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2018 Year-End Tax Guide

 

Message From Joseph J. Perry

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This 2018 Marcum Tax Guide is unlike any prior year's. This year we focus on the Tax Cuts and Jobs Act (TCJA) enacted in the waning days of 2017. The TCJA implemented radically new tax provisions affecting both businesses and individuals, with an emphasis on rate reductions, new and complex deductions, and elimination of significant individual itemized deductions.

Marcum's TCJA Advisory Group, led by Michael D'Addio, continues to do an outstanding job analyzing the new tax provisions

and providing guidance within the Firm and to our clients and friends. The team's numerous client alerts, Tax Flashes, memoranda, live presentations, and webinars have been indispensable.

Though the tax law is complex, our TCJA team has focused on enabling our professionals to advise clients how to best take advantage of these new provisions for their businesses and personally. Marcum's more than 600 tax professionals have mastered the new rules, even as the IRS issues new regulations and guidance. Many important provisions remain unsettled as continuing guidance is issued almost daily. I am extremely proud of our team and know that in the coming months you will seek us out for problem-solving and creative planning strategies.

The new tax provisions include many effective dates and sunset provisions. As we go to press, numerous important tax dates remain fresh in my mind, but as a life-long New York sports fan, one recent sport date reinforces a principle I consider daily as our Firm's tax leader. On September 25, the captain of our New York Mets, David Wright, was activated so that on September 29 he could play his last professional game. His dedication to his team and sport is an example all of us here at Marcum emulate.

On the tax side, September 28, 2017, was the date when 100% bonus depreciation became effective under the new tax law. Unfortunately, when January 1, 2018 – the effective date for most provisions – rolled around, uncertainty ruled with respect to whether bonus depreciation applied to certain categories of asset additions. This uncertainty remains.

In early summer, the U.S. Supreme Court radically changed the ability of states to collect sales tax, while setting the stage for expansion of their income tax reach through future legislation. Wayfair, decided June 21, 2018, overturned Quill with respect to the physical presence test. States can now require remote sellers to collect sales taxes, even without a physical presence.

Congress is now considering making many of the TCJA individual provisions permanent, enhancing retirement programs, and enacting specified business innovation provisions in what is being called "Tax Reform 2.0." The timeline for legislation is uncertain, so continue to watch for our Tax Flashes and updates for the latest information.

Last year my message acknowledged the natural disasters affecting many of our fellow citizens in places such as Puerto Rico and Texas. This year our fellow citizens in the Carolinas, the Florida Panhandle and elsewhere are suffering from similar natural disasters. We wish them well, and again, acknowledge that our government is assisting them with both material and legislative relief. Tax filing deadline extensions and specialized tax relief provisions still apply in federally declared disaster areas.
Thank you for continuing to rely on Marcum for your personal tax and business compliance and consulting needs. We will continue to provide the most knowledgeable and creative planning strategies to assist you in accomplishing your personal and business objectives. Your trust and confidence in us is well-placed.

Please use this guide as a mere summary of many of the new rules and planning opportunities. Continue to "Ask Marcum." We wish you all the best in the New Year.

Joseph J. Perry
National Leader, Tax & Business Services

 
 
 
 
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