Contributors: Norm Finkel, Robert Goldberg, Kelly Cronin
What is ChatGPT and How Will It Affect My Business?
Business owners should be aware of the benefits and legal pitfalls that lurk under the world of Artificial Intelligence (“AI”).
We recently shared with you the details of a trade regulation rule proposed by the Federal Trade Commission banning non-compete agreements.
Suppose you were asked to design the most taxpayer-friendly retirement plan possible. If given a choice, you would want a plan that allows for generous annual contributions. The contributions would be tax-deductible, regardless of whether or not you itemize deductions and regardless of your earnings or taxable income.
On June 29, the Supreme Court clarified the circumstances under which requests for religious accommodations must be granted by employers who are subject to Title VII of the Civil Rights Act of 1964 (“Title VII”).
Bank Failures and Business: How to Safeguard Your Company’s Finances / “Securing” Your Retirement Plan Distributions (Spring 2023)
Contributors: Monica Shamass, Ron Silbert
Question: My mother is terminally ill and holds a meaningful amount of property, including traditional Individual Retirement Accounts. Is there a basis step-up at her death on her IRAs and on any of my appreciated assets I may choose to transfer to her?
On March 13, 2023, Illinois Governor J.B. Pritzker signed new legislation requiring Illinois employers to provide employees up to 40 hours of paid leave within a 12-month period, which can be used for any reason. The new legislation, referred to as The Paid Leave for All Workers Act — Public Act 102-1143 (referred to herein as the “IPLA”), goes into effect January 1, 2024. Illinois employers should be aware of the IPLA’s application and requirements and take steps to develop or modify paid leave policies to conform to its requirements. A brief summary of the key components of the IPLA is below.
Question: I own two separate businesses and am considering adopting a profit sharing and 401(k) plan for my employees. Is my advisor correct that the plan must cover the employees of both companies?
The ownership of life insurance is a much-needed component of business succession and personal financial plans. Life insurance needs vary from funding needed to purchase the ownership interest of a business partner upon death, creating liquidity for the family of a decedent for the payment of estate taxes or providing cash for surviving family members.