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One of the most talked about changes resulting from last year's passage of the Tax Cut and Jobs Act is the limitation or elimination of most itemized deductions, effective for years beginning in 2018.

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Long-Awaited QTF Guidance for Exempt Organizations is Finally Here


Tax Flash - Nonprofit & Social Sector

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.

 
CNBC interviewed Tax Principal Michael D’Addio about year-end giving to take advantage of the increased gift and estate tax exemption.


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If the holiday spirit is encouraging you to gift millions of dollars to family members, it’s time to start sharing the wealth.

 
Accounting Today announced the availability of the 2018 Marcum Year-End Tax Guide.


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Marcum LLP released its 2018 Year-End Tax Guide on Wednesday, providing advice to taxpayers and tax professionals about how to handle the Tax Cuts and Jobs Act next tax season.

 
Marcum LLP Releases 2018 Year-End Tax Guide: Reference Tool for Tax Planning


Press Release

Marcum LLP today released its 2018 Year-End Tax Guide. This year's guide includes 17 chapters discussing how taxpayers are affected by the Tax Cuts & Jobs Act of 2017 (TCJA). It is a reference tool to help Marcum's clients and friends of the Firm understand how the new federal tax rules are likely to impact their tax planning for 2019 and beyond.

 
The Hartford Business Journal published a column by Philadelphia Real Estate Chair Edward Reitmeyer for its latest real estate focus, on how commercial property owners are impacted by the new tax law.


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The Tax Cuts and Jobs Act is the most sweeping change to the U.S. federal income tax laws in over three decades, and it will have an effect on every U.S. taxpayer, but none more so than taxpayers engaged in the real estate business.

 
International accounting association ECOVIS published an article by Marcum’s International Tax Group, about the new Foreign-Derived Intangible Income (FDII) Deduction, in its global newsletter.


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Internal Revenue Code Section 250 has been added to the Tax Cuts and Jobs Act of 2017, creating a new preferential tax rate for income derived by domestic corporations serving foreign markets.

 
The IRS Issues Proposed GILTI Regulations


Tax Flash - International Taxation

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.

 
Construction & Accounting Taxation published Marcum’s latest article, on the likely impact of tax reform on capital expenditures, in the July/August issue.


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The impact of tax reform stands to be both larger and more durable than many observers realize.

 
The Mann Report published a column by Marcum Tax Partner Edward Reitmeyer, about the Firm’s upcoming Real Estate Summits.


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The Tax Cuts and Jobs Act of 2017 places a limit on the amount of interest expense that businesses can deduct on their tax returns. Companies will only be permitted to deduct interest based on a formula. Real estate companies have the ability to elect out of this limitation if they meet certain criteria.

 
The San Francisco Business Times quoted Jeff Pera, regional managing partner, Northern California, about how the new federal cap on state tax deductions is motivating senior executives to relocate.


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From CEOs to entrepreneurs to middle-class families, a lot of people have grumbled for years about California’s heavy tax burden and high cost of living. Some have almost certainly left as a result.

 
Proposed IRS Regulations will Limit Charitable Contributions and State Tax Credits, for Payments Made After August 27


Tax Flash - State & Local Taxation

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.

 
Proposed IRS Regulations Issued Providing Guidance on New 20% Deduction for Flow-Through Entities


Tax Flash

The IRS and Treasury issued proposed regulations providing interim guidance on the new Section 199A 20% deduction on Qualified Business Income introduced under the Tax Cuts and Jobs Act.

 
CNBC quoted Tax Principal Michael D’Addio in an article about the new IRS regulations for deducting pass-through income.


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The IRS proposed a new rule on Aug. 8, addressing the 20 percent qualified business income deduction. This is a break for so-called pass-through entities, including sole proprietorships and S-corporations.

 
The San Francisco Business Times quoted Regional Managing Partner Jeff Pera in an article about how new federal, state, and local tax laws are impacting the Bay Area housing market.


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President Trump's tax overhaul limiting the deductions for mortgage interest as well as state and local taxes paid is already taking a toll on the Bay Area's housing market.

 
Proposed Section 965 Regulations Related to Transition Tax


Tax Flash - International Taxation

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.

 
Newsday asked Melville Office Managing Partner Carolyn Mazzenga about deducting unreimbursed business expenses under the new tax law.


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The tax overhaul wiped out the deduction for unreimbursed business expenses. Some companies might choose to ease the burden by setting up plans to reimburse their employees, experts say.

