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Insights & Alerts

September 4, 2014
Tax Flash - Massachusetts Enacts Limited Tax Amnesty Program
The Massachusetts Department of Revenue has granted a limited amnesty program for taxpayers with existing personal and/or business liabilities. Participation in this program for eligible taxpayers could result in significant savings of assessed penalties.
August 14, 2014
In Inversion Deals, U.K. is a Winner
One of the latest trends in the world of taxes is inversion. Tax inversion occurs when a company moves to a different country in order to avoid their home country’s high tax rate. Many companies are leaving the United States in search of better tax benefits and to avoid the U.S.’s corporate tax rate, which may currently peak at 39.1%.
August 11, 2014
Inherited IRA Strategies for Surviving Spouses
When a spouse inherits an IRA from their deceased husband or wife, there are several planning strategies that the surviving spouse can follow to suit specific needs. Spouses who are designated the sole beneficiary of the IRA have special options that are not permitted for other beneficiaries.
August 7, 2014
Did Your Partnership Technically Terminate for Tax Purposes? If So, What Are The Tax Consequences?
A technical termination of a partnership occurs when there is a sale or exchange of 50% or more of the total interest in the profits and capital of a partnership within a 12-month period.
July 28, 2014
IRS Issues Final Regulations on Ability to use Truncated Tax Identification Numbers
The IRS has recently issued final regulations that allow the use of truncated taxpayer identification numbers (TTINs) on payee statements and certain other documents.
July 17, 2014
Tax Flash - Connecticut Legislates Tax Changes for 2014
The State of Connecticut is facing some difficult economic times in the near future. The state maintains its budgets on a biennial basis and the 2013-2014 and 2014-2015 were approved during 2013. Due to a reduction in the projected budgeted surplus, together with a projected deficit of approximately $2.8 billion for the 2016 and 2017 fiscal years, the Income Tax Rebate program proposed by the Governor was withdrawn from consideration.
July 14, 2014
How to Treat Same-Sex Spouse Health Premiums Erroneously Included in W-2 Income
The IRS has recently provided guidance on how an employee should treat amounts erroneously included in W-2 income for the premiums paid by the employer for a same-sex spouse's health insurance. The IRS advises the employee to request a corrected W-2 from the employer or, if unable to obtain a corrected W-2, to take specific steps to report the correct amount of taxable income.
July 7, 2014
Saving for Higher Education: Investing in Your Child's Future
Navigating the world of investments can be daunting to say the least, but when your child’s future is at stake, it can be downright unnerving. Saving money for college is one of the most important investments you will make in your lifetime.
June 30, 2014
Beware IRS Imposter Phone Scams
In recent months, the Marcum Tax Professionals have warned our readers related to many of these IRS phone scams. Federal law enforcement (FBI, Homeland Security, IRS Criminal Investigation, and Treasury Inspector General or TIGTA) are jointly investigating the “boiler rooms” that originate these calls. The TIGTA believe these operations are located in India and they are pursuing aggressively.
June 27, 2014
Tax Flash - Rhode Island Budget Bill Reduces Corporate Income Tax Rate, Repeals Franchise Tax, and Requires Combined Reporting Among Other Changes
On June 19, Rhode Island Governor Lincoln Chafee signed the state’s fiscal year 2015 budget bill. The bill enacts sweeping changes to the RI tax landscape across a number of taxes. The most significant changes will be to the corporate income tax but changes were also made that affect personal income, sales and use taxes and estate tax.
June 25, 2014
Tax Flash - 'Kinder, Gentler IRS' Finally Arrives at the Doorstep of the Offshore Voluntary Disclosure Program. Or Does It?
Not since Congress demanded a 'kinder gentler IRS' in 1998, has the individual owner of bank accounts and other financial assets maintained outside the US, seen that side of the Internal Revenue Service.
June 16, 2014
10 Things to Consider Before Filing Your Organization’s Next Form 990
Every year, Tax Exempt Organizations go through the frustrating task of filing their annual Organization Exempt from Income Tax Return (Form 990). Below is some useful information for organization executives and board members to consider carefully before filing their next Form 990 so the organization can benefit from this public record of disclosure.
June 16, 2014
Final Regulations on Estate and Trust 2% Expenses
On May 8, 2014, the Internal Revenue Service issued final regulations regarding the treatment of administrative costs for non-grantor trusts and estates. These final regulations are similar to the 2011 proposed regulations but provide some clarifications, and are effective for tax years beginning on or after May 9, 2014.
June 10, 2014
Comparative Effectiveness Fee Reminder
The Research Fee filing deadline is July 31, 2014 for all selffunded medical plans and HRAs.
June 9, 2014
New Rules for Filing 2013 Foreign Bank Account Reports (FBARs)
If you have a financial interest in or signature authority over a non-U.S. financial account, you're probably familiar with Form TD F 90-22.1. Starting with the 2013 tax year, U.S. tax filers must instead file new FinCEN Form 114. Normally referred to as the FBAR (or Foreign Bank Account Report), it is due June 30th of each year, for the previous calendar year. This form does not have an extension of time to file and there could be substantial penalties for the failure to timely file.
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