Welcome to Q4 2022! We are wishing all of our SFBBG clients and friends a strong and successful close out to the year. As we look to the start of 2023, we would like to highlight a few significant new laws that take effect in Illinois effective January 1.
Question: I hold incentive stock options which I received from my employer. Since the stock is trading above the option exercise price, should I exercise the options and acquire shares of employer stock or do a cashless exercise?
Question: I just sold stock in my corporation to a third party and received a cash payment upfront with the balance of the sale proceeds to be paid to me in the future. Since I do not need the additional funds, can I make a gift to my children of the right to the future payments?
For many small business owners, the key retirement plan decision is not what type of plan to adopt, but where the 401(k) plan funds should be invested. While 401(k) plans are the overwhelmingly popular plan of choice for employers, consider that alternative plan design options are available to maximize benefits for company owners with both 401(k) plans and other types of qualified retirement plans.
Question: I want to create a deferred compensation plan for certain highly paid employees of my company to provide additional benefits for them, separate and apart from the company profit sharing and 401(k) plan. Can you advise what obstacles I must be concerned with?
Question: My daughter is well behind on her home mortgage payments and her house will likely be lost by foreclosure or otherwise. Will she have to pay tax on the unpaid mortgage balance?
Recent cases suggest an uptick in defamation lawsuits seeking damages for statements containing general criticisms of the plaintiff or highlighting certain negative personal traits. The theory is that such statements qualify as defamation per se for they impugn the ability or integrity of the plaintiffs in their occupation or professions. Almost invariably, these lawsuits get dismissed through motion practice.
The day of the deposition arrives and as your witness is testifying, you notice the red blinking light in the upper left corner of the screen designating that the deposition is being recorded.
In April of 2022, the City of Chicago’s City Council passed an amendment to the Municipal Code ordinance addressing sexual harassment in the workplace (the “Amendment”).
Last week, the U.S. Court of Appeals for the Seventh Circuit issued a significant decision clarifying the scope of the Family & Medical Leave Act’s (“FMLA”) provision prohibiting employers from interfering with an employee’s exercise of his or her rights under the FMLA.
Question: I own and operate a small business and am trying to determine how best to establish an insured disability insurance program for the company employees. If an employee becomes disabled and receives benefits from the insurance company, will the employee be taxed on the benefits received?