Captive Meetings: Illinois has enacted law that takes effect January 1, 2025, prohibiting employers from conducting so-called “captive meetings,” where they speak on political or religious topics and require the attendance of the employee. The law does not restrict the speech of employers in any way or prevent them from holding meetings to speak on […]
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Tax Implications of Real Estate Transactions
Real estate transactions come with numerous tax implications that can significantly impact the financial outcomes for buyers and sellers. Understanding these tax considerations is crucial for making informed decisions and optimizing the financial benefits of real estate investments. Capital Gains Tax: One of the most significant tax implications in real estate transactions is the capital […]
Read more...Navigating the Complexities of Estate and Trust Administration
Estate and trust administration is a multifaceted process that requires careful navigation to ensure that a decedent’s wishes are honored and assets are distributed appropriately. This article aims to demystify the process and provide a roadmap for those tasked with managing an estate or trust. Understanding Probate: Probate is the legal process of validating a […]
Read more...New Illinois Laws
Freelance Worker Protection Act: As of July 1, 2024, freelance workers, defined as anyone hired as an independent contractor, except for construction, generally must be paid for their services within 30 days of the completion of the services, unless a written agreement specifies otherwise. The Act applies where services with a total value of at […]
Read more...Clarification from the IRS on Inherited IRA Distributions
The Department of the Treasury and the Internal Revenue Service (IRS) have released final regulations regarding required minimum distributions (RMDs) from inherited IRAs under the SECURE Act. According to the SECURE Act, all assets in an inherited IRA must be fully withdrawn by the end of the 10th year following the death of the IRA […]
Read more...Estate Planning Seminars 2024
Date Change for September 10th seminar is now October 29th.
Read more...Firm News
Our Elizabeth office location has moved to 151 N. Main St., Elizabeth.
Read more...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 […]
Read more...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.
Read more...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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