Featured
December 11, 2018
By Frank Smith, National Leader, Nonprofit Tax
While tax exempt businesses continue waiting to see if Congress will find a way to repeal this part of the Tax Cuts and Jobs Act, new guidance was issued in December 2018 related to qualified transportation fringes.
November 30, 2018
Tax Flash - State & Local Taxation
New Jersey Implements Tax Amnesty
The New Jersey Division of Taxation's 2018 Tax Amnesty Program went into effect November 15 and will terminate on January 15, 2019.
September 17, 2018
Tax Compliance
Tracing of Interest Expense Related to Debt-Financed Distributions
When proceeds are received from a loan, there are various tax consequences depending on whether the borrower is the taxpayer or an entity owned by the
taxpayer, and what is done with the proceeds.
September 14, 2018
Tax Flash - International Taxation
The IRS Issues Proposed GILTI Regulations
On September 13, 2018, the IRS issued proposed regulations concerning the Global Intangible Low-Taxed Income provisions enacted under section 951A as part of the Tax Cuts and Jobs Act.
September 10, 2018
State & Local Taxation
Qualified Opportunity Zones
The Tax Cuts and Jobs Act of 2017 brought with it many changes to our country's tax code. One of the changes that seeks to bring a positive impact to communities across the country is known as Qualified Opportunity Zones. Under this new legislation, chief executives of each state, typically the governor, can nominate certain communities in the state to be designated as low income communities.
August 24, 2018
Tax Flash - State & Local Taxation
Proposed IRS Regulations will Limit Charitable Contributions and State Tax Credits, for Payments Made After August 27
On August 23, the IRS published proposed regulations (REG-112176-18) on the deductibility of state and local tax payments for federal income tax purposes.
August 03, 2018
Tax Flash - International Taxation
Proposed Section 965 Regulations Related to Transition Tax
On Wednesday, August 1, 2018, the Internal Revenue Service issued proposed regulations under the repatriation tax provisions of Section 965 enacted as part of the Tax Cuts and Jobs Act of 2017, providing guidance to U.S persons with direct or indirect ownership in certain foreign corporations.
July 18, 2018
Tax Flash - State & Local Taxation
New York Employer Compensation Expense Tax
The New York State Department of Taxation and Finance has issued a memorandum outlining the details of the new Employer Compensation Expense Tax.
July 16, 2018
Tax Flash - State & Local Taxation
New Jersey Governor Signs 2019 Budget
On July 2, New Jersey Governor, Phil Murphy signed the state's new $37.4 billion budget, an 8% increase over the prior year's fiscal budget.
July 10, 2018
Tax Flash - State & Local Taxation
State of Illinois Implements Economic Nexus for Sales Tax
In light of the Supreme Court's ruling in South Dakota v. Wayfair, Illinois joins a growing number of states that are set to expand sales tax collection obligations on out-of-state sellers.
July 09, 2018
Tax Return Compliance
Home Equity Loan Interest: Still Deductible, Just Depends When
The Tax Cut and Jobs Act of 2017, enacted in December 2017, included limits on the deductibility of interest paid on personal home equity loans and lines of credit, commencing in 2018.
July 02, 2018
State & Local Taxation
Tax Cuts and Jobs Act: Deducting State and Local Taxes as Charitable Contributions - IRS Says Not So Fast
The IRS issued Notice 2018-54 stating that the Service intends to provide regulations addressing legislation in some states that attempts to circumvent the new limitations on the federal deductibility of state and local taxes.
June 27, 2018
Tax Flash - State & Local Taxation
Important Implications of the United States Supreme Court Decision in South Dakota v. Wayfair, Inc.
On June 21, 2018, the United States Supreme Court, in a 5-4 decision, ruled in favor of South Dakota and its economic nexus provisions for sales tax collection. In so doing, the Court overturned its prior decision in Quill.
June 25, 2018
Tax Reform
The Kiddie Tax: Changes That We All Need to Know About
Under the Tax Cuts and Jobs Act of 2017, Congress enacted a change to the commonly called Kiddie Tax rules, to prevent parents and grandparents in high tax brackets from shifting income to children in lower tax brackets.
