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Insights & Alerts

July 31, 2015
Tax Flash - Highway Funding Bill 2015 Tax Provisions
The Senate has passed the short-term highway funding bill, providing a three-month extension of general expenditure authority for the Highway Trust Fund. This bill was signed by President Obama on July 31, 2015.
July 20, 2015
Prison Time for IRS $cammer
The IRS receives 9000-12,000 calls every week regarding complaints about tax scams. The tax advisors at Marcum also advise our clients about recognizing and avoiding tax scams, and the Firm has issued alerts about the many scams that keep arising.
July 14, 2015
Cybersecurity: Investing in Your Firm’s Future
Recent cybersecurity breaches such as Target and Neiman Marcus have caused the U.S. Government to start implementing security initiatives throughout all sectors to help defend against cyber-attacks. Companies too often find themselves in a reactive mode based on the latest attack by remediating the now known vulnerabilities in the organization.
July 14, 2015
Tax Flash - Form 3115 Audit Protection Procedures for Taxpayers Under Examination
Taxpayers under examination who are seeking to file a change of accounting method should begin filing this week, based on newly established filing time windows established by a new IRS guidance issued in June 2015.
July 9, 2015
Tax Flash - Recently Enacted Trade Bills Contain Individual and Business Tax Provisions
Two new international trade bills were recently enacted into law last week and another is in the process of reconciliation. The Bipartisan Congressional Trade Priorities and Accountability Act of 2015 and the Trade Preferences Extension Act of 2015 were passed by Congress prior to the July 4th recess.
July 6, 2015
Tax Flash - Connecticut Legislature Modifies Previous Tax Changes
On June 30, 2015, final budget Bill S1502 was enacted by special session of the Connecticut General Assembly and signed by Governor Dannel Malloy.
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.
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