New Questions on Federal Business Income Tax Returns for 2011
All 2011 federal business tax return forms have two new questions for 2011. We will need to answer these questions properly on all business tax returns we prepare, so we would like you to be aware of the requirements for filing Forms 1099.
Attorney Beware - Business Valuation in the Current Economic Climate
With 2009 being one of the worst economic times in most of our lifetimes, we now have to ask ourselves an interesting question. When you ask an expert to prepare an opinion of value for a closely held entity owned by your client, "Is it still business as usual"?
What To Do When Your Valuation Experts Disagree
It's not uncommon for valuation experts to disagree on the value of a company, particularly in a divorce setting. When this happens, an attorney is often left with one of two options: attempt to compromise somewhere between the two expert's different values or, aggressively fight for your expert's opinion of value.
Changes in Lease Accounting Practices Are On The Horizon
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working together to merge generally accepted accounting principles (GAAP) with international standards. One major piece of the puzzle is accounting for leases.
2011 Mid-Year Tax Planning
As we approach the mid-point of 2011, it is once again time to talk about tax planning. Many people focus their tax planning strategies on the end of the tax year, when they make decisions such as whether to defer or accelerate income and what deductible expenses to pay before Dec. 31. However, some savvy taxpayers plan their actions with sufficient lead time to advantage of tax-saving opportunites.
Holiday Parties May Boost Morale but Lawsuits can be a Buzz Kill
We are quickly entering the festive holiday season and even with a muted economy many companies are offering holiday parties, albeit often times on a scaled back version. While holiday parties are great for morale and foster a renewed sprirt of camaraderie, companies still need to be mindful that winter frolic and festivities can lead to spring filled frivolous law suits.
Historic Worker's Compensation Reform Legislation Signed into Law June 28, 2011
On Tuesday June 28, 2011 Governor Quinn signed historic the historic overhaul reform legislation to the Workers Compensation system into law. The goal and hope of the legislative reforms are to make Illinois more attractive to the business community and stem the flow of businesses leaving the state.
A Troubling Prognosis - Extra care needs to be taken when letting go an employee who has given notice of need for FMLA leave
On October 18, 2011 the United States Court of Appeals for the Seventh Circuit reversed a U.S. District Court's decision to grant an employer-defendant's motion for summary judgement in a case involving alleged discrimination and retaliation in violation of the Family and Medical Leave Act ("FMLA").
2011 Year-End Tax Planning
As the end of 2011 approaches, now is a good time to start year-end tax planning to minimize your individual and business tax burden. Generally, year-end tax planning involves considering at least two years - in this instance, 2011 and 2012. With tax changes on the horizon, you should consider the likelihood of future changes. Tax planning is a dynamic process and is best accomplished with forethought and assistance from your tax adviser.
Recess Appointments Made at the NLRB
On January 4, 2012 President Barack Obama recess-appointed two Democrats and one Republican to the National Labor Relations Board. These appointments created a quorum and allow the NLRB to function in 2012, at least until the challenges hit the court room door. President Obama named staunch pro-union advocate Democratic lawyer Richard Griffin (General Counsel to the IUOE), Democratic Labor Department official and union activist Sharon Block, and Republican lawyer Terence Flynn to the Board.
