Income Tax Basis Issues as They Relate to S Corporation Shareholders

Income tax basis issues as they relate to S Corporation shareholders require an awareness that if overlooked can cause unexpected tax results for the S Corporation shareholders. When an S Corporation shareholder receives his or her annual K-1, a shareholder basis schedule must be included so that the tax preparer can properly report the shareholder's pro rata share income or loss from the S Corporation. In this podcast, attorney Steve Migala and his guest, David Diamond, a CPA and Partner with Kutchins, Robbins & Diamond, discuss these important tax issues and explain how to avoid increased federal and state income taxes, penalties and interest upon IRS audit.

  • S Corporation
  • shareholder
  • income tax
  • shareholder basis
  • debt
  • stock

Hassle Removed: Why Small Businesses Should Consider Using a Payroll Service.

One of the most common issues small businesses face is penalties, time lost, and hassles associated with calculating, paying, and filing required tax forms for payroll. Using a payroll service is a surprisingly affordable solution to this problem. In this podcast, attorney Jim Voigt and his guest, Stephanie Roadman Lange from Paychex, discuss why using a payroll service can save you time and money, and makes good business sense.

  • payroll
  • taxes
  • small business
  • 941
  • penalties and interest

The Recent Supreme Court DUI Decision

In June, the Supreme Court issued a decision involving warrantless search of DUI arrestees in the form of breath tests and blood draws. In this podcast, attorney James Doerr highlights the decision itself and the possible impact it will have on Illinois drivers.

  • DUI
  • blood draws
  • breath tests
  • breathalyzer
  • search warrants

Get it in writing: Especially with Family and Friends!

Getting agreements in writing isn’t just about winning a lawsuit someday in the future. It’s actually about avoiding the lawsuit in the first place, which is especially important with family and friends. Learn how to get it right, without offending those close to you from attorney James Voigt.

  • written agreements
  • disputes
  • family business
  • shareholder
  • startups

“I Know I’m Guilty, How Can a Lawyer Help Me?” - Negotiated Plea Agreements

The majority of charged defendants will either enter a plea of guilty or be found guilty by the Court. How can an attorney help in this situation? Accomplished criminal defense attorney James Doerr answers this and many other questions in this inaugural podcast of a new series, LIBERTY and the LAW.

  • negotiated plea agreements
  • guilty pleas
  • sentencing
  • sentencing hearings
  • factors in mitigation
  • aggravating factors

Faxes and the Telephone Consumer Protection Act

What can and can’t you fax under the Telephone Consumer Protection Act? Who can you send faxes to and when? In this podcast, these questions and more are answered by attorney Lance Ziebell.

  • fax
  • junk fax
  • penalties
  • ACT
  • telephone consumer protection act

Social Media Marketing for Professional Service Businesses

In this podcast, attorney Kerry Lavelle and Daily Herald business writer Jim Kendall explore how a professional service firm can use social media platforms to enhance their practices.

  • linkedin
  • Facebook
  • social media
  • marketing
  • professional services
  • accounting
  • attorney
  • lawyers
  • financial consultants
  • insurance

Organizing a Tax-Exempt Entity

For anyone interested in establishing charities and other organizations that are exempt from federal and state taxation, it is important that they understand the steps they must take at both the federal and state level to obtain their exemption from income taxation, and retain that exemption. In this podcast, attorney Joshua Nesser discusses these steps and explains the process of obtaining tax exemption.

  • 501(c)(3)
  • charity
  • tax-exempt
  • IRS

Complying with the FDA's Food Safety Modernization Act (FSMA)

The final ruling on one of a seven part rule proposal, the Food Safety Modernization Act, focuses on keeping food safe during transportation. The rule applies to shippers, loaders, and carriers by motor or rail vehicles, with Third Party Logistics (3PLs) potentially falling under the definition of shipper. In this podcast, attorney Christopher Williams explains the FSMA, its impact, and when you need to be compliant.

  • FSMA
  • 3PL
  • FTS
  • trucking and freight transportation
  • logistics

The Case Against Texting and . . .Walking?!

In 2008, Illinois attempted to pass a bill that would have made crossing the street while using a cell phone subject to a fine. Although the bill did not pass, the case against distracted walking may have a moment of resurgence. Currently, a representative from New Jersey is proposing similar legislation to the New Jersey Assembly which would make it a crime to text while walking. In this podcast, attorney Sarah Flohr discusses a similar law proposed in Illinois.

  • texting
  • walking
  • distract
  • government overreaching
  • dunkin
  • pedestrian safety act