June 21, 2018
Tax Flash - State & Local Taxation
Changes in Sales Tax Laws for U.S. States
The United States Supreme Court today rendered its decision in South Dakota v. Wayfair, Inc., a seminal case that will have a profound effect on sales taxation in all 50 U.S. states. The Court decided the case in favor of South Dakota.
June 13, 2018
Tax Flash - International Taxation
IRS Grants Relief to Taxpayers in Connection with Certain Transition Tax Penalties
On June 4, 2018, the Internal Revenue Service released IR-2018-131, providing that it will waive certain penalties relating to the newly enacted transition tax assessed under Section 965 of the Internal Revenue Code of 1986, as amended.
June 04, 2018
Tax Reform
2018 Gift and Estate Tax Changes under the Tax Cuts and Jobs Act: Transfer More Wealth Tax-Free
The Tax Cuts and Jobs Act (TCJA) of 2017 introduced a wide array of changes to most areas of the tax law beginning with the 2018 tax year, including gift and estate taxes. Under the Act, taxpayers have the opportunity to reevaluate their gifting techniques and estate plans in order to maximize tax savings and transfer more of their wealth tax-free.
May 21, 2018
International Taxation
Foreign-Derived Intangible Income
Enacted as part of the 2017 Tax Cuts and Jobs Act, new Internal Revenue Code Section 250 creates a new tax deduction for income derived by domestic corporations from serving foreign markets.
May 07, 2018
Tax Reform
Tax Cuts and Jobs Act: What is the New Qualified Business Income?
The Tax Cut and Jobs Act of 2017 provides for a new deduction for partners, shareholders, and other owners of pass-through entities, known as the Qualified Business Income Deduction.
April 03, 2018
Tax Flash - State & Local Taxation
New York State 2018-2019 Executive Budget
New York Governor Andrew Cuomo announced the adoption of New York State's 2018-2019 Executive Budget on March 30, 2018.
March 28, 2018
Tax Flash - State & Local Taxation
Florida Passes New Tax Rate Reductions for Commercial Properties
Florida passes House Bill 7087, which includes a reduction of the sales tax rate for commercial rentals, along with other tax changes.
March 21, 2018
Tax Flash
Farewell to the Offshore Voluntary Disclosure Program: The IRS Pulls the Plug
In spite of its many iterations since 2009 and the 56,000 new taxpayers with their $11 billion added to Internal Revenue Service coffers, on September 28, 2018, the Service believes OVDP will no longer be necessary.
March 21, 2018
Construction
A Construction Company’s Guide to the New Revenue Recognition Standard
It is common to have many questions about how the New Guidance applies to your contracts. The New Guidance is principles based and requires the application of all five steps to make a final determination on how revenue is recognized.
March 15, 2018
Tax Flash - International Taxation
IRS Issues Notice to Explain New Toll Tax
On March 13, 2018, the Internal Revenue Service issued additional guidance to help taxpayers meet their filing and payment requirements under the new Section 965 transition tax.
March 02, 2018
Tax Flash - Tax Return Compliance
IRS Releases Updated Withholding Calculator and New Form W-4
Of the many changes enacted by the new tax law some of the most significant impact individuals, such as an increased standard deduction, elimination of personal exemptions, the discontinuance of many itemized deductions, and changes to tax rates effective as of January 1, 2018.
March 01, 2018
Tax Flash - State & Local Taxation
California Preliminary Report on Specific Provisions of Federal Tax Reform
The Tax Cuts and Jobs Act of 2017 will have many consequences for taxpayers in the State of California.
February 28, 2018
Tax Flash - International Taxation
Global Intangible Low Taxed Income: A Step Away from Territorial
The new tax reform law has been widely touted by the media as transforming the U.S. into a territorial system of taxation as used by many other countries, in which domestic income is taxed by the U.S. and foreign income is not.
February 27, 2018
Tax Flash - Tax Return Compliance
FASB's Q&A Guidance on the Impact of Tax Reform on Financial Accounting
After the Tax Cuts and Jobs Act was passed, concerns were raised to the Financial Accounting Standards Board regarding implementation of certain provisions of the new tax law. In response to these concerns, the FASB provided guidance in question and answer format.
