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Lavelle Law News and Events

Major life events, shifts in financial status, and changes in the law can affect your estate plan.
By Heather A. McCollum and Gabriel Kokoszka 26 Mar, 2024
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:
Listen to this podcast if you are considering setting up a medical spa in Illinois.
By Eso H. Akunne 25 Mar, 2024
Businesses classified as medical spas have a variety of special considerations that must be adhered to in the state of Illinois. In this discussion, Lavelle Law attorney Eso Akunne discusses critical issues that must be met to operate with state laws.
Adjustments are coming to the compensation structure for realtors representing sellers and buyers.
By Kelly A. Anderson and Gabriel Kokoszka 20 Mar, 2024
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.
Enforcement of an Oral Settlement Agreement
By Litigation Team 15 Mar, 2024
Lavelle Law represented a commercial lessee in a $6MM federal court foreclosure and won the Motion to Enforce Settlement Agreement. It is rare to have to file a motion to enforce a settlement that is not the subject of a formal settlement agreement signed by the parties.
The CFPB’s New Rule Regulating Credit Card Late Fees
By Steven A. Migala 12 Mar, 2024
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.
IRS Issues News Release to Debunk Myths about Receiving a Form 1099-K
By Timothy M. Hughes 10 Mar, 2024
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:
A Must-Watch for Business Owners and Their Advisors
By Frank J. Portera 08 Mar, 2024
As of January 1, 2024, most businesses in the U.S. are required to comply with the Corporate Transparency Act. In this video, Lavelle Law attorney Frank Portera shares important details about the new Act and how it impacts businesses. He will cover the scope of the Act, deadlines, requirements, and penalties. If you own even a portion of a business, this is an important topic for you to learn about.
Learn about the new federal law, the Corporate Transparency Act, and its reporting requirements.
By Frank J. Portera 07 Mar, 2024
Beginning January 1, 2024, most businesses in the U.S. are required to comply with the Corporate Transparency Act. In this podcast, Lavelle Law attorney Frank Portera shares important details about the new Act and how it impacts businesses. He will cover the scope of the Act, deadlines, requirements, and penalties. If you own even a portion of a business, this is an important topic for you to learn about.
Join us on April 4, 2024, for Business After Hours!
By Lavelle Law 04 Mar, 2024
BATTER UP! It’s that time of year again… springtime, baseball, and the Lavelle Law Business After Hours event. Join us as we team up with our Schaumburg business friends to meet, greet, and network in the friendly confines of our Schaumburg office.
Understanding Chicago's Proposed Referendum: “Amending the Real Estate Transfer Tax”
By Kelly A. Anderson and Gabriel Kokoszka 27 Feb, 2024
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.
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