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Event

Hot Topics in State Taxation

(co-presenter) Annual State Tax Meeting, Detroit and Western Michigan Chapters of the Tax Executives Institute, East Lansing, Mich.

Event

Letters of Intent and Other Preliminary Considerations

2015 Acquiring or Selling the Privately Held Company Seminar

Location:
Chicago, Ill.
Event

The Engaged Beneficiary: What You Need to Know

Family Office Exchange Rising Gen Forum

Location:
Chicago, Ill.
In The News
Article

New Chicago Restaurant Opens to Rave Reviews

Schiff Hardin’s Bill Franzen had worked with Meg Sahs for years, advising her on estate and tax planning matters. Then Meg reached out to Bill for help on a new type of project: she was launching a new restaurant with business partner and celebrity chef Sarah Grueneberg.

News Release

Schiff Represents Wealth Adviser Gary Hirschberg in Launch of Aaron Wealth Advisors

Schiff represented veteran wealth adviser Gary Hirschberg, who spent the last 12 years at Goldman Sachs advising multi-generational families on taxation issues and philanthropy, in the launch of a new independent wealth management firm called Aaron Wealth Advisors.

Newsletter
Newsletter
Newsletter
Trending Legal Issue
Alert

Colorado’s Use Tax Notification Statute May Become a Model for Other States

Earlier this month, the Supreme Court declined to hear an appeal challenging Colorado’s use tax notification statute. This decision could inspire other states to impose similar notification requirements on out-of-state vendors.

Alert

Illinois Angel Investment Credit Program Expires in 2016

Heads-up, Illinois early-stage companies and investors: time is running out to take advantage of the Illinois Angel Investment Credit Program, which is scheduled to expire on December 31, 2016.

Trending Legal Issue

3.0 Model Debenture SBIC Ltd Partnership Agreement Now Available

The SBIC has posted Version 3.0 of its Model Debenture SBIC Limited Partnership Agreement.

Alert

The First Federal Civil Trade Secrets Law Is Now Effective

Trade secrets now enjoy the same type of federal protection afforded other forms of intellectual property, like trademarks, copyrights and patents.

Alert

6 Ways to Strengthen Your Boilerplate NDAs

Many companies rely on boilerplate confidentiality provisions to protect their trade secrets and other sensitive business information.

Alert

Are the Meals You Provide to Your Employees Fully Deductible?

Most businesses know that the tax code generally allows them to deduct from income all “ordinary and necessary” expenses incurred in running the business.

Alert

New Laws and Lessons for Employers After Trump's First 100 Days (Podcast)

In this 20-minute podcast, Schiff Hardin attorneys Henry Sledz and Lauren Novak discuss important changes during the Trump Administration’s first 100 days that could hurt or help employers

Alert

New Pass-Through Deduction Presents Tax Planning Opportunities for Pass-Through Owners

The Tax Cuts and Jobs Act (the “Act”) will dramatically change the tax treatment of income from many partnerships, limited liability companies, and S corporations.

Alert

Qualified Opportunity Zones: An Introduction to New Opportunities under the 2017 Tax Cuts and Jobs Act

The IRS and Treasury Department issued proposed regulations that explain how investors can take advantage of the statute’s unique opportunity for deferral and exclusion of capital gains taxes by investing in designated distressed communities or QOZs.

Alert

Attorney-Client Privilege in Illinois Ownership Disputes: Accessing Privileged Documents

Business divorces are often messy. Those who individually or collectively control a private business sometimes seek to force out owners of non-controlling shares.

Alert

Attorney-Client Privilege in Illinois Ownership Disputes: Protecting Privileged Documents

This post explains steps that Illinois LLCs and their majority members can take to protect otherwise privileged communications from disclosure to minority members in advance of and during litigation.

Alert

Attorney-Client Privilege in Ownership Disputes: Illinois Corporations and Other Jurisdictions

This post explains the rules that apply to Illinois corporations and business entities organized in other jurisdictions.

Alert

Changes Proposed to Paycheck Protection Program in Newly Passed House Bill

The U.S. House of Representatives earlier today passed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020, in a 417-1 bipartisan vote.

