois LLC operating agreements should be modified to define agency authority (e.g., who can sign contracts for the company) and manager rights, if the company…

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New Illinois Bar Video On Buying And Selling A Business

The Illinois State Bar Association just posted a video with me talking about the documents you need to negotiate in the course of buying or selling a business, from the initial nondisclosure/noncircumvent that allows buyers and sellers to exchange confidential information to the term sheet which outlines their deal to the final sales contract (with…

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