Tidbits from the Law – April 2012

The following are some new items about the law that we thought that you might have an interest in: …The IRS has targeted gift tax returns to determine non-compliance. In particular, they are focusing on real estate transfers between related parties that do not have adequate consideration for the transfer. According to a report in […]

Tidbits from the Law – January 2012

…Congress extended the temporary payroll tax cut that was done in 2011, which reduced the 6.2 percent social security tax to 4.2 percent of wages. This extension runs from January 1, 2012 through February 29, 2012. …Here are some predictions on tax issues, especially those tax laws that are set to expire in 2012: A) […]

Tidbits from the Law – June 2011

June 2011 The following are items in the law that we thought you might have an interest in: … The Internal Revenue Service and the U.S. Department of Labor have plans to audit thousands of companies, including small businesses, for possible misclassification of workers as independent contractors instead of employees.  By classifying a worker as […]

Tidbits in the Law – May 2011

May 2011 The following are items in the law that might be of interest to you: . . .Sometimes one of your neighbors whose property abuts yours may be using a portion of your property.  It may be that you did not know that part of your neighbor’s driveway is actually on your property or […]

Tidbits in the Law – January 2011

January 2011 The following are items that we thought might interest you: …The new tax law, called The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, provided a number of changes to deductions for small business owners, college students and teachers. As a result, it may be mid to late February for […]

Tidbits from the Law – November 2010

November, 2010 The following are items that may be of interest to you: …When you make a charitable contribution, in order to deduct that contribution, the charity must qualify as a Section 501(c)(3) charity. There was a provision in the Pension Protection Act of 2006 that stated that any exempt organization that does not file […]

Tidbits From the Law – September 2010

By Denice A. Gierach September 2010 The following items may be of interest to you: … Many of you have heard of “Cash Dash”, which is a program that the State of Illinois has established to post abandoned bank accounts and other property on a website and in the newspapers to hopefully find its rightful […]

Tidbits from the Law – June 2010

The following items may be of interest to you: . . .You may recall that in 2009 you were not required to take distributions from your IRA’s, Roth IRA’s and defined contribution plans due to the one year moratorium that Congress included in the law under the Worker, Retiree, and Employer Recovery Act. This year, […]

Tidbits from the Law – May 2010

By Denice A. Gierach – May 2010 The following are items that may be of interest to you: …If you have a student going to college, consider the relief provisions for borrowers grappling with student loan debt through the federal income based repayment programs. These programs only apply to government backed loans. The current program, […]

Tidbits from the Law – October 2009

October 2009 By Denice A. Gierach Here are some new items in the law that you may have an interest in: . . .The Illinois Supreme Court ruled in a unanimous decision that a husband and wife could legally disinherit any grandchildren who married outside the Jewish faith as long as the method of doing […]