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FGMK Tax Alert – Summary of Key Tax Provisions in President’s FY2023 Budget

On March 28, 2022, President Biden released his FY2023 budget (the “FY2023 Budget”), and the U.S. Treasury released the so-called “Green Book,” which provides details related to the revenue provisions in the FY2023 Budget. This FGMK Tax Alert provides a summary of the salient tax provisions offered under this proposal.   Increased Tax Rates, New …

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Test Post by Netrix – Update

Testing Post – Updated

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U.S. International Tax 2022 Health Check

While significant current developments in international tax are evolving (potential U.S. tax reform, adoption of OECD’s Pillar One and Two, recently issued foreign tax credit regulations, etc.) companies and individuals with multi-national operations or interests should assess how they are positioned globally from a tax efficiency standpoint for what might be coming in potential tax …

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Listen to FGMK’s Webinar: Mergers and Acquisitions, Important Tax Tricks, Traps, and Strategies to Ponder

FGMK cordially invites you to attend our upcoming webinar focusing on the acquisition and sale of business interests. The webinar is scheduled for November 5th at 10 AM Central Time. FGMK’s practice leads and subject matter experts Chuck Schultz, Dan Laughlin, and Carolyn Puzella will provide insight and guidance on the tax considerations needed to …

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Tax Treatment of Carried Interests: Comparing Carried Interests to Capital Interests, 83(b) Elections, and Issues with the New Three-year Rule

Part I: Capital Interests vs. Carried Interests   What is a carried interest?   A carried interest (also referred to as a profits interest) is a typical piece of the compensation package for managers of private equity funds.[1] Many private equity funds purchase businesses, operate them for a short period, and then sell them for …

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The Cash Killer: Excess Inventory

The Census Bureau’s Monthly Report on Manufacturers’ Shipments, Inventories, and Orders for June 2019 showed a 0.3 percent increase in inventories of manufactured durable goods to $425.8 billion. During that same time, shipments were up 1.4 percent to $258.2 billion. The resulting difference between inventories and shipments was $167.6 billion (39% of total inventory).  This, …

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Listen to FGMK’s Webinar: Hot Issues in Tax Planning – An Overview of Recent Case Law and IRS Guidance Demanding Taxpayer Attention

FGMK cordially extends an invitation to you for our upcoming webinar focusing on the hot issues in tax planning. The tax law changes stemming from the Tax Cuts and Jobs Act of 2017 continue to create discussion regarding optimal tax planning. In addition, regulatory guidance, state legislation, and judicial rulings add layers to an evolving …

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Catch Me If You Can! Calculating The True Costs Of Manufacturing A Product

There are various cost accounting techniques used to measure the cost of a product. The three most common methods are job costing, process costing, and activity-based costing.   Job Costing is most commonly used when costs can be attributed to specific units or groups of units, as is often the case for manufacturing environments producing …

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Tax-Exempt Entities Should Exercise Caution Before Investing in Real Estate Partnerships

Why is there a tax on unrelated business income for exempt entities?   Congress does not want a tax-exempt entity to use its tax exemption to put for-profit companies out of business. If a tax-exempt entity is doing something that a for-profit company does and competing with for-profit companies, it should not get the benefit …

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Listen to FGMK’s Webinar: Information Security and Privacy Responsibilities and Best Practices for Business Owners and their Advisors

With reported incidents of cyber-attacks growing daily, business owners and their advisors are feeling the pressure to take more responsibility for the security and privacy of their customers’ or clients’ information. FGMK cordially extends an invitation to you for our upcoming webinar focusing on this critical cyber security topic. The webinar is scheduled for June …