Resources
Stay in the know of company and industry updates, accomplishments and more!
Avoiding 5% Owner Status for Retirement Plan Distribution Purposes
Question: I am one of three equal owners of a corporation where I continue to work. I just turned age 70 and am wondering if I can defer the start of required minimum distributions from our company 401(k) plan until I retire?
Bank Failures and Business: How to Safeguard Your Company’s Finances / “Securing” Your Retirement Plan Distributions (Spring 2023)
Contributors: Monica Shamass, Ron Silbert
Increasing Tax Basis on a Decedent’s Death
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
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.
Creative Coverage Designs for Qualified Plans
Question: I own two separate businesses and am considering adopting a profit sharing and 401(k) plan for my employees. Is my advisor correct that the plan must cover the employees of both companies?
Using a Contract Breach to Defend Against a Sales Rep’s Claim for Breach of Contract
Some sales rep cases turn on persnickety contract language or ambiguous terms. Other rep cases involve arcane questions of law. Then there’s the case brought by sales rep Lindsie Williamson that worked its way up to the Supreme Court of Utah in November 2022.
Premium Financing — An Inexpensive Means of Purchasing Life Insurance
The ownership of life insurance is a much-needed component of business succession and personal financial plans. Life insurance needs vary from funding needed to purchase the ownership interest of a business partner upon death, creating liquidity for the family of a decedent for the payment of estate taxes or providing cash for surviving family members.
The Difference Between Winning and Collecting / Financing Growth with the SBA (Winter 2023)
Contributors: Rich Goldwasser, Joan Berg
Tax Planning for Lottery Winners
Question: My husband and I recently won the grand prize from my State’s lottery. Can you provide some guidance on how we will be taxed on our lotto winnings?
FTC Proposed Regulation Places Non-Competes in Jeopardy
Yesterday, U.S. Federal Trade Commission announced a proposed new regulation prohibiting non-compete agreements in the workplace and requiring employers to rescind non-compete agreements currently in place.