The CARES Act contains provisions that temporarily broaden unemployment assistance and tax rebates to cover more types of individual employees impacted by the Coronavirus pandemic who otherwise may not have been eligible for financial aid prior.
In addition to stimulus payments to taxpayers, expanded unemployment benefits for workers, and tax relief and loans for businesses, the CARES Act provides tax relief for individual taxpayers, including expansion of tax benefits for charitable giving.
While most of the CARES Act focuses on providing economic relief for businesses, certain provisions temporarily impact the rules for retirement plans and required minimum distributions.
COVID-19: Emergency Financial Assistance for Illinois Small Businesses In the wake of the coronavirus pandemic, the Illinois Department of Commerce and Economic Opportunity (IDCEO) has created three programs offering emergency financial assistance to small businesses. Under these programs, Illinois businesses with fewer than 50 employees can apply for low- interest loans and grants. The first program has an April 1st deadline, so…
Illinois Governor J.B. Pritzker has entered Executive Order 2020-10, which becomes effective March 21, 2020. With some exceptions, the Executive Order directs Illinois residents to remain at home and temporarily shutters many Illinois businesses. This Executive Order follows federal action that also affects Illinoisans and employers alike.
On March 14, 2020, the House of Representatives passed H.R. 6201, the Families First Coronavirus Response Act (“FFCRA”), after negotiation with the U.S. Secretary of Treasury. The Senate adopted the bill on March 18, 2020, which the President signed the same day. Under the terms of the legislation, the Act becomes effective no later…
The Denmark Tax Authority’s secret billion-dollar settlement in the dividend case with a group of New York backers is assessed by law and tax experts in the United States. Criticism from Lawrence Kamin partner Michael Wise and others is summarized in this TV2 News (Copenhagen, Denmark) article.
In December 2019, Congress enacted the Setting Every Community Up for Retirement Enhancement Act of 2019, or as it’s more commonly known, the “SECURE Act.” The SECURE Act took effect January 1, 2020 and changed many rules that govern your retirement plans and other tax deferred plans. As a result, changes may need to be made to…
As of January 1, 2020, numerous changes to the law regarding trusts took effect in Illinois. Herein, we are focusing on the one change we think clients should be most concerned about: A trustee’s duty to inform trust beneficiaries of the existence of the trust and providing them with financial records regarding the trust.
Chances are, you know someone who has been sued. Maybe that someone is you. The fact is, your enviable position as a successful business owner comes with a major downside: You are a potential target for lawsuits (some of which may be frivolous and unfounded) and other attacks that can wreak havoc on your…
