End of Year Business News Update! From our family to yours, we wish you a Merry Christmas and a Happy New Year! And now on to…
End of Year Newsletter 2024
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Is My Business Essential?
Is My Business Essential? With the new normal in the State of Illinois and the US, the more pertinent question is “will I be able to stay in business?” The short answer is a definite probably. On March 21, 2020 Governor JB Pritzker signed into law Executive Order No. 8 Stay at Home; Social Distancing Requirements; and Essential Business and...
Families First Coronavirus Response Act
On March 18, 2020, President Donald Trump signed into law the “Families First Coronavirus Response Act” (H.R. 6021). This article will address the three (3) main provisions that will affect private businesses and their employees in Illinois and the US: the “Emergency Family and Medical Leave Expansion Act”, the “Emergency Paid Sick Leave Act”,...
Reporting Change of Address or Responsible Party with the IRS
Beginning with 2014, it is mandatory that businesses report changes in responsible parties to the IRS. For non-publicly traded entities, a responsible party is the person who has a level of control over, or entitlement to, the funds or assets in the entity that as a practical matter enables the individual, directly or indirectly, to control,...
Domestic Violence in the Workplace
Unfortunately it sometimes takes a tragedy such as the recent shooting of Nadia Ezaldein at Nordstrom store by her ex-boyfriend, Marcus Dee, to make us as business owners think about what we could have done to prevent this from happening in our place of business. Fortunately, the State of Illinois has 2 little known laws in place that can offer...
Starting a Business as a Non-Citizen, Part lll (Work Visas for USA)
This is the third installment of a series discussing the options for non-citizen business investors to obtain Work Visas in the USA. The following are a list of the least desirable visa options a non-citizen may apply for in order to work for the company that he or she built: Temporary Visas (Less than one year duration) B-1:The B-1 visa...
Starting a Business as a Non-Citizen, Part ll (Work Visas for USA)
This is the second installment of a series discussing the options for non-citizen business investors to obtain work visas for the USA. The following are a list of the most recommended visa options a non-citizen may apply for in order to work for the company he or she built: Temporary Visas (More than one year duration) E-2 (“Treaty Investor”):...
Relief for Late S-Election Under Rev. Proc. 2013-30
In August 2013, the IRS issued Rev. Proc. 2013-30 that consolidates and simplifies rules provided previously. Taxpayers now have 3 years and 75 days from the date the S-election was originally intended to be effective to file a late S-election. No use user fee will apply. The election will be effective as of that intended date. To qualify for...