Latest from G&G Blog

Confused and overwhelmed by the BOI Report? You aren’t alone. The Beneficial Ownership Information Report (BOI Report) is a newly required filing from the Financial Crimes Enforcement Network (FinCEN). In an effort to combat the use of shell and front companies for illicit financial activity, virtually all businesses in the United States now have to provide FinCEN with information about their owners. You can find more detail on FinCEN’s fact sheet.
But now that you know what it is, how do you actually file it? What information do you need to prepare, have on hand, and provide? You don’t
Continue Reading How to file your BOI Report

  • Several laws take effect in Chicago starting on July 1st, 2024.
  • Hiring parties will be required to provide more paid leave and sick leave to their workers.
  • The city’s minimum wage in 2024 will increase.
  • The tipped minimum wage will begin to be phased out.

State and federal governments usually write laws to take effect on January 1st, though under state law, Illinois laws can take effect on July 1st and municipalities can have their own rules about when laws take effect. In Chicago, for example, new laws and ordinances can take effect on almost any date. So in addition
Continue Reading Chicago’s Legal Updates in July 2024

New Paid Leave Laws for Illinois Employees

  • Three new major paid leave laws will go into effect in Illinois in 2024.
  • The Paid Leave for All Workers Act applies to any employer with an employee in the state.
  • Cook County’s paid leave ordinance applies to any employer with an employee in Cook County.
  • Chicago’s paid leave ordinance applies to any employer with an employee in Chicago.

Three new paid leave laws will go into effect in Illinois as we round the corner to 2024, impacting employers in a big way. It’s important to know which laws apply to your employees
Continue Reading New Paid Leave Laws for Illinois Employees

The Paid Leave for All Workers Act
In March 2023, the Illinois legislature passed and Gov. Pritzker signed the Paid Leave for All Workers Act (PLAWA). This law introduces some big changes that will affect Illinois business’ vacation time, sick leave, paid time off (PTO) and Family and Medical Leave Act (FMLA) policies.
All employers with employees in the state should review and update their leave policies to ensure they are complying with these new requirements. However, be aware that local governments may enact stricter requirements than the PLAWA – Chicago has already done so.
Small business owners across the
Continue Reading The Paid Leave for All Workers Act

What are the new laws in Illinois for 2024?
New year, new laws! In our 2024 annual legislative digest for Illinois’ small business community, we highlight five new laws that take effect this year and one existing law getting an upgrade. Please note: This post covers only some of the new legislation taking effect this year and, while these laws certainly affect small businesses, there may be others as well. These laws make the following changes:

  • The Corporate Transparency Act will require businesses to file new information reports about their owners.
  • There are new paid leave requirements in Illinois and


Continue Reading New laws in 2024

A bunch of legal updates take effect for small businesses in 2023.

  • One new law expands the definition of “racial discrimination” to include hair.
  • One new law increases the minimum wage.
  • One new law increases workers’ rights to take leave.
  • One new law bans latex gloves in food service establishments.
  • An upgrade to an existing law provides employers with a way to offer retirement accounts to their employees.

What laws are going into effect in Illinois 2023?
New year, new laws! In our 2023 annual legislative digest for Illinois’ small business community, we highlight four new laws that take effect
Continue Reading New Laws in 2023

  • On July 1st, two of Chicago’s municipal ordinances will see scheduled updates.
  • The city’s minimum wage will increase.
  • Certain employers will have to post schedules two weeks in advance.

July 1st Employment Law Updates
July 1st will bring a couple of important legal changes for employers in Chicago, when a couple of municipal ordinances have updates scheduled to take effect. Changes to municipal ordinances rarely see the widespread coverage that new laws do, so they often slip by unnoticed! Two things will change: the city’s minimum wage and schedule-posting requirements.
Chicago’s Minimum Wage Increase
Per Chicago’s minimum wage ordinance,
Continue Reading July 1st Employment Law Updates

S-Corp taxes recently changed in Illinois. The state legislature recently passed SB 2351, a corporate tax reform law, that has significant ramifications for S-Corporations (“S-Corps”). Before diving into the law and why it matters, we should cover some background information.
What Is An S-Corp?
An S-Corp is a sub-type of the classic corporate entity structure, often referred to as a C-Corp. The IRS created the S-Corp as a special designation that allows a company to take advantage of corporate protections, like limited liability protection, without being subject to some other corporate requirements. For instance, an S-Corp does not need a
Continue Reading S Corp Taxes In Illinois (SB 2351)

