Message from Joseph J. Perry
By Joe Perry - Firmwide Partner-in-Charge of Tax & Business Services

What a year it has been for the Marcum Tax Department and the world in which we practice our profession! 2015 has been a year of significant legislation, tinkering with previously enacted legislation, landmark Supreme Court decisions, and State and Local developments affecting both our individual and entity tax clients. For Marcum, it has been a year of growth and development, as we expand our nationwide practice and our collective expertise. The changes impacting our tax clients have been profound and touch everyone differently. Some of the more important developments have been with respect to the Patient Protection and Affordable Care Act, State and Local nexus, market-based sourcing, samesex marriage, and potential easing of penalties which may be imposed against persons with undisclosed foreign financial accounts. All of these topics have been the subject of Marcum Tax Alerts and are covered, where appropriate, in this Year-End Tax Guide.

It is always my pleasure to welcome you to our annual tax retrospective. But this Guide is really more than a year-end review. The information and recommendations offered are truly a roadmap for tax planning year-round. The more familiar our clients and friends become with the opportunities for tax savings throughout the year, the greater the opportunity for effective tax planning. In 2016 especially, the rules and planning concepts addressed must be considered in light of the quadrennial presidential political season.

With so many candidates on both sides of the aisle, each with their own priorities and perspectives regarding taxes and federal spending, the future is as uncertain as ever. The best anyone can do is plan for change, but remain focused on your short-term and long-term objectives, based upon the rules and regulations presently in force. This remains Marcum's mission as we partner with our clients every day to plan and execute tax strategies that are advantageous and appropriate, but flexible to accommodate whatever changes may be enacted by the next administration.

Marcum's tax experts are here to help with your most complex tax challenges. Please use our Marcum Tax Guide throughout the year to refresh yourself on the rules applicable to you and to reference the planning ideas that may be relevant. Address these issues with your dedicated Marcum tax professional, as both rules and circumstances may change before (or after) strategies are implemented.

All of the partners and associates of Marcum LLP look forward to serving you with all your tax planning and compliance needs this upcoming year. We wish you and your family a happy and healthy New Year filled with success and personal satisfaction.

Joseph Perry