estate-300x251The recent deaths of Hollywood legend Gene Hackman and his wife of the past three decades, Betsy Arakawa, very close in time to one another have led to a potentially messy situation in which one of Hackman’s children might be contesting his will. The scenario highlights why it’s important that trust and estate documents account for all possible outcomes and give those you leave behind an unambiguous path to disbursing your assets.

Official reports appear to show that Arakawa died from the rare disease hantavirus and that Hackman—suffering from Alzheimer’s disease and likely not lucid enough to have called police about his wife’s death—passed away about a week later from cardiovascular disease.

Hackman’s 2005 Living Trust names Arakawa as his sole beneficiary for his $80 million estate, but since she appears to have died first, it’s not entirely clear what happens next. His daughters Leslie and Elizabeth and son Christopher are not named anywhere in the documents.

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Fen Cen Announcement

URGENT NEWS…..What Small Business Owners Need to Know

Small business owners have been scrambling to comply with the Corporate Transparency Act (CTA), a new federal law requiring companies to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). However, recent developments have provided temporary relief.

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Reporting under the CTA is on again!

The ping-pong game regarding compliance with the Corporate Transparency Act (CTA) continues.

On February 17, 2025, the U.S. District Court for the Eastern District of Texas granted the government’s motion to stay the nationwide injunction that had previously halted enforcement of the Corporate Transparency Act (CTA). This decision in the case of Smith v. US Department of the Treasury, No. 6:24-cv-336-JDK, was influenced by the Supreme Court’s earlier ruling to stay a similar injunction in the Garland vs. Texas Top Cop Shop, Inc. case.

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Regulations for Small Business

What new regulatory requirements from the federal government on down are small businesses facing in 2025? In this first of a three-part series, we will cover some of them, related to changes in and current status of tax policy.

First of all, the new year brings with it new payroll tax limits. Perhaps the most notable is that the Social Security wage base jumped by nearly 4.5%, to $176,100 from $168,600. Most of the other increases were more modest, such as the 401(k) contribution limit rising from $23,000 to $23,500, or business mileage reimbursement going from 67 to 70 cents.

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BOI Reporting

The landscape on the requirements for reporting under the Corporate Transparency Act has changed again.

The requirement that companies report Beneficial Ownership Information (BOI)—details about people who are senior officials and/or own at least 25% of the company—to the U.S. Financial Crimes Enforcement Network (FinCEN) remains voluntary for now. That’s despite the U.S. Supreme Court’s stay of a nationwide preliminary injunction that suspended enforcement of the act and its implementing regulations.

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New Laws, New Year Part 2

Illinois small businesses need to get up to speed on a variety of state legislation passed in the previous session that came online on January 1.

We covered several new provisions in a post last week, including a higher state minimum wage and legislation prohibiting “capture audience meetings” focused on religion or politics, requiring “pay scale and benefits” information in all job postings, adding new requirements for businesses that want to employ children under age 16, and banning non-compete agreements for certain classes of workers.

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Illinois Employers Face New Laws 2025

Guest Author: Kelsey Feucht, Associate Attorney with Bellas & Wachowski

Illinois small businesses need to get up to speed on a variety of state legislation – particularly employment laws – which became effective on January 1.

Rarely does something that is forced affect a lasting difference, much less result in an improved circumstance. That said, as I considered another flip of the calendar, I decided to at least partially break my own rule and to offer what I will call a few suggestions that just might make for a better business new year.

Resolution #1: Update your corporate minute book. For many businesses, particularly closely held ones, the corporate formalities tend to get relegated to the “we’ll get to it” pile. In the new year you might consider updating your corporate minutes. Hold the meetings that the operating agreement or by-laws require. Make the disclosures to the members or shareholders. Document the company resolutions put into effect last year. Review, update and memorialize your policies. Lawsuits have been decided based on what company put in writing – or failed to write down.

Resolution #2: Review your contracts. For reasons lost on me, people often will sign a contract and never look at it again. This is unfortunate. Contracts spell out how a business relationship is to function, including the parties’ respective rights and obligations. What frequently happens is that the business conducted in real time diverges from what was planned and intended. Periodically reviewing your contracts can help to ensure that your transactions or relationships work as planned; such reviews also can help to avoid problems before they turn into a source of conflict and added expense.

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Corporate Transparency Act Updates

WHO’S ON FIRST?

ANOTHER UPDATE ON THE CORPORATE TRANSPARENCY ACT

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Nationwide Injunction Halts CTA

FinCEN Suspends Enforcement

The Corporate Transparency Act (CTA), enacted as part of the Anti-Money Laundering Act of 2020, has faced significant constitutional challenges, culminating in a nationwide injunction. As a result, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has suspended enforcement of the CTA’s reporting requirements, providing temporary relief to affected businesses.