Question:       My husband and I recently won the grand prize from my State’s lottery. Can you provide some guidance on how we will be taxed on our lotto winnings?
Tax Planning for Lottery Winners
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Insights
FTC Proposed Regulation Places Non-Competes in Jeopardy
Yesterday, U.S. Federal Trade Commission announced a proposed new regulation prohibiting non-compete agreements in the workplace and requiring employers to rescind non-compete agreements currently in place.Â
Real Estate Investments in IRAs
Question:Â Â Â Â Â Â Â I have a significant balance in my individual retirement account. Can I use my IRA to purchase real estate?
Answer:Â Â Â Â Â Â Â Â Â You can purchase real estate from your IRA. Various requirements must be satisfied to comply with IRA real estate purchases, however, and the failure to adhere to the requirements can be costly from a tax perspective.
Deferring Tax on Vacation Home Sales
Question: Â I am contemplating selling my vacation home which my family uses for personal purposes and also rents to third parties. If I purchase a new vacation home, can I defer the recognition of gain on the sale through a tax-deferred exchange?
Employee Retention Credit: What Business Owners Need to Know / 2022 Cook County Property Assessments Arrive as Prior-Year Process Continues (Fall 2022)
Contributors:Â Jordan Melvin, Danielle Pearlman, Jason Newton
Classifying Service Providers as Employees or Independent Contractors
Question: Â Â Â Â Â Â One of my employees is leaving the company but will continue to render services for our business. Is there a problem if I treat the worker as an independent contractor?
Planning Your Estate Is Important This Week and All Year Round
Welcome to National Estate Planning Awareness Week! It arrives when studies show that nearly 67% of adults lack an up-to-date estate plan. At SFBBG, we are committed to addressing this dire situation.
THE EMPLOYMENT SPOTLIGHT: Hiring, Firing, and Everything in Between
Welcome to Q4 2022! We are wishing all of our SFBBG clients and friends a strong and successful close out to the year. As we look to the start of 2023, we would like to highlight a few significant new laws that take effect in Illinois effective January 1.
Tax Strategies with Incentives Stock Option Plans
Question: Â Â Â Â Â Â I hold incentive stock options which I received from my employer. Since the stock is trading above the option exercise price, should I exercise the options and acquire shares of employer stock or do a cashless exercise?
Avoiding the Tax Trap in Transferring Installment Sale Obligations
Question: I just sold stock in my corporation to a third party and received a cash payment upfront with the balance of the sale proceeds to be paid to me in the future. Since I do not need the additional funds, can I make a gift to my children of the right to the future payments?