Resources
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Reaping retirement plan benefits from the most tax-friendly retirement plan
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.
Sometimes proving the willful withholding of commissions is “f*#!ing easy”
California’s sales rep protection statute, among the nation’s strongest, mandates an award of treble damages to a rep who does not receive commissions as provided in the contract.
Navigating the Holy Hurdles of Fresh Religious Accommodation Guidelines
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”).
Comparing Tax Consequences of Mutual Funds and EFTs
Question: I own a number of mutual funds. Should I be switching my investment assets to ETFs for income tax savings?
One of the Strongest Rep Decisions — Ever
“They will be surprised to learn that, under the default rule the Court adopts today, an at-will salesperson is entitled to commissions for any sale – here, perhaps hundreds of thousands of sales – a jury determines the salesperson ‘set in motion.’ And they will be stunned to learn that, under the default rule, the entitlement to commissions may extend years after their employment relationship ended.”
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?