Question: I have a vacation home that I want to leave to my three children but I am not sure how to do so. Do you have any suggestions?
Passing Vacation Homes to Family Members
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Insights
Passing Assets to Non-Citizen Spouses in Tax Effective Manner
Question: My spouse is not a U.S. citizen. Can I leave assets to her upon my death without incurring estate tax?
Understanding Cryptocurrency Tax Rules
Question: I deal in cryptocurrency through my business. Customers sometimes pay me in Bitcoin and I sometimes use Bitcoin to pay suppliers. Will these transactions be treated as if payment was made in cash?
General Criticisms and Statements Impugning a Plaintiff’s Personal Traits Do Not Support Claims for Defamation per se
Recent cases suggest an uptick in defamation lawsuits seeking damages for statements containing general criticisms of the plaintiff or highlighting certain negative personal traits. The theory is that such statements qualify as defamation per se for they impugn the ability or integrity of the plaintiffs in their occupation or professions.
Converting LLC to S Corporation: What You Need to Know
Many sales representative organizations, like other businesses, are structured as limited liability companies (LLCs). The preponderance of LLCs with more than one member are treated as partnerships for tax purposes.
Benefits of State Pass-Thru Entity Tax
Question: As the owner of a pass-thru entity, can I benefit by paying my state’s new pass- thru entity tax?
Claiming Bad Debt Losses
Question: A few years ago, I individually loaned a friend a sizeable amount of money. Since there is no chance I will be repaid, can I report a tax deduction for the amount loaned?
Vaccine Requirements – An Update
Since December 2020, the federal government, beginning with the Equal Employment Opportunity Commission’s initial guidance on the subject, has made clear that mandatory employer vaccine requirements were permissible and did not violate Title VII of the Civil Rights Act of 1964, as amended, or the American with Disabilities Act, which we wrote about previously The ability of employer mandatory vaccine requirements has consistently been reinforced since that time.
What You Should Know About Illinois’ New Non-Compete Law
With surprisingly little fanfare, Governor Pritzker recently signed into law amendments to the Illinois Freedom to Work Act (the “Act”), with the potential to impact all restrictive covenant agreements entered into on or after January 1, 2022.
Tax Planning for College Education
Question: What is the most tax efficient way for me to put away a large sum for my grandchildren’s college education?