Planning For Rental Real Estate After Tax Reform
When the tax reform was enacted in 2017, there were more questions than answers about how the new law would apply to rental real estate. Over the past 20 months, the IRS has issued thousands of pages of notices and regulations and we now have a much clearer picture of how the new rules will
Rock Fusco & Connelly, LLC Obtains Major Victory for Private School Client
Rock Fusco & Connelly, LLC obtained a major victory in a highly publicized case for one of its clients, Park View Montessori School, after a local school district threatened to evict Park View from its current location after 43 years of operation. Park View is a private Montessori school in Mt. Prospect, Illinois, with over
New Laws Effective January 1, 2020
UPDATE: New Laws Effective January 1, 2020 2019 marked a busy year for the Illinois legislature as there are 255 new laws that went into effect January 1, 2020. Here is a brief list of 10 new laws that are likely to affect you or your business: The Illinois Minimum Wage was increased from $8.25
New Federal Overtime Rules
The first major change in federal overtime rules in over 15 years took effect January 1, 2020. The recent change, which was implemented by the U.S. Department of Labor (“DOL”), increased the salary test for overtime eligibility under the federal Fair Labor Standards Act from $23,660 to $35,568 or $646 per week. According to the
Agency Terminates at Point of Delivery
Earlier this year, an Illinois Appellate Court held that an agency relationship terminates upon the completion of the task the agent is conducting within the scope of its employment for the principal. In Brettman v. M&G Truck Brokerage, 2019 IL App (2d) 180236 (Jan. 17, 2019), the court expanded on the reasoning supplied by Sperl
The Do’s and Don’ts of Protecting Yourself Against a Ransomware Attack
Although ransomware is thought to attack high-profile victims like large businesses, hospitals, and police stations, ransomware has become increasingly prevalent in small businesses and home computers. Ransomware is a form of malware that encrypts a computer’s files, rendering the files unusable. The ransomware then holds the files “hostage,” forcing the victim to pay a ransom,
Illinois’ New Retainage Law
New amendments to the Illinois Contractor Prompt Payment Act (“Act”) were recently passed into law. This new portion of the law specifically concerns the percentage of funds an owner is entitled by contract to withhold from payments to the contractor (or which the contractor can withhold from the subcontractor) until the owner’s obligation to pay
New Illinois Law Imposes Restrictions on Employers Interview Procedures
HB 834, known as the “No Salary History Law” became effective on September 29, 2019. The new law is an effort of the Illinois Legislature to curb the gender pay gap and reduce discrimination in the workplace. First, the new law prohibits employers from screening job applicants based on current or past wages. This means
Illinois’ Legislature Repeal of a 1998 Law to Set Stage for Limitations on Emissions
The Illinois legislature recently passed a law repealing a 1998 law which prohibited Illinois from setting emissions reduction targets beyond those established in the Kyoto Protocol. By repealing the 1998 law, starting January 1, 2020 Illinois law makers are expected to focus on a progressive clean energy bill with the goal of transitioning Illinois to
Potential Expansion of Illinois Taxes May Affect Your Business
Sales tax is one of the largest sources of state revenue and is crucial to basic government operations. Although Illinois currently only applies sales tax to goods, such as tangible personal property, Chicago Mayor Lori Lightfoot is considering broadening the sales tax base to include services. Many, many states like Delaware, Hawaii, New Mexico, South