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Restrictive Covenants…Did You Really Consider the Consideration?

SJT blog fall 2017

"Restrictive Covenants…Did You Really Consider the Consideration?" By Sandra Tatoian

In the employment practice, you often hear, “Illinois law does not favor restrictive covenants.” The reasoning is that restrictive covenants prohibit employees from taking specific actions either during the term of the employment, after employment ends or even both periods of time. The three common restrictive covenants are:

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Late Filed Tax Returns Create a Bankruptcy Discharge Problem

MEL Nov. 2017 blog

“Late Filed Tax Returns Create a Bankruptcy Discharge Problem” By Mary Lopinot

Bankrupt individual taxpayers have long been able to discharge most income tax liabilities in bankruptcy. Under the Bankruptcy Code, most income tax liabilities of individual taxpayers are dischargeable if they did not come due within the last three years and are not the result of tax fraud (subject to a few exceptions). Taxpayers considering bankruptcy should be aware, however, that if you didn’t voluntarily file your tax return on time, you may have lost the ability to discharge your income tax debts in bankruptcy.

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Hold On To Your Passports If You Owe IRS Taxes

MEL blog 1

“Hold On To Your Passports If You Owe IRS Taxes – January 2018 Revocation Action” By Mary Lopinot

In late 2015, Congress gave the IRS a new tax collection tool aimed at collecting high-dollar tax debts of individuals—the right to recommend revocation of your U.S. Passport. The change was included in roads appropriation legislation (Fixing America’s Surface Transportation Act) and will become fully implemented on January 1, 2018.

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Blended Families... The perils of not planning

GWC

Blended Families – The Perils of Not Planning by Greg Coffey

Estate planning can be daunting if you or your spouse has children from a prior relationship. For some, it seems so complicated that they are frozen from taking any action.

This lack of planning is unfortunate. However, it is easily (and painlessly) remedied by talking about your blended family’s circumstances with an experienced estate planning attorney.

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Missed opportunity to make a portability election...or not?

BKF fall 2017 blog 2

"Missed opportunity to make a portability election...or not?" by Beth K. Flowers

In 2010, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act (“2010 Tax Act”) introduced the concept of portability, which allows a surviving spouse to add to his or her own estate tax exemption whatever amount of exemption the deceased spouse had not used. The American Taxpayer Relief Act of 2012 then made portability permanent.

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