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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 …

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Taxpayers Need to Evaluate Estate Tax Plans Before Year End

The 2020 presidential election brought possible future changes in the tax law that will demand immediate attention. Joe Biden has provided a tax platform (the “Biden Plan”) focusing on generating more tax revenue from both high-income and high-net-worth taxpayers; however, there are elements of his tax platform that may have a material impact on all …

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Diagnosing the SALT effects of COVID-19: Part 1

The novel coronavirus (COVID-19) pandemic that spread across the United States in early 2020 created a once-in-a-lifetime public health emergency that necessitated unprecedented reaction from federal and state governments, businesses, and individuals. State governors quickly began declaring states of emergency, completely shutting down nonessential businesses and implementing public stay-at-home orders — forcing many employees out …

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Payroll Tax Deferral (Notice 2020-65)

On August 8, 2020, President Trump issued a memorandum directing the Secretary of the Treasury to use his authority pursuant to Internal Revenue Code (“IRC”) Section 7508A to defer the withholding, deposit, and payment of the 6.2 percent tax imposed on employees’ wages under IRC Section 3101(a) (Old-Age, Survivors, and Disability Insurance) and IRC Section …