 
The New York Times quoted New Jersey Advisory Services Partner-in-Charge Ilan Hirschfeld about new alimony rules under the new tax law.


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Lawyers and accountants often push their clients to plan for unpleasant events. Better to be prepared now than to pay the consequences later. But the Republican tax law that took effect in January has added a new urgency for wealthy Americans contemplating divorce.

 
CNBC spoke with Melville Office Managing Partner Carolyn Mazzenga, also national leader of the Family Wealth Services group, about the long-range tax implications of converting a pass-through entity to a C-corporation.


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Lower income tax rates have made incorporation an attractive strategy to some business owners, but accountants warn that entrepreneurs ought to think twice before going corporate.

 
The Hartford Business Journal published an article by Tax Principal Michael D’Addio, about workarounds legislated by the State of Connecticut to help taxpayers avoid the new federal cap on deducting state and local taxes.


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The Connecticut General Assembly recently passed legislation intended to provide workarounds for taxpayers impacted by the new $10,000 limitation on the deduction of state and local taxes under the Tax Cuts and Jobs Act of 2017.

 
Home Equity Loan Interest: Still Deductible, Just Depends When


Tax Return Compliance

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.

 
Tax Cuts and Jobs Act: Deducting State and Local Taxes as Charitable Contributions - IRS Says Not So Fast


State & Local Taxation

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.

 
The Kiddie Tax: Changes That We All Need to Know About


Tax Reform

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.

 
Forbes quoted Tax Partner Jayson Morgan in an article about how taxpayers can reduce their capital gains taxes.


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Under the Trump tax overhaul, effective as of tax year 2018, most of the old tricks to avoid or reduce the capital gains tax bite on sales of appreciated assets still work, albeit with tweaks.

 
Fox Business quoted Tax Principal Michael D’Addio on the structuring of non-grantor trusts to work around the federal ceiling on deducting state and local taxes.


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Residents in high-tax states are getting creative when it comes to evading the 10,000 cap on state and local tax deductions implemented as part of the Tax Cuts and Jobs Act, tapping a strategy one expert says may actually be permissible under current Internal Revenue Service guidelines.

 
The Textbook and Academic Authors Association reported on a presentation by Partner Rob Pesce, about how S-corporations are affected by changes in the treatment of pass-through income under the new tax law.


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The most significant change of potential interest to authors, is in the introduction of a passthrough deduction on qualified income.

 
CNBC again quoted Tax Principal Michael D’Addio in a story about IRS efforts to prevent workarounds that circumvent the federal cap on deductibility of state and local taxes.


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The Internal Revenue Service and Treasury Department will release new rules to address workarounds by high-tax states that are designed to help their residents manage new caps on federal tax deductions.

 
Bloomberg News quoted Tax Partner Edward Reitmeyer in a story about the growth of dynasty trusts under the new tax law.


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Many of the biggest beneficiaries of President Donald Trump's tax overhaul haven't even been born yet. The new law doubles the amount that can be passed to heirs without worrying about estate and gift taxes, to about $22 million for a married couple.

 
CNBC quoted Tax Principal Michael D’Addio in an article about tax “workarounds” to avoid the new federal ceiling on deducting state and local taxes on your federal return.


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A number of high-tax states have recently passed legislation to help residents manage new caps on their ability to take federal tax deductions.

 
Tax Cuts and Jobs Act: What is the New Qualified Business Income?


Tax Reform

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.

 
Newsday quoted national Tax Leader Joseph Perry in an article about the windfall to New York’s U.S. Senators Chuck Schumer and Kirsten Gillibrand under the new tax law.


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New York's Democratic senators - who publicly release their returns each year - will likely owe thousands of dollars less tax for 2018 thanks to legislation they strongly opposed.

 
A Connecticut Post columnist urged readers to attend a panel featuring Greenwich Office Managing Partner John Mezzanotte discussing changes for high net worth taxpayers under the new tax law.


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Due to tax law changes, 2018 presents a different environment than 2017 - but how different? Estate taxes have changed dramatically on both the federal level and for residents of the state of Connecticut.

 
CNBC spoke with national Tax Leader Joseph Perry about how to mine your 2017 tax return for savings opportunities in 2018.


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This spring, don't just stuff your completed tax return into a drawer. Go through it for savings opportunities you can seize right now.

 
Recalculating for Small Business invited Tax Principal Michael D’Addio onto the radio show to discuss tax changes for independent contractors in the gig economy.


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Recalculating for Small Business invited Tax Principal Michael D’Addio onto the radio show to discuss tax changes for independent contractors in the gig economy.

