Frankfort Legal Issues Blog
The numbers show why business succession planning is important
According to some statistics, fewer than 1 out of 3 family-owned businesses actually make a successful transition in ownership from one generation to the next.The prospects of a family-owned business making it down to the fourth generation or further are quite slim,...
Civil audit, fishy statements, lead to reality stars’ indictment
A couple made famous by their reality television show is now facing several years or even decades in federal prison on tax evasion charges. The couple's accountant also faces charges and has been accused of lying to IRS investigators.For their part, the couple claims...
Your budget is stretched thin and you can’t pay your taxes
Most people would agree that owing the IRS money is not a position you want to be in. If it does happen, odds are that you may not have the funds readily available to pay what you owe.If you are like other people across the country, including many here in...
We can help put an estate plan in to effect
Previous posts on this blog have discussed how our law office can help clients in the Chicago area plan to pass their wealth down to the next generation. Indeed, careful estate planning can ensure that a family receives their loved one's property with as little...
Taking, paying in cash not illegal per se, but risky
Contrary to popular perception, it is not illegal to pay an employee in cash per se.However, it is a risky move for a number of reasons. The big issue with so-called under the table, that is, cash, payments is that it is quite easy to fall short in one's legal...
What is a power of appointment?
A power of appointment is an estate planning device, used in a will, with which many people in the greater Chicago area may not be familiar.Basically, a power of appointment confers on another person the ability to give to a third party some portion of a decedent's...
A proposed adjustment can be the death knell for a business
Especially when one is self-employed in a business, getting a notice of a proposed adjustment to taxes can mean a lot more than just having to come up with some extra money to pay the IRS, or the state taxing authorities, for back taxes.Indeed, sometimes these...
How the TCJA affected self-employment taxes
If you started a business in 2019, you probably heard that you wouldn't get many tax breaks because of the 2017 Tax Cuts and Jobs Act. While some self-employment deductions have gone away, some only temporarily, you still have others you can take advantage of when you...
Using an LLC as an estate planning device
When people think of setting up a limited liability corporation, or LLC, it is usually for business reasons. For example, a businessperson may like the idea of having some degree of legal protection like what an LLC offers. Moreover, an LLC also offers important tax...
Businessman’s plea to tax evasion serves as a reminder
A businessman in another state recently pled guilty to federal charges alleging that he engaged in a rather elaborate scheme to avoid paying taxes. The man was involved in supplying building materials as well as other businesses, some of which he operated with his...
