Tim’s Tax News on the Tenth – May 2020

Other than payroll costs, there is generally no other larger ongoing cost that a business pays than its commercial lease obligation. Moreover, often the term for a typical commercial lease will extend far into the life of any business. Finally, there are a multitude of ways in which a poorly drafted lease can cause a business to incur significant unforeseen costs. Accordingly, it is critical that every business devotes the necessary resources, including the use of an experienced lawyer, to negotiate a fair lease.

A recent press release by the IRS addressed the Fiscal Year (“FY”) 2024 (Oct. 1, 2023 – Sept. 30, 2024) Data Book, describing the Agency’s activities. For the first time, revenue collected exceeded 5 trillion dollars, accounting for 96% of total government revenue. The IRS’s expenditures to collect over $5 trillion were $18.2 billion for overall operations in FY 2024, with 90,516 full-time equivalent employees.

As life changes, it is important to recognize major life events when it is pertinent to prepare, review, or update estate plan documents. Whether you recently got married, just had a baby, bought a house, went through a divorce, have an adult child, or are acquiring assets that may need tax planning provisions, be proactive and make sure the proper estate plan documents are in place.

Key strategies and tools to protect business assets were the topics of Lavelle Law’s Breakfast Briefs presentation on May 21, 2025. Attorneys Matt Sheahin and Jennifer Tee presented important legal strategies for business owners as well as business and office managers, business brokers, and insurance professionals. Topics included Non-Compete Agreements, Shielding Trade Secrets, Nuances of Temporary Restraining Orders (TROs), Injunctive Relief, Contracts, and Managing Risks.

Our client contacted us for advice regarding the termination of a long-time employee who was failing to meet performance standards. Our client already provided several accommodations for this employee, but they still were not meeting the mark.

When people hear “estate planning,” they often picture wealthy individuals with sprawling mansions and complex assets. But the truth is, everyone — regardless of income, age, or family size — can benefit from having an estate plan.

The Internal Revenue Service recently issued a press release addressing the IRS Whistleblower Office’s publishing its first-ever multi-year operating plan that outlines its guiding principles, strategic priorities, recent achievements, and current initiatives to advance the IRS Whistleblower Program.

If enacted, the Junk Fee Ban Act would protect consumers from hidden fees and promote fair business practices in Illinois. While there has yet to be legislation in the proposed Junk Fee Ban Act that excludes dealerships, it will be important to look for future updates on this bill, as Illinois is quickly becoming a hub for vehicle innovation and automotive plant expansion.

When someone passes away owning property in another state, their estate may need to go through ancillary probate—a secondary court process in that state.