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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:
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.
Some people may be surprised this April when they discover they have a balance due.
By Timothy M. Hughes 10 Feb, 2024
Some people accustomed to getting a tax refund may be surprised this April when they instead discover they have a balance due.
FTC’s Revised Hart-Scott-Rodino Filing Thresholds, Filing Fee Schedule, and an Increased Civil Penal
By Steven A. Migala 08 Feb, 2024
FTC’s Revised Hart-Scott-Rodino Filing Thresholds, Filing Fee Schedule, and an Increased Civil Penalty for M&A Transactions
Terrence Shannon Jr. Succeeds on TRO and IR ruling against the University of Illinois.
By MaryAllison Mahacek and Matthew J. Sheahin 30 Jan, 2024
While out on suspension, TJ's legal team filed a Complaint and Emergency Motion for TRO and Injunctive Relief (Terrence Shannon Jr. v. The Board of Trustees of The University of Illinois, and Timothy Kileen, in his official capacity, Case No. 24-CV-2010). The injunctive relief sought, barring the school from banning him from team activities while his criminal case is still pending, is the focus of this article.
FTC and DOJ’s 2023 Merger Guidelines
By Steven A. Migala 15 Jan, 2024
In the August article, I discussed the proposed merger guidelines issued by the U.S. Department of Justice Antitrust Division (“DOJ”) and the Federal Trade Commission (“FTC” and collectively with DOJ, “Agencies”). They were finalized and released by the Agencies on December 18, 2023. They continue the Biden Administration’s theme of increased scrutiny of mergers and stricter enforcement of antitrust laws.
IRS Announces Novel New Voluntary Disclosure Program
By Timothy M. Hughes 10 Jan, 2024
The IRS announced as part of its ongoing initiative aimed at combating dubious Employee Retention Credit (ERC) claims, the IRS launched a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing ERC claims in error. The new disclosure program is meant to help “innocent taxpayers” who were misled by aggressive marketing ERC companies that caused some unqualified employers into filing claims. The special disclosure program runs through March 22, 2024, and the IRS added provisions allowing repayment of 80% of the claim received.
There are over 300 New Illinois Laws that take effect in 2024.
By Lavelle Law 03 Jan, 2024
There are over 300 New Illinois Laws that take effect in 2024. Here is a summary of some that may impact your life. PAID LEAVE FOR ALL WORKERS ACT (SB 0208/PA 102-1143): Requires employers to provide 40 hours of paid leave annually for full-time employees or prorated amounts for part-time employees, which may be used for any reason and without documentation. Note that employers in Chicago are subject to the City of Chicago’s paid leave and sick ordinance that may have different requirements than the Paid Leave for All Workers Act.
Illinois’ New Back to Business New Business Grant Program
By Steven A. Migala 21 Dec, 2023
This month, in the holiday spirit of giving, I thought I would share some welcome news for businesses that started during the pandemic in the industries most impacted by it. Illinois recently launched a Back to Business New Business Grant Program (B2B NewBiz) offering $25 million in new grant funding.
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