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Diagnosing the SALT effects of COVID-19: Part 1

The novel coronavirus (COVID-19) pandemic that spread across the United States in early 2020 created a once-in-a-lifetime public health emergency that necessitated unprecedented reaction from federal and state governments, businesses, and individuals. State governors quickly began declaring states of emergency, completely shutting down nonessential businesses and implementing public stay-at-home orders — forcing many employees out …

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Payroll Tax Deferral (Notice 2020-65)

On August 8, 2020, President Trump issued a memorandum directing the Secretary of the Treasury to use his authority pursuant to Internal Revenue Code (“IRC”) Section 7508A to defer the withholding, deposit, and payment of the 6.2 percent tax imposed on employees’ wages under IRC Section 3101(a) (Old-Age, Survivors, and Disability Insurance) and IRC Section …

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How Do the Proposed Regulations Under Section 1061 Apply to Real Estate Professionals?

On July 31, 2020 the Internal Revenue Service (“IRS”) issued proposed regulations as guidance under Internal Revenue Code (“IRC”) Section 1061, which was established by the Tax Cuts and Jobs Act of 2017 (the ”TCJA”). This article discusses how the newly released proposed regulations apply to real estate professionals.   Section 1061 is intended to …

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President Trump Signs Executive Order to Defer Payroll Taxes

On August 8, 2020, President Trump signed an executive order directing the Secretary of the Treasury (the “Secretary”) to defer the withholding, deposit, and payment of certain payroll tax obligations on wages or compensation paid during the period of September 1, 2020 through December 31, 2020.  The deferral would apply to the employee portion of …

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FGMK Tax Alert – Section 1061 Proposed Regulations

On Friday, July 31, 2020, the Department of Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) released Proposed Regulations that provide guidance under Section 1061 of the Internal Revenue Code (“IRC”). Section 1061, a product of the Tax Cuts and Jobs Act of 2019 (the “TCJA”), constituted a Congressional response to those who argued for …

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Low 7520 Rate Creates Estate Planning Opportunities

Recently released Applicable Federal Rates (“AFRs”) for the month of August create significant estate planning opportunities. The combination of the low Internal Revenue Code Section 7520 rate (“7520 rate”) and the proposed tax increases in the campaign platform of former Vice President Joe Biden present a critical time for clients to evaluate tax savings opportunities. …

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Lake County Small Business Grant Program

Lake County has launched an important new small business assistance grant fund of $10 million to help local businesses impacted by COVID-19 reopen and adjust to the new operating environment. The intent of the grant is to cover occupancy and some operating costs for up to four months. Preference will be given to businesses that …

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Is it time to Strengthen Your Long-term Incentive or Deferred Compensation Plan?

Many companies have or will be taking concerted action regarding their compensation programs in response to the COVID-19 pandemic. As we work to stay on the leading edge of the issues that affect you most, we’ve summarized what has already been observed based on market trends as of this publication1:   Base Salaries. Approximately 33% …

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Supreme Court to Hear Challenge to ACA’s Individual Mandate

The United States Supreme Court (the “Supreme Court”) will hear oral arguments in Texas v. California during the upcoming fall term with a decision likely to be issued in 2021. At issue in the case is the constitutionality of the individual mandate penalty imposed by Internal Revenue Code Section 5000A(c) which was established by the …

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New Proposed Regulations Provide Key Definitions of Real Property for Section 1031 Like-Kind Exchanges

Prior to the Tax Cuts and Jobs Act of 2017 (the “TCJA”), under Section 1031 of the Internal Revenue Code (the “Code”) a taxpayer could exchange on a tax free basis any property used in a trade or business or held for investment purposes, provided it was exchanged for property of a “like-kind”. The TCJA …