August Business Bytes

This month’s Business Bytes highlights gift/estate tax exemption, cyber insurance confusion and social media liability. 

Gift/Estate Tax Exemption. While the Taxpayer Relief Act of 2021 increased the $5,000,00.00/$10,000.00 estate tax and $12,920,000.00/$25,840,000.00 annual gift tax exemptions for 2023, these generous exemptions sunset in 2025, so if they are useful to you, consider action. READ MORE,.

Cyber Insurance Confusion. Increased cyber-attacks put your business at risk, but obtaining appropriate cyber insurance is complex. Obtain the advice of competent experts in purchasing or deciding not to purchase this insurance, as either decision could be costly. READ MORE.

Social Media Liability. Hyped, false, or inflated business claims on social media intended to sell or increase the value of a business or its shares can constitute fraud just like a false financial report to the SEC. Be sure you can prove what you pitch and publish.  READ MORE.

This Business Byte is designed to provide our friends and clients with information regarding the various subject matters covered, it is not designed to take place of legal, accounting, or other professional advice. If expert assistance is required, the services of a competent professional should be sought. This may constitute advertising under the rules regulating Illinois attorneys.