Relief for Cook County Taxpayers Affected by Severe Weather and Flooding
October 31, 2023State Offers Relief for Cook County Taxpayers Harmed by Recent Severe Weather On October 31, 2023, Gov. JB Pritzker offered assistance to individuals and businesses impacted by the severe weather and flooding in Cook County on September 17. These residents and businesses may request waivers of penalties and interest on state taxes. Taxpayers should do… Read more »
Estate and Gift Tax Exclusions Set to Soar With Inflation
October 20, 2023Estate and gift tax exclusions often undergo amendments, significantly affecting how assets can be passed down or given away. Changes from 2022 to 2023 promise an upward trend, fueled by inflation adjustments. Individuals and families should note these modifications to avoid unexpected tax consequences. This article shows what estate and gift tax exclusions entail, their… Read more »
Don’t Let Legal Terms Scare You!
October 18, 2023Boo Legal Terms – Legalese Can Be Scary! Here are 10 key terms that can help de-mystify legal forms and issues. Let our friendly skeletons teach you legal terms you should know from business lawyers in Chicagoland area. We don’t want anyone scared to get legal help or turn ghost-ly pale with anxiety. Review these… Read more »
How to Prepare for the New Mandate on Beneficial Ownership Reporting
October 13, 2023The United States continues to intensify its commitment to transparency in business operations. As a step in this direction, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published its new guidance materials. This will help businesses navigate the complex landscape of beneficial ownership reporting and information. These guidelines apply to most companies… Read more »
Student Loan Repayment Begins
October 03, 2023Time to Pay the Student Loans Again After three years and nine extensions, the pandemic student loan repayment pause is ending. Payments will be due starting October 1, 2023. Are you ready for payments to resume? We wanted to share some helpful tips on how to prepare: Approximately, 7 million federal student loan borrowers are… Read more »
Update on FinCEN Reporting
October 03, 2023Business Owners Get Direction for FinCEN Reporting In an effort to help with reporting, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide. This guide will assist the small business community in complying with the beneficial ownership information (BOI) reporting rule. Starting in 2024, many entities created in… Read more »
Transit Benefits Come to More Chicagoland Employees
October 03, 2023Chicagoland Employers Must Provide Transit Benefit to All Full-Time Employees in 2024 Time is up if you are a Chicagoland employer with 50 or more full-time employees not currently providing transit benefits. Beginning January 1, 2024, more employers will be required to provide employee with transit benefits under the Transportation Benefits Program Act (HB 2068;… Read more »
Why You Should Encrypt Your Emails
October 03, 2023Learn Why You Should Encrypt your Emails. The quick answer is to maintain your data’s confidentiality. When you encrypt your emails, you conceal email contents by transforming them into code. This results in protecting your sensitive information. At Anthony J. Madonia & Associates, we have started encrypting emails involving sensitive data. You may receive emails… Read more »
Special Considerations for Unmarried Couples on Their Future Planning
October 03, 2023Unmarried Couples Have Different Options When it Comes to Their Future Planning Estate planning and financial planning for unmarried couples encompasses a range of considerations including the impact of domestic partnership registration, tax matters, and comprehensive planning. By becoming registered domestic partners, couples may gain certain legal rights. On the other hand, they must still… Read more »
When Is the Best Time or Age to Do Your Estate Plan?
September 22, 2023With the inevitable topic of estate planning, many individuals may wonder when exactly is the “right” time to undertake this important life task. Estate planning is not merely a formality but a crucial step in securing your legacy, finances, and peace of mind for your family. Here, Anthony J. Madonia & Associates, Ltd., shares insights… Read more »