GCK On Law
2025 Illinois Tax Amnesty Programs Offer Penalty and Interest Relief to Individual and Business Taxpayers
With Illinois Governor JB Pritzker signing House Bill 2755 on June 16, 2025 and the subsequent updates from the Illinois Department of Revenue, the fall of 2025 brings new opportunities for individuals and businesses to resolve past tax liabilities through limited...
When are Settlement Proceeds Taxable? Lessons from Mennemeyer v. Commissioner
Tax law provides that gross income includes all income from whatever source derived, including income arising from a settlement agreement. 26 U.S.C. §61(a). Any deductions or exclusions from this general rule are a matter of legislative grace, which means that...
Who May Claim Breach of Fiduciary Duty under 755 ILCS 45/2-7(f)? In re Estate of Piton, 2024 IL App (3d) 24005
In January of 1968, Patrick Piton wrote a will which left his estate to his parents provided that they survive him, then to his siblings provided that they survive him, and then to his niece and nephews in equal shares. During his lifetime, Patrick named his siblings,...
Corporate Transparency Act Back in Effect – Beneficial Ownership Reports Due Soon
For those following the ping-pong match in the federal courts, as of February 17, 2025, the Corporate Transparency Act (“CTA”) has bounced back to the government’s side and is again in effect, requiring all “reporting companies” to file an “initial” and any required...
Nationwide Injunction Barring Government from Enforcing the Corporate Transparency Act or its Filing
As discussed in our previous article: Is the Corporate Transparency Act Constitutional?, the constitutionality of the Corporate Transparency Act (“CTA”) has been challenged in several different cases. The first case to reach a result was National Small Business United...