It is my pleasure once again to introduce our Year-End Tax Guide. This 2014 Marcum Tax Guide is structured similarly to those we issued in prior years, continuing our tradition of providing timely tax guidance to clients and friends. Our Tax Guide has been notable for addressing significant tax legislation enacted applicable to current year planning. While there is no new significant tax legislation affecting 2014 planning, uncertainties still linger. Congress remains unable to reach agreement on numerous extenders and tax provision modifications which the professional tax community expects to be enacted retroactively. Therefore, this Tax Guide continues our effort to provide guidance based on enacted laws, while addressing important provisions that may be retroactively reinstated.
What does this mean for planning? Throughout this Guide, we address traditional tax planning concepts and set out alternatives should certain provisions not be reinstated, along with the impact of any new provisions. Due to a divided Congress in 2014, uncertainty continues to be the rule with tax legislation. As always, planning is essential. The more often you plan, the less likely you will be surprised when you are presented with your tax return for review and filing. We hope you will use this Guide to further understand planning options during these uncertain times, enabling you to raise issues and questions with your Marcum tax advisor.
Keep in mind uncertainties still exist with respect to what Congress will do by year end, and thereafter, that may be applicable to the 2014 tax filing season. We urge you to make your best business decisions first, while considering tax certainties.
The Marcum Tax Guide is just that- a guide for the status of current tax law, keeping in mind changes will certainly be coming.
With a new Congress, where Republicans control both houses, significant tax legislation affecting all of us may reach the President’s desk. However, we know how difficult it is to predict what form such legislation will take, and whether the President will sign on to material changes. Keep up to date with Marcum by subscribing to our Tax Flashes and visiting our website at www.marcumllp.com for up-to-date information.
Once again, we look forward to assisting you with all of your tax planning and compliance needs. The partners and associates of Marcum LLP wish you and your family a healthy, happy and prosperous New Year.