Succession Planning: The Estate Plan for a Business

The Internal Revenue Service is issuing automatic payments to eligible people who did not claim a Recovery Rebate Credit on their 2021 tax returns. The payments are in follow up to an IRS announcement last month of the intent to take this special step. The IRS took this step after reviewing internal data showing many eligible taxpayers who filed a return but did not claim the credit. The Recovery Rebate Credit is a refundable credit for individuals who did not receive one or more Economic Impact Payments (“EIP”), also known as stimulus payments.

The Fair Labor Standards Act (FLSA) establishes federal minimum wage and overtime pay requirements, with exemptions for employees in bona fide executive, administrative, professional, computer or outside sales roles. 29 U.S.C. § 213. Employees classified as "outside sales" must primarily engage in making sales or obtaining contracts for services or the use of facilities, and they must conduct their work primarily away from their employer’s place of business. 29 C.F.R. § 541.500.

Amendments to BIPA SB 2929 became effective on August 2, 2024. Codified as 740 ILCS 14/10 and 14/20, this Act introduced two pivotal changes to BIPA that dealers should be aware of: • Limiting Per-Scan Damages: The amendments clarify that a single violation under BIPA accrues per type of violation, rather than per scan. This significantly reduces the financial exposure for dealerships. • Electronic Consent: The amendments formalize electronic signatures as a valid means of securing biometric consent, streamlining compliance processes for businesses.

The National Taxpayer Advocate recently released her annual report to Congress. A few highlights from the report are summarized in this article.

Nearly 300 New Illinois Laws are going into effect in 2025. Listed below are some that may have a significant impact on you or your business.

As we say farewell to 2024, we’re excited to look back on the unforgettable moments from our Koozie Challenge! From the frozen wonders of Antarctica to the excitement of the Paris Olympics, and countless incredible destinations in between, the Lavelle Law koozie truly went the distance this year! A big thank you to our clients, staff, family, and friends who took part in the fun. Here’s to even more adventures in 2025! Happy New Year from Lavelle Law!

Schaumburg-based Lavelle Law wrapped its annual food drive benefiting the Schaumburg Township Food Pantry. During the month of October, Lavelle Law set up collection boxes around Schaumburg and the surrounding area, where residents and workers could drop off nonperishable food items, paper goods, personal care items, baby food and diapers. Participants could also make cash donations online.

Because of the timing of the recent injunction, FinCEN is instituting an extended deadline beyond the original one of 12/31/24. The new deadline for existing reporting companies is now 1/13/25. If your company has not yet filed its initial FinCEN BOIR, please contact Attorney Frank Portera.

Join us for an informative seminar on New Year, New Laws as Illinois implements nearly 300 new laws in 2025, many of which impact employment practices. Led by Lavelle Law attorney Lance Ziebell, this session will provide valuable legal insights into these major changes and offer strategies to ensure compliance. Participants will learn how to protect their businesses from potential employee claims, contract disputes, and other legal challenges. This free seminar is a must-attend for business owners, managers, HR professionals, and advisors. Don't miss this opportunity to stay ahead of legal updates and safeguard your business.