Observations on Cook County’s Soda Tax From a Naperville Business Law Attorney

Last month, a controversial new policy went into effect in Cook County, and consumers throughout the region are a bit unsure what to make of it. The new policy introduced a countywide tax on sweetened beverages in the amount of $0.01 per ounce sold, making the cost of soda in Cook County among the highest […]

A Look at the IRS Tax Probe into Facebook From a Naperville Business Lawyer

In 1789, Benjamin Franklin penned a letter to a French scientist named Jean-Baptiste Le Roy in which he observed, “Our new Constitution is now established, and has an appearance that promises permanency; but nothing in this world can be said to be certain, except death and taxes.” While Ben Franklin was not the first person […]

“Fair Tax” Could Extend Some Relief to Illinois’ Small Businesses

The effects of the 2008 economic downturn can still be seen throughout the state of Illinois. No sector has been as toughly hit as local area small businesses. However, progressive tax amendments proposed in Illinois could have wide reaching implications, that could even decrease small businesses tax liability. Many believe that these progressive tax amendments […]

The Small BREW Act May Provide Tax Relief to Local Breweries

Illinois’ local brewery business is booming. In the last few decades local beer brewers have emerged as some of the region’s most successful small businesses. Many of these local brewers ship their beers across the country, while also maintaining a local presence through flagship restaurant locations throughout the state. State legislatures are acknowledging the positive […]

The Debate Over LLC Filing Fees in Illinois

Within Illinois, limited liability corporations (“LLCs”) are a business structure used by many small business owners and entrepreneurs. The Illinois Secretary of State reported that in 2012 over 29,000 businesses in the state filed under LLC status, which was 2,000 more than the previous year. LLCs allow businesses to avoid corporate taxes, while also shielding personal […]

Changes in the Tax Code For Businesses in 2014

The end of the year is always a time that business owners find themselves scrambling to make sure everything is in order. There are year-end bonuses to consider, new laws to plan for, and, of course, taxes to think about. 2013 was a big year for business owners when it came to tax considerations. One […]

Common Tax Write-Offs for Business Owners

Owning a small business has many advantages, not the least of which is the fact that business ownership can result in a decreased tax burden. Depending on the type of organization you have set up, you may be able to take advantage of one or more of the following common deductions for business owners: Business […]

Bill Pushing for Business Tax Transparency Passes State Sentate

A bill passed by the Illinois State Senate would make public the tax data of all publicly traded companies. Senate Bill 282 narrowly passed the Senate by a vote of 30-27 and now heads to the House. Business interests say the bill, which would disclose (two years after filing) a qualifying company’s tax liability before […]