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Insights & Alerts

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.
May 6, 2015
Tax Flash - The Burden of Automated Systems: Tax Payment and Filing Date Differences Automatically Produce Notices
Taxpayers who have timely filed income tax returns and paid any taxes owed by the required due dates may still receive a notice from a federal or state taxing authority regarding unpaid taxes due.
May 4, 2015
IRS Audits of Business Returns Hit 11 Year Low
It is hard to believe that in these times of financial recovery that the odds of a business being audited by the Internal Revenue Service have dropped consistently in the last few years. This may not be so hard to believe in light of the fact that the number of individuals employed by the IRS has fallen by 8% and funding has been cut by nearly 10%.
April 29, 2015
California Research and Development Small Business Grant Program
The California State Assembly has introduced a bill to establish a Research and Development (R&D) Small Business Grant Program that would allow qualified small businesses to obtain grant payments for unused tax credits. The bill would provide small businesses with the ability to obtain cash grants to maximize the utilization of the research and development credits regardless of tax liability.
March 16, 2015
IRS Warns Taxpayers About Fake Charities
The Internal Revenue Service has warned taxpayers about groups claiming to be charitable organizations to entice contributors to make donations. This scam has been added to the “Dirty Dozen”, a list of common scams that the IRS compiles annually.
March 12, 2015
Accounting for Green – Accounting in the Cannabis Industry
In 1996, Oregon and California were the first states to pass legislation that legalized marijuana for medical purposes. Today, there are 23 states and the District of Columbia that have laws in place that allow the cultivation and use of marijuana for medicinal purposes -- many other states have decriminalized possession while others are working towards legalization (OH and PA.)
March 9, 2015
IRS Increasing Payroll Tax Audits
Specially trained IRS auditors are investigating errors made by employers on the withholding of federal income taxes, Federal Insurance Contribution Act (FICA), and Federal Unemployment Tax Act (FUTA). Another focus of these payroll tax audits is on the proper classification of workers as common law employees instead of independent contractors.
March 5, 2015
The Qui Van Phan Tax Court Case: Favorable Outcome for Mortgage Interest Paid
A recent small tax court case had a favorable outcome for the taxpayer. In this case, the taxpayer was able to deduct home mortgage interest paid during a year in which he neither owned the home, nor was he listed as liable on the mortgage debt.
March 3, 2015
Tax Flash - Final IRS Regulations Cover Elections for Alternative Simplified Research Credit
The IRS has issued final regulations relating to the time and manner of electing to use the Alternative Simplified Method to compute the Research and Development Credit (ASC). The final regulations mirror the previously issued temporary regulations.
March 2, 2015
Do the Right Thing, or Else…
What happens when a company makes an honest mistake and seeks IRS assistance in rectifying the problem? See below for an explanation of how the solution did not fairly address the consideration of the affected former employees. The former employees sued and won.
February 26, 2015
Florida’s R&D Credit: Application Submission Opens March 20th
Starting with the calendar year 2012, Florida introduced the Research and Development Expense Credit as an incentive for corporations in certain targeted industry businesses, such as manufacturing, biotech, telecommunications and certain finance services.
February 26, 2015
IRS Warns Against Phony Charity Scams
The Internal Revenue Service is warning taxpayers for the 2015 filing season about phony charitable organizations. There has been an increase in illegal scams of organizations pretending to be legitimate organizations that ask for contributions from unsuspecting taxpayers.
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