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 [...]
1099s For Lawyers This is a guest post by Jill Ulett of Accounting Girl, LLC Although you are not required to send 1099s to corporations, there is an IRS requirement to send 1099s to all attorneys regardless of their corporate status. There are two different ways to complete the 1099 depending on how the attorney/firm was paid, and the [...]
