Author: Rock Fusco Connelly LLC
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
Safe-T Act On Hold
The Safety, Accountability, Fairness, and Equality-Today Act, colloquially known as the SAFE-T Act, was set to make Illinois the first state in the country to forbid judges from forcing certain criminal defendants to pay cash bail to be released from jail while they await trial. On December 28, Kankakee County Circuit Court Judge Thomas Cunnington
New Illinois Laws: 2023
Several other new and interesting laws went into effect in the State of Illinois at the stroke of midnight on January 1, 2023. Here are some highlights: Food Preparation: HB 00209 This law bans latex gloves for the use of handling and preparing food. Food Delivery Services: HB 03205 Through this law, a third-party delivery
Changes to Estate Tax Laws in 2023
As planning begins for the new year, it is important to pay attention to the changes made to estate tax laws going into effect in 2023. Changes to Federal Gift Tax Exclusions As of January 1, 2023, the lifetime exclusion amounts- federal gift and estate tax exclusion amount, in addition to the generation-skipping transfer (GST)
Property Tax Update – 12.14.2022
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 2021 and 2022 sessions. Cook County: 2021: Second installment bills are finally out for 2021. You can view them online (https://bit.ly/3EymH8V). We are
Property Tax Update 11.17.2022
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 2021 and 2022 sessions. Cook County: 2021: Second installment bills are finally out for 2021. You can view them online (https://bit.ly/3EymH8V) and should
Illinois Privacy Regulation Compliance for Small to Mid-Sized Companies
There is no singular method used at the federal level for controlling the collection and storage of data. While courts and federal agencies, such as the Federal Trade Commission (FTC), regulate small portions of U.S. data collection, it differs at the state level, where several states have passed legislation on the collection, storage, and use