If you are considering making an offer to purchase or sell a business, the first step in any such discussion should be to enter into a confidentiality agreement between the buyer and seller. A few vital terms of the agreement include, but are not limited to: That any information shared between the seller with the […]
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Illinois Legalizes Recreational Marijuana
With the legalization of recreational use of marijuana in Illinois as of January 1, 2020, employers need to review their policies and practices related to marijuana use by employees to comply with employee protections in the new law. Drug Policies and Testing Under the Cannabis Regulation and Tax Act, it is now legal for people […]
Read more...Estate Planning Changes for Retirement Accounts
In December, Congress passed the SECURE Act, which makes several significant changes to 401(k)s and IRAs. The changes relevant to individual tax planning and estate planning include: Elimination of Age Limits for Contributions to IRAs: Previously, once a person reached age 70 ½, the person no longer was able to continue to contribute to traditional […]
Read more...Firm News and Events
Upcoming Events: Senior Living Choices Forum October 2, 1-3p.m., Freeport Public Library (100 E. Douglas St., Freeport). Nicole Bauer will be addressing estate planning as a part of the panel of speakers at the Senior Living Choices Forum. Rocking 50 and Beyond Expo October 11, 8:30-Noon, Eagles Club (1200 N Galena Ave., Freeport). Charles Rudolph […]
Read more...Employment Law Updates
Pay History Inquiries: A new law recently signed by Governor Pritzker prohibits employers from inquiring into potential employees’ pay history. The reasoning behind the new law is to help prevent the perpetuation of a pay gap between men and women based on women’s historically lower wages. This new law also protects employees’ rights to discuss […]
Read more...Tax Consequences of 3 Different Individuals Involved With Life Insurance
There may be adverse tax consequences where the owner, insured, and beneficiary of life insurance are all different people. This situation commonly arises when you own a life insurance policy that insures the life of your spouse, and lists your child as the beneficiary of the death benefit. One major benefit with life insurance is […]
Read more...Choosing the Right Business Entity to Plan for the Future
When investing time and money in establishing a business, whether it is a sole proprietorship, or some form of partnership, corporation, or limited liability company, the business’s legal structure can have major implications on how the business operates, how it’s taxed, and how ownership and control may be transferred. When your goal is to establish […]
Read more...Ryan R. Stodden Named Shareholder of Plager, Krug, Bauer, Rudolph & Stodden, Ltd.
We are pleased to announce that Attorney Ryan R. Stodden has become a shareholder in the firm. Ryan, an alumnus of Galena High School, earned his undergraduate degree at University of Dubuque, summa cum laude, and earned his law degree at Northern Illinois University, magna cum laude. Mr. Stodden’s general practice of law focuses on […]
Read more...New Employment Legislation
Employee Reimbursement Effective January 1, 2019, an employer shall reimburse employees for any necessary expenditures or losses incurred by employees within the employee’s scope of employment and directly related to services performed for the employer. Employees must provide “appropriate supporting documentation” within 30 calendar days after incurring the expense. The appropriate supporting documents are loosely […]
Read more...Eligibility of Farm Landlords for 199A Deduction
One of the most significant aspects of the Tax Cuts and Jobs Act passed late last year was the addition of the Section 199A deduction that provides a 20% deduction on “qualified business income.” Our Summer/Fall 2018 issue contained an overview of the deduction. Recently, the IRS has provided guidance on whether farm rent income […]
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