Alert

Continuing Business Operations Under Statewide “Shelter in Place” or “Stay at Home” Orders

As of this alert, governors from California, New York, and Illinois have issued “shelter in place” or “stay at home” orders requiring all residents to stay at home, subject to certain exceptions, in response to the COVID-19 pandemic.

Alert

Four Considerations When Entering Into a 50/50 Business Relationship

Unlike businesses with a single controlling owner or several owners, a 50/50 business by its very nature is ripe for disagreement between its owners. Owners of a 50/50 business will need to proactively consider how to handle disagreements when setting up their business venture and drafting their operating agreement, shareholders agreement, or partnership agreement.

Alert

Illinois Announces Two-Month Sales Tax Payment Relief for Small Bars and Restaurants

On March 19, 2020, as part of the State of Illinois' efforts to combat disruptions caused by the coronavirus pandemic, the Illinois Department of Revenue announced that it is waiving for two months all penalties and interest that would be imposed on late payments by registered Illinois retailers operating small eating and drinking establishments for sales tax liabilities that are due for the February, March, and April 2020 reporting periods.

Alert

IRS Delays Tax Payment Deadline, But Be Certain to File on Time

U.S. Treasury Secretary Steven Mnuchin announced today that individual taxpayers can defer federal tax payments of up to $1 million for 90 days.

Alert

IRS Formalizes Tax Filing Deadline to July 15

Late on Friday, the IRS formalized U.S. Treasury Secretary Steven Mnuchin’s announcement earlier in the day regarding the extension of the tax filing deadline to July 15 by issuing Notice 2020-18, which contains several important clarifications.

Alert

IRS Guidance: No Tax Deductions Allowed for PPP-Paid Expenses

On April 30, the IRS released guidance providing that Paycheck Protection Program (PPP) loan borrowers may not deduct costs that are paid for with loan proceeds that are forgiven under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Alert

IRS Updates Operational Status and Introduces People First Initiative (and Illinois Extends Tax Filing and Payment Deadline)

Earlier this week, the IRS released updates on the status of its operations as the COVID-19 outbreak continues and also on the IRS’s new People First Initiative. In addition, Illinois extended its tax filing and payment deadline (but not the deadline to make estimated tax payments) to match the IRS July 15 deadline.

Alert

Minority Shareholders: Seek These Rights Early On

Minority owners of a business face unique challenges. With limited or no control over the management and governance of a business, minority owners can be unfairly left in the cold or squeezed out. However, deliberate preparation and negotiation at the initial stages of the business can set up minority owners with the necessary tools to eliminate or reduce many of these difficulties and even avoid future conflict.

Alert

Qualified Opportunity Zones, the Final Regulations: What’s New, What’s Changed, and What’s Stayed the Same

On December 19, 2019, the U.S. Treasury Department (Treasury) and the Internal Revenue Service (IRS) released the final regulations relating to investment in Qualified Opportunity Zones (QOZ).

Alert

Senate Approves Additional Funding for Small Businesses

Earlier today, the U.S. Senate passed a bill appropriating additional funding to the Paycheck Protection Program, which ran out of funds in the middle of last week. The House is expected to pass the measure on Thursday, after which President Trump is expected to sign it into law.

Alert

Treasury Secretary Extends Tax Filing Deadline to July 15

In a tweet this morning, U.S. Treasury Secretary Steven Mnuchin announced that the IRS is extending the tax filing deadline from April 15 to July 15.

Alert

UPDATE: Continuing Business Operations Under More Statewide “Shelter in Place” and “Stay at Home” Orders

Since last week when we wrote about the “shelter in place” and “stay at home” orders issued in California, New York, and Illinois, many more states have issued similar orders. The general discussion from our prior alert still applies, but below is an up-to-date list of the states that have adopted the stay-at-home approach to fighting the spread of COVID-19.

Alert

What the Stay-At-Home Executive Order Means for Michigan Businesses

Michigan Governor Gretchen Whitmer today issued Executive Order 2020-21, imposing a mandatory stay-at-home regime throughout Michigan, taking effect at midnight on Monday, March 23, and lasting through April 13 at 11:59 p.m.