Resources
Stay in the know of company and industry updates, accomplishments and more!
Increasing Tax Basis on a Decedent’s Death
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?
COVID-19 Response Plan
To our valued clients, colleagues and friends: At Schoenberg Finkel Newman & Rosenberg, we take our obligation to ensure a healthy and safe...
Q1-2024 Employment Spotlight
The U.S. Department of Labor’s new rule, effective March 11, 2024, aims to clarify worker classification under the Fair Labor Standards Act. It defines “independent contractor” based on economic dependence, utilizing a “six plus one” factor test. These factors slightly favor an employment relationship.
Federal Court in Alabama Rules the Corporate Transparency Act Unconstitutional
One of the newly enacted laws SFBBG has been following closely is the Corporate Transparency Act (the “CTA”), a federal statute that impacts the overwhelming majority of our clients. A discussion of the CTA can be found in our November newsletter.
Avoiding 5 percent owner status for retirement plan distribution purposes
Many individuals continue to work into their retirement years, whether due to financial need, personal desire or some other motivation. A meaningful portion of these workers are high-wage earners who pay tax at the maximum or near maximum income tax rates and do not wish to withdraw funds from their retirement accounts which in most cases are fully taxed at ordinary income tax rates.
Judge adds exemplary damages to verdict delivered by the “Windfall Gals”
The Fall edition of this Legally Speaking column reported on the verdict delivered in the summer of 2023 in favor of an ERA rep given the pseudonym Rigorous Electronics Performers, LLC or REP. A suburban Philadelphia jury found that Manipulating Financial Results, Inc. or MFR (also a pseudonym) owed REP over $600,000 in unpaid commissions.
Our New Legal World — Contactless Delivery of a Lawsuit / “Battle of the Forms” — A Primer (Winter 2024)
Contributors: Andrew Johnson, Caleb Haydon
IRA Distribution Issues for Non-Designated Beneficiaries
Question: My widowed father recently died and failed to designate myself nor any of my siblings as beneficiaries of his IRA. Is there an opportunity to have these funds paid out over a prolonged period of time and avoid the five-year payout period?
Tax Free Income from Short-Term Rentals
Question: I have a lake house which I occasionally rent to my corporation for business use. Am I still allowed to both exclude from tax the rental income I receive and have the corporation deduct the rent paid?
Illinois and Chicago Overhaul Paid Leave Laws in 2024
In 2024, the employment landscape in Illinois, particularly in Chicago, will undergo a significant transformation with the implementation of two pivotal laws governing paid leave for workers. The Illinois Paid Leave for All Workers Act (the “Act”) introduces a comprehensive state-wide standard for paid leave, ensuring a minimum of forty hours annually of paid leave—which can be used for any reason—for all employees.
Putting the “Success” into Succession Planning/The Corporate Transparency Act: What Business Owners Need to Know (Fall 2023)
Contributors: Len Gambino, Marc Pawlus
The Corporate Transparency Act: What Business Owners Need to Know
The Corporate Transparency Act (“CTA”) was enacted in 2021 to improve transparency in order to prevent bad actors from engaging in money laundering, tax fraud, and other illicit activities from exploiting US companies. Beginning January 1, 2024, the CTA requires “reporting companies” to report information about the individuals who own or control the company to the Financial Crimes Enforcement Network (“FinCEN”).