Filing taxes (either personal or corporate) can be a time-consuming hassle; being audited is perceived as being much, much worse. This article aims to dispel some common misconceptions around IRS audits, both in terms of the frequency...
Marc J. Lane, a Chicago attorney and chairman of the Illinois Task Force on Social Innovation, Entrepreneurship and Enterprise, discusses the risk of environmental benefits if Congress fails to approve energy tax credits.
In this article, Marc Lane explains the benefits of organizing as a Low-profit Limited Liability Company ("L3C"), and also highlights why certain types of businesses might find this a more advantageous form of incorporation.
- Summary by...
Low-profit limited liability companies ("L3Cs"), are a variant of limited liability comapnies ("LLCs") designed with socially conscious enterprises in mind. As Marc Lane notes, Illinois recently became the fifth state to offer L3Cs as an...
Clint Costa explains that newly formed businesses can deduct expenses from their tax returns from before they were even a business. As Mr. Costa explains, the United States Tax Code allows for the deduction of "Investigation" and "Creation"...
In this blog post, Clint Costa briefly explains (with examples) the two major wealth taxes in the United States--the estate tax and the gift tax. He also explains the policies behind the two taxes, and why they are especially relevant for...
Arieh Flemenbaum supported the state of Illinois' decision to provide tax credits to encourage technology companies in Illinois. In this blog post, he outlines the desirability of a recently passed tax credit and illustrates how it can help...
The health care package Congress passed in 2010 contained a tax credit for small businesses. In this blog post, Arieh Flemenbaum outlines the benefits of the tax credit and which small businesses qualify for it.
- Summary by FizzLaw Team
Employment law and tax law intersect at the differentiation between independent contractors and employees. If you, as a business owner, pay someone wages and they are an employee, you must withhold various amounts under the relevant tax...