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Illinois Set to Establish a SALT Deduction Workaround for Passthrough Entities

On Sunday May 30th, the Illinois General Assembly passed Senate Bill 2531 which would provide owners of a partnership or S corporation with a workaround to the federal $10,000 state and local tax deduction cap applicable to individual taxpayers. The legislation now goes to Governor Pritzker who is expected to sign the legislation into law, …

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Illinois Legislature Passes Tax Legislation

On June 1, 2021, the Illinois Senate passed an Illinois House budget implementation bill which contained several tax provisions. Governor Pritzker is expected to sign the legislation into law. This FGMK article provides highlights the legislation   Closure of Corporate Tax Loopholes   The legislation includes provisions that would modify tax code provisions often referred …

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Tax Proposals Related to the Biden Budget Plan

On Friday May 28th, President Biden’s administration released its proposed budget for fiscal year 2022. As part of the release, the administration also published the General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals (otherwise known as the “Green Book”). This FGMK article provides an overview of the key tax provisions included therein, as …

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Restaurant Revitalization Grant Program: Time to Prepare

As part of the recently enacted American Rescue Plan Act, signed into law on March 11, 2021, Congress created a new grant program to be administered by the Small Business Administration. The $28.6 billion program, commonly referred to as the Restaurant Revitalization Grant Program, aims to provide funding to businesses in the food and beverage …

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FGMK Tax Alert – Section 1061 Final Regulations

On January 7, 2021, the Department of Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) released Final Regulations that provide guidance under Section 1061 of the Internal Revenue Code (“IRC”). The Final Regulations contain certain changes to the rules included under the previously released Proposed Regulations. Section 1061, a product of the Tax Cuts and …

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The Corporate Transparency Act – A New FinCEN Obligation

The recent Congressional override of President Trump’s veto of the National Defense and Authorization Act means that certain companies will have a new reporting obligation under the Financial Crimes Enforcement Network. This FGMK article provides an overview of the new reporting obligations and the potential civil and criminal penalties that may result from willful non-filing. …

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FGMK Tax Alert – Expanded and Enhanced Employee Retention Credit

Under the CARES Act, as enacted by Congress in March of 2020, certain businesses were eligible to claim a new fully-refundable credit called the Employee Retention Credit (“ERC”).  The CARES Act provided important limitations and computational rules in determining the ERC which was set to expire on December 31, 2020.  Importantly, the ERC was not …

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FGMK Tax Alert – Covid-19 Relief Legislation

Following several months of negotiations that included Democrats and Republicans setting forth separate legislative proposals, Congress released a bipartisan $2.3 trillion spending package on Monday, December 21st. The extensive package includes a $1.4 trillion omnibus bill that consists of more than $740 billion in defense spending and nearly $665 billion for domestic programs. The legislation …

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Approaching Deadline: December 31, 2020 Illinois Mandatory Sexual Harassment Prevention Training Requirement

The December 31, 2020 deadline for all employers to comply with the sexual harassment prevention training requirements as outlined in the Workplace Transparency Act (WTA) is rapidly approaching.  This annual requirement applies to all employers with one or more employees working in Illinois.    Please note that failure to provide sexual harassment prevention training to your …

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New Final Regulations Provide Key Definitions of Real Property for Like-Kind Exchanges

The U.S. Department of Treasury (“Treasury”) and the Internal Revenue Service (the “IRS”) recently released final regulations under Internal Revenue Code Section 1031. This provision governs the tax principles of like-kind exchanges. This FGMK article highlights the key modifications provided by the final regulations.   Prior to the Tax Cuts and Jobs Act of 2017 …