Legal Updates Archives - Summers Compton Wells

January 26, 2023 New Year, New Employment Laws in Illinois“Nothing Endures But Change” said the ancient Greek philosopher, Heraclitus, and his prophetic words apply to new Illinois laws impacting employers and employees in 2023. ONE DAY REST IN SEVEN ACT The Illinois One Day Rest In Seven Act (ODRISA) provides employees with a day of rest in each workweek and meal or rest breaks …

New Year, New Employment Laws in Illinois

January 3, 2023 Marijuana Amendment 3On November 8, Missourians voted “Yes” to approve Constitutional Amendment 3, legalizing recreational use and sale of cannabis throughout the state. Amendment 3 and regulations proposed by the Department of Health and Senior Services (“DHSS”) map out the next few years of Missouri licensing requirements and business regulations. The Amendment went into effect December 8, …

Marijuana Amendment 3

December 7, 2022 Tips on Rules under the Fair Labor Standards ActSummary: The U.S. Department of Labor (DOL) has issued two Final Rules addressing requirements for proper practices with tipped employees and tip pools. Restaurants which take a “tip credit” can expect ongoing legal scrutiny of their tipping practices and procedures by the DOL and private attorneys. Tip Pooling and the Role of Managers and Supervisors …

Tips on Rules under the Fair Labor Standards Act

October 11, 2022 Changes in the Section 30D Electric Vehicle CreditThe recently passed Inflation Reduction Act of 2022 includes changes to the credit available for electric vehicles. The changes are complex, and phase in over time. If you are in the market for an electric vehicle, we should review the new rules to help you maximize the credit you are allowed. North American assembly requirement. …

Changes in the Section 30D Electric Vehicle Credit

August 29, 2022 What Happens if Coinbase Goes Bankrupt? In May 2022, the cryptocurrency exchange Coinbase announced, in an SEC Form 10-Q, that the various cryptocurrencies held on its exchange could be included as property of its bankruptcy estate should it file for bankruptcy protection. Though Coinbase followed up with public announcements attempting to allay fears of its solvency, the announcement sent shockwaves …

What Happens if Coinbase Goes Bankrupt?

August 15, 2022 Schumer-Manchin Bill Looks to Tighten Carried Interest LoopholeThe recently introduced Inflation Reduction Act of 2022 addresses the taxation of carried interest. A carried interest (“carry,” “incentive,” “promote”) is a form of compensation received by a partner/fund manager in exchange for investment management services. A carried interest entitles a fund manager to future profits of a partnership, also known as a “profits interest.” Under …

Schumer-Manchin Bill Looks to Tighten Carried Interest Loophole

August 8, 2022 Tax Tips for HobbyistsHow you can determine if an activity is a business or a hobby. Most people will never turn a profit from their hobby. However, hobbyists should be aware that if they pursue their hobby to earn income, it may also be a business. Is the activity a business? The most important thing to know when …

Tax Tips for Hobbyists

June 15, 2022 U.S. Department of Labor Issues Publishes New Guidance on FMLA Leave for Mental Health ConditionsBased on estimates that nearly one in five U.S. adults – or about 52.9 million people – live with a mental illness, the U.S. Department of Labor (“DOL”) is determined to ensure that obtaining job-protected leave under the Family and Medical Leave Act is not another obstacle to overcome when workers seek the mental health …

U.S. Department of Labor Issues Publishes New Guidance on FMLA Leave for Mental Health Conditions

May 18, 2021 Factors to Consider Regarding State of Residence for State Tax PurposesThe legal test for determining your home state for tax purposes is your place of domicile, which is somewhat different than residence, but the terms are often used interchangeably and residence is used below because most people think in terms of residency, rather than the technically correct domicile. Domicile means the place a person intends …

Factors to Consider Regarding State of Residence for State Tax Purposes

April 27, 2021 Treasury and IRS Implement Temporary 100% Deduction for Business Food and Beverage ExpensesThe Treasury Department and Internal Revenue Service (IRS) have issued a new notice under the Taxpayer Certainty and Disaster Relief Act of 2020 (the “Act”) which provides guidance on the 100% deduction for food and beverage expenses provided by a restaurant and incurred after December 31, 2020 and before January 1, 2023. The purpose of …

Treasury and IRS Implement Temporary 100% Deduction for Business Food and Beverage Expenses