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Among the many modifications enacted by the 2017 Tax Cuts and Jobs Act was a major change to the standard deduction, which eliminated separately tracking itemized deductions, such as charity donations, for many taxpayers.

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Bloomberg quoted Tax Partner Edward Reitmeyer in an article about how to cut your tax bill in the final weeks of 2019.


As Seen In

Accountants and tax lawyers have had two full years to analyze how all the changes contained in the tax overhaul affect their clients.

 
CNBC quoted Trusts & Estates Co-Leader Ronald Finkelstein in an article about strategies to avoid the 40% federal gift and estate tax.


As Seen In

The Tax Cuts and Jobs Act roughly doubled the amount an individual can transfer to others without being subject to the 40% gift and estate tax.

 
Long Island Business News quoted Partner Diane Giordano in an article about the first full year under the Tax Cuts & Jobs Act.


As Seen In

It’s been a long, complicated year for accounting firms as accountants and their clients felt the full impacts of the Tax Cuts and Jobs Act of 2017 for the first time.

 
2019 Marcum Year-End Tax Guide Discusses First Year under Tax Reform


Press Release

Marcum LLP today released its 2019 Year-End Tax Guide. The 54-page annual review discusses the first tax filing year under the Tax Cuts & Jobs Act of 2017.

 
Updated IRS Regulations for Bonus Depreciation under the Tax Cuts and Jobs Act


Tax Flash

Treasury and IRS published regulations on September 13, 2019, providing guidance on the new bonus depreciation rules under the Tax Cuts and Jobs Act.

 
The Real Estate Election Out of the Section 163(j) Business Interest Limitation


Tax Flash - Real Estate

The election out of section 163(j) can be a beneficial choice for real estate businesses that have a significant amount of interest expense and qualify to make the election.

 
Aggregation as it Relates to Section 199A


Tax Flash

Taxpayers may elect to aggregate two or more trades or businesses to combine the respective wages and unadjusted basis.

 
245A (Participation Exemption) Temporary Regulations Eliminating Deduction for Some Foreign Corporation Dividends to U.S. Taxpayers


Tax Flash - International Taxation

The new participation exemption (245A) regulations eliminate the deduction for certain dividends received by U.S. taxpayers from foreign controlled corporations.

 
IRS Issues Final Regulations for SALT Charitable Contribution Workarounds


Tax Flash - State & Local Taxation

The Tax Cuts and Jobs Act limits the deduction for state and local income taxes (SALT) for those living in states and localities with high income or property taxes.

 
The Impact of the TCJA on Charitable Organizations


Tax Flash - Nonprofit & Social Sector

Many sources are predicting that charities may see a substantial difference when individuals start filing their 2019 returns as individuals become more familiar with potential changes due to new law.

 
2017 TCJA and Preparing Dependents’ Tax Returns


Tax Return Compliance

There are many things to consider in the preparation of dependent children’s tax returns.

 
199A Deduction and New Form 8995/8995-A


Tax Return Compliance

The Section 199A deduction was enacted as part of the Tax Cuts and Jobs Act of 2017.

 
IRS Issues Proposed Regulations on Qualified Opportunity Zones


Tax Flash

The Treasury and IRS issued a new set of proposed regulations on Qualified Opportunity Zones last week, which provides additional guidance and offers considerably greater flexibility in structuring business arrangements which satisfy the QOZ rules.

 
The San Francisco Chronicle quoted Regional Managing Partner Jeff Pera in an article about why your 2018 tax bill went up or down.


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The sweeping federal tax law that took effect last year, the biggest in more than three decades, left many people shocked, angry and befuddled.

 
NBC Connecticut interviewed Tax Partner Michael Maksymiw, Jr. for a story about options available to taxpayers who haven't yet filed their 2018 tax returns.


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People who have yet to have their taxes prepared may have a tough time finding an accountant to help at this late date.

 
Best Company quoted Boston Office Managing Partner Douglas Farrington in an article about tax extensions.


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Tax Day, April 15th, is fast approaching. If you're a procrastinator, don't have all of your documents ready, or won't have time to file your taxes by the deadline, a tax extension can give you more time to get everything ready.

 
Bloomberg News quoted Tax Leader Joseph Perry in an article about a Moody's report that the new ceiling on the federal deduction of state and local taxes is not causing a migration of high net worth taxpayers to low tax states.


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A new limit on state and local tax deductions isn't forcing taxpayers to leave NY, NJ and CA despite claims from some Democratic politicians that the federal tax overhaul is causing a mass exodus of wealthy residents, according to Moody's Investor Service.

 
Hartford Business Journal quoted Nonprofit Tax Leader Frank Smith in an article about the impact of the new tax law on fundraising.


