PLLC owners must get an IDFPR login to register their business with the department, in addition to their personal registration. The IDFPR started cracking down on PLLCs a couple years ago. The registration process is obscure and hard to navigate, and help is hard to find. So, you have a new PLLC. Congratulations! Whether you just formed it [...]
On July 1st, two of Chicago’s municipal ordinances will see scheduled updates. The city’s minimum wage will increase. Certain employers will have to post schedules two weeks in advance. July 1st Employment Law Updates July 1st will bring a couple of important legal changes for employers in Chicago, when a couple of municipal ordinances have updates scheduled to take [...]
S-Corp taxes recently changed in Illinois. The state legislature recently passed SB 2351, a corporate tax reform law, that has significant ramifications for S-Corporations (“S-Corps”). Before diving into the law and why it matters, we should cover some background information. What Is An S-Corp? An S-Corp is a sub-type of the classic corporate entity structure, often referred to as [...]
In 2022, several new laws went into effect in Illinois that could impact your business. In this blog post, we will dive into each of those new laws and how they may affect you, although this is not an exhaustive list of every law effective this year. If you have any questions about what these laws mean for your [...]
S Corps may seem complex, but they are actually a quite simple tax designation. Not all small businesses will benefit from an S-Corp designation, and the decision to file as one is very individualized. If filing as an S Corp is right for your company, it is not a complicated process; just follow the timeline! https://www.youtube.com/watch?v=JfQ9MHXHo-s [...]