In 2022, several new laws went into effect in Illinois that could impact your business. In this blog post, we will dive into each of those new laws and how they may affect you, although this is not an exhaustive list of every law effective this year. If you have any questions about what these laws mean for your business, contact our knowledgeable lawyers at G & G Law today.
Chicago Vaccine Requirement
Public Health Order 2021-2
In response to rising COVID-19 cases, Chicago enacted a vaccine requirement mandating that individuals must show proof that they are fully vaccinated
Continue Reading New Laws in 2022

1099s For Lawyers
This is a guest post by Jill Ulett of Accounting Girl, LLC
Although you are not required to send 1099s to corporations, there is an IRS requirement to send 1099s to all attorneys regardless of their corporate status. There are two different ways to complete the 1099 depending on how the attorney/firm was paid, and the addition of the form 1099-NEC makes it slightly more confusing. Let’s demystify and simplify the process: 

  • Any payments made to an attorney for general legal services and expenses must be reported on form 1099-NEC in Box 1. This is the most


Continue Reading 1099s For Lawyers

  • S Corps may seem complex, but they are actually a quite simple tax designation.
  • Not all small businesses will benefit from an S-Corp designation, and the decision to file as one is very individualized.
  • If filing as an S Corp is right for your company, it is not a complicated process; just follow the timeline!

https://www.youtube.com/watch?v=JfQ9MHXHo-s
This article was derived from a livestream with Michelle Green and attorney Jennifer Brugh.
Every accountant, it seems, recommends that their clients form S Corporations. Whatever their business, whether they employ nobody or a staff of hundreds, it’s a common recommendation. So, is
Continue Reading S Corp: Is It Right For Me?

  • A well-negotiated commercial lease can lead to a happy landlord-tenant relationship.
  • However, unlike residential leases, commercial leases contain very few protections for the tenant.
  • Sometimes you can negotiate for favorable terms. Sometimes your best option is to walk away.

This article was derived from a livestream with Michelle Green and attorney Rebecca Lyon.
The Commercial Lease: Top Six Issues for Businesses
During the COVID-19 pandemic, many people had to shutter their businesses, and they had lots of questions about how to get out of their commercial leases. Commercial leases, especially for small business owners, often favor the landlord very,
Continue Reading Commercial Leases: Top 6 Issues for Businesses

  • Trademarks are a key part of people’s businesses, protecting their names, logos, and associated phrases.
  • Office actions are like roadblocks to getting your trademark registered.
  • Some office actions are easy to predict and get around, but others might force you to find a new path to registration.

This article was derived from a livestream with Michelle Green and trademark attorney Michael Reed
What is an office action?
An office action is a letter that you receive from the U.S. Patent and Trademark Office (“USPTO”) informing you that your trademark application has been put on hold because there are some issues
Continue Reading Trademark Troubles: Office Actions 101

The following transcript has been edited for clarity and conciseness. You can view the entire livestream here.
 
Michelle: Thank you, Rebecca, for being here. Rebecca has done a ton of deep diving into trademarks and trademark law over the past couple of years. One of my favorite things to do is talk to Rebecca about trademarks because she’s into it, so I wanted to invite her for this livestream so that all of you could share in Rebecca’s knowledge and interest. So, to dive into trademarks. There’s often a lot of confusion just at the basic level of,
Continue Reading Making Your Mark: Your Trademark, Your Business, and You

  • As a result of the coronavirus pandemic, only three new laws take effect this year that affect Illinois businesses.
  • The statewide minimum wage increased.
  • The minimum wage in Chicago will increase this summer.
  • Chicago has also extended some licensing and permitting deadlines.

New Laws for Businesses in 2021
Normally a new year brings a bevy of new laws. Last year’s legislative slate of over 50 laws included mandatory sexual harassment training, new protections for employees, an increase in the minimum wage, legalized cannabis, and more.

This year there are three.

While the scant handful of legal updates serves as a
Continue Reading New Laws for Businesses in 2021

  • The USPTO is raising many fees in 2021.
  • Some other fees will decrease or go away.
  • A trademark is still a worthwhile investment

Trademark Cost Change: USPTO Updates Fees in 2021
How much does a trademark cost? The answer is about to change. On January 2nd, 2021, the United States Patent and Trademark Office (USPTO) will implement a fee change that’s been a couple of years coming. Many fees will rise, but some will decrease and others will be removed entirely.
Despite these increases, however, the fees still pale next to the benefits of having a trademark. It protects
Continue Reading Trademark Cost Change: USPTO Updates Fees in 2021