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…
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…
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…
Fen Cen Announcement URGENT NEWS…..What Small Business Owners Need to Know Small business owners have been scrambling to comply with the Corporate Transparency Act (CTA), a new federal law requiring companies to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). However, recent developments have provided temporary relief.…
Reporting under the CTA is on again! The ping-pong game regarding compliance with the Corporate Transparency Act (CTA) continues. On February 17, 2025, the U.S. District Court for the Eastern District of Texas granted the government’s motion to stay the nationwide injunction that had previously halted enforcement of the Corporate…
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…
BOI Reporting The landscape on the requirements for reporting under the Corporate Transparency Act has changed again. The requirement that companies report Beneficial Ownership Information (BOI)—details about people who are senior officials and/or own at least 25% of the company—to the U.S. Financial Crimes Enforcement Network (FinCEN) remains voluntary for…
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…
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)…
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…