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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 …

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Paycheck Protection Program Flexibility Act of 2020

On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (the “PPPFA”) which modifies significant elements of the Paycheck Protection Program (the “PPP”) as established under Section 7(a)(36) of the Small Business Act by the CARES Act (forgiveness governed by Section 1106 of the CARES Act). The U.S. …

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Tax Planning for The Near Future

In a prior FGMK Thought Leadership article published in March, FGMK professionals discussed planning opportunities during a down market. Due to impact of the COVID-19 pandemic, FGMK wants to remind readers of these opportunities. Additionally, taxpayers will want to consider the potential impact the 2020 presidential election may have on such tax planning strategies. This …

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Tax Loss Considerations Due To The COVID-19 Pandemic

With all the economic hardship emerging from COVID-19 and the shuttering of the American economy as a result, taxpayers are looking for any relief and stimulus they can find. While much of the current focus has rightly been focused on legislation such as the Coronavirus Aid, Relief, and Economic Security (CARES) Act, there are lesser …

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Paycheck Protection Program: Forgiveness Guidance Released

The Small Business Administration (“SBA”), in consultation with the U.S. Department of Treasury (“Treasury”), released much-anticipated Paycheck Protection Program (“PPP”) loan forgiveness guidance late Friday, May 22, 2020. The guidance came in the form of two Interim Final Rules (“IFRs”). This FGMK Alert provides an overview of the newly released guidance, as well as highlights …

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Government Provides Relief for Those Impacted by COVID-19 Travel Disruptions

Are you or your employees stuck in a non-U.S. country due to COVID-19? If the answer is yes, the federal government is offering relief for “temporary activities” that could otherwise give rise to foreign branch reporting (IRS Form 8858) and related issues.   On May 7, 2020, Treasury and the Internal Revenue Service (the “IRS”) …

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Local Counties Property Tax Relief Updates

Due to the increased financial pressures placed on homeowners, lessors and other property owners arising from the ongoing COVID-19 pandemic, local counties throughout Illinois and other states are implementing or considering various property tax relief, including waiving penalties for late payments. The chart below summarizes those relief efforts in certain Illinois counties as well as …

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FGMK Tax Alert – COVID-19 Legislative Employment Tax Incentive Summary

In response to COVID-19, the federal government has provided employment tax incentives. The first set of incentives consisted of the payroll tax credits for emergency paid sick leave and emergency family and medical expansion leave as provided under the Phase 2 legislation, the Families First Coronavirus Response Act (the “FFCRA”), as discussed in prior FGMK …

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SOC for Supply Chain is Finally Here! What is It and What Do I Do Now?

Supply chains for manufacturers, producers, and distribution companies have been pushed to their limits, if not broken, during the current pandemic. Even during a normal business environment, managing a complex network of vendors, products, and services poses significant, complex challenges that could threaten the success of your organization or any organization within your supply chain. …

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FGMK Tax Alert – CARES Act Considerations of NOL Modifications on M&A

The US Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020. In response to the anticipated losses that businesses will suffer by virtue of COVID-19 and the need for liquidity, the Cares Act broadens the ability of business to utilize net operating losses (“NOLs”) arising in tax …