Ariano Hardy Ritt Nyuli Richmond Lytle & Goettel P.C.

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In mid-2017, a 112-page bill from the Illinois General Assembly significantly altered the Illinois Limited Liability Company Act. Its purpose was to align Illinois law with the Revised Uniform Limited Liability Company Act adhered to in most states. In addition to affecting the formation of future companies, the law also applied to LLCs already in existence. Changes that significantly impacted Illinois business entities and individuals starting a new company include:
Clarification of Procedures for Records Inspection and Copying
If an LLC member wishes to assess the business’ transactions and financial status, the company must provide the necessary records within…
Continue Reading How Recent Changes to Illinois Law Affect Limited Liability Companies

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The new year typically brings alterations to existing federal and state laws, and 2019 is no exception. This year’s updates include a change to federal tax laws that will significantly impact both parties involved in divorce, while one change to state laws adds a provision designed to reduce injuries in car accidents.
Spousal Support Tax Changes 
A substantial change in U.S. tax law that went into effect on January 1, 2019 spawned an increased push to finalize divorces before the new year. To help defray the cost of the 2017 tax reform bill, spousal maintenance (formerly called alimony in…
Continue Reading Changes to Federal and State Laws Address Alimony and Driving Safety

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The federal government recently passed the Tax Cuts and Jobs Act (TCJA), which has ushered in major changes to tax laws that will affect nearly every business and individual taxpayer. It is critical to understand these sweeping changes so that you can anticipate your tax burden each year.
According to the Tax Policy Center, under the TCJA, approximately 67% of taxpayers will owe less taxes, 25% will have no change in their taxes, and 7% percent will owe more taxes. However, this may not mean that taxpayers will receive a refund next April.
For most, whether a refund is issued…
Continue Reading Check Your Tax Exemptions in Order to Avoid an April 15th Surprise

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Going from married to divorced radically changes one’s finances. Instead of splitting bills with a partner, you now have to pay expenses on a single income. In addition to this, your taxes will likely change in several ways. In most cases, you can anticipate how your taxes will be affected by divorce, allowing you to alter your tax strategy accordingly.
Updating Income Tax Withholding
One area of your taxes you should review is whether you are withholding the right amount of taxes from your paycheck. Typically, married taxpayers who file together are taxed at a lower rate, and they may…
Continue Reading Be Sure to Update Your Taxes if You Are Getting Divorced This Year