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.
Creative Coverage Designs for Qualified Plans
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?
Premium Financing — An Inexpensive Means of Purchasing Life Insurance
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.
The Difference Between Winning and Collecting / Financing Growth with the SBA (Winter 2023)
Contributors: Rich Goldwasser, Joan Berg
Tax Planning for Lottery Winners
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?
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.
Real Estate Investments in IRAs
Question: I have a significant balance in my individual retirement account. Can I use my IRA to purchase real estate?
Answer: 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: 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: Jordan Melvin, Danielle Pearlman, Jason Newton
Classifying Service Providers as Employees or Independent Contractors
Question: 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?