Recent federal legislation has introduced several changes affecting commercial real estate owners, including updates to bonus depreciation, interest expense limitations, excess business loss rules, and energy-related incentives. This resource provides a concise overview of the key tax provisions under the…
Overview Generally, the State of Illinois may tax the worldwide income of a person who is domiciled, that is, a resident of Illinois. Recently, the Illinois Department of Revenue (“IDOR”) adopted administrative rules providing clarification on factors that are considered…
On Friday, January 16, 2026, the U.S. Court of Appeals for the Fifth Circuit issued a landmark decision that fundamentally disrupts the IRS’s recent campaign to limit the § 1402(a)(13) self-employment tax exception. In Sirius Solutions L.L.L.P. v. Commissioner, No. 24-60240,…
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.…
On July 4th, President Trump signed into law the legislation commonly referred to as the One Big Beautiful Bill Act. The signing followed the passage of the legislation by the House of Representatives on July 3rd on a 218-214 vote,…
On Thursday, May 22, 2025, the House of Representatives passed legislation titled the One Big Beautiful Bill Act by a 215-214 vote. The legislation includes increased spending for homeland security (e.g., border wall construction and drones and other border-security equipment)…
On March 2, 2025, the U.S. Department of the Treasury (the “Treasury Department”) issued a statement that would effectively end mandatory beneficial ownership information reporting for domestic entities under the Corporate Transparency Act (the “CTA”). Reporting requirements will continue for…
Due to increased withholding reporting requirements for foreign persons, FGMK, LLC wants to ensure that its clients know about these filing requirements and that our International Tax team can assist. Form 1042 Form 1042, Annual Withholding Tax Return for…
The Biden-Harris Administration recently set forth a proposal aimed at corporate landlords with over 50 units in their portfolio. The proposal sets forth a plan to provide such landlords a choice: either cap annual rent increases on existing units at…
On January 31, 2024, the House of Representatives passed H.R. 7024 on a 357-70 vote. The $79 billion bill, referred to as The Tax Relief for American Families and Workers Act of 2024, entails updates to tax code provisions of…