 
Mic.com interviewed Tax Partner Janis Cowley, national leader of the Modern Family & LGBT Services group, for an article about what same-sex married couples should know about filing their taxes.


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Few people would claim to love doing their taxes, but tax day is unarguably more difficult for some than it is for others. While confusing tax software might be a hurdle for one person, freelancers may earn income in multiple states and have to pay estimated taxes four times a year.

 
Long Island Business News interviewed Tax Leader Joseph Perry for an article about the new tax treatment of stock options granted to executive employees earning more than $1 million.


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While a corporate tax cut that brought the top rate down from 35 percent to 21 percent is widely seen as the centerpiece of the recent tax rules, there also were a number of changes to compensation for executives and employees.

 
IRS Issues Notice to Explain New Toll Tax


Tax Flash - International Taxation

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.

 
Inc. magazine quoted Philadelphia Tax Leader Ed Reitmeyer in an article about errors in the new federal tax law that could cost taxpayers big money.


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Many entrepreneurs have celebrated President Trump's signature legislative achievement, the 2017 Tax Cuts and Jobs Act, for decreasing their annual tax bills.

 
Financial Advisor magazine interviewed Greenwich, CT, Office Managing Partner John Mezzanotte for an article about the loss of certain itemized tax deductions under the Tax Cuts & Jobs Act of 2017.


As Seen In

Under the tax reform legislation passed by Congress late last year, several familiar itemized tax deductions have ceased for 2018, such as those for unreimbursed employee business expenses, tax preparation costs and investment-management fees, personal casualty losses, interest on some home equity debt and moving expenses, to name a few.

 
IRS Releases Updated Withholding Calculator and New Form W-4


Tax Flash - Tax Return Compliance

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.

 
California Preliminary Report on Specific Provisions of Federal Tax Reform


Tax Flash - State & Local Taxation

The Tax Cuts and Jobs Act of 2017 will have many consequences for taxpayers in the State of California.

 
Global Intangible Low Taxed Income: A Step Away from Territorial


Tax Flash - International Taxation

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.

 
Tennessee Road Builder featured an article by Dillon Scott, a senior tax accountant in the Nashville office, about the top 10 things construction contractors need to know about the new tax law.


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C-corporations will enjoy a flat 21 percent tax rate rather than a blend of eight brackets ranging from 15-39 percent. For the 30 TENNESSEE Road Builder construction industry this generally translates to a tax cut for corporations with net income in excess of $120,000.

 
FASB's Q&A Guidance on the Impact of Tax Reform on Financial Accounting


Tax Flash - Tax Return Compliance

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.

 
New Tax Treatment of Alimony


Tax Return Compliance

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.

 
The New York Times quoted national Tax Leader Joseph Perry in an article discussing the complexities and confusion created by the Tax Cuts & Jobs Act, and the likely battles yet to come in Congress.


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Never mind that once in a generation tax bill that just passed last year. Congress is headed for years more of big fights over taxes, particularly those for individuals.

 
The Impact of Tax Reform on Financial Accounting


Tax Flash - Tax Return Compliance

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.

 
The New Corporate Blended Rate for Fiscal Year Entities


Tax Flash - Corporate Taxation

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.

 
Long Island Business News wrote about the advice Marcum panelists gave to businesses considering restructuring as C-corps, during the Firm’s recent tax reform seminar in Melville.


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Much of the Marcum seminar focused on the taxation differences between C‐corps and pass‐through entities, which include partnerships, S‐corporations, limited liability companies and sole proprietorships.

 
Bipartisan Budget Act of 2018


Tax Flash - Tax Return Compliance

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.

 
The Hartford Business Journal quoted Connecticut Tax Partner-in-Charge Brett McGrath, in an article about the impacts of the Tax Cuts & Jobs Act of 2017.


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More than 30 years after digesting the last major federal tax overhaul, Connecticut accountants and legal advisers working to interpret the latest changes to the federal tax code say business clients are both enthusiastic and wary as they figure out how to adapt.

 
The Hartford Business Journal published a column by Tax Services Director Marla Esan about the impacts of the Tax Cuts & Jobs Bill for nonprofit organizations.


As Seen In

Like every sector, nonprofits won some and lost some in the Tax Cuts & Jobs Act. Here is a brief summary of the provisions impacting the nonprofit world.

 
How the Tax Cuts and Jobs Act Affects Real Estate Entities


Real Estate

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.

