ARTICLES

When determining how to distribute the marital assets between parties to a divorce, the division of an interest in a small or medium business owned by one or both of the parties is more complex and requires a careful examination of the value of the business or business interests. The Court must determine the value of the business interest in order to determine how to equitably divide all marital assets in which the parties have an interest. The Court will regularly rely on the valuation reports of the parties' experts regarding the value of the business. The business valuation expert will utilize a number of different methods in determining the value of a business. The professional appraiser will examine and assess the value of the business and provide expert testimony and reports to the parties and the Court.

Vehicle dealerships particularly have recently found themselves needing to navigate the complex terrain of adhering to the BIPA’s stringent requirements to avoid being targeted through lawsuits. There has been a recent noticeable uptick in class action lawsuits under the BIPA, serving as a critical wake-up call for the automotive retail industry, highlighting the need for dealerships to review and enhance their practices if they are using biometric technology.

The IRS recently announced that almost 940,000 people across the nation have unclaimed refunds for tax year 2020 but face a May 17 deadline to submit their tax returns. The IRS estimates more than $1 billion in refunds remain unclaimed because people have not filed their 2020 tax returns yet. The average median refund is $932 for 2020. The IRS estimates that about 36,200 Illinois taxpayers may lose $40,608,000 in potential refunds.

In a significant ruling by the Delaware Court of Chancery, specific terms within a stockholder agreement were invalidated. Presided over by Vice Chancellor J. Travis Laster, the case of West Palm Beach Firefighters’ Pension Fund v. Moelis & Co., No. 2023-0309-JTL (Del. Ch. Feb. 23, 2024), scrutinized the limitations imposed on the board of directors’ authority by a stockholder agreement under the Delaware General Corporation Law (“DGCL”). This decision challenges the conventional structuring of stockholder agreements involving a controlling stockholder.

Spring has sprung! Earlier than we’re used to, maybe, and with some backsliding into the unexpectedly frigid March days here and there, but sprung nonetheless! This spring, the cleaning you need to worry about most might not be finally scrubbing down those gross shower tiles: you may need to worry about keeping your estate plan fresh. This is because, contrary to what many assume, creating an estate plan is *not* a “one-and-done” legal activity. Major life events, shifts in financial status, and changes in the applicable law can all affect your estate plan, and those changes may require you to make some edits to your documents. So, this spring, dust off your estate plan and consider the following:

Homebuyers and sellers, rejoice? A settlement reached out of Missouri last week is poised to upend a longstanding, expensive norm in residential real estate: the dreaded 6 percent sales commission.

The Consumer Financial Protection Bureau (“CFPB”) announced a regulatory amendment on March 5, 2024, targeting credit card late fees, a significant move poised to alter the financial landscape for both consumers and credit card issuers. Under this new rule, the maximum allowable late fee chargeable by large credit card issuers is significantly reduced to $8. This decision follows a proposal released in March 2023 and will take effect 60 days after publication in the Federal Register.

This month the IRS released a news release trying to resolve confusion over the reporting requirements related to Form 1099-K, Payment Card and Third Party Network Transactions. The Form’s use has been the subject of much misinformation, so without further ado here is the list:

Understand the Referendum: “Amending the Real Estate Transfer Tax!” Chicago residents participating in the March 19th primary will walk into the voting booths expecting to make consequential decisions about their nominees for President and States Attorney. But, the typical voter may find themselves slightly confused and overwhelmed when they reach a lengthy referendum at the end of their ballot, entitled “Amending the Real Estate Transfer Tax.” This referendum is four entire paragraphs of tax jargon and financial chatter, informing the reader about a ballot measure on a local tax change.