October 04, 2013
Marcum LLP Launches Online Tax Calculator to Help Clients Avoid Tax Surprises
New York City, NY - Marcum LLP, a top national accounting and advisory firm, has launched a simple online tax calculator to give the Firm's high net worth clients a preliminary illustration of the tax increases they are likely to face due to the higher federal tax rates implemented in 2013. The calculator alerts clients to the likelihood of increased taxes this year and reminds them about the importance of proactive tax planning in order to avoid tax surprises.
"Most people are aware of the increase in tax rates, but have not focused on how the new rates will impact them in real dollars," said Joseph J. Perry, Marcum Partner-in-Charge of Tax & Business Services. "Since many taxpayers utilize the 'Safe Harbor' provision when they make their 2013 estimated tax payments, any additional tax due is effectively deferred until next April 15, when the 2013 tax liability must be satisfied. As a result, many are likely to be very surprised when they receive their 2013 projections, extensions, or actual returns and find out how much they owe. The calculator is a tool they can use to get an indication of their potential exposure under the new tax rates."
Marcum's tax calculator provides a starting point by enabling high net worth clients to estimate what their taxes would be in 2013 if their income and deductions were the same as were reported for 2012. The illustration helps clients determine what effect the additional taxes may have on their 2013 cash flow.
"If these tax increases are not properly planned for, and cash flow is insufficient to meet the tax obligation, clients may have to reduce their discretionary spending or draw down invested assets," Mr. Perry said. “Planning before year-end is imperative in order to maximize tax efficiency under the new 2013 rates. Timely planning can help minimize tax exposure, gain the greatest benefit, and avoid that Surprise, Surprise moment."
About Marcum LLP
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., Grand Cayman and China. Headquartered in New York City, Marcum provides a full spectrum of traditional tax, accounting and assurance services; advisory, valuation and litigation support; and an extensive range of specialty and niche industry practices. The Firm serves both privately held and publicly traded companies, as well as high net worth individuals, private equity funds and hedge funds, with a focus on middle-market companies and closely held family businesses. Marcum is a member of the Marcum Group, an organization providing a comprehensive array of professional services.