Resources
Stay in the know of company and industry updates, accomplishments and more!
Corporate Transparency Act
Effective January 1, 2024, the Corporate Transparency Act (Act) became a federal law affecting all corporations, limited liability companies, limited partnerships and other entities registered with the Secretary of State of the state of formation. All reporting entities formed prior to January 1, 2024 must register their beneficial ownership with the Financial Crimes Enforcement Network (FinCEN) database by before January 1, 2025.
Assessor Misclassifies Over $444 Million Worth of Property in Cook County
The Chicago Tribune recently published an article chronicling widespread misclassification and undervaluation of properties by the Cook County Assessor.
Below are a few key updates to stay informed of the latest real estate tax developments in the Chicagoland area.
Avoiding Late Filing Penalties on Income Tax Returns
Question: My accountant failed to timely file my income tax return through the e-filing system and I was assessed late filing and late payment penalties by the IRS. Can I get these penalties abated?
Are Noncompete Clauses No Longer Enforceable?
Since April 23, when the Federal Trade Commission (FTC) announced its final rule regarding noncompete clauses, I have received numerous calls and emails asking if such clauses are no longer binding and effective.
Buy-sell agreements are a key component for succession planning
An insured buy-sell agreement is a solution that allows your business to continue operating by providing a source of funds to compensate the deceased owner’s family for his or her share of the company, without having to liquidate company assets. The surviving owners rarely wish to become partners with a deceased owner’s heirs and the heirs rarely wish to get involved with the day-to-day operations of their loved one’s business. So, what exactly is a buy-sell agreement?
Sales rep prevails “up front” and recovers commissions and overrides
The warm climate and urban environment in the twin cities of Dallas and Fort Worth lends itself to infestations of pests, including ants, termites, mosquitoes and rodents. Recognizing the opportunity this creates, Julien’s Pest Control d/b/a Evolve Pest Control (“Evolve”) handed sales representative Brad Liston a five-year contract beginning in January 2021 to market pest control services in the greater Dallas-Fort Worth area.
Texas Court Stays Effective Date of FTC’s Non-Compete Ban But Only for the Plaintiff in the Case
On July 3, 2024, a Texas judge issued an opinion blocking the Federal Trade Commission’s (“FTC”) Rule set to take effect September 4, 2024, which bans most employment non-compete agreements. The opinion, however, limited the injunction to the plaintiffs in the case and the court did not issue a nationwide ban.
Below are a few key updates to stay informed of the latest real estate tax developments in the Chicagoland area.
Your Move, Governor: The Illinois Biometric Information Privacy Act is Poised for Substantial Reform/Now is the Time: A Golden Opportunity for Estate Planning (Summer2024)
Contributors: Jeffery Heftman, Christain Manalli
The Changing Landscape of Property Taxes in Chicagoland: What You Need to Know
SFBBG’s property tax team continues to serve all real estate tax needs including assessment appeals of office, industrial, retail, and multifamily properties.
Below are a few key updates to stay informed of the latest real estate tax developments in the Chicagoland area.
In-Service Transfers from Qualified Plans to IRAs
Question: I have attained age 59 ½ and have the opportunity to withdraw funds from my company 401(k) plan and contribute them to my IRA. Should I do so?