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What Illinois Business Owners Should Know About the One Big Beautiful Bill Act (OBBBA)

A New Era of Tax Policy for Business Owners On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, ushering in sweeping changes to the federal tax code. While the law has drawn national attention for its b roader political implications, it contains several key…

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Big News for Small Businesses: QSBS Rules Get a Major Upgrade

Small business owners and startup founders now have a powerful reason to take another look at Qualified Small Business Stock (QSBS). A new federal law, the One Big Beautiful Bill Act, signed on July 4, 2025, makes QSBS more valuable than ever for growing companies and their stakeholders. These changes…

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Is Your Confidentiality Agreement Enforceable?

Many employers rely on confidentiality agreements to protect sensitive business information. But not all confidentiality provisions are created equal, and if your agreement isn’t drafted properly, it may not hold up in court. While courts tend to scrutinize non-compete clauses, confidentiality provisions are usually enforceable, provided certain legal requirements are…

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Major Federal Tax Changes Affect Tipped and Hourly Wage Employment

A new federal law, officially titled the One Big Beautiful Bill Act, has introduced significant tax changes that directly impact employers in service-based industries. The legislation, signed into law on July 4, 2025, offers new income tax deductions for employees who earn tips and overtime pay, while also expanding tax…

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New Regulatory Requirements for Small Businesses, Part 3

Regulations for Small Business What new regulatory requirements from the federal government on down are small businesses facing in 2025? In this first of a three-part series, we will cover some of them, related to changes in and current status of tax policy. First of all, the new year brings…

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New Laws in New Year for Illinois Employers, Part 2

New Laws, New Year Part 2 Illinois small businesses need to get up to speed on a variety of state legislation passed in the previous session that came online on January 1. We covered several new provisions in a post last week, including a higher state minimum wage and legislation…

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Illinois Employers Face Raft of New Laws in New Year

Illinois Employers Face New Laws 2025 Guest Author: Kelsey Feucht, Associate Attorney with Bellas & Wachowski Illinois small businesses need to get up to speed on a variety of state legislation – particularly employment laws – which became effective on January 1. Key new laws (or amendments to existing legislation)…

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New Year Resolutions for your Small Business

Rarely does something that is forced affect a lasting difference, much less result in an improved circumstance. That said, as I considered another flip of the calendar, I decided to at least partially break my own rule and to offer what I will call a few suggestions that just might…

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Corporate Transparency Act (CTA) – REPORTING SUSPENDED (again)!

Corporate Transparency Act Updates WHO’S ON FIRST? ANOTHER UPDATE ON THE CORPORATE TRANSPARENCY ACT New Reporting Deadlines and Ongoing Legal Drama On December 23, 2024, a federal appeals court granted a stay over the nationwide injunction issued by a federal court which flipped the requirements for filing around (again!).  The…

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Nationwide Injunction Halts Corporate Transparency Act

Nationwide Injunction Halts CTA FinCEN Suspends Enforcement The Corporate Transparency Act (CTA), enacted as part of the Anti-Money Laundering Act of 2020, has faced significant constitutional challenges, culminating in a nationwide injunction. As a result, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has suspended enforcement of the CTA’s reporting…

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