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
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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
Employers seeking to impose restrictive covenants upon employees will face substantial new hurdles beginning January 1, 2022.
The Illinois Employee Sick Leave Act (ESLA) was recently amended to give workers more flexibility to care for their loved ones.
Hannah Batsche
Associate
Illinois lawmakers have approved legislation that is both good news and bad news for Illinois taxpayers.
Jennifer Tolsky
Partner
Chair, Tax Planning and Structuring Practice
Infectious disease experts have a saying: Vaccines don’t save lives, vaccinations do. As vaccinations are now widely available, and with the Biden Administration’s goal of 70% of adults at least initially vaccinated by July 4 in reach, employers eager to get back to the way things were pre-pandemic may want to mandate vaccinations.
David Michael
Managing Partner
Chair, Human Resources and Employment Law Practice
Back in March 2020 we advised that — for employees working remotely — the Department of Homeland Security (DHS) was deferring the physical presence requirement of the Employment Eligibility Verification (Form I-9).
With society’s increased reliance on working remotely, vis a vis through “the cloud” and need for unfettered amounts of storage and processing power, data centers seem to be popping up almost everywhere you turn.
Richard Reizen
Partner
Chair, Construction Practice
The Illinois Supreme Court ruled late last week in favor of a company seeking insurance coverage for defense of a lawsuit alleging the company had violated the Illinois Biometric Privacy Act (BIPA).
The Chicago City Council last week passed an ordinance providing more rights to employees who take time off from work to obtain the COVID-19 vaccine.
Hannah Batsche
Associate
Due to reduced production during the COVID-19 pandemic, increased housing demand and climate events such as the Texas freeze and subsequent utility crisis, construction material costs have increased dramatically over the past year.
Richard Reizen
Partner
Chair, Construction Practice
On Wednesday, President Biden detailed a plan that will allow small businesses to claim tax credits for giving paid time off to employees to get and recover from the COVID-19 vaccine.
Hannah Batsche
Associate