Author: Rock Fusco Connelly LLC
Enforceability of Non-Compete Agreements Narrowed by Illinois Courts
As a business owner, employers have an interest in protecting valuable customer relationships and trade secrets by requiring potential employees to sign non-compete covenants. Non-compete covenants are common, particularly for high-paying employees and within specific professions or fields. However, recent revisions in state and federal law continue to narrow the scope of private employers’ ability
Extra Services Required from Companies with Government Contracts
A recently proposed Illinois law would require companies contracted by the government to provide special software services used to verify that hours billed are “legitimate.” Senate Bill 1326 states that any contract in excess of $100,000 between a contractor and governmental entity, will require all billed hours of work performed on a computer to be
Shadow Space Creates Risk for Downtown Landlords
As downtown Chicago sees a steady growth of massive new office buildings, Chicago landlords risk potentially damaging vacancies in their existing buildings. Many current downtown tenants are making the move to state-of-the-art office buildings that are currently under construction or have recently come online. For example, Bank of America will vacate more than 800,000 square
Do Employees Have a Right to Access Their Personnel Files in Illinois?
Under Illinois law, an employee’s right to review personnel records is governed by the Employment Labor Relations Personal Record Review Act. 820 ILCS 40/1 et. seq. To help you understand your duties as an employer, Rock, Fusco & Connelly has provided the helpful chart below: Illinois Personnel Record Review Act 820 Ill. Comp. Stat. 40/0.01-40/13
RFC’S Recent Real Estate Tax Department Successes
RFC’S Recent Real Estate Tax Department Successes Achieved a one-year tax savings of approximately $138,000 for a 200+ room hotel in the River North area. Represented the owner of a 366-unit apartment complex in Wheeling in an appeal, resulting in a three-year tax savings of approximately $280,000. Obtained an annual tax savings of approximately $28,000
Proposed Bill Would Require Taxpayers to Submit Income Statements Annually
On February 7, 2019, HB2217 was introduced to the Illinois House of Representatives. If passed, it would amend the Property Tax Code and require all Cook County taxpayers who own income producing properties with an assessed value over $100,000 to submit income and expense statements to the Cook County Assessor’s Office on an annual basis.
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