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Insights & Alerts

February 11, 2016
Tax Flash - New Regulations Tighten Rules on Foreign Investors' U.S.-Sourced Dividends
On September 17, 2015, the Internal Revenue Service (the "IRS") issued final regulations under Code Section 871(m) relating to the imposition of U.S. withholding tax on "dividend equivalent" payments on certain U.S. equity swaps and other U.S. equity-linked instruments held by foreign persons. The regulations adopt, with some changes, the 2013 proposed regulations.
February 8, 2016
Tax Flash - Delaware Competes Act Filed
The Delaware Competes Act (the "Act") was signed into law on January 27, 2016, changing the corporate income tax apportionment formula to a single sales factor apportionment formula by 2020 and making several changes to simplify the filing process for small businesses, thus providing protection against penalties for filing errors.
February 8, 2016
How to Avoid the Pitfalls of Inherited IRAS
Death is a subject that most people dread thinking about. When a loved one passes away, the pitfalls of an inherited IRA will most likely be the last thing on your mind. Yet, proper estate planning and knowing what steps to take after a loved one dies are essential to managing your finances.
February 8, 2016
Not Just Another Sports Story
The Boston Bruins are center-ice in a battle with the IRS that could affect all major sports teams and many other businesses that move employees to so- called "offsite premises" to provide their services.
January, 27, 2016
Tax Flash - Massachusetts Announces Plans for Voluntary Disclosure Program for Settlement of Uncertain Tax Positions
Massachusetts is in the planning phase of creating a plan to allow taxpayers to disclose uncertain tax positons to the state and obtain waiver of penalties. The plan is to complete the entire process from start to finish in four months.
January 20, 2016
Tax Flash - Elimination of Onerous Pennsylvania Tax on Businesses
Effective for tax years beginning on or after January 1, 2016, Pennsylvania has eliminated the Capital Stock and Foreign Franchise tax for all taxpayers. The complete elimination of this tax had been delayed several times in the past, but was finally confirmed by Pennsylvania Governor Tom Wolf on January 4, 2016.
January 19, 2016
Tax Flash - Immediate Tax Savings Opportunity: Transit Pass Adjustment Procedures Announced by the IRS
With the passage of the PATH Tax Act in December of 2015, Congress retroactively increased the amount of the tax exclusion cap for mass transportation and transit pass benefits.
January 19, 2016
Tax Flash - NYS MTA Surcharge Tax Rate Increase
Pursuant to new regulations signed by the New York State Commissioner of Taxation and Finance on December 31, 2015, and adopted on an emergency basis, the Metropolitan Transportation Business Tax Surcharge is to be computed at the rate of 28% for tax years beginning on or after January 1, 2016 and before January 1, 2017.
January 18, 2016
Section 1031 Back in Vogue – But Be Careful
Generally, taxpayers pay tax on property they sell at a gain. A tax-deferred exchange under Section 1031 offers a great opportunity to delay capital gains taxes and build wealth. However, if not done correctly, taxpayers may be subject to tax, interest and penalties at the time of transaction. Following are some of the pitfalls and traps for the unwary.
January 18, 2016
Tax Flash - Identity Protection
As we have reported in previous Marcum Tax Flashes, identity theft by tax scammers has become an increasing problem. In these schemes, scammers either trick individuals into making false tax payments, or steal social security numbers in order to file fraudulent returns.
January 14, 2016
Tax Flash - Reporting Offshore Financial Accounts: The Costs of Non-Compliance
As a general rule, the United States taxes its citizens and residents on their worldwide income and imposes annual information reporting on certain foreign assets. Failure to comply with these requisite tax information filings can potentially result in severe financial penalties, prosecution and, in some cases, jail time.
January 14, 2016
Illinois Department of Revenue Announces Delay in Issuing 2015 Individual Tax Refunds
The Illinois Department of Revenue has issued a press release announcing that the Department does not anticipate releasing individual tax refunds for the 2016 tax filing season until after March 1, 2016.
January 11, 2016
Minimizing Sales & Use Tax Obligations of Illinois Healthcare Facilities
Service providers in the State of Illinois who transfer items of tangible property incident to the services they sell are generally subject to the Service Occupation Tax Act (Act). The Act provides the framework for how sales and use taxes are applied to service providers who transfer property.
January 7, 2016
Tax Flash - IRS Releases Proposed Country-by-Country Reporting Regulations
The Internal Revenue Service ("IRS") released proposed regulations on December 21 that would require certain companies to annually report information relating to income and taxes on a country-by-country (CbC) basis.
January 4, 2016
Tax Flash - Treasury Extends Employer Reporting Requirements Under the Affordable Care Act
The U.S. Department of the Treasury and the Internal Revenue Service have announced a limited extension of time for the filing of the 2015 information reporting requirements for employers and insurers under the Affordable Care Act (ACA).
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