Latest News

Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”)

April 1st, 2020|

The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), signed into law on March 27, 2020, is meant to serve as a stimulus to individuals and businesses in response to the economic distress caused by the coronavirus (COVID-19) pandemic. Below is a brief summary on some of the key points to the CARES Act.

An update from Huck Bouma, PC on COVID-19 (the novel coronavirus) and emergency loan and financial assistance opportunities

March 27th, 2020|

The SBA declared a disaster for the entire state of Illinois and various contiguous counties in Iowa, Indiana, Kentucky, Missouri and Wisconsin. The declaration makes Illinois businesses impacted as a direct result of COVID-19 eligible to apply for Economic Injury Disaster Loans up to $2,000,000 to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.

Illinois Legislation, effective January 1, 2020

December 2nd, 2019|

Effective January 1, 2020, numerous changes will go into effect regarding updates to the Illinois Human Rights Act (“IHRA”) and new Marijuana Legalization.

Lawsuit Claims That Uber Discriminates Against Wheelchair Riders

May 15th, 2018|

A nonprofit disability rights organization filed a class-action lawsuit against Uber, claiming the ride-hailing service discriminates against New York City riders with disabilities by not providing enough access to vehicles that can accommodate wheelchairs.

Hearing on the Proposed 2704 Regulations Leaves Open Questions

December 22nd, 2016|

On December 1, 2016, representatives of the Treasury and the Internal Revenue Service (IRS) held a hearing to discuss the proposed regulations on valuation discounts for family-owned businesses under Internal Revenue Code (Code) § 2704 (Proposed Regulations). The Proposed Regulations were released on August 2, 2016. This article summarizes that hearing in light of the Proposed Regulations and concludes with a few practical takeaways.

Who’s the ‘Right Who’ to Take Over Your Business?

June 13th, 2016|

Aaron E. Ruswick was interviewed by Jim Kendall of Kendall Communications on issues of corporate succession. The resulting article entitled "Who's the 'Right Who' to Take Over Your Business?" was published in the Daily Herald [...]

May is National Elder Law Month

June 12th, 2016|

May is National Elder Law Month. This designation was established by the National Academy of Elder Law Attorneys as a way to acknowledge the profession which supports the senior community (defined as people over 65 years) with all [...]

Federal Health Care Spending Tops Social Security for the First Time

January 25th, 2016|

By Sarah Ferris - 01/25/16 03:19 PM EST Spending on federal healthcare programs outpaced spending on Social Security for the first time in 2015, according to an expansive report from the congressional budget scorekeeper released Monday. The government [...]

IRA Charitable Rollovers Made Permanent

January 24th, 2016|

Posted by:  Heinz Brisske IRA Charitable Rollovers are now a permanent part of the tax code. On December 18, 2015, Protecting Americans from Tax Hikes (PATH) was passed by both the House of Representatives (318 [...]

Battle Lines Being Drawn in Medicare Premium Increase Proposal

January 23rd, 2016|

Posted by:  Heinz Brisske A tight year for Medicare could force millions of seniors to pay at least $650 more for public insurance in 2016, sparking a likely showdown between policymakers and activist groups, according [...]

No Social Security COLA Increase for 2016

January 22nd, 2016|

Posted by:  Heinz J. Brisske Conjecture regarding the cost-of-living-adjustment (COLA) for Social Security recipients has been reported by various media sources for some time. The Social Security Administration just announced that, in fact, there will [...]

Inflation Adjustments in Revenue Procedure 2015-53

January 21st, 2016|

Posted by:  Beth Cwik October 21, 2015 The Internal Revenue Service recently announced the 2016 Inflation Adjustments in Revenue Procedure 2015-53. ADJUSTED - Estate and Trust Tax Rate Tables - for taxable years beginning in [...]

Tax Return Due Dates

January 20th, 2016|

Posted by:  Beth Cwik October 21, 2015 New law changes a number of due dates for tax returns. With respect to partnership and S corporation tax returns, the new due date is March 15 for [...]

Medicare Drug Plan Prices are Scheduled to Rise in 2016

January 19th, 2016|

Posted by:  Heinz Brisske Seniors should get ready to pay more, or shop more wisely, when it comes to Medicare “Part D” prescriptions drug plans. According to Colin Shannon, senior manager at Avalere Health Care [...]

IRS Issues Proposed ABLE Regulations; Many Questions Left Unanswered

January 18th, 2016|

The IRS has published its proposed regulations for state ABLE plans. Unfortunately, the offered rules leave many questions unanswered. The Achieving a Better Life Experience (ABLE) Act, was signed into law late last year. It [...]

Tax Freedom Day

April 24th, 2015|

Each year the Tax Foundation publishes the "Tax Freedom Day," the day we stop working for the government and begin working for ourselves. For 2015, Tax Freedom Day is April 24. This is 114 days [...]

IRS Dirty Dozen Tax Scams

February 9th, 2015|

Posted by: Heinz Brisske The IRS published its “Dirty Dozen” tax scams for 2015 in Publication IR-2015-26 on February 9. John Koskinen, IRS Commissioner, noted that the list highlights two items: phone scams and e-mail [...]

IRS Tips to Protect Against Identity Theft

February 8th, 2015|

posted by:  Heinz Brisske As the tax filing season opens, the IRS has offered eight tips for protecting yourself against identity theft. 1. Social Security Number – Don't carry your Social Security card or other [...]

VA Proposes New Three-Year Look Back

January 23rd, 2015|

Posted by:  Katie May On January 23, 2015, the U.S. Department of Veterans Affairs proposed a rule that “would establish new requirements pertaining to the evaluation of net worth and asset transfers for pension purposes [...]

NDAA of 2015

January 2nd, 2015|

Posted by: Katie May Congress passed the National Defense Authorization Act (NDAA) of 2015, containing provisions that protect disabled children of members of the military. It specifically allows members of the military to leave their [...]

ABLE Act of 2014

January 1st, 2015|

Posted by: Katie May The ABLE Act  (Achieving a Better Life Experience Act of 2014) creates tax-favored accounts for children and adults whose disability occurred before age 26. These accounts can receive up to the [...]

2015 Amendment to Illinois Power of Attorney Act

January 1st, 2015|

posted by:  Heinz Brisske The Illinois Power of Attorney Act was amended effective January 1, 2015. The Amendment affects only the Power of Attorney for Health Care. As a part of the Amendment, the Illinois [...]

Social Security Announces 1.7 Percent Benefit Increase for 2015

December 29th, 2014|

Posted by: Katie May The Social Security Administration announced that Social Security benefits and Supplemental Security Income (SSI) benefits will be increased in 2015 by 1.7% to adjust for cost of living increases. The Social [...]