• Benefits Bulletin

    New Law Promotes ESOPs and Expands Benefits for S Corporations


    1/26/23

    Signed into law at the end of 2022, the SECURE 2.0 ACT of 2022 includes provisions that, in general, favor and promote employee ownership through Employee Stock Ownership Plans (ESOPs).

    ESOPs have long been favored in legislation on a bipartisan basis, and it seems that entrepreneurs and business owners will be able to count on their availability to use as a unique succession planning tool.

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  • Property Tax Insights

    Repealed personal property tax can have real consequences for business owners

    James W. Chipman
    10/4/18

    Before Illinois’ personal property tax was abolished, both real and personal property were assessed and taxed the same. Nobody cared if property was called “real” or “personal.” But when the tax on individuals was eliminated in 1970 and its corporate counterpart was phased out nine years later through a constitutional amendment, classifying property as real or personal suddenly became a big deal. Since then, only real property has been taxed.

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  • Property Tax Insights

    Corporations need property tax attorneys, too

    James W. Chipman
    9/12/18

    A corporation is considered a person under the law, albeit an artificial one. It sounds like an odd concept, but it’s been around for a while. Odder yet is that corporate personal rights exist and are expanding. Pro se or self-representation is a right that’s as old as our Constitution. In the property tax appeal process, an individual can always represent themselves, but does the same rule apply to a corporation? It depends.

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