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 …
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 …
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 …
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 …
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Treasury Provides Additional Qualified Opportunity Zone Guidance
On April 17, 2019, United States Department of Treasury (“Treasury”) released the highly anticipated second round of proposed regulations pertaining to Qualified Opportunity Zones (the “Proposed Regulations”). While still leaving certain questions open, the Proposed Regulations provide much needed guidance and clarity on a number of major outstanding questions. The Proposed Regulations cover a wide …
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U.S. Residency – Overview and Procedures
The general rule is that only U.S. Persons are subject to tax on their worldwide income on their respective Form 1040. Non-U.S. Persons, in contrast, are only subject to tax on their U.S. source income, and file Form 1040NR. Let us review the distinction and thresholds that determine whether someone is considered a U.S. Person, …
Listen to the FGMK Webinar: International Tax Compliance and Planning: What you don’t know may hurt!
With April 15th in the rear-view mirror, we invite you to join us April 30th at 10:00 a.m. (CST) for an update from our International Tax Specialists. The impact of tax reform is being felt by taxpayers and practitioners alike, and we want to be able to provide key insights (coming out of busy season) …
Acceleration Events of the Transition Tax Under IRC Section 965
Taxpayers that elected to pay their 2017 transition tax under IRC Section 965 of the Internal Revenue Code (IRC) in eight installments, and S corporation shareholders that elected to “indefinitely” defer their Section 965 liability, are generally required to pay the remaining balance of the Section 965 tax liability if an acceleration, or triggering, event …
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DOL Proposes Increase to FLSA Overtime Rule Salary Threshold
The U.S. Department of Labor (DOL) published a Notice of Proposed Rulemaking (NPRM) raising the Fair Labor Standards Act (FLSA) salary test threshold to $35,308 per year ($679 per week). This is significantly lower than the $47,476 per year ($913 per week) level proposed by the prior administration in 2016, but represents a significant …
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