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Illinois Extends Certain Income Tax Deadlines to July 15, 2020

On March 25, 2020, the Illinois Department of Revenue (“IDOR” or “Department”) announced the extension of certain income tax filing and payment deadlines in response to the COVID-19 outbreak, in light of the federal government providing similar taxpayer relief in Notice 2020-18. The IDOR issued Informational Bulletin FY 2020-24 (the “Bulletin”) outlining its guidance to …

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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 …

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Illinois Secure Choice Program: It Is Here And It May Affect Employers Already In 2019

Illinois has successfully launched the Illinois Secure Choice Program.  The Illinois Secure Choice Savings Program Act (820 ILCS 80/85) requires affected employers to either have a retirement plan in place for employees or to register for the Illinois Secure Choice Program.  Failure to comply will result in such employer paying a fine of $250 per …

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Cloud Computing And Chicago’s Personal Property Lease Transaction Tax

Cloud computing refers to a collection of tools and applications offered through the internet, accessed from anywhere, and provided through any one of three service models, including Software as a Service (“SaaS”), Platform as a Service (“PaaS”), and Infrastructure as a Service (“IaaS”).  The treatment of cloud computing transactions for state and local sales and …