 
CNBC quoted Tax Principal Michael D’Addio in an article about adjusting paycheck withholdings to comply with the new tax rates for individuals.


As Seen In

In January, the Treasury Department released its income tax withholding tables, updated to reflect changes stemming from the Tax Cuts and Jobs Act. The new legislation cut individual income taxes, raised the standard deduction and eliminated personal exemptions.

 
Bloomberg News quoted Ed Reitmeyer, Philadelphia partner-in-charge of Tax Services, in an article about tax strategies for owners of pass-through businesses under the new tax law.


As Seen In

If exploiting a tax loophole is as much an art as a science, then the tax planning profession is poised for a creative renaissance. The inspiration is the tax law signed by President Donald Trump in December. The patrons are affluent Americans who can afford advice from the nation’s more ingenious accountants, tax lawyers and financial advisers.

 
Workandmoney.com interviewed Tax Partner Diane Giordano for an article about what the new tax law means for small businesses.


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The new tax law became both the beauty and the beast for companies of all sizes across the country when 2018 officially opened for business.

 
Fox Business spoke with Tax Principal Michael D’Addio about the need to adjust paycheck withholdings under the new tax law.


As Seen In

As employees begin to receive their updated paychecks based on the new tax code changes, many are seeing incorrect withholding amounts, which could lead to financial trouble down the road, one financial expert warns.

 
Long Island Business News reported on the Marcum tax panel the publication’s editor is co-moderating with Melville Office Managing Partner Carolyn Mazzenga.


As Seen In

Long Island Business News Editor Joe Dowd and Marcum Melville Office Managing Partner Carolyn Mazzenga are set to moderate a series of panel discussions tonight on the impact of the new federal income tax laws.

 
Bloomberg’s Talking Tax podcast invited Tax Principal Michael D’Addio onto the show for a discussion about whether the new tax law will drive pass-through entities to convert to C-Corporation status.


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The new tax law lowers the corporate tax rate to 21 percent—a change that some lawmakers have suggested could prompt pass-through entities to convert to C corporations.

 
Long Island Business News quoted State & Local Tax Leader Paul Graney in an article about options New York State is considering to counter the regional tax impact of the federal Tax Cuts & Jobs Act.


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Facing new federal rules that limit state and local tax deductions, New York and California are considering options to give their residents a big federal tax cut.

 
CFO.com published an article by Tax Leader Joseph Perry and Tax Principal Michael D'Addio, discussing the pros and cons of  C-corporation v. pass-through entity status under the new tax law.


As Seen In

A 21% income tax rate might sound appetizing to some pass-through entities, but C-corporation status doesn't suit every organization.

 
Associated Press quoted Tax Principal Michael D’Addio in an article about how small businesses are capitalizing on the new tax law.


As Seen In

Although there are still many unknowns about the tax law that took effect Jan. 1, some small business owners have already figured out that they stand to gain from some of its changes and are changing their plans to maximize their benefits.

 
How the Nonprofit World Fared with the Tax Cuts and Jobs Act of 2017


Tax Flash - Tax-Exempt Business Services

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.

 
Changes for Real Estate Professionals under the Tax Cut and Jobs Act


Tax Flash - Tax Return Compliance

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.

 
The Alternative Minimum Tax for Individuals is Here to Stay


Tax Flash - Tax Return Compliance

The Tax Cuts and Jobs Act of 2017 made numerous changes to individual taxation, including to the Alternative Minimum Tax.

 
What's Happening to My Itemized Deductions?


Tax Flash - Tax Return Compliance

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.

 
2018 Tax Filing Season Begins January 29


Tax Flash - Tax Return Compliance

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.

 
Long Island Business News featured Carolyn Mazzenga, office managing partner in Melville, in an article about how accountants are helping clients plan in the wake of tax reform.


As Seen In

As 2017 came to a close, accountants across Long Island were busy fielding questions from clients in the wake of the federal government passing sweeping tax reform.

 
Long Island Business News asked Melville Office Managing Partner Carolyn Mazzenga for her outlook on the regional economy in 2018.


As Seen In

Tax reform is going to be one of the most impactful developments in 2018, especially for Long Island, which is a high net worth and high tax region.

 
Due Dates for Business and Individual Income Taxes for the 2018 Tax Year


Tax Flash - Tax Return Compliance

As the filing season for the 2017 tax year begins, it is important to remember when the applicable returns must be filed.

 
Bloomberg Radio’s Coast-to-Coast with Carol and Cory interviewed State and Local Tax Leader Paul Graney about the new federal ceiling on property tax deductions and how states are trying to protect their residents from the additional tax burden.


