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Addressing Employee Retention During an Economic Downturn

COVID-19 has created uncertainty and changing business priorities for employers. Whether an organization is faced with a major restructuring or increased pressure to manage costs to stay competitive in a contracting economy, companies want to minimize disruption to their business. Often times this means doing more with less. This FGMK alert provides potential employee compensation …

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FGMK’s Overview of the CARES Act Tax Law Provisions

On Friday, March 27, 2020, the House used a procedural measure to pass the most recent Congressional legislation, the Coronavirus Aid, Relief, and Economic Security Act, H.R. 748, (the “CARES” Act or the “Act”), by a unanimous voice consent vote. The House passage followed the Senate’s passing of the legislation by a 96-0 vote on …

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FGMK’s Overview of Small Business Assistance Programs

Small businesses have been severely impacted by the outbreak of the COVID-19 coronavirus in the United States. In many cases, state and local government orders for shelter-in-place have required businesses to suspend partial or all operations. This alert provides information regarding federal, state and local government programs, including those established under the Coronavirus Aid, Relief, …

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FGMK Initial Observations – International Highlights of the CARES ACT

On 27, March 2020, the Coronavirus Aid, Relief, and Economic Security Act, H.R. 748 (“CARES Act”) was signed into law. The CARES Act provides for roughly $2 trillion of economic relief to those impacted by the COVID-19 pandemic. The Act also includes certain modifications to the Internal Revenue Code (“IRC”), of which several key international …

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FGMK’s COVID-19 Response Team is Here for You

Nearly every business is scrambling, trying to address what seems like an insurmountable number of problems at once. Surviving the COVID-19 crisis is the immediate goal. Though some problems may seem impossible to resolve today, there are solutions – and opportunities – ahead. Tomorrow’s success depends on how effectively a business handles these critical challenges: …

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Illinois Extends Certain Income Tax Deadlines to July 15, 2020

On March 25, 2020, the Illinois Department of Revenue (“IDOR” or “Department”) announced the extension of certain income tax filing and payment deadlines in response to the COVID-19 outbreak, in light of the federal government providing similar taxpayer relief in Notice 2020-18. The IDOR issued Informational Bulletin FY 2020-24 (the “Bulletin”) outlining its guidance to …

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Taxpayer Planning Opportunities During a Down Market

Although the dramatic changes to the financial markets have created a great deal of anxiety, these changes have also provided some opportunities that many of our clients may wish to consider. Provided below is a brief summary of available strategies.   Gift Planning   1. Outright gifts. A successful gifting program depends heavily on the …

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Filing & Payment Extensions

Updated Per Newly Released IRS Guidance   On Friday, March 20, 2020, Treasury Secretary Steve Mnuchin announced that the federal government would postpone the federal income tax return filing deadline to July 15, 2020.  Following the Treasury Secretary’s announcement, the IRS released Notice 2020-18 (the “Notice”) which supersedes the previously issued Notice 2020-17.   Unlike …

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Families First Coronavirus Response Act Signed Into Law

On Wednesday March 18, 2020, the Senate passed H.R. 6201, referred to as the Families First Coronavirus Response Act (the “Act”). The President signed the legislation into law shortly thereafter. The enacted version of H.R. 6201 is the version as passed by the House of Representatives with technical corrections. For a more tailed analysis of …

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Coronavirus Legislation: Updated House Bill with the Senate

PLEASE SEE FGMK’S UPDATE TO THIS POST (CLICK HERE), BASED ON THE PASSED FAMILIES FIRST CORONAVIRUS RESPONSE ACT.   On Tuesday, March 17, 2020, details of the “technical corrections” to the Families First Coronavirus Response Act (the “Act”) became public. Upon review of the revised legislation, also known as H.R. 6201, it is apparent that …