Articles Posted in Small Business

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What-Illinois-Business-Owners-Should-Know-About-the-One-Big-Beautiful-Bill-Act-300x300The Federal Trade Commission (FTC) tried to ban non-compete agreements across the country. That sweeping ban is now effectively dead. A federal judge struck it down, and the FTC recently gave up its appeals.

But that doesn’t mean employers are free to use non-competes however they like. The FTC has made clear that it will still go after what it sees as “anticompetitive” non-competes on a case-by-case basis. And here in Illinois, state law continues to strictly regulate how and when non-competes can be used.

For business owners, the message is simple: non-competes are not gone, but they’re under a microscope.

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What-Illinois-Business-Owners-Should-Know-About-the-One-Big-Beautiful-Bill-Act-300x300Several new employment laws go into effect in September and will affect employers in every state.

Independent Contractors rules:

  • The US Department of Labor adopted a six-factor test in January for classifying independent contractors under the Fair Labor Standards Act. This replaces the previous two-factor approach. The result is more workers will be classified as
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https://www.businessattorneychicago.com/files/2025/08/What-Illinois-Business-Owners-Should-Know-About-the-One-Big-Beautiful-Bill-Act.jpg-300x300.jpgA 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.

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https://www.businessattorneychicago.com/files/2025/08/Untitled-design.jpg-300x300.jpgSmall 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

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Untitled-design-300x300A 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

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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.

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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 Transparency Act (CTA). This decision in the case of Smith v. US Department of the Treasury, No. 6:24-cv-336-JDK, was influenced by the Supreme Court’s earlier ruling to stay a similar injunction in the Garland vs. Texas Top Cop Shop, Inc. case.

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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.

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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 now. That’s despite the U.S. Supreme Court’s stay of a nationwide preliminary injunction that suspended enforcement of the act and its implementing regulations.

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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.

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