As Seen In

Paul discussed two possibilities that have been raised by the states: converting from an income tax system to a payroll-based tax system, and tax-deductible contributions to state governments.

 
The Orange County Register quoted Partner Warren Hennagin in an article about the deductibility of home equity lines of credit under new IRS rules.


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If you have an existing home equity line-of-credit or second mortgage, do you have to fold that into a new first mortgage for it to remain tax deductible under the new tax laws?

 
New York Governor Issues Executive Order Authorizing Prepayment of Property Taxes


Tax Flash - The Tax Cuts and Jobs Act

On December 22, 2017, New York State Governor Andrew Cuomo issued an emergency Executive Order authorizing local governments to issue warrants for the collection of 2018 property taxes, to allow property owners to pay at least a portion of their bills prior to the end of 2017.

 
Fox Business invited Tax Leader Joseph Perry onto Closing Bell to discuss prepaying certain 2018 expenses before the end of 2017.


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Fox Business invited Tax Leader Joseph Perry onto Closing Bell to discuss prepaying certain 2018 expenses before the end of 2017.

 
The Tax Cuts and Jobs Act is Now Law


Tax Flash - The Tax Cuts and Jobs Act

President Trump signed this legislation into law today. The act is the most significant tax legislation since the Tax Reform Act of 1986.

 
Inc. magazine interviewed Ed Reitmeyer, Philadelphia partner-in-charge of tax and business services, about the tax advantages of C corporations versus pass-through entities.


As Seen In

Edward Reitmeyer, a partner at the Philadelphia accounting firm Marcum LLP, typically prepares between 800 and 1,200 tax returns for small business clients each year.

 
The Cooperator spoke with Tax Partner Peter Buell about how tax reform will affect New York City condo and coop owners.


As Seen In

President Trump signed into law a major $1.5 trillion tax plan that Congress had earlier passed, the first re-writing of our tax laws in over 30 years. The big question now is, who wins and who loses?

 
The Tax Cuts and Jobs Act is Finally Here, No More Do Overs


Tax Flash - Tax Reform

This week, Republicans agreed on a final version of the tax reform bill and filed a conference agreement on December 15, 2017.

 
Associated Press spoke with Tax Leader Joseph Perry about the impact of the new tax bill on the accounting industry.


As Seen In

From New York to Kentucky to Florida, accountants and tax lawyers are scanning the 1,000 page measure, fielding a swirl of questions from clients and swapping tips via email in their efforts to fully grasp the bill's far-reaching changes.

 
The Los Angeles Times published a follow-up story in collaboration with Marcum, about how taxpayers in various circumstances would fare under tax reform.


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Earlier this month, The Times reviewed tax returns submitted by a handful of readers to see how the House and Senate tax plans would have affected their 2016 taxes had they been law at the time.

 
Bloomberg Markets Radio had Tax Leader Joseph Perry on the show to discuss aspects of the new tax reform plan


As Seen In

Bloomberg Markets Radio had Tax Leader Joseph Perry on the show to discuss aspects of the new tax reform plan.

 
New Tax Law Accounting Issues


Financial Institutions Alert

Today appears to be the day that the historic Tax Cuts and Jobs Act will get the final votes needed to pass and send to President Trump for enactment.

 
Bloomberg BNA's Daily Tax Report quoted Tax Principal Michael D'Addio in an article about the prospects for wholesale conversions of pass-through entities to C corporate structure.


As Seen In

Some lawmakers had predicted that the steep corporate tax cuts in the Republican tax bill could cause pass-through entities to convert to corporations to take advantage of the lower rates.

 
The Los Angeles Times interviewed Tax Partner Robert Spielman about 2017 tax strategies that can help in 2018.


As Seen In

Congress was poised this week to pass the most sweeping overhaul of the federal tax code in three decades. The Republican legislation, which President Trump has promised to sign before Christmas, delivers most of its benefits to corporations and the wealthy, but there are key changes that affect individuals.

 
Long Island Business News quoted Tax Partner Ed Reitmeyer in an article about how corporations will benefit from the tax reform bill.


As Seen In

While both the Republican House and Senate proposals would drastically alter the nation's tax regulations for individuals, changes to the code for business may prove to be the centerpiece.

 
Some State and Local Tax Deduction Advice May No Longer Be Applicable


Tax Flash - State & Local Taxation

While we all anxiously awaited the finalizing of the proposed tax legislation, The Tax Cut and Jobs Act, many tax advisors were suggesting clients prepay state and local income and property taxes related to year end 2018 in 2017.

