How Can Generative AI Assist Your Business? What is generative artificial intelligence, embedded in applications such as ChatGPT?  How could it help your business?   What pitfalls should you avoid.  What policies should you craft around it? This is no longer science fiction.  AI has become a reality and every business will be impacted by its use and application and your business must get on board with dealing with it and using it ..read more

Antitrust Lawsuit National Association of Realtors Decades-old norms regarding Realtor commissions and other policies surrounding home buying and selling have been swept away by the March 15 court settlement between the National Association of Realtors and groups of homeowners who filed suit against the realtors’ group arguing that home buyers should pay their agents’ commissions directly and  – most significantly – be able to negotiate that fee. As a result of the settlement – which is still subject to the approval of the judge overseeing the case – the standard 6% commission on a home ..read more

Corporate Transparency Act While Congress might have had worthwhile purposes in passing the Corporate Transparency Act, a section of the 2021 National Defense Authorization Act, it’s nonetheless unconstitutional, according to a federal judge’s summary judgment ruling in an Alabama case brought by the National Small Business Association (NSBA). The Act requires most entities incorporated under state law to provide the U.S. Treasury Department’s criminal enforcement arm with significant personal information about their stakeholders, in an attempt to prevent money laundering, tax evasion and ot ..read more

Employee or Freelancer? Is a person who works for your business financially dependent on you, or can they potentially independently profit based on their skill set? Will they be part of your company indefinitely? Do they perform a central, daily, integral role? Do you dictate when, where and how they work? Do you limit their ability to work for others? Can the person apply what they do to other endeavors, widening their market reach and leading to other revenue streams? Small businesses and other employers will need ask themselves this set of questions and consider the “totality of the circu ..read more

Looking for a reason not to use a cryptocurrency exchange account? If you are looking for a reason to use a cryptocurreny exchange account, you may now have a reason not to use one.....or at least check out the terms and conditions of the exchange. One thorny question has arisen and needs the attention of everyone using an exchange account ..read more

Did you know that according to recent statistics, a significant percentage of adults still don’t have a will in place?  Here’s a glimpse into the current state of estate planning: 1. Widespread Gap: Surprisingly, approximately 60% of adults worldwide do not have a valid will. This means the majority of individuals are yet to formalize their wishes regarding asset distribution, guardianship, and more. 2. Age and Preparedness: Studies indicate that the younger demographic tends to procrastinate on estate planning. About 78% of millennials and 64% of Generation X don’t have a will, assuming ..read more

Starting on January 1, 2024, most employers in the will be required to provide five days of paid leave for any reason. Thanks to an City Council ordinance passed earlier this month by a 36-12 vote, Chicago employers will have to double that amount, including five sick days and five vacation days, under one of the most sweeping employee leave laws in the U.S. The ordinance, which new Mayor Brandon Johnson described as “a step towards equity in the workplace,” also mandates that when workers depart their positions, companies with more than 100 employees will have to pay out as many as seven days ..read more

Tax Implications When Leaving a Partnership When a partner leaves a business, the resulting transaction can take the form of a payment to the retiring partner to redeem his or her share of the business, or a sale of that share of the business to the remaining partners. Either way, the person who leaves obtains cash or property while the partners who remain increase their share of the assets on a proportional basis. While the end result appears to be the same, however, the tax implications can be quite disparate. When the retiring partner receives a redemption payment, Section 736 of the Inte ..read more

Transit Benefits Required for Illinois Employers Another wrinkle for employers in the Chicago area. Businesses located in the six-county Chicago area near public transit routes operated by the Regional Transportation Authority (RTA) that have at least 50 employees will be required as of Jan. 1, 2024, to provide their full-time employees with pre-tax public transit benefits ..read more

Long-Term Temps to be Paid Like Employees Both Illinois employers that contract with temporary labor service agencies, and those agencies themselves that do business in the state, should review staffing contracts and ensure compliance with relevant policies and procedures under amendments to the Illinois Day and Temporary Labor Services Act signed by Governor J.B. Pritzker, which took effect immediately. The amendments to HB 2862 hold that temporary workers assigned to a third-party client for more than 90 days are entitled to wages and benefits—or the cash equivalent of benefits—equivalent ..read more