Featured Article
December 14, 2018
By Ali Hirji, Senior Manager, Tax & Business Services & Laura Farrell, Staff Associate, Tax & Business Services
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.
December 11, 2018
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.
December 03, 2018
As Seen In
If the holiday spirit is encouraging you to gift millions of dollars to family members, it’s time to start sharing the wealth.
November 07, 2018
As Seen In
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.
November 07, 2018
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.
October 29, 2018
As Seen In
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.
October 12, 2018
As Seen In
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.
September 14, 2018
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.
September 01, 2018
As Seen In
The impact of tax reform stands to be both larger and more durable than many observers realize.
September 01, 2018
As Seen In
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.
August 30, 2018
As Seen In
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.
August 24, 2018
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.
August 16, 2018
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.
August 13, 2018
As Seen In
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.
August 06, 2018
As Seen In
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.
August 03, 2018
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.
July 29, 2018
As Seen In
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.
July 27, 2018
As Seen In
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.
July 27, 2018
As Seen In
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.
July 09, 2018
As Seen In
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.
July 09, 2018
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.
July 02, 2018
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.
June 25, 2018
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.
June 20, 2018
As Seen In
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.
June 19, 2018
As Seen In
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.
June 06, 2018
As Seen In
The most significant change of potential interest to authors, is in the introduction of a passthrough deduction on qualified income.
May 23, 2018
As Seen In
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.
May 15, 2018
As Seen In
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.
May 14, 2018
As Seen In
A number of high-tax states have recently passed legislation to help residents manage new caps on their ability to take federal tax deductions.
May 07, 2018
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.
April 23, 2018
As Seen In
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.
April 15, 2018
As Seen In
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.
April 12, 2018
As Seen In
This spring, don't just stuff your completed tax return into a drawer. Go through it for savings opportunities you can seize right now.
April 06, 2018
As Seen In
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.
April 03, 2018
As Seen In
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.
March 19, 2018
As Seen In
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.
March 15, 2018
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.
March 13, 2018
As Seen In
Many entrepreneurs have celebrated President Trump's signature legislative achievement, the 2017 Tax Cuts and Jobs Act, for decreasing their annual tax bills.
March 05, 2018
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.
March 02, 2018
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.
March 01, 2018
Tax Flash - State & Local Taxation
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
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
As Seen In
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.
February 27, 2018
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.
February 26, 2018
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.
February 23, 2018
As Seen In
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.
February 21, 2018
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.
February 19, 2018
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.
February 16, 2018
As Seen In
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.
February 13, 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.
February 12, 2018
As Seen In
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.
February 12, 2018
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.
February 12, 2018
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.
February 09, 2018
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.
February 05, 2018
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.
January 31, 2018
As Seen In
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.
January 30, 2018
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.
January 30, 2018
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.
January 30, 2018
As Seen In
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.
January 29, 2018
As Seen In
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.
January 29, 2018
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.
January 24, 2018
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.
January 23, 2018
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.
January 18, 2018
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.
January 11, 2018
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.
January 10, 2018
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.
January 09, 2018
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.
January 08, 2018
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.
January 08, 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.
January 05, 2018
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.
January 04, 2018
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.
December 28, 2017
As Seen In
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?
December 26, 2017
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.
December 22, 2017
As Seen In
Fox Business invited Tax Leader Joseph Perry onto Closing Bell to discuss prepaying certain 2018 expenses before the end of 2017.
December 22, 2017
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.
December 21, 2017
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.
December 21, 2017
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?
December 21, 2017
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.
December 21, 2017
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.
December 20, 2017
As Seen In
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.
December 20, 2017
As Seen In
Bloomberg Markets Radio had Tax Leader Joseph Perry on the show to discuss aspects of the new tax reform plan.
December 20, 2017
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.
December 19, 2017
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.
December 19, 2017
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.
December 18, 2017
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.
December 18, 2017
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.
December 18, 2017
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.
December 15, 2017
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.
December 14, 2017
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.
December 14, 2017
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.
December 13, 2017
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.
December 12, 2017
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.
December 10, 2017
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.
December 08, 2017
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.
December 08, 2017
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.
December 07, 2017
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.
December 06, 2017
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.
December 04, 2017
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.
December 04, 2017
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.
December 02, 2017
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.
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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