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Client Alerts
07.07.17
How the New Illinois Budget Will Impact Taxpayers
On July 6, 2017, the Illinois House followed the Senate and voted to override Gov. Bruce Rauner’s veto of the budget and tax increase bills. Senate Bill 9 raises $5 billion of revenue through a permanent income tax increase. The main two revenue raisers are the increases to the individual and corporate income tax rates.
06.28.17
New Illinois Employee Sick Leave Laws
The Chicago Paid Sick Leave Ordinance and the Cook County Earned Paid Sick Leave Ordinance both take effect on July 1, 2017. All employers in and around the Chicago-area, regardless of number of employees, are required to provide up to 40 hours of paid sick leave for every 12-month period of employment for covered employees. […]
01.04.17
Standard Mileage Rates Will Change Slightly in 2017
Optional standard mileage rates for use of a vehicle will change slightly for 2017, the IRS announced, with business use and medical and moving rates decreasing (Notice 2016-79).
11.30.16
Suspension of the Department of Labor’s Overtime Rule
If you weren’t quite ready for the new Fair Labor Standards Act (FLSA) rule regarding overtime pay, then Christmas may have come early! On November 22, a federal judge issued a nationwide injunction on the Department of Labor’s (DOL) new Overtime Regulation set to take effect on December 1, 2016 stating that the new rule […]
11.22.16
2016 Post-Election Tax Update
Any change in presidential administration brings the possibility — indeed the likelihood — of tax law changes, and the election of Donald Trump as the 45th President of the United States is no exception. During the campaign, President-elect Trump outlined a number of tax proposals for individuals and businesses. Keep in mind that a candidate’s proposals can, and often do, change over the course of a campaign and also after taking office.
11.10.16
2017 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service (“IRS”) announced 2017 cost-of-living adjustments for retirement and health & welfare plans, and transportation programs. Once again, the cost-of-living index did not change significantly this year. This means there were few changes to the IRS 2017 limitations as compared to 2016. The one significant change is to the FICA taxable wage base, which changes based on the average wage index.
09.20.16
Changes to Not-for-Profit Financial Reporting
On August 18, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-14 (ASU 2016-14) on Presentation of Financial Statements of Not-for-Profit Entities. ASU 2016-14 (the Update) represents the most significant changes to not-for-profit financial reporting since 1993.
07.01.15
Chicago Minimum Wage Increases as of July 1, 2015
As of July 1, 2015, the minimum wage in Chicago increases to $10.00 per hour. The minimum wage for tipped workers in the city also increases to $5.45 per hour. These increases are part of an ordinance that will see the minimum wage increase gradually to $13.00 per hour by July 1, 2019. All employers […]
12.04.14
2015 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service (“IRS”) announced 2015 cost-of-living adjustments for retirement and health & welfare plans, and transportation programs. Retirement Plan Limits Although several limitations are changing in 2015, one key limit will not change. The IRA contribution limitation remains the same. Notable 2015 annual limitations as compared to 2014 are as […]
02.11.14
Affordable Care Act Delayed Until 2016 for Mid-Size Businesses
CHICAGO -- On February 10, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued final regulations implementing the employer responsibility provisions under the Affordable Care Act (ACA) that take effect in 2015.