By now, we are sure that you are aware of the considerable discussion in the media about Congress wanting to in large part revise a number of favorable tax laws. Congress has recently taken steps to make changes a reality through a new and pressing series of proposed tax law changes with the “Build Back Better Act” (the “Act”) that is making its way through the legislative process in Washington, D.C. New tax laws might be enacted, if at all, as early as mid-November but possibly by late December.

The following is a summary of some of the more significant changes in Illinois law on state taxation enacted by the Illinois Legislature in its 2021 session.

As of Thursday, April 16, 2020, the nearly $350 billion allocated to fund the Payroll Protection Program (“PPP”, previously discussed in detail here) had been entirely committed. According to the American Bar Association, the Small Business Administration is no longer taking applications, and will not allow new applications to be placed in a queue.

While we are following Governor Pritzker’s order to stay at home, our firm is still working. Because we have received many questions in the last few weeks, we want to reach out to you to provide a few reminders and tips.

On March 27, 2020, President Donald Trump signed the Coronavirus Aid Relief and Economic Security Act (“CARES Act”) into law. The law includes significant aid for small businesses and individuals affected by the novel coronavirus and the surrounding economic consequences.

On March 26, 2020, Illinois Governor Pritzker issued Executive Order 2020-14. In response to the risk of in-person contact necessary in the notarization and witnessing of documents, the Executive Order allows notaries and witnesses to carry out their respective duties through video-conferencing.

In Notice 2020-18, the Internal Revenue Service announced Federal income tax return filing and payment relief by moving the due date for filing certain returns and paying the related taxes from April 15 to July 15. The Service has released an FAQ that offers guidance as to which tax returns (and their related payments) are eligible for this relief, which may be accessed here.

On Tuesday, March 17, 2020, Secretary of the Treasury, Steve Mnuchin, speaking at a coronavirus news conference, announced that the government will be deferring required 2019 income tax payments for 90 days, penalty-free.

Golan Christie Taglia is proud to announce seven firm partners were recognized in the December 2019 issue of Chicago Lawyer Magazine.

What is estate planning all about? It is a process by which a person creates a structure for the management and distribution of wealth during lifetime and after death in the manner which carries out his/her wishes.

There is a noticeable increase in news reports about individuals who take advantage of elderly persons with whom they have a trusted relationship. In many cases, these individuals are caregivers who have developed a close, almost familial relationship. The situation can be complicated if the elderly person has a diminished ability to understand the motivation of the trusted individual.

The United States Supreme Court recently handed down two landmark decisions relating to the treatment under the law of same-sex couples.

Estate planning professionals are finding that clients are becoming increasingly connected with two or more states, either by maintaining residences or investment property in multiple jurisdictions.

Over 50% of the population does not have any estate plan. Not a will. Not a trust. Nothing. Further, of those people that have done some planning, what they have is in many cases out of date or has not been fully implemented.

A qualified employee benefit plan (e.g. Pension, Profit Sharing, 401(K) and 403(b) plans), protects the value of an employee’s account because it is exempt from the claims of creditors, including a trustee in bankruptcy. This benefit has also been extended to Individual Retirement Accounts (IRAs), although in bankruptcy, the exemption is limited to $1,000,000. Creditor protection applies to IRAs which hold funds that were “rolled over” from a qualified Pension, Profit Sharing, 401(K) or 403(b) plan. Finally, an IRA in which a spouse is named as a beneficiary is creditor protected since the spouse has the right to roll over the funds into his or her own IRA.

Illinois has recently joined a growing number of states which allow same-sex couples (and opposite-sex couples who have elected not to become married), to have the same rights and obligations as couples who are married, by entering into a Civil Union.

Historically, most estate plans revolved around the nuclear family structure of husband and wife who were married for the first time and children that were born of that marriage. Over the course of the last 20 plus years, divorce rates have increased, more opposite-sex couples are opting to live together without getting married and there is a greater awareness of same sex couples who are committed to each other. In these situations, the traditional approach of estate planning is not always appropriate.