Insights

The Corporate Transparency Act: What Business Owners Need to Know

Insights, Marc K. Pawlus, Sensible Solutions

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”).

Putting the “Success” into Succession Planning

Insights, Leonard J. Gambino, Sensible Solutions

Finding, grooming, and ultimately selling your business to one or more key employees is a process that typically takes several years. Once you have found the right successors, proper succession planning often involves two additional steps.

Another Strike Against Non-Competes / Balancing the BOTS: How to Harness the Power of AI without Falling Down the Rabbit Hole (Summer 2023)

Sensible Solutions, Insights

Contributors: Norm Finkel, Robert Goldberg, Kelly Cronin

Balancing the BOTS: How to Harness the Power of AI without Falling Down the Rabbit Hole

Insights, Kelly M. Cronin, Sensible Solutions

What is ChatGPT and How Will It Affect My Business?

Business owners should be aware of the benefits and legal pitfalls that lurk under the world of Artificial Intelligence (“AI”).

Another Strike Against Non-Competes

Insights, Norman T. Finkel, Robert C. Goldberg, Sensible Solutions

We recently shared with you the details of a trade regulation rule proposed by the Federal Trade Commission banning non-compete agreements.

Reaping retirement plan benefits from the most tax-friendly retirement plan

Sales Rep Articles, Bruce E. Bell, Insights

Suppose you were asked to design the most taxpayer-friendly retirement plan possible. If given a choice, you would want a plan that allows for generous annual contributions. The contributions would be tax-deductible, regardless of whether or not you itemize deductions and regardless of your earnings or taxable income.

Navigating the Holy Hurdles of Fresh Religious Accommodation Guidelines

Adam C. Maxwell, Employment Spotlight, Insights

On June 29, the Supreme Court clarified the circumstances under which requests for religious accommodations must be granted by employers who are subject to Title VII of the Civil Rights Act of 1964 (“Title VII”).

Bank Failures and Business: How to Safeguard Your Company’s Finances / “Securing” Your Retirement Plan Distributions (Spring 2023)

Sensible Solutions, Insights

Contributors: Monica Shamass, Ron Silbert

Increasing Tax Basis on a Decedent’s Death

Tax Corner, Bruce E. Bell, Insights

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?

New Illinois Law Requires Employers to Provide Workers Up to 40 Hours of Paid Leave

Insights, Employment Spotlight, Matthew P. Tyrrell

On March 13, 2023, Illinois Governor J.B. Pritzker signed new legislation requiring Illinois employers to provide employees up to 40 hours of paid leave within a 12-month period, which can be used for any reason. The new legislation, referred to as The Paid Leave for All Workers Act — Public Act 102-1143 (referred to herein as the “IPLA”), goes into effect January 1, 2024. Illinois employers should be aware of the IPLA’s application and requirements and take steps to develop or modify paid leave policies to conform to its requirements. A brief summary of the key components of the IPLA is below.

The Corporate Transparency Act: What Business Owners Need to Know

Putting the “Success” into Succession Planning

Balancing the BOTS: How to Harness the Power of AI without Falling Down the Rabbit Hole

Another Strike Against Non-Competes

Navigating the Holy Hurdles of Fresh Religious Accommodation Guidelines

Increasing Tax Basis on a Decedent’s Death

New Illinois Law Requires Employers to Provide Workers Up to 40 Hours of Paid Leave

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