News

2024 Tax Updates

Each year brings updates to the federal  tax exemptions and mileage reimbursement rates. The annual gift tax exclusion amount for gifts in 2024 increases to $18,000 per recipient. This means that individuals can make gifts of up to $18,000 to any number of recipients without being required to report the gifts to the IRS. The […]

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Prohibition Against Video Conferences While Driving

Illinois passed a new law prohibiting the use of electronic devices for video conferencing purposes while driving. This includes, but is not limited to, Zoom, Microsoft Teams, Facetime, Snapchat, and Facebook. This restriction applies not only to cell phones, but also to tablets, laptops, and any other portable electronic devices.

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Corporate Transparency Act

As a reminder, there is a new requirement for LLCs and Corporations to file a report with FinCEN. Reporting entities existing before 2024 must file a report with FinCEN including company and Beneficial Owner information before January 1, 2025. Entities formed on or after January 1, 2024, must file a report with FinCEN within ninety […]

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Estate Planning for Retirement Accounts

As retirement accounts, including 401(k), 403(b), IRAs and Roth IRAs, have become the dominant way to save for retirement, they may make up an increasingly large share of a family’s assets.  Because of this, retirement accounts are one of the more important parts of an estate plan.  Due to the special tax treatment of retirement […]

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Intern or Associate Wanted

Plager, Krug, Bauer, Rudolph & Stodden, Ltd. is seeking a law student or recent law graduate to join the firm as an intern or associate.  If you are interested in joining our general civil practice serving the people and businesses of Northwest Illinois, please send a resume, transcript, and writing sample to 10 North Galena […]

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Illinois Law Update

A number of new laws were passed in the recently completed legislative session.  The noteworthy laws include: Dog Breed Insurance Underwriting Protection Act: The Act, which took effect June 9, 2023, prohibits insurers from canceling, charging an increase in premiums, or refusing to issue or renew homeowner’s or renter’s liability insurance policies based solely on […]

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