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We are so excited to share Buckley Fine’s Ribbon Cutting Ceremony which took place on May 13th. It was a beautiful spring day in Barrington, IL, where the entire firm came together with the Barrington Chamber of Commerce to commemorate our new location in downtown Barrington. You can catch the event again here.
As the season begins to change and warmer weather is on the horizon, it is the perfect time to do some spring cleaning– organizing and updating your home – but don’t forget to do the same with your estate plan! No one enjoys planning for death and disability, but it is important to review your plan periodically (or create one if you don’t have one!) to ensure that your wishes are properly reflected and your family is prepared to act when needed.
Asset protection, sometimes referred to as enhanced estate planning, utilizes contemporary techniques with historical roots to protect assets from potential risks. This proactive planning reduces exposure to judgements resulting from unwarranted, frivolous litigation. Perhaps most importantly, when done properly, it provides significant peace of mind.
Selling or buying a business can be one of the most important financial and emotional events in a business owner's lifetime. Such a significant transaction should be planned for well ahead of time so all circumstances can be considered and there is time to implement strategies that could increase the desirability and marketability of the business. For more information on how Buckley Fine, LLC can assist you with selling (or buying) a business, please contact Helmut E. Gerlach, Chair-Corporate Practice Group, at 847-381-0011.
Buckley Fine Law is pleased to announce that Super Lawyers has named three attorneys from Buckley Fine Law as 2021 Super Lawyers and 2021 Super Lawyers’ Rising Stars. Super Lawyers is the national rating service of outstanding lawyers who have attained a high degree of peer recognition and professional achievement.
Buckley Fine is excited for 2021, a new year already filled with prosperity and growth for our clients and friends. Providing the highest level of service remains our top priority, and we are excited to announce the addition of new team members that share this same commitment to clients and the community.
On December 27th, President Donald Trump signed the Consolidated Appropriations Act (“Act”), a $900 billion COVID-19 relief bill designed to provide additional aid and fund the government through September 2021. While the new legislation does not include the $2,000 individual stimulus checks the President requested, it does include $600 payments to Americans who earned less than $75,000 in the previous tax year and an additional $300 to extended weekly unemployment benefits. The Act provides additional aid for small businesses, including a forgivable loan program similar to the original Paycheck Protection Program, PPP2. COVID-affected businesses that have not already taken a PPP loan may apply for forgivable loans under this Act, and severely distressed businesses may apply for second loans. The program was also expanded to allow additional types of businesses and certain non-profits to apply. Effectively overruling the IRS’ position, the Act also provides that recipients of forgiven PPP loans may [...]
Business owners have faced several challenges this year. Tasked with unprecedented obstacles to keep the doors open and ensure the health and safety of their employees, businesses have one more hurdle to overcome this year. Before year end, every Illinois employer is required to provide all employees with sexual harassment prevention training that complies with the Illinois Human Rights Act. Employers must train employees by December 31, 2020 and on an annual basis thereafter. This training must include: an explanation of sexual harassment consistent with the Illinois Human Rights Act; examples of conduct that constitutes unlawful sexual harassment; a summary of relevant Federal and State statutory provisions concerning sexual harassment, including remedies available to victims of sexual harassment; and a summary of responsibilities of employers in the prevention, investigation, and corrective measures of sexual harassment. Failure to comply with this training could result in the entry of an order imposing [...]
Late Wednesday, the IRS released Revenue Ruling 2020-27, which clarified its stance on the timing of Paycheck Protection Program (PPP) loan forgiveness and related tax implications. This much anticipated guidance arrived just in time for businesses to make any necessary adjustments before year end. When PPP loans were first issued, many believed the intent was to provide businesses with a forgivable loan that would be excluded from taxable income and ease the burden of continuing operations during the pandemic. However, back in May, the IRS issued Notice 2020-32, which informed taxpayers that “no deduction is allowed for an eligible expense that is otherwise deductible if the payment of the eligible expense results in forgiveness of the covered loan.” Many saw this ruling as a back-door way to convert the loans into taxable income. Even though the IRS was not directly taxing forgiven PPP loans, they were increasing taxable income by not allowing [...]