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The Labor and Employment Report: New Illinois Laws Require Changes to Employer Practices
Two new employment statutes recently passed by the Illinois state legislature will substantially change how when and how employers conduct criminal background checks of job applicants and address the needs of pregnant employees. As the January 1, 2015 effective date of these statutes approaches, Illinois employers should ensure that their policies and practices are in compliance with each law.
Using Tax Deferred Exchanges to Avoid Gain Recognition
Question: I am selling my one remaining real estate investment property, have no mortgage on the property and a very low tax basis in the property. Is there a way I can defer the gain on the sale and reinvest the proceeds in stocks and bonds?
Hip-hop Band and Fans Fight Gang Label
Army Cpl. Robert Hellin served tours in Iraq, Afghanistan and Korea. He also happens to be a Juggalo, or follower of the hardcore hip‐hop band Insane Clown Posse. Hellin, who sports several visible Posse tattoos, worries the FBI’s characterization of Juggalos as a “hybrid gang” subjects him to military discipline, including involuntary discharge.
Protecting Inherited IRAs From Creditors
Question: What protection, if any, do I have now that the Supreme Court has ruled that IRAs are not exempt in bankruptcy?
Circumcision Litigation Snips Away at Reason
Dennis Nebus wants his son circumcised. When Chase was born on Halloween 2010, his mother did, too. Now, however, the unmarried Florida parents find themselves in court over this decision and, as to be expected in a circumcision dispute, the case has several wrinkles.
Counsel Vouches for Client With Personal Story, Throws Away a Win
Like peppering a taut direct examination with a few leading questions or throwing some argument into a dramatic opening statement, an attorney vouching for a client or witness before the jury is improper, but rarely does it lead to much trouble.
Tax Concerns in Purchasing Limited Liability Company Interest
Question: Since limited liability companies do not pay taxes, is there any reason why I should concern myself with the tax consequences of a limited liability company in which I am buying a minority interest?
Using Private Foundations to Defer Taxes
Question: I am selling my business this year and will have significant income to report. I intend to make a meaningful gift to charity and would like the charitable deduction this year but do not yet know how I would like the money earmarked. Are there any vehicles that will enable me to accomplish this?
Lessons Learned from ‘Friendly’ House Sale and Planning for Trial
“True friends stab you in the front,” noted Oscar Wilde, and a recent Illinois decision vividly illustrates the famed playwright’s point. Plaintiffs Brian and Nicole Kelly were not only friends with defendants Larry Orrico and Renae Yockey, they lived two doors down from them in suburban Itasca.
Using A 401(k) Safe Harbor to Enhance Elective Deferrals
Question: I am a 50-year-old sole owner of a corporation, receive $200,000 per year in salary and have one employee who earns approximately $50,000 per year. My employee has no interest in contributing to a 401(k) plan. Am I prohibited from participating in a 401(k) plan?