Overview of New Partnership Tax Audit Rules
Under the new audit rules, individual partners cannot participate in the partnership tax audit. Rather, one “partnership representative” acts on behalf of the partnership, and binds the partnership to any adjustments that are made. Under the new rules, partners no longer have the right to be notified of, or participate in, partnership tax audits. Most …
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Attention Massachusetts 1040 Filers – Fraud Protection Option
Article prepared by FGMK Tax Senior Manager J Michael Reese If you are a taxpayer that has an individual filing requirement in Massachusetts in 2017, FGMK would like to make you aware of a recent program initiated by the State to curtail the effects of fraudulent tax returns potentially being filed on your behalf. Massachusetts …
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Illinois EDGE Credit
Summary The Illinois Economic Development for a Growing Economy Tax Credit Program (“EDGE”) has been reinstated and revised as of September 18, 2017 pursuant to House Bill 162. The EDGE program is the centerpiece and primary business development incentive that the State of Illinois uses to attract new businesses and retain current Illinois employers. Program …
Inbound Real Estate Investors Under the 2017 ” Tax Cuts and Jobs Act”
Article Prepared by FGMK Tax Partner Fuad Saba The Tax Cuts and Jobs Act of 2017 (the Act) represents the largest change to the Internal Revenue Code (the Code) of the United States since the Tax Reform Act of 1986. Non-US investors in US real estate (often called “inbound” real estate investors) will be affected …
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An Overview of the International Tax Provisions of the Tax Cuts and Job Act of 2017
Article Prepared by FGMK Tax Partner Fuad Saba The Tax Cuts and Jobs Act of 2017 (the Act) constitutes the most significant revision of the Internal Revenue Code (the Code) since the Tax Reform Act of 1986, and reforms U.S. international tax rules by transitioning taxpayers to a “territorial tax system,” adding a “toll charge” …
An Overview of the “Tax Cuts and Jobs Act of 2017”
INDIVIDUAL TAXATION The Act simplifies the Internal Revenue Code (the “Code”) for individuals by consolidating various exemptions and deductions into a larger Standard Deduction. The Act does not make changes with respect to the maximum rate for capital gains and qualified dividends. The Act lowers overall income tax rates but does not reduce the number …
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