Month: January 2019
Dissolution Without Haste Nets Generous Reward
Navigating corporate dissolution can be daunting, especially when distributions are involved. The average conversation surrounding the winding up of a business usually includes tax considerations and liabilities. In a recent case, eight years after dissolution, the shareholder of voluntarily dissolved corporation sued to enforce a $1.5 million promissory note which the corporation transferred to him
Evolving Marijuana Laws
On January 14, 2019, Illinois will have a new governor that has advocated for the legalization of marijuana for recreational use. In addition to Governor Pritzker, the state will have a Democratically-held legislature, meaning that Illinois will likely see significant changes in its laws regarding marijuana in the near future. One new bill that is
Estate Representatives Could Be Held Liable for Decedents’ Debts
The death of a loved one can be an extremely difficult and stressful time for descendants. However, it is also a time that where a heightened level of scrutiny should be used when administering the decedent’s estate. Federal income taxes owed by a decedent’s estate may take priority over other claims and expenses, especially when
Estate Representatives Could Be Held Liable for Decedents Debts
The death of a loved one can be an extremely difficult and stressful time for descendants. However, it is also a time that where a heightened level of scrutiny should be used when administering the decedent’s estate. Federal income taxes owed by a decedent’s estate may take priority over other claims and expenses, especially when
New Illinois Laws to Know for 2019
Over 200 new laws have already taken effect for 2019 in Illinois. Below are a few that could impact you on a day to day basis. 1. Employee Expense Reimbursement In case you missed it from a previous newsletter, Illinois now requires that all employers reimburse their employees for personal phones or computers that are
Intellectual Property: Rethinking Your Tax Strategy
Along with many other changes to the corporate tax structure, the Tax Cuts and Jobs Act (TCJA) of 2017 also impacted the treatment of income generated by intellectual property. If your business generates income from its intangible assets, such as licenses and patents, it may be time to rethink your tax strategy. On the one
Why Your Business Needs an Incident Response Plan
With businesses storing much of their information online nowadays, cyber-security is of the utmost importance. No matter the size of your business, it is necessary to have an incident response plan in the case of a cyber-security breach. An incident response plan is a document that businesses use to detect, respond to, and resolve issues
Future Energy Jobs Act: Solar Farms
The Illinois Future Energy Jobs Act, implemented last year, requires that Illinois utilities get 25% of their retail power from renewable sources by the year 2025. This was significant news for the solar power market, and the state has seen a boom in large solar farms. Proposals to construct a solar farm have flooded the