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…
(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…
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…
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…
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 &…
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…
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…
If you don’t take care of those who depend on you, bad things (often involving lawyers) tend to happen: A promise is not a will: Charles Kuralt, the TV commentator, lived with Patricia Elizabeth Shannon for 29 years, many on 90 acres of Montana land with a renovated schoolhouse and a view. He sent her…