Author: Rock Fusco Connelly LLC
The Estate & Gift Exemption and Using It to Your Advantage
Three popular strategies have emerged for business owners to move their interests from their estate to directly benefit their heirs, while reducing tax exposure and maximizing wealth. By understanding all three, you can make the correct choice to ensure your business’ future. The 2018 federal individual estate and gift exemption amount is $11.18 million per
IRS to Crack Down on “Independent Contractors vs. Employees”
The IRS has begun a crackdown on the classification of individuals in the workplace. Specifically, the IRS is beginning to examine whether an individual meets the requirements of an independent contractor or if they are, in fact, actually an employee. The IRS currently estimates that 80% of workers that are classified as “independent contractors” are
Big Benefits for Women-Owned Businesses
As the amount of women business owners in the United States continues to grow at a rapid rate, the federal government, along with state and local governments, are offering opportunities to promote this expansion. By certifying your business as a Women-Owned Small Business or a Woman Business Enterprise, you and your business can get access
New Illinois Laws & Legislation (2018)
In August, Governor Rauner vetoed legislation that would have applied many workplace anti-discrimination requirements to businesses with only one or more employees. The current law applies these anti-discrimination requirements to businesses with 15 or more employees, which is the same requirement applied federally as well. A new Illinois law requires the Illinois State Toll Highway
Terminated Employee Denied Bonus Moves Forward with Civil Rights Suit
A white manager who alleged he was denied a bonus because he fired a black subordinate employee had his civil rights suit greenlit last month in Illinois federal court. The manager and the employee had a tumultuous history together that included the employee previously being fired twice for missing work and failing to follow work
City Program Supports Local Businesses on the South / West Sides
Businesses located on Chicago’s South and West Sides will soon receive another round of grants from a program that sets aside millions in fees from the City’s flourishing downtown building development. The program, called the Neighborhood Opportunity Fund (“Fund”), was started in 2016 by Mayor Emmanuel. As part of the program, Emmanuel first expanded the
Could Your Private Business Benefit from a Board of Directors?
While normally associated with large publicly-traded businesses, instituting a board of directors could significantly help your private or family-owned business achieve and maintain success. While “fiduciary boards” have a responsibility to protect and act on behalf of the shareholders for publicly-traded businesses, “advisory boards” evaluate business opportunities and provide non-binding advice to management for private-held
RFC Convinces NLRB That Union Use of Inflatable Rat is Illegal
In a case of first impression, the National Labor Relations Board (NLRB) issued a complaint asserting that a union’s use of an inflatable rat was an illegal attempt to pressure a third party not do business with the union’s intended target. The use of inflatable rats is notoriously associated with labor union protests, and descends
Rauner Expands Historic Preservation Tax Credit Program
In late July, Governor Rauner signed a bill expanding the River Edge Redevelopment Zone Historic Tax Credit. What was once limited to Aurora, East St. Louis, Elgin, Peoria, and Rockford will now be available statewide to promote employment and economic development. Created in 2012, the program offered a 25% state income tax credit for rehabilitating
Paid Sick Leave a Growing Trend
Running a business is becoming more expensive and complex for owners, and part of the problem is due to the growing number of state and local laws that mandate paid sick time. Despite these complications, more and more U.S. companies are actually offering paid sick leave to employees. In 2017, the U.S. Dept. of Labor