As Seen In

Some local nonprofits are seeing fewer donations in wake of federal tax law changes.

 
The New York Times quoted Tax Principal Michael D'Addio in an article about deducting the cost of owning a plane under the new tax rules.


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Dream of owning a plane? This tax break can help dream of owning a plane.

 
CBS Evening News featured National Tax Leader Joseph Perry discussing the complexities of the 2018 tax filing season.


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Accountant Joe Perry calls this the Super Bowl for accounting firms because you have to be a pro to figure all this out.

 
CNBC quoted Tax Principal Michael D'Addio in an article about state workarounds to the $10,000 federal ceiling on deductions for state and local taxes.


As Seen In

Things are looking uncertain for filers hoping to get a break on their 2018 federal taxes by contributing to state-run charitable funds.

 
IRS Gives Taxpayers Greater Relief from Penalties for Underpayment of Estimated Taxes


Tax Flash

The IRS has issued additional relief from penalties on those taxpayers who have underpaid their 2018 income taxes.

 
PYMNTS.com quoted Philadelphia Tax Partner-in-Charge Edward Reitmeyer in an article about the critical role CPAs play in helping small businesses compute their tax liability under the new tax rules.


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With the first tax season post-tax reform nearing completion in the U.S., the small business accounting sector has seen even more evidence that the advisory role of SMB accountants remains of prominent importance.

 
CNBC interviewed Tax Partner Robert Spielman about last-minute tax strategies for 2018.


As Seen In

Most of the last-minute opportunities to reduce your tax liabilities for 2018 have come and gone.

 
No More Parking Expense Deduction?


Tax Flash

The qualified transportation fringe benefit companies provided to their employees is one of the expenses that generally has been eliminated (IRC Section 274(a)(4)).

 
The Effect of the 2019 Tax Law on Divorce


Marital Dissolution

The Tax Cuts and Jobs Act of 2017 modified the treatment of alimony payments.

 
New Depreciation Rules Could Mean More Passenger Vehicles for Business Use


Tax Return Compliance

Tax season is upon us, and with it invariably come over-the-top car commercials exhorting businesses to take advantage of the opportunity for a write-off.

 
Bloomberg Markets Radio invited National Tax Leader Joseph Perry onto the program to discuss the 2019 tax season.


As Seen In

Bloomberg Markets Radio invited National Tax Leader Joseph Perry onto the program to discuss the 2019 tax season.

 
CNBC's Worldwide Exchange invited National Tax Leader Joseph Perry to discuss the new federal cap on the deduction of state and local taxes and its impact on residents of high-tax states.


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Joseph Perry, National Tax Leader of Marcum, discusses the big changes individuals should be paying attention to when they do their taxes this year, and how to best maximize their refund.

 
Associated Press quoted National Tax Leader Joseph Perry in an article about new limits on business deductions for small businesses.


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As small business owners compile their income tax returns, they'll confront some of their losses from the new tax law: popular deductions that have disappeared or been reduced.

 
MarketWatch quoted Tax & Business Services Leader Joseph Perry about the lack of IRS guidance on the new tax law, which is complicating on-time filing for individual taxpayers.


As Seen In

Americans are still making sense of the Tax Cuts and Jobs Act, the largest tax-law reform in 30 years. The TCJA was enacted in December 2017, but many Americans are still unsure how it affects them, even though they'll incorporate those changes into their returns for the first time this year.

 
Pennsylvania Treatment of GILTI and FDII: Corporation Tax Bulletin 2019-02


Tax Flash - International Taxation

On January 24, Pennsylvania’s Department of Revenue released Corporate Tax Bulletin 2019-02, addressing the Pennsylvania tax treatment of GILTI and FDII.

 
Bloomberg quoted Edward Reitmeyer, Mid-Atlantic Regional Partner-in-Charge of Tax & Business Services, on the absence of final IRS rules, due to the government shutdown.


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The longest government shutdown in U.S. history could cause tens of thousands of businesses to make a tough choice about whether to claim one of the biggest perks in the Republican tax overhaul.

 
Associated Press quoted Edward Reitmeyer, Mid-Atlantic Regional Partner-in-Charge of Tax & Business Services, in an article about uncertainties surrounding the small business tax deduction.


As Seen In

Millions of small business owners will be in uncharted waters this tax season as they try to determine if they qualify for a deduction that could exempt one-fifth of their income from taxes.

 
Form 1099 Filings for Year-End 2018 Due January 2019


Tax Flash

Happy New Year to our readers! Now that 2019 is upon us, businesses are gearing up for reporting season.

 
 
 
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