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 provisions that Illinois business owners should take seriously. These changes affect everything from depreciation schedules and pass-through deductions to employer tax credits and employee compensation planning.
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 give business owners, employees, and early investors more flexibility and larger tax breaks when selling shares. Whether you’re raising capital, attracting top talent, or planning an exit, this law could have a direct impact on your bottom line.
What Changed And Why It Matters
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 met. Here’s what employers need to know to ensure their agreements are valid and effective.
Include the Required Whistleblower Language
Under the federal Defend Trade Secrets Act of 2016 (DTSA), employers must include a whistleblower immunity notice in any confidentiality agreement. This notice informs employees that they won’t be held liable for disclosing trade secrets in protected situations, such as reporting illegal activity or participating in a court proceeding under
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 credits for certain
employers. Businesses that rely on tipped or hourly labor should take a close look at how these changes affect their operations.
Tip Deductions for Employees, But Reporting Still Matters
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 with it new payroll tax limits. Perhaps the most notable is that the Social Security wage base jumped by nearly 4.5%, to $176,100 from $168,600. Most of the other increases were more modest, such as the 401(k) contribution limit rising from $23,000 to $23,500, or business mileage reimbursement going from 67 to 70 cents.
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 prohibiting “capture audience meetings” focused on religion or politics, requiring “pay scale and benefits” information in all job postings, adding new requirements for businesses that want to employ children under age 16, and banning non-compete agreements for certain classes of workers.
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.
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 make for a better business new year.
Resolution #1: Update your corporate minute book. For many businesses, particularly closely held ones, the corporate formalities tend to get relegated to the “we’ll get to it” pile. In the new year you might consider updating your corporate minutes. Hold the meetings that the operating agreement or by-laws require. Make the disclosures to the members or shareholders. Document the company resolutions put into effect last year. Review, update and memorialize your policies. Lawsuits have been decided based on what company put in writing – or failed to write down.
Resolution #2: Review your contracts. For reasons lost on me, people often will sign a contract and never look at it again. This is unfortunate. Contracts spell out how a business relationship is to function, including the parties’ respective rights and obligations. What frequently happens is that the business conducted in real time diverges from what was planned and intended. Periodically reviewing your contracts can help to ensure that your transactions or relationships work as planned; such reviews also can help to avoid problems before they turn into a source of conflict and added expense.
Corporate Transparency Act Updates
WHO’S ON FIRST?
ANOTHER UPDATE ON THE 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 requirements, providing temporary relief to affected businesses.
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