by: Philip R. Frankfort The Tax Cuts and Jobs Act created a new concept for tax-exempt organizations – an excise tax on excess executive compensation. New Internal Revenue Code Section 4960 became effective January 1, 2018; and actually creates two separate taxes. First, there is a tax of 21% on remuneration over $1,000,000 paid in […]
Philip Frankfort May 24th, 2018
Posted In: Corporate & Business
by: Michael J. Schappert Attorneys are often contacted by a client after a problem arises and are asked to help resolve it. While we are happy to do so, experience has shown that having good strategies and documents in place ahead of time often prevents the problem from arising in the first place. Following is […]
Michael Schappert April 27th, 2018
Posted In: Corporate & Business
Content Editor: Maryjo F. Pirages Reynolds Original Author Credit: Allison M. Huntley At the end of each year, business owners reflect on the viability of their organizations, and for a variety of reasons, they decide to discontinue operations. When shareholders decide to dissolve a corporation, questions about director and shareholder liability arise. In Illinois, there […]
Maryjo Pirages Reynolds December 30th, 2016
Posted In: Corporate & Business