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 »
Trends in Estate Planning for 2023
September 15, 20232023 Trends in Estate Planning Estate planning is a dynamic field, with changes driven by legislative shifts, advances in technology, and evolving family structures. So far, in 2023, the arena of estate planning in Chicago and across the United States has a new set of challenges and opportunities. These estate planning trends help keep people… Read more »
Unmarried Couples Need to Focus on Financial Planning
September 08, 2023Unmarried Couples Plan on Extra Steps for Financial Planning While marital status is a personal choice couples make, yet it can have an impact on financial planning. Married couples do enjoy certain advantages when it comes to financial planning. For example, if they divorce and have not entered into a prenuptial agreement, state law provides… Read more »
Tax-Free Student Loan Help from the IRS
September 08, 2023Get Tax-free Help with Student Loan Program from the IRS The Internal Revenue Service will host a free webinar on September 14, 2023. The webinar is to educate employers on how to can set up educational assistance programs for student loan repayment. Employers can help employees with student loan repayments, which are coming due for… Read more »