Our blog kicks off the summer of 2018 with a special request.  A young woman of my acquaintance (my daughter, Tess) is seeking an internship for the summer, and her resume is attached.  If you are aware of any opportunities, your interest in her is greatly appreciated.  Thank you!

Tess Lynam Resume 2018

Equifax’s major data loss in 2017, where thieves stole sensitive information of more than 145 million people, is making taxpayers, the IRS, and CPAs worry. Tax authorities fear that Equifax’s stolen information may create havoc in 2018 as crooks race to use the stolen data to falsify returns.

Fraudulent tax returns are typically filed early in the year since criminals can scam the IRS is if they file the return before the taxpayer does. By the time the CPA starts work, the damage is usually already done. It’s also difficult for CPA firms to help clients who have been victims of identity theft. The IRS is usually unwilling to deal with anyone other than the taxpayer in the case of identity theft.

A taxpayer can find out if another return has been filed in their name by contacting the IRS or Illinois Department of Revenue by phone. Victimized taxpayers will receive a letter from the IRS or state tax authority with instructions as to what to do and where to send a response or additional documentation. Electronic filing speeds help since a taxpayer cannot submit a return electronically if one has already been filed.

Children are especially vulnerable so taxpayers should closely monitor their children’s credit reports and can even request a transcript of their children’s accounts from the IRS to see which returns, if any, have been filed.

Signs of identity theft include incorrect tax return amounts, owing money that you weren’t expecting; and records of new accounts being opened in your name.

The IRS will never start a proceeding with a taxpayer via email or telephone, always by mail. Even with all the extra attention and interest on potential tax fraud this year, this will not change.

On July 4, 2017, the Illinois Senate voted to override Governor Bruce Rauner’s veto and passed a $36 billion budget package. With the override, the Illinois Senate effectively passed the package which amends the Illinois Income Tax Act and the Retailers’ Occupation Tax Act, resulting in a $5 billion tax increase. Here’s what Illinois businesses need to know about the amendments and the tax hike.

Effective July 1, 2017, the income tax rate for individuals, trusts and estates, increases from 3.75% to 4.95%. For corporations, the increase is from 5.25% to 7%. Beginning immediately, payors who are required to withhold Illinois income taxes must adjust withholding tax rates. These new rates can be found on the Illinois Department of Revenue’s website at www.‌re‌venu‌e.st‌a‌‌t‌e.il.us.

Under the new budget plan, the Illinois Research and Development Credit has also been reinstated and is retroactive for the 2016 tax year (subject to some limitations) and Illinois Unitary business groups (consolidated returns) will no longer be able to exclude members classified as financial organizations, insurance companies or transportation companies.

Individual taxpayers with an adjusted gross income (AGI) that exceeds $500,000 for married filing jointly returns and $250,000 for all other individuals are no longer able to claim the following exemptions: personal exemption allowance; the K-12 Education Expense Credit; or the Illinois Property Tax Credit. The Domestic Production Activities Deduction, under the new amendments to the Illinois Income Tax Act, also must be added back to AGI for individuals or taxable income for all other taxpayers.

Should you have any questions regarding this new law, please contact us.

After a summer hiatus, our law blog returns for an announcement about a special event to be hosted by David J. Lynam and the Entrepreneur Group of the Union League Club. Please join us for “Angel Investing, What It Is, How it Works, and Recent Trends” on November 16 at 11:30 am. This event will feature a panel discussion by the Chicago angel investing group, The Chicago Archangels, who will share their inside perspective on angel investing. To sign up please use the Eventbrite link https://angelinvestingprogram.eventbrite.com. See you there!


Please join us for a special luncheon on Thursday, June 2, from 11:30 AM to 1:30 PM hosted by the Union League Club Entrepreneur Group, David Lynam, Chair, where Professor Craig Wortmann of the University of Chicago’s Booth School of Business will present a workshop based on his award winning course “Entrepreneurial Selling.”

In this special ULCC Entrepreneur Group workshop, Professor Wortmann will lead discussions on applying selling skills in different contexts, acquiring and keeping customers, engaging with powerful stories (how and when to use them), and managing and measuring the sales process. Professor Wortmann designed, developed and teaches the University of Chicago business school course “Entrepreneurial Selling,” which is ranked by Inc. Magazine as one of the top ten business courses in the country.

The ULCC Entrepreneur Group represents a diverse gathering of professionals, academics, entrepreneurs, government officials, and business leaders who engage in issues of interest to entrepreneurs, provide a forum where entrepreneurial ideas can be exchanged, and celebrate the spirit of the Chicago entrepreneur community.

This event is open to everyone. ULCC Members may sign up at ULCC.org or call Member Events. Non-members, please register by using the special Eventbrite link here.

The leadership of the Union League Club Entrepreneur Group was highlighted in the Winter 2015 edition of The State of the Union, the official magazine of the Union League Club of Chicago. The Entrepreneur Group is chaired by David Lynam of Lynam & Associates, and vice-chaired by Laurel Rundle, Partner at Aha! Marketing and CEO of All for Schools. The Group, a panel of professionals, business owners, executives and members of the startup community, meets monthly to engage in issues of interest to entrepreneurs, provide a forum where ideas can be exchanged, and engages in activities that celebrate the spirit of the Chicago entrepreneur community.Entrepreneur Group Highlight

On Thursday, May 28, 2015, David J. Lynam of Lynam & Associates presented a breakfast program for the Union League Club of Chicago Entrepreneur and Real Estate Groups. The program featured a presentation on Creating Private Investments Using Qualified/IRA Funds.

For more information on how to unlock the power of self directed investments in real estate, private equity, and startups and on truly diversifying your investment choices, please see the presentation slides available here.