• Posted on March 23, 2020

    Governor Pritzker signed Executive Order 2020-10 on March 20, 2020. It went into effect at 5:00pm on Saturday, March 21, 2020.
    This Executive Order generally requires individuals in Illinois to stay at home, but contains numerous exceptions.

    Any businesses qualifying as “Essential Businesses” are permitted to remain open.

  • Posted on April 19, 2019

    By:  EMMA SADIKOVICH In this article, Sadikovich discusses the practical implications for businesses and individuals when a worker is classified as both an employee and an individual for tax purposes.                                                                                                                                     Copyright 2018 Emma Sadikovich. All rights […]

  • Posted on January 15, 2018

    First Look at the Unified Framework for Fixing Our Broken Tax Code by Jeramie J. Fortenberry, JD, LLM On September 27, 2017, the Trump Administration, the House Committee on Ways and Means, and the Senate Committee on Finance released a long-awaited tax proposal, titled the Unified Framework for Fixing Our Broken Tax Code (the Unified Framework).Anchor1 The Unified Framework proposes to repeal the estate and generation-skipping transfer taxes while also lowering rates for businesses and individuals. Overview of the Unified Framework President Trump campaigned on promises to simplify the Internal Revenue Code and provide tax relief for middle-class Americans. On […]

  • Posted on July 18, 2017

    Get Startup Smart: Choosing the Right Entity for a New Business by Jennifer L. Villier, JD WealthCounsel, Legal Education Faculty  Choice of entity is fundamental to business planning. The best form of entity for a client’s business depends on several factors, including the client’s industry, location, and size. The decision involves both tax and non-tax considerations and must take into account long-term and short-term goals, including whether the business expects early losses or whether it may eventually go public. When representing a startup company, business attorneys should address choice of entity with the founders. This discussion should include a review […]

  • Posted on July 18, 2017

    A Look at President Trump’s Latest Tax Plan by Jeramie J. Fortenberry, JD, LLM, and Jennifer L. Villier, JD WealthCounsel, Legal Education Faculty President Donald Trump released a one-page memo that outlined his latest proposed tax plan (the New Tax Plan). The New Tax Plan largely tracks the proposals made in President Trump’s campaign tax plan (the Campaign Tax Plan), which was removed from his website post-election. Like the Campaign Tax Plan, the New Tax Plan is short on details and provides only a high-level overview of the tax proposals. This paper compares the New Tax Plan to the Campaign […]

  • Posted on April 17, 2017

    Avoid “Victimizing” Your Workers by Jennifer Villier, JD WealthCounsel, Legal Education Faculty In recent years, the U.S. Department of Labor has intensified its focus on the misclassification of employees as independent contractors. In its written materials on the subject, the DOL’s stance has shifted from impartial educator to supportive advocate for misclassified employees. In light of the DOL’s efforts (its “Misclassification Initiative”), attorneys should counsel business clients about the increased emphasis on employee misclassification, and the need to become and remain compliant with relevant state and federal laws. DOL Guidance and Resources Administrator’s Interpretation No. 2015-1 In the summer of […]

  • Posted on April 17, 2017

    by Jennifer L. Villier, JD Legal Education Faculty The U.S. Small Business Administration reports that before the Affordable Care Act (“ACA”), small businesses paid on average 18% more in health insurance premiums than larger companies paid for the same benefits. In addition, small businesses sometimes faced unpredictable rate increases, higher rates for certain groups (like women or aging employees), and waiting periods or denied coverage for individuals with pre-existing conditions. The ACA attempted to level the playing field for health insurance by lowering premiums and increasing access to quality, affordable health insurance for small business employees. Under the ACA, insurance […]

  • Posted on February 13, 2017

    Impact of the 2016 elections Deloitte Development LLC Business Taxes   In August of this year, when he delivered his first economic address as the GOP presidential nominee, Trump told the Detroit Economic Club that the current US tax laws “punish companies for making products in America” and promised that his administration would promote tax policies—centered on lower rates and simplification—that he characterized as “geared towards keeping jobs and wealth inside the United States.” Overview of Trump’s tax plan: Business Provisions The following table highlights the business provisions in Donald Trump’s tax plan (which was originally unveiled in 2015 and updated […]

  • Posted on January 16, 2017

    Avoiding Corporate Amnesia One Set of Minutes at a Time by Jennifer L. Villier, JD Business Law Faculty, WealthCounsel, LLC Any business that chooses to operate as a corporation, no matter how small, must comply with ongoing state law based requirements. For this reason, many small businesses choose to operate as limited liability companies, which are generally subject to minimal statutory requirements. Some states, such as Wyoming, have close corporation statutes that relax many of the formalities normally applicable to corporations. The majority of states do not have close corporation statutes, although close corporations, in the generic sense, may be formed […]

  • Posted on October 17, 2016

    By:  James G. Blase,  CPA, JD, LLM The most popular tax strategy in succession planning over the past 35 years has been to create minority interest discounts in an effort to lower the value of the client’s business for federal estate and gift tax purposes. With federal estate tax rates as high as 70 percent during this period, and with a federal estate tax exemption as low as $175,000, this strategy no doubt made common sense. This raises the obvious question:  With a federal estate tax exemption currently over 30 times its 1981 level,  does it still make sense to […]