Haven’t we all wished at one time or another for the option of an instant replay? Probably not as much as umpire Jim Joyce did last week after calling a runner safe on what would have been the last out of a perfect game by Tigers’ pitcher Armando Galarraga. The later video showed the runner…

You can eliminate your employer share of the Social Security tax wages by hiring a “qualified new hire.”  This means a 6.2% tax exemption from wages paid to these workers from March 19, 2010 – December 31, 2010. As part of the Hiring Incentives to Restore Employment Act, this tax exemption is available to taxable…

Ever get angry that you have to pay the IRS a big chunk of your income, but others don’t play fair and get away with it?  This is your chance to penalize evaders and get rich rewards, all from the IRS. Join the ranks of the whistleblowers!  The number of taxpayer whistleblowers increased over 400%…

The Illinois Not-for-Profit Corporation Act was amended as of January 1 to provide for communication among directors by e-mail and for the use of electronic elections by nonprofits. Some of the new provisions are: 1) Any notice required by the Illinois Not-for-Profit Corporation Act can now be delivered via e-mail or facsimile. 2) Section 107.10…

New statistics released by the Equal Employment Opportunity Commission (EEOC) show that in 2009, employees filed claims against employers based on what’s called “retaliation” just as often as they filed based on pure discrimination claims. According to the EEOC, 36% of claims filed against employers in 2009 were based on “retaliation” claims, tying race discrimination…

Happy New Year from Lynam & Associates! So what happened to the estate tax? Temporarily, it’s gone. Congress never enacted a new estate tax, and the old one expires at midnight tomorrow. The current estate tax disappears completely in 2010; in 2011, the estate tax will come back in its pre-Bush Jr. form with a…

Any website and trademark owner should be on alert to a huge change in the way the internet works: ICANN (the Internet Corporation for Assigned Names and Numbers, the people in charge of web addresses worldwide) will now be offering new Top Level Domains, meaning website addresses will no longer be limited to .com, .net,…

A recent tax court decision demonstrates why Limited Liability Companies (LLCs) are a great option for small businesses, as any losses in the new business may be deducted against other income. The tax court case involved the Hegartys, a couple who worked full-time and decided to start a business on the side, chartering a fishing…

This summer, the U.S. Department of Homeland Security stepped up its enforcement of laws prohibiting the employment of undocumented workers across the country. To discourage illegal immigrants on their way into the country, the agency has been holding employers accountable for using illegal labor. The Department of Homeland Security has a long-term strategy to stop…

Those planning their estates in Illinois should be aware that since 2005, Illinois has had its own death tax. This tax is in addition to the existing federal estate tax and is due nine months after death. Unlike the federal tax, there is no postponement until the death of the surviving spouse. A new law…