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Insights & Alerts

June 29, 2015
Qualified Small Business Stock Rule
The Tax Increase Prevention Act (“TIPA”), enacted on December 19, 2014, retroactively extends several tax incentives that expired at the end of 2013. Among the key features of TIPA is a provision extending benefits to eligible investors in Qualified Small Businesses.
June 26, 2015
Pre-Marriage Considerations for Same-Sex Couples
The U.S. Supreme Court today issued a ruling establishing same-sex marriage as a legal right in all 50 states (Obergefell v. Hodges). The decision determined that the Fourteenth Amendment requires all states to license a marriage between two people of the same sex.
June 26, 2015
Tax Flash - Supreme Court's Recent Affordable Care Act Decision
The Supreme Court yesterday delivered its much anticipated decision in the case of King v Burwell, upholding premium tax credits under the Affordable Care Act (ACA) for taxpayers residing in states which have federal or federal-state Partnership Exchanges.
June 25, 2015
Tax Flash - FBARs Another Deadline Approaches - New Guidance
As we approach June 30, we are reminded, again, that any U.S. person who has a financial interest in or signature authority over any foreign-based financial accounts is required to file an FBAR (Report of Foreign Bank Account - FINCEN Form 114).
June 23, 2015
Tax Flash - New In Pennsylvania: Back to School on the Educational Improvement Tax Credit
How often do you think about where your business' tax dollars are going? What if you had the power to direct your tax dollars towards your local community's educational system and increase your company's tax benefits at the same time? The opportunity to support the education of tomorrow's workforce while furthering your company's profitability is a no-brainer for any discerning businessman or woman.
June 22, 2015
Tips for Protecting Your Identity
The recent breach of more than 100,000 tax accounts through the IRS’s “Get Transcript” application serves as a reminder that in today’s digital society, protecting our personal information is more important than ever. According to the Bureau of Justice Statistics, 16.6 million people were affected by identity theft in 2012, with financial losses of $24.7 billion -- $10 billion more than any in other form of property crime.
June 15, 2015
Non-Cash Charitable Contributions: Updates from a Recent Tax Court Case
In a recent Tax Court case, the Court reinforced existing Internal Revenue Service Regulations related to the substantiation rules for non-cash charitable contributions. The Court denied the taxpayer’s claimed $37,000 of charitable deductions and subjected him to accuracy-related penalties and interest. 
June 10, 2015
Tax Flash - Connecticut Tax Law Changes for 2015 Tax Year
On June 4, 2015, the Connecticut General Assembly passed budget bill H7061 which encompasses a wide range of controversial tax changes to all facets of Connecticut taxation including corporate income tax, personal income tax, and sale and use taxes.
June 8, 2015
Employment Related Tax Benefits Associated with Disabilities
Living with a disability is challenging and often this requires adaptation on an individual’s part. If you are a person with a disability or have a dependent with a disability it is important to be aware that you may be entitled to certain tax benefits which include deductions for impairment-related work expenses and credits for businesses wishing to accommodate persons with disabilities.
June 1, 2015
Tips for Summer Hiring
As summer approaches, businesses often need to hire seasonal or part-time workers to help them through those busy months.
May 26, 2015
Tax Flash - Upcoming Filing Deadline - May 29th Due Date for U.S. Persons with Foreign Affiliates
Pursuant to the requirements of the International Investment and Trade in Services Survey Act and related statutes, the U.S. Department of Commerce's Bureau of Economic Analysis (BEA) collects information on international trade in services, foreign direct investment in the United States, and outbound U.S. investment overseas.
May 19, 2015
U.S. Supreme Court Issues Decision for Taxpayers in Maryland - Could Have Impact on Taxpayer's in Other States
The United States Supreme Court yesterday issued their decision (5-4) in the taxpayer’s favor in a case involving whether a State can limit the ability for residents to claim a credit for taxes paid to other states against both the state tax and the county/local portion of the tax.
May 18, 2015
Changes to FATCA Reporting Requirements
The National Taxpayer Advocate has proposed changes to the Foreign Account Tax Compliance Act (FATCA) reporting requirements in an effort to ease duplication for taxpayers – particularly those who also file the Report of Foreign Bank and Financial Accounts (FBAR).
May 11, 2015
Steps to be Taken for Victims of Identity Theft
Tax return and other tax-related identity theft has become an increasing problem for the Internal Revenue Service and taxpayers.
May 8, 2015
Tax Flash - Massachusetts Tax Amnesty - Time Is Running Out
As announced in a prior Marcum Tax Flash, the Massachusetts Department of Revenue permitted a 60-day tax amnesty program which began on March 16, 2015 and runs through May 15, 2015. This Flash is a reminder for those who may be eligible to review files and take action before the upcoming deadline. The program allows eligible taxpayers to resolve existing liabilities by paying only the tax and interest owed. The Department will waive all penalties.
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