 
IRS Campaign: S Corporation Losses Claimed in Excess of Basis


Corporate Taxation

Earlier this year, the Large Business and International Division of the IRS ("LB&I") announced 13 campaigns aimed at specific compliance issues. One of these campaigns is directed at S corporation shareholders incorrectly claiming losses and deductions in excess of their stock and debt basis in the corporation.

 
The New York Times quoted Ed Reitmeyer, partner-in-charge of the Philadelphia Tax Services Department, in an article about tax strategies for 2018.


As Seen In

The Senate and the House closed in on a final version of the tax bill on Friday, as Republican leaders stay on track for final votes on the consensus bill next week.

 
WCBS-TV 2 interviewed Tax Partner Robert Spielman about pre-paying 2018 state and local taxes to offset the loss of these deductions expected next year.


As Seen In

WCBS-TV 2 interviewed Tax Partner Robert Spielman about pre-paying 2018 state and local taxes to offset the loss of these deductions expected next year.

 
Forbes talked with national Tax Leader Joseph Perry about the advantages of converting a traditional IRA into a Roth IRA in order to benefit from the state and local tax deduction in 2017, before it disappears under tax reform in 2018.


As Seen In

Do you have a big IRA? And live in a soak-the-rich state? Run, don't walk, to your accountant. You've got two weeks left to do a Roth conversion that just might save you a bundle.

 
Associated Press interviewed Ed Reitmeyer, Philadelphia partner-in-charge of tax services, about what small business owners should know about their tax bills.


As Seen In

Some small business owners may pay lower taxes under the Republican tax overhaul, but accountants and consultants will want to read the fine print carefully - once the details are finally settled. And some owners may want to consider changing their corporate structure if parts of the proposed changes go through.

 
Crain's New York Business asked Tax Leader Joseph Perry about how tax reform is impacting Marcum's business.


As Seen In

With the hand-scribbled ink still wet on Washington's shifting legislative efforts, accounting executives such as Joseph Perry and his team at Marcum are fielding an onslaught of inquiries.

 
The Los Angeles Times asked Marcum to partner on a project to see how the 2016 tax returns of selected readers would fare under the House and Senate tax reform bills.


As Seen In

Republican tax plans are working their way through Congress. If the House and Senate can agree on a final bill, will you owe more or less? The answer, of course, is it depends.

 
Bloomberg BNA quoted national Tax Leader Joseph Perry in an article about the treatment of the corporate alternative minimum tax in the House and Senate tax bills.


As Seen In

The AMT, a much-hated provision of the tax code, requires corporations and individuals to recalculate their tax liability if they took too many credits or deductions.

 
Bloomberg BNA quoted national Tax Leader Joseph Perry in a Daily Tax Report story about the taxation of pass-through income under the House and Senate bills.


As Seen In

Pass-through taxation represents one of the biggest rifts between the House and Senate tax reform plans, a difference that will have to be resolved before a bill can become law.

 
The New York Times quoted Tax Leader Joseph Perry in an article about strategies to prepare for the loss of deductions for state and local taxes and property taxes.


As Seen In

The Senate and House may spend most of the month ironing out the differences in their tax bills. Or they may be delayed by other legislation and not enact a new tax code until the new year.

 
The New York Times interviewed Tax Partner Kurt Koegl about the likely impact of tax reform on real estate investment trusts.


As Seen In

After a frenzy of congressional action to rewrite the tax code, salesclerks and chief executives are calculating their gains. Business was treated with the everyone's-a-winner approach that ensures no summer camper goes home without a trophy.

 
Fox Business interviewed national Tax Leader Joseph Perry for a story about how tax reform will impact homeowners in high-tax states.


As Seen In

Republicans are moving a tax reform bill through Congress that could have both short-and long-term impacts on housing prices and trends. Real estate lobbies are concerned that bills crafted in the House of Representatives and the Senate eliminate incentives for homeownership and put the ability to purchase a home out of reach for many individuals.

 
Tax Cuts and Jobs Act: What Are The Proposed Changes to Depreciation?


Tax Compliance

The Tax Cuts and Jobs Act was passed by the House of Representatives on November 16, 2017. The Senate Finance Committee also passed its own bill.

 
Radio America's


As Seen In

Radio America's Made in America spoke with State & Local Tax Leader Paul Graney about whether taxpayers in high rate jurisdictions will flee to low- or no-tax states.

 
 
 
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