Report from Counsel, Author at Ross Law Firm Ltd.

Financial Fraud Against The Elderly

08/17/202003/15/2013 by Report from Counsel

It is a sad and sobering reality that scam artists intent on committing financial fraud or the outright stealing of money, property, or valuable information prey upon vulnerable senior citizens. The threats can take many forms, but the elderly and those watching out for them can have some measure of protection by taking a few … Read more

Facebook Posting Leads to an "F"

08/17/202003/07/2013 by Report from Counsel

We all know that the right of free speech has its limits. There is no right to shout “Fire!” in a crowded theater. Those limits apply even in settings most closely associated with the free exchange of ideas, such as colleges and universities. In that academic setting, limits also exist even for speech that takes place off campus, such as on a social networking website, but that is connected to a student’s academic program.

Arbitration Agreements Can Go Too Far

08/17/202003/01/2013 by Report from Counsel

Strong public policies support the appropriate use of arbitration over litigation in settling legal disputes and, in fact, such policies underlie the Federal Arbitration Act. That said, an agreement to arbitrate disputes is subject to well-established principles rooted in the law of contracts. This means, among other things, that courts will step in and declare void an ostensible agreement to arbitrate if its effects are too heavily weighted in one party’s favor. Two recent examples of this overreaching by the more powerful party illustrate the point.

American Taxpayer Relief Act of 2012

08/17/202002/25/2013 by Report from Counsel

At the eleventh hour, Congress averted the tax side of the ominous “Fiscal Cliff” that it faced as 2012 drew to a close. The end result of the intense negotiations was the American Taxpayer Relief Act of 2012 (ATRA).

The most publicized part of ATRA prevented scheduled federal tax rate hikes from going into effect for most taxpayers in 2013, while raising taxes on America’s highest earners. ATRA also keeps in place many expiring income tax breaks and revives some tax increases that had expired over the past several years.

Individual Tax Rates

For tax years beginning after 2012, ATRA makes permanent almost all of the federal income tax rates first put into place in 2001. Those rates otherwise would have increased in 2013. For high‑income taxpayers,

How Long Has This Been Going On?

08/17/202001/24/2013 by Report from Counsel

Even if you’re a taxpayer with simple returns and few supporting documents, you can become a little snowed under by tax records as they accumulate over the years, raising the question of how long you should hold on to such records. The answer depends on the types of documents and transactions involved, but if you have been a tax records pack rat for many years, chances are you can safely dispose of the oldest such records without inviting trouble.

Underwater Homeowners Get A Life Raft

08/17/202001/24/2013 by Report from Counsel

The travails of the housing market in recent years are well documented. The prevalent symbols of this downturn are the “underwater” homeowners, who owe more on their mortgages than their homes are worth. About 4.6 million such homeowners have mortgages backed by Fannie Mae or Freddie Mac, and fully 80% of those owners haven’t missed any mortgage payments.

Pitfalls Of Being An Executor

03/24/201301/24/2013 by Report from Counsel

As a general rule, the executor of an estate does not have personal liability for the debts and obligations of a decedent. Lest executors become complacent, however, they should be aware of an important exception to that rule, which was illustrated by a recent federal court case between executors and the Internal Revenue Service (IRS).

Classifying Employees For Wages

03/24/201301/24/2013 by Report from Counsel

As a general proposition, employers are required by federal law to pay their employees overtime, usually one and one-half times the hourly pay, for time in excess of 40 hours in a work week. They are also required to pay the minimum wage, which is currently $7.25 an hour (note: with some exceptions, the minimum wage in Illinois is $8.25 per hour).

The first four groups of employees that are “exempt” from having these rights are executive, administrative, and professional personnel and outside salespersons. For any of the first three exemptions, collectively called the “white collar exemptions,” to apply, the employee must receive, on a salaried basis, at least $455 per week or its equivalent.

401(K) Loans And Hardship Withdrawals

08/17/202001/24/2013 by Report from Counsel

You won’t find many financial advisors who vigorously advocate dipping into the money in your 401(k) retirement account while you’re still working. It is for retirement, after all. Still, using some of what could be a sizeable amount of money sitting in the account for current financial needs may sometimes be too great a temptation to resist. Taking that step is not always ill-advised, but you should know all the ramifications before doing so.

How do Attorneys Bill?

10/25/201711/08/2012 by Report from Counsel

This video discusses different methods in which attorneys bill their clients.