Naperville Business Attorney Talks About Charitable Giving for Your Company

As a business owner, you assume a number of obligations to your staff, your creditors, and your customers. In many ways, you also have a responsibility to yourself, ensuring that your efforts are properly directed and aimed at increasing efficiency, success, and profitability. In addition to all of these concerns, you also probably recognize the […]

The Confusion Regarding Corporate Tax Payments in Illinois

At the end of January, Illinois Speaker of the House Michael Madigan submitted a proposal aimed at cutting the corporate income tax in half. This move has been viewed somewhat pessimistically because three years before, Madigan was responsible for substantially increasing the income tax rate for Illinois companies. However, over the past year, Madigan has […]

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 […]

Investment Advisor Indicted for Fraud

According to the Chicago Tribune, on May 2, 2012, Dimitry Vishnevetsky, a Chicago investment adviser, was indicted on nine counts of misappropriating 1.5 million dollars from investors. The lawsuit claims that Vishnevetsky was engaged in a scheme from 2006 to 2012 to defraud investors; he used the money given to him by the investors for personal […]

Pending Legislation Would Require Corporations to Annually Disclose State Income Tax Liability

The Chicago Tribune reports that a proposal currently pending in the Illinois Senate would mandate publicly traded corporations subject to Illinois income taxes to publicly disclose their state income tax liability each year. Traditionally, corporations do not make such disclosures. However, in order to protect corporate information, the disclosures would not occur until two years after the end […]

U.S. Senate to Vote on Minimum Income Tax Rate for Millionaires

The Chicago Tribune reports that the so-called “Buffett Rule” is coming before the U.S. Senate today for a vote. While there is strong public support for the bill, which would impose a minimum 30% tax on those individuals whose adjusted gross income exceeds $1 million, Republicans are uniformly against the law, and the proposal is […]

State of Illinois and Non-Profit Hospitals Dispute Property Taxes

The Illinois Constitution provides that property used “exclusively for….charitable purposes” are subject to certain property tax exemptions. Yet, until the Illinois government withdrew Provena Covenant Medical Center’s tax exemption in 2004, that clause was rarely enforced. The state’s revocation of Provena’s exemption (based on their insufficient level of charity care) marked the start of years-long […]