Month: February 2023
Property Tax Update 2/27/2023
Our real estate tax team at Rock Fusco & Connelly, LLC continues to work hard fighting to keep your property tax bills as low as possible. Below are key updates on the 2022 session. Cook County: First installment property tax bills have been mailed out. The due date for payment this year was pushed back
New IRS Tax Brackets Take Effect in 2023
Higher federal income tax brackets and standard deductions are now in effect. These measures give Americans a chance to increase their take-home pay in 2023 and shield more of their income from the Internal Revenue Service. The increase in tax brackets is intended to avoid a phenomenon known as “bracket creep,” which happens when taxpayers
Paid Leave for All Workers Act
The Illinois General Assembly recently passed Senate Bill 208 or the “Paid Leave for All Workers Act.” The Act will take effect on January 1, 2024 and provides that employers provide all employees a minimum of 40 hours of paid leave during a 12-month period. The intent of the Act is to establish a minimum
FTC Proposes Ban of Noncompete Clauses
On January 5, 2023, the Federal Trade Commission (“FTC”) proposed banning noncompete clauses in employee contracts. According to the FTC, this change could strengthen employees’ negotiating powers and could increase wages in the United States by nearly $300 billion. A study conducted in 2015 by the Journal of Law and Economics found that out of