Tim’s Tax News on the Tenth – July 2020

On April 23, 2024, the Federal Trade Commission (“FTC”), in a 3-2 vote, issued its final Non-Compete Clause Rule (“Rule”) which prohibits noncompete clauses in agreements between employees and their workers. This highly anticipated Rule follows a substantially similar proposed rule from the FTC released on January 19, 2023. The Rule will not become effective until 120 days after publication in the Federal Register, and covered employers will be required to comply with the Rule by that effective date, which could come as early as August of this year. By the FTC’s estimate, this ban could affect up to one in five American workers.

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.

Join us for this seminar as Lavelle Law attorneys Kelly Anderson and Chance Badertscher will unpack the complexities of Illinois commercial leases in order to prepare you for strong leasing relationships.

Between the state of Illinois and federal courts, there are well over 200 statutes that deal with fee shifting provisions. They lay out ways in which legal fees may become the responsibility of one party in a lawsuit. In this video, Lavelle Law Associates Jodie Upchurch and MaryAllison Mahacek discuss ways that these provisions should be included in contracts and how they can be used advantageously.

Lavelle Law real estate attorney, Chance Badertscher, recently participated in a Straight Up Chicago Investor Podcast and shared his expertise on what to expect on the final walkthrough before your real estate closing. He breaks it down and shares tips for both the buyer and the seller.

Between the state of Illinois and federal courts, there are well over 200 statutes which deal with fee shifting provisions. They lay out ways in which legal fees may become the responsibility of one party in a lawsuit. Lavelle Law Associates Jodie Upchurch and MaryAllison Mahacek discuss ways that these provisions should be included in contracts and how they can be used advantageously.

Our team worked very quickly (in a matter of just a few days) to establish temporary guardianship of the client, and – most importantly – successfully argued for the judge to authorize the guardian to execute and finalize the estate plan documents on the client’s behalf. Finalizing the estate planning documents in advance of the client’s death saved the estate and the client’s family nearly $500,000 in estate taxes.

Businesses classified as medical spas have a variety of special considerations that must be adhered to in the state of Illinois. In this video, Lavelle Law attorney Eso Akunne discusses critical issues that must be met to operate with state laws. If you are interested in getting involved in this rapidly growing industry be sure to watch this video.