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House Ways and Means Committee Tax Proposal Includes Significant Retirement Planning Modifications

The House Ways and Means Committee proposal provides significant changes to the administration and taxation of individual retirement accounts. A particular focus was placed on those who hold IRA account balances in excess of $10 million. Provided below is a summary of the proposed changes.   Prohibition of IRA Contributions   Taxpayers would be prohibited …

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House Ways and Means Committee Releases Draft of Tax Proposals

On Monday, September 13, 2021, House of Representatives (“House”) Ways and Means Committee (the “Committee”) Chairman Richard Neal (D-MA) released draft legislation that sets forth several tax proposals. The 881 pages of proposed legislative changes provide the latest insight into the ongoing Congressional tax discussions. Additionally, the Committee released a section-by-section summary of the proposed …

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Pass-through Entity Tax Update

On August 27, 2021, Illinois Governor J.B. Pritzker signed the Illinois pass-through entity tax (“PTET”) into law. This occurred two days after the New York Department of Taxation and Finance released guidance with regard to New York’s new pass-through entity tax. More than twenty states have now passed or proposed legislation that provide for PTETs. …

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IRS Releases Updated Nonqualified Deferred Compensation Audit Technique Guide

The Internal Revenue Service recently released an updated Nonqualified Deferred Compensation Audit Technique Guide. This FGMK article highlights key elements of the updated guidance.   On June 1, 2021, the Internal Revenue Service (the “IRS”) released an updated Nonqualified Deferred Compensation Audit Technique Guide (the “Guide”), last updated in June 2015. The Guide summarizes statutory …

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MBBI Trends in M&A Podcast – Episode 2

The COVID-19 pandemic has created a unique set of challenges as well as opportunities for both Buyers and Sellers. On the sell side, inflation coupled with uncertainty surrounding changes to capital gains taxes have led many business owners to reassess their estate planning. On the buy side, the low cost of capital has only served …

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Illinois Set to Establish a SALT Deduction Workaround for Passthrough Entities

On Sunday May 30th, the Illinois General Assembly passed Senate Bill 2531 which would provide owners of a partnership or S corporation with a workaround to the federal $10,000 state and local tax deduction cap applicable to individual taxpayers. The legislation now goes to Governor Pritzker who is expected to sign the legislation into law, …

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Illinois Legislature Passes Tax Legislation

On June 1, 2021, the Illinois Senate passed an Illinois House budget implementation bill which contained several tax provisions. Governor Pritzker is expected to sign the legislation into law. This FGMK article provides highlights the legislation   Closure of Business Tax Loopholes   The legislation includes provisions that would modify tax code provisions often referred …

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Tax Proposals Related to the Biden Budget Plan

On Friday May 28th, President Biden’s administration released its proposed budget for fiscal year 2022. As part of the release, the administration also published the General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals (otherwise known as the “Green Book”). This FGMK article provides an overview of the key tax provisions included therein, as …

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Restaurant Revitalization Grant Program: Time to Prepare

As part of the recently enacted American Rescue Plan Act, signed into law on March 11, 2021, Congress created a new grant program to be administered by the Small Business Administration. The $28.6 billion program, commonly referred to as the Restaurant Revitalization Grant Program, aims to provide funding to businesses in the food and beverage …

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FGMK Tax Alert – Section 1061 Final Regulations

On January 7, 2021, the Department of Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) released Final Regulations that provide guidance under Section 1061 of the Internal Revenue Code (“IRC”). The Final Regulations contain certain changes to the rules included under the previously released Proposed Regulations. Section 1061, a product of the Tax Cuts and …