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What Happens when a Fiduciary is the Benefactor of a transfer made by the Principal?

What Happens when a Fiduciary is the Benefactor of a transfer made by the Principal? Question: What happens in Illinois when a power of attorney or other fiduciary ends up being the primary benefactor of a transfer made by the Principal? Answer: It depends. Unfortunately, there is no simple answer to that question as Illinois […]

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Civil Union Partners Permitted to Jointly FIle 2011 Illinois State Income Taxes

The Illinois Department of Revenue issued a statement that Illinois couples who entered into civil unions under 750 ILCS 75/1 et seq. will be able to jointly file their 2011 state income tax returns. For a copy of Equality Illinois press release read more here. For more about the Illinois Civil Union Act read our […]

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Tax Implications of converting from a C-Corporation to an S-Corporation

When converting a C-Corporation to an S-Corporation there are many issues that must be accounted for and taken into consideration prior to making the election. One particularly important area to pay attention to which has an immediate and direct impact on the resulting S-Corporation’s financial status is the tax consequences directly resulting from the conversion […]

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Oral Lifetime Employment Contracts

Under Illinois law, “no action shall be brought … upon any agreement that is not to be performed within the space of one year from the making thereof, unless … in writing and signed by the party charged.” 740 ILCS 80/1 The statute of frauds prohibits oral contracts that cannot be performed within one year […]

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Current Estate Taxes

Federal: The Tax Relief, Unemployment Insurance, Reauthorization, and Jobs Creation Act of 2010 was passed by the United States Congress on December 16, 2010 and was signed into law by President Obama on December 17, 2010. Pursuant to the Act, the following changes to the estate and gift taxes were introduced: For decedents dying in […]

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Compensation of Executor/Administrator as Self-Employment Income

Section 1402 of the Self-Employment Contribution Act of 1954 provides, in part, as follows: (a) NET EARNINGS FROM SELF-EMPLOYMENT.–The term “net earnings from self-employment” means the gross income derived by an individual from any trade or business carried on by such individual, less the deductions allowed by this subtitle [subtitle A] which are attributable to […]

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Types of Restrictive Covenants in Employment Contracts

Generally, there are three types of restrictive covenants that are used in employment contracts, namely, noncompete, nonsolicitation and nondisclosure provisions. Nonsolicitation provisions are a restrictive covenant that precludes an employee who has severed employment with the employer whether voluntarily or involuntarily from soliciting the employer’s customers, customers or other employees on behalf of the employee’s […]

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Electing out of the Application of the 2010 Federal Estate Tax

Electing out of the Application of the 2010 Federal Estate Tax The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, P.L. 111-312 passed on December 16, 2010 and enacted into law on December 17, 2010 retroactively reinstated the federal Estate tax for decedents who died during 2010, but allows the decedent’s estate […]

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Worker Adjustment and Retraining Notification Act

The Federal Worker Adjustment and Retraining Notification Act (“WARN Act”) (29 U.S.C. §2101 et seq.) and the Illinois Worker Adjustment and Retraining Notification Act (820 ILCS 65/ et seq.) govern permanent layoffs caused by plant closings and reductions in the workforce. The Illinois and Federal WARN Acts require employers to provide written notice at least […]

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IRS Private Letter Ruling – Electing to treat all interests in rental real estate as single rental real estate activity

IRS Private Letter Ruling – Electing to treat all interests in rental real estate as single rental real estate activity In IRS Private Letter Ruling No. 201117011 released April 29, 2011 (not to be used or cited as precedent under IRC section 6110(k)(3)), the Commissioner granted a taxpayer a 120 day extension to make an […]

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