If you have received workers’ compensation due to a workplace injury, the question of taxes may come up sooner or later. You may wonder if those benefits are taxable. If you are receiving a wage differential or disability benefits, will you have to report those on your return?

The simple answer is these benefits are not taxable. You can receive benefits through workers’ compensation without fear of it impacting your taxes—at least in most scenarios. There is one exception to this rule, and it involves Social Security.

Workers’ Compensation and Social Security

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Whether you are an experienced real estate investor or just getting your feet wet, there are many ways to turn a profit. Some of these ways are long-term, while others result in quick revenue. The approaches you choose will depend on your experience, resources, and objectives with respect to real estate investing.

Buy and Hold

One common strategy for real estate investment is buying and holding property. This is done with rental property—you purchase a house or multi-family unit and lease it out to tenants. This can bring in a great deal of revenue, but it also has its own associated expenses. You take on numerous responsibilities, such as keeping the property maintained, as well as a certain amount of liability, such as making sure tenants don’t diminish the property’s value overmuch.

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Estate plans frequently have to account for minors who may not necessarily know how to handle their inheritance. One way in which this situation is handled is by creating a trust, but there are other methods as well. These methods can be quite simple, but knowledge of the laws pertaining to gifts and transfers of assets is still important.

One law, called the Uniform Transfers to Minors Act (or UTMA), provides a very simple way in which to gift assets to minors. There are just a few requirements to fulfill in order to work with this law.

The Uniform Transfers to Minors Act

In some cases, a medical injury may be immediately obvious—something obviously went wrong with a routine procedure, you end up in the hospital for far longer than normal, etc. In other cases, it may be less obvious, which means it will usually take longer for you to notice an injury.

If you suspect that medical malpractice has occurred, it’s important to act as quickly as possible. The state of Illinois has various laws governing when a lawsuit needs to be filed. If you wait too long, it could compromise your case.

Statute of Limitations for Medical Malpractice

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A disabling workplace accident is a frightening experience, and you may be uncertain what your future will hold. Any lasting disabilities you have from the incident can affect your ability to support yourself and negatively impact your quality of life.

Some disabilities are temporary, whereas others are permanent. Illinois workers’ compensation law handles these two types of disability very differently, and knowing the differences can help you know what type of compensation you’re entitled to receive.

Temporary Disability

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Much of business as we know it has moved online, and numerous entities operate entirely over the internet. This impacts how business transactions work, especially since most of these companies are smaller in size. The way risk is assessed and transactions are structured will reflect this, and there are a number of items to consider when negotiating a deal.

Assessing Risk

As with any business acquisition, the first item to consider is the matter of risk. This incorporates the following factors:

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Corporate governance is central to your business’s operations and overall market success. Not only is it legally required to have a working structure in place, it also outlines the way reporting, responsibility, and other vital matters are handled within the company. There are many issues to keep in mind when structuring your corporate governance plan, each of which has various ethical, operational, and legal implications.

Accountability

Among the first is accountability. Making sure you have a solid accountability system in place is key to minimizing liability and preserving your company’s integrity. Your governance system must include reporting structures that hold all parties on all levels of leadership accountable for their actions.

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When you own real property, there will arise certain difficulties over the years, and it’s important to be prepared to deal with them. These often take the form of property disputes, which may be between you and a neighbor, but could also involve contractual and title issues, such as when you’re purchasing a property.

We’ll go over some of the most common property disputes and discuss how to handle them.

Title and Boundary Disputes

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ADR is short for “alternative dispute resolution,” which is a term used to describe various methods of resolving disputes without the use of litigation. ADR takes many forms, and these can each have different implications for you, your company, and your relationships with other parties.

As such, the exact meaning it has for you could vary with your situation. It could mean the preservation of a business relationship or the quick resolution of a complex dispute, for instance.

Definition and Types of ADR

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Ideally, fault in an accident would be clear cut, and those responsible would pay for it. However, it’s often more complex than that. Sometimes, the injured party contributed in some way to their own injury, and even if they didn’t, those who are actually responsible may claim they did.

When someone is injured in an accident that was partially their own fault, Illinois law applies modified comparative negligence rules. These could reduce the amount received for the injury, and in some cases, it could even preclude someone from recovering damages at all.

Illinois Comparative Negligence Law

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