The Fiscal Cliff, Higher Taxes and Family Businesses
In an article published in Chicago Lawyer Magazine, Mitchell S. Roth, Chair of the firm's Management Committee, discusses the impact of the year-end tax rush for small business owners and the added implications of the "fiscal cliff".
The fiscal cliff magnified the ongoing debate about how the country should begin to trim its $16 trillion-plus debt load. Many of the provisions involved in December's negotiations directly impacted small- and medium-size, closely held family businesses. For lawyers at midsize law firms who make a living representing those types of companies, the ramifications of the fiscal cliff and the budget negotiations set for later this year are huge.