Many sales representative organizations, like other businesses, are structured as limited liability companies (LLCs). The preponderance of LLCs with more than one member are treated as partnerships for tax purposes.
Insights
Benefits of State Pass-Thru Entity Tax
Question: As the owner of a pass-thru entity, can I benefit by paying my state’s new pass- thru entity tax?
Claiming Bad Debt Losses
Question: A few years ago, I individually loaned a friend a sizeable amount of money. Since there is no chance I will be repaid, can I report a tax deduction for the amount loaned?
Vaccine Requirements – An Update
Since December 2020, the federal government, beginning with the Equal Employment Opportunity Commission’s initial guidance on the subject, has made clear that mandatory employer vaccine requirements were permissible and did not violate Title VII of the Civil Rights Act of 1964, as amended, or the American with Disabilities Act, which we wrote about previously The ability of employer mandatory vaccine requirements has consistently been reinforced since that time.
What You Should Know About Illinois’ New Non-Compete Law
With surprisingly little fanfare, Governor Pritzker recently signed into law amendments to the Illinois Freedom to Work Act (the “Act”), with the potential to impact all restrictive covenant agreements entered into on or after January 1, 2022.
Tax Planning for College Education
Question: What is the most tax efficient way for me to put away a large sum for my grandchildren’s college education?
When is a Sales Representative Not a Sales Representative?
Akstrom Imports Inc. raised several interesting arguments in defense of the claims brought by Minnesota sales representative Kinneberg Management Group (KMG), including that, as a Canadian distributor, it was not subject to the jurisdiction of a Minnesota federal court. Even if it was, Akstrom continued, Canadian law still controlled, not Minnesota’s pesky sales rep statute.
Revisiting Qualified Charitable Distributions After Secure Act
Question: Can I still make qualified charitable distributions from my IRA after the recent legislative changes?
Attorneys Beware: Zoom Depositions Are Likely Inadmissible
You get a notice of deposition via email. The notice provides that the deposition will be taken remotely through a Zoom videoconference.
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.
Utilizing the Potentially Disappearing 2021 Estate Tax Exemption
Question: Given the possibility that the Federal estate tax exemption will decrease, should I make gifts now before the law changes?