Effective January 1, 2019, Illinois has amended the Wage Payment and Collection Act to require all Illinois employers to reimburse their employees for expenses incurred while performing their jobs. For an employee to qualify for reimbursement, the following must apply: The employer must … [Read more...]
Should I Have A “Living Trust” Instead Of A Will?
Estate planning is something many people just put off, and try not to think about until they have to. However, there's a lot at stake. When you’re gone, you won’t be able to say anything about how your estate and your assets are divided up, and it’s not unheard of for a will to be contested by a … [Read more...]
Can A Living Trust Be Contested in Chicago, IL?
Estate planning is supposed to take care of all of your final affairs and make sure your family doesn’t have to suffer through months or years of probate, or watching the state take money and property from them if you’re without a will. Creating a Chicago IL living trust allows your property to … [Read more...]
Planning for Your Minimum Required IRA Distributions
If you turned 70 ½ last year and did not take a required minimum distribution, make sure you take one by April 1, 2019, and your second distribution (for 2019) by December 31, 2019. If you don’t take the required minimum distribution you could be subject to a 50% penalty on the … [Read more...]
Changes and Additions to 2018 Form 990 and Instructions
The IRS has made some changes and additions to the form 990 to reflect changes made under the Tax Cut and Jobs Act passed in December 2017. Here is a summary of changes you need to know about: Excise tax on Executive compensation, part V. New section 4960 imposes an excise tax on an … [Read more...]