Common Business Shareholder Disputes
March 14, 2024Shareholder disputes have the potential to seriously disrupt and damage a business. If you are a shareholder in an Illinois company and facing disagreements that threaten your investment, or any other forms of disputes – it is essential to seek the help of a skilled Chicago business lawyer. Anthony J. Madonia & Associates, Ltd. offers… Read more »
The Importance of Conservatorship as Seen in Killers of the Flower Moon
March 06, 2024How the Osage Murders Shed Light on Estate Planning and Conservatorship In Martin Scorsese’s Oscar-nominated film, ‘Killers of the Flower Moon,’ we discover the shocking history of the Osage Murders as well as its insights into estate planning and conservatorship. It is a journey back to the early 1900s to a chilling chapter known as… Read more »
What Barbie Can Teach Us About Estate Planning
March 06, 2024In Latest Movie Barbie Faces Reality and Realizes the Importance of Planning for the Future The Barbie movie is nominated for eight awards at the 96th Oscars. While a great movie, it also has some life lessons we can learn from. If Barbie can grow up and make it in the real world, so can… Read more »
When It’s Not All Laughs-Jay Leno Faces Estate Planning Problem
March 06, 2024Jay Leno Didn’t Have an Estate Plan, and It’s No Laughing Matter. Turns out Jay Leno had to file for conservatorship for his wife because he didn’t quite have his estate planning ducks in a row. Jay’s wife has dementia, and if they had a completed estate plan, the sad and difficult time would… Read more »
Senior Citizens Real Estate Tax Deferral Deadline Looms
February 23, 2024March 1 Deadline for Senior Citizens Real Estate Tax Deferral Program Program Allows up to $7,500 of Property Tax Deferral Per Year Qualified seniors in Illinois can defer all or part of their property taxes and special assessment payments on their principal residences through the Senior Citizens Real Estate Tax Deferral Program. Seniors needing assistance… Read more »
IRS Spotlights Employer-Provided Childcare Tax Credit
February 12, 2024Spotlight on Employer-Provided Childcare Tax Credit Childcare is often the second largest household expense after rent or mortgage. Slate.com found 62% of American parents have a hard time finding and affording high-quality childcare. This tax credit is designed to help employers cover some of the qualified childcare facility and resource and referral expenditures associated with… Read more »
Illinois Tax Payers Should Learn About EITC on the State and Federal Level
February 07, 2024Take Advantage of Illinois’ Expanded, Earned Income Tax Credit All taxpayers should know about the Illinois Earned Income Tax Credit (EITC) is a benefit that helps lower to moderate income workers get a tax break. What is the Illinois Earned Income Tax Credit? The Illinois EITC is a benefit of up to $1,486 for working… Read more »
Huge Penalty Increase for IRS Underpayment
January 16, 2024IRS Raises Penalty for Underpayment Self-employed workers and independent contractors are at risk of underpayment penalties of 8% if they fail to pay what the Internal Revenue Services (IRS) thinks they owe. The new penalty will apply to next spring’s tax filing system and more than doubles the previous penalty of 3%. People who are… Read more »
Corporate Transparency Act Reporting Starts
January 16, 2024Let the Reporting Begin! FinCEN Registry Corporate Transparency Act Reporting Starts On January 1, 2024, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports on their online registry. This mandatory reporting is part of the Corporate Transparency Act. It is designed to deter shell companies from engaging in money laundering, drug… Read more »
Paid Leave for All Workers Act Now in Effect
January 10, 2024All Illinois Workers Now Eligible for Paid Leave Workers in Illinois will begin earning paid time off on January 1, 2024. This Paid Leave for All Workers Act allows workers to earn up to five (5) days or 40 hours of leave from work each year. Workers can use paid leave for any reason. Employers… Read more »