Congress included the Corporate Transparency Act (CTA) in the National Defense Authorization Act for FY 2021. The legislation requires filing of information on beneficial owners of new (and eventually, of existing) US entities and foreign entities which apply for permission to do business in the US. These requirements will be effective on promulgation of regulations…
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…
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…
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…
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…
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…
The First District of the Illinois Appellate Court upheld a $9.8 million award for ICD Publications, Inc. against Ian Gittlitz this December, http://www.state.il.us/court/Opinions/AppellateCourt/2014/1stDistrict/1133277.pdf Mr. Gittlitz had admitted to fraudulently taking more than $1 million in advances on entity distributions, without information to the other two co-owners of ICD Publications, Inc. He had signed an agreement…
Members of the 98th Illinois General Assembly introduced 13,337 bills and resolutions to date. Of these, 1,146 have become Public Acts. For the full text and legislative status of all 98th General Assembly bills and Public Acts, you can go to http://www.ilga.gov/ Acts that could affect how you do business effective January 1, 2015, include…