February 26, 2018
Tax Return Compliance
New Tax Treatment of Alimony
Of the many changes for individual taxpayers wrought by the Tax Cuts and Jobs Act of 2017, one of the most sensitive is the new tax treatment of alimony.
February 21, 2018
Tax Flash - Tax Return Compliance
The Impact of Tax Reform on Financial Accounting
On December 22, 2017, the Tax Cuts and Jobs Act, was signed into law. The Act will have a significant impact on financial reporting issued for the periods ending on or after that date.
February 19, 2018
Tax Flash - Corporate Taxation
The New Corporate Blended Rate for Fiscal Year Entities
On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act into law, changing the entire U.S. tax landscape. A major component of the act affecting corporations is the reduced corporate flat tax rate of 21 percent.
February 19, 2018
Tax Incentives
Commercial Building Energy Tax Incentive Extended for 2017
Early in the morning on February 9, 2018, to avert an impending government shutdown, Congress passed a large omnibus budget titled the Bipartisan Budget Act of 2018, which included the retroactive extension of a number of expired tax provisions.
February 15, 2018
Tax Flash - International Taxation
New IRS Directives Issued for Transfer Pricing Examinations
On January 12, 2018, the Large Business and International Division of the Internal Revenue Service issued five directives which provide instructions on how IRS agents should approach an audit examination.
February 13, 2018
Tax Flash - Tax Return Compliance
Bipartisan Budget Act of 2018
The Bipartisan Budget Act of 2018, enacted last Friday, February 9, contains a number of tax breaks for both individuals and businesses. These include the restoration of several tax provisions which had expired at the end of 2016.
February 12, 2018
Real Estate
How the Tax Cuts and Jobs Act Affects Real Estate Entities
On December 22, 2017, a new tax reform bill known as the Tax Cuts and Jobs Act was signed into law. The Act will affect virtually all taxpayers, from businesses to individuals. This article will focus on how the new rules affect the various aspects of the real estate industry at an entity level.
January 23, 2018
Tax Flash - Tax-Exempt Business Services
How the Nonprofit World Fared with the Tax Cuts and Jobs Act of 2017
Like every sector, nonprofits won some and lost some. The final legislation, as compared to earlier drafts, ultimately had a narrower, though significant, impact in certain key areas.
January 19, 2018
Tax Flash - State & Local Taxation
U.S. Supreme Court Will Hear South Dakota's Sales Tax Case
On January 12, 2018, the United States Supreme Court decided that it will hear a South Dakota case (State of South Dakota v. Wayfair Inc., Overstock.com, Inc., and Newegg Inc.) setting forth an economic nexus provision for sales tax.
January 18, 2018
Tax Flash - Tax Return Compliance
Changes for Real Estate Professionals under the Tax Cut and Jobs Act
One of the more significant changes under the Tax Cut and Jobs Act, signed into law by President Trump in December 2017, relates to business owners of flow-through entities, such as partnerships, LLCs, sole proprietorships, and S corporations.
January 11, 2018
Tax Flash - Tax Return Compliance
The Alternative Minimum Tax for Individuals is Here to Stay
The Tax Cuts and Jobs Act of 2017 made numerous changes to individual taxation, including to the Alternative Minimum Tax.
January 10, 2018
Tax Flash - Tax Return Compliance
What's Happening to My Itemized Deductions?
On December 22, 2017, President Donald Trump signed the Tax Cuts & Jobs Act into law, changing the entire U.S. tax landscape. A major component of the act affecting individual taxpayers is the new treatment of itemized deductions.
January 09, 2018
Tax Flash - Tax Return Compliance
2018 Tax Filing Season Begins January 29
The Internal Revenue Service announced that the nation's 2017 tax season will begin Monday, January 29, 2018. This is to ensure the security and readiness of tax processing systems and assess the potential impact of tax legislation on 2017 tax returns.
January 05, 2018
Tax Flash - Tax Return Compliance
Due Dates for Business and Individual Income Taxes for the 2018 Tax Year
As the filing season for the 2017 tax year begins, it is important to remember when the applicable returns must be filed.
January 04, 2018
Tax Flash
IRS Issues Update to Standard Mileage Rates
The Internal Revenue Service has issued the 2018 updates to the optional standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes.
Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major business markets throughout the U.S., as well as Grand Cayman, China and Ireland.
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