May 20, 2024
Publication
Opting Out? The Estate Planning Conflict with the BBA
The Bipartisan Budget Act of 2015 (the “BBA”) enacted the centralized partnership audit regime for tax years beginning after December 31, 201...
May 1, 2024
Publication
Personal Goodwill and the C Corporation Business Sale
Purchasers of a C corporation business generally prefer to buy assets to obtain depreciation and amortization deductions, while sellers of a C co...
April 24, 2024
Publication
Reverse 1031 Exchanges
Many real estate investors are familiar with a 1031 exchange, wherein a taxpayer may be able to defer the recognition of taxable gain on the sale...
May 25, 2022
Publication
Should You Update Your Estate Plan?
There are many reasons to update or revise your estate plan. Here is a non-exhaustive list of questions that may be helpful in making that determ...
May 5, 2022
Publication
Cryptocurrency: Tax Basics and Income Considerations
Cryptocurrency and other digital assets such as nonfungible tokens often feel like an unexplored universe, where the laws of nature haven’t yet...
February 16, 2022
Publication
Corporate Transparency Act – Big Brother Cometh!
In 2021, a little-known federal law went into effect called the Corporate Transparency Act (“CTA”). The CTA is intended to help the federal ...
February 2, 2022
Publication
Illinois Non-Compete Changes
Illinois employers should be aware of new laws that came into being the first of this year. Among them is the Illinois Freedom to Work Act aimed ...
January 19, 2022
Publication
Considerations When Selecting Trustees
Generally, in connection with the preparation of estate plans, we see clients select trustees from the following groups: family members, friends ...
October 27, 2021
Publication
Drag Along and Tag Along Rights
Not only are “drag along” and “tag along” catchy phrases, but they are also important concepts to consider when preparing an Operating Ag...
September 15, 2021
Publication
Incentivizing Employees with Profits Interests
We often are asked by our clients if there is a way to incentivize key employees by granting them equity in the company while also providing thos...
August 11, 2021
News
Member Approval to Sell Assets of an Illinois LLC
Recently, our firm served as seller’s counsel in a transaction involving the sale of all membership interests in a limited liability company. O...
June 23, 2020
News
Nelson and FLP Double Discounting
Recently, the Tax Court issued a memorandum decision in Nelson v. Commissioner, TC Memo 2020-81 (June 10, 2020). While the case theoretically was...
March 5, 2020
News
Grieve and FLP Discounts
The use of family limited partnerships (“FLPs”) to make discounted gifts has diminished somewhat since the increase in the estate tax freebie...
February 11, 2020
News
Illinois Amends its Equal Pay Act, Banning Employers from Asking About Salary History-What Employers Need to Know
Last summer, Governor J.B. Pritzker signed a law amending the Equal Pay Act of 2003....
October 8, 2019
News
Re-Domestication of Delaware LLCs to Illinois
While many Illinois businesses have traditionally been structured as Delaware limited liability companies that (may) then qualify to do business ...
October 5, 2019
News
Fifield Continues to Evolve
All Illinois employers who utilize or are thinking of utilizing non-competes for their employees should keep current on the trends in this area...
October 1, 2019
News
Registration of Delaware Series Permitted
Delaware has seemingly always been at the forefront of entity law. Delaware created the concept of limited liabilities companies (LLCs), and was ...
September 27, 2019
Publication
Real Estate Rental and the Code Sec. 199A Deduction
Rental Real Estate and the Code Sec. 199A Deduction
