Gould + Ratner
Illinois Employers Take Note: Key Employment Law Changes Taking Effect in 2027
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Illinois Employers Take Note: Key Employment Law Changes Taking Effect in 2027

Illinois employers face two fairly significant changes to state employment law beginning January 1, 2027.
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FinCEN Permanently Ends Beneficial Ownership Reporting for U.S. Companies and Will Delete Previously Filed Data
Publication Highlight

FinCEN Permanently Ends Beneficial Ownership Reporting for U.S. Companies and Will Delete Previously Filed Data

On August 11, 2026, the Financial Crimes Enforcement Network (FinCEN) issued a final rule permanently eliminating the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) under the Corporate Transparency Act (CTA).
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Illinois Decouples from Federal QSBS Exclusion and Further Limits Corporate NOL Deductions
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Illinois Decouples from Federal QSBS Exclusion and Further Limits Corporate NOL Deductions

On June 16, 2026, Governor Pritzker signed Public Act 104-0468 into law. The Illinois Act makes two significant income tax changes: it decouples Illinois from the federal qualified small business stock (“QSBS”) gain exclusion under Code Section 1202 and further restricts the use of corporate net operating loss (“NOL”) carryover deductions.
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2026 Construction Forecast: The Only Thing Certain is Uncertainty
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2026 Construction Forecast: The Only Thing Certain is Uncertainty

As 2026 dawns, it is natural to consider the outlook for construction in the coming year.
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Publications

News
Events
Small businesses looking for an economic lifeline as a result of losses due to the COVID-19 pandemic have several loan programs they may be able to tap for help
Vanessa Tiradentes
Partner
The U.S. Department of Labor (DOL) issued a series of Questions and Answers (Q&A) on March 25, 2020, detailing the leave requirements found in the recently passed Families First Coronavirus Response Act (Response Act)
David Michael
Managing Partner
Chair, Human Resources and Employment Law Practice
Litigation
Now that Illinois Gov. J.B. Pritzker’s Stay at Home Order deemed construction to be an essential service, and the City of Chicago has confirmed that construction can proceed
Richard Reizen
Partner
Chair, Construction Practice
As employers nationwide have turned to teleworking to help “flatten the curve,” the Department of Homeland Security (DHS) announced on March 20 that it will defer the physical presence requirement of the Employment Eligibility Verification (Form I-9)
David Michael
Managing Partner
Chair, Human Resources and Employment Law Practice
UPDATE: The IRS released this guidance on March 30 regarding the payroll tax credits, stating that credits would for qualified wages paid beginning April 1 through Dec. 31, 2020.
Jennifer Tolsky
Partner
Chair, Tax Planning and Structuring Practice
To help employers grappling with how to respond and handle a variety of challenges caused by the coronavirus (COVID-19) pandemic in the United States, we have compiled some answers to frequently asked questions (FAQs)
David Michael
Managing Partner
Chair, Human Resources and Employment Law Practice
Consistent with yesterday's Construction Update from Gould & Ratner, Judy Frydland, commissioner of the City of Chicago Department of Buildings, has confirmed in this email communication that construction can proceed in Chicago as an essential infrastructure exception
Richard Reizen
Partner
Chair, Construction Practice
Illinois Gov. J.B. Pritzker yesterday issued an executive order advising the state’s citizens to stay home and allowing only essential businesses to keep operating beginning on March 21, 2020.
Richard Reizen
Partner
Chair, Construction Practice
In addition to issues regarding the viability of future projects, the coronavirus pandemic has created concerns whether if, or when, your current construction project may be shut down.
Richard Reizen
Partner
Chair, Construction Practice
In a 90-8 vote, the Senate yesterday passed a new version of the Families First Coronavirus Response Act (Response Act) that was signed into law by the President. By way of background, the U.S. House of Representatives over the weekend passed its first version of the Relief Bill in response to the spread of the coronavirus (COVID-19).
David Michael
Managing Partner
Chair, Human Resources and Employment Law Practice