Taxation of Corporate Restructuring and Reorganizations
January 06, 2025Corporate restructuring and reorganizations can be pivotal moments in a business’s lifecycle. Whether a company is seeking to streamline operations, enhance profitability, or comply with shifting market demands, restructuring often comes with a complex set of challenges. Among the most critical are the taxation implications. Missteps in this area can lead to significant financial burdens… Read more »
Partnership Dispute Resolution
January 06, 2025Disagreements in business partnerships in Chicago can disrupt operations, damage relationships, and jeopardize the future of your company. Whether it’s a minor misunderstanding or a significant conflict, unresolved disputes can escalate quickly, causing financial and reputational harm. If you’re dealing with Illinois partnership disputes, it’s crucial to address and resolve these issues promptly and effectively…. Read more »
Labor & Employment Dispute Resolution
January 06, 2025Workplace disputes between employers and employees can create significant stress and uncertainty. Employees often face labor and employment disputes such as wage disputes, discrimination, and wrongful termination without clear guidance on their rights or how to address these conflicts. These disputes can leave employees feeling powerless and overwhelmed, particularly when employers fail to comply with… Read more »
Halt the BOI Reporting Presses -AGAIN!
January 03, 2025BOI Report Filing Paused Again on December 26, 2024 In yet another twist for the Corporate Transparency Act (CTA) the 5th Circuit Court of Appeals just halted enforcement on Beneficial Ownership Information reporting. Businesses are currently NOT subject to the January 13 Reporting Rule deadline set on December 23, 2024, that would have required corporate… Read more »
BOI Reporting is Back on with January 13 Deadline
December 24, 2024Court Reinstates Corporate Transparency Act BOI Reporting FinCEN Extends Filing Deadlines to January 13, 2025 On December 23, 2024, the federal Court of Appeals decided most reporting companies are once again required to file Beneficial Ownership Information (BOI) with Financial Crimes Enforcement Network (FinCEN). The Department of the Treasury, that oversees FinCEN, recognizes that reporting… Read more »
Full Retirement Age to be 67 in 2025
December 18, 2024Social Security Increases Full Retirement Age to 67 by 2025. People considering retiring better check their birth certificate. The full retirement age has gradually increased by two months each year since 1983. For individuals born in 1958, it is 66 years and 8 months. By 2025, it will reach 67 years for those born in… Read more »
New Illinois Law to Disclose Pay and Benefits
December 17, 2024Employers in Illinois Will Need to Disclose Pay and Benefits Under New Law A new Illinois law will add a new twist to the search for a new job. Under the provisions of HB 3129, most Illinois-based businesses will be required to include information on pay scale and benefits on job listings beginning on Jan…. Read more »
End of Year Estate Planning Checklist
December 16, 2024Year-End Estate Planning for 2024 Not that we want to add to your “to do” list this time of year, yet you may want to review your estate plan and make adjustments. The following is a short check list to wrap up before the year end. These are easy to implement strategies that you can… Read more »
BOI Reporting Paused and CTA Enforcement in Question
December 11, 2024BOI Filing Halted While Constitutionality is Disputed The saga of the Corporate Transparency Act and its beneficial ownership information reporting requirement continues. On December 3, 2024, the U.S. District Court for the Eastern District of Texas granted a nationwide preliminary injunction prohibiting the federal government from enforcing the Corporate Transparency Act (CTA) and its beneficial… Read more »
Fixing Not-So-Common Problems in Estate Plans
December 02, 2024Estate planning is a critical step for ensuring that your assets are distributed according to your wishes. However, even the most well-crafted plans can encounter less common issues that may disrupt your intentions. At Anthony J. Madonia & Associates, Ltd., we understand that these issues often arise from oversights or changes in circumstances that were… Read more »