Governor Pritzker’s Fair Tax for Illinois and Graduated Income Tax Plan
On March 7, 2019, citing Illinois’ dire fiscal condition, Governor J.B. Pritzker unveiled the details of his “Fair Tax for Illinois” plan, commonly referred to as the “Fair Tax.” Governor Pritzker’s proposal highlights four elements: a graduated personal income tax regime; an increase to the corporate income tax rate from 7% to 7.95%; a 20% …
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FGMK Tax Alert: Rental Real Estate Enterprise Safe Harbor
On January 18, 2019, the United States Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) released several items of additional guidance regarding Section 199A of the Internal Revenue Code (“IRC” or the “Code”). The guidance included Notice 2019-07, which provides a proposed revenue procedure that sets forth a safe harbor under which …
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Understanding the Basics of Illinois’ Treatment of Unclaimed Property
With the passage of Senate Bill 9 on July 7, 2017, Illinois made substantial changes to its treatment of unclaimed property. These changes affect the reporting responsibilities of unclaimed property holders, including the types of property covered by the law. The following is FGMK’s overview of the state of unclaimed property law in Illinois for …
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Section 965 Payments, Filings, Refunds and More Refunds? – New IRS Guidance
On December 12, 2018 the Internal Revenue Service (“IRS”) released a Q&A document that confirms the IRS’s earlier guidance on Internal Revenue Code (“IRC”) Section 965 payments and refunds and provides 2018 guidance on the same[1]. The earlier guidance stated that taxpayers making a Section 965(h) deferral election on a 2017 income tax return could …
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Join Us for FGMK’s 2019 Year-End Tax and Business Planning Webinar
In the wake of the 2017 Tax Cuts and Jobs Act, 2018 has become one of the most challenging tax years in recent memory. Coupled with recent regulatory guidance (related to the Partnership Tax Audit rules) and the Supreme Court decision in the Wayfair case (relating to state sales tax nexus), 2018 presents virtually all …
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Listen to FGMK’s 2018 Year-End Tax and Business Planning Webinar
In the wake of the 2017 Tax Cuts and Jobs Act, 2018 has become one of the most challenging tax years in recent memory. Coupled with recent regulatory guidance (related to the Partnership Tax Audit rules) and the Supreme Court decision in the Wayfair case (relating to state sales tax nexus), 2018 presents virtually all …
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Strategies to Maximize Charitable Giving Under the Tax Cuts and Jobs Act of 2017
Article prepared by Tax Senior Manager Phil Levsky With the Tax Cuts and Jobs Act of 2017 (the “TCJA”) increasing the standard deduction to $24,000 for joint filers and $12,000 for single filers, taxpayers with taxable income under these thresholds will receive a tax benefit for making charitable contributions. This alert discusses three potential strategies …
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Favorable Guidance Afforded Taxpayers Making Substantial Taxable Gifts
Article prepared by Tax Partner Chuck Schultz III and Tax Senior Manager John Gibbons The Tax Cuts and Jobs Act enacted in December 2017 provided a profound benefit for those holding large estates; that is, the estate and gift tax exemption increased from $5.49 million per individual in 2017 to $11.18 million in 2018 (increasing …
Continue reading "Favorable Guidance Afforded Taxpayers Making Substantial Taxable Gifts"
Listen to FGMK’s 2018 Year-End Tax and Business Planning Webinar
In the wake of the 2017 Tax Cuts and Jobs Act, 2018 has become one of the most challenging tax years in recent memory. Coupled with recent regulatory guidance (related to the Partnership Tax Audit rules) and the Supreme Court decision in the Wayfair case (relating to state sales tax nexus), 2018 presents virtually all …
Continue reading "Listen to FGMK’s 2018 Year-End Tax and Business Planning Webinar"