FGMK Tax Alert: Rental Real Estate Enterprise Safe Harbor
On January 18, 2019, the United States Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) released several items of additional guidance regarding Section 199A of the Internal Revenue Code (“IRC” or the “Code”). The guidance included Notice 2019-07, which provides a proposed revenue procedure that sets forth a safe harbor under which …
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Understanding the Basics of Illinois’ Treatment of Unclaimed Property
With the passage of Senate Bill 9 on July 7, 2017, Illinois made substantial changes to its treatment of unclaimed property. These changes affect the reporting responsibilities of unclaimed property holders, including the types of property covered by the law. The following is FGMK’s overview of the state of unclaimed property law in Illinois for …
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Section 965 Payments, Filings, Refunds and More Refunds? – New IRS Guidance
On December 12, 2018 the Internal Revenue Service (“IRS”) released a Q&A document that confirms the IRS’s earlier guidance on Internal Revenue Code (“IRC”) Section 965 payments and refunds and provides 2018 guidance on the same[1]. The earlier guidance stated that taxpayers making a Section 965(h) deferral election on a 2017 income tax return could …
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