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Marcum LLP
Marcum LLP
Tax & Business
 

Marcum's Tax & Business Services division offers all forms of accounting and regulatory compliance services.

We specialize in a variety of areas including accounting services, bankruptcy & insolvency, business advisory, corporate taxation, family wealth services, financial statements, international taxation, state & local taxation, tax controversy, tax credits & incentives, tax-exempt business, tax return compliance and transaction advisory. Our high degree of specialization ensures that both the advice and services clients receive are specific to their needs.

Members of the Firm's Tax & Business Services division are dedicated professionals who have been involved in accounting and business advisory needs with numerous complex transactions at the local, national and international levels. Our client base includes large corporations, international businesses, foreign nationals, high-net-worth individuals, family business owners, and local business operators, among others. We provide advice and guidance in a highly personalized manner with partner involvement at every level of service.

Our professional staff is augmented by our relationship with Leading Edge Alliance, an affiliation of leading regional public accounting firms in major cities throughout the world. In addition, Marcum offers extensive global resources as the exclusive U.S. member firm of ECOVIS International, an accounting and advisory network with members in 60 countries on six continents.

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Featured Services

International Taxation

Our International Tax Services Group has the extensive expertise and the technical knowledge to assist companies that are expanding their operations internationally.

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Acquiring wealth and building a successful business takes great skill and personal ambition. Managing your wealth and insuring your legacy likewise takes skill and experience.

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Personal Financial Management

Our tax, financial planning, and legal expertise cater to your specific needs and incorporate a combination of integrated services, strategies and planning techniques to provide you with optimal guidance and consultation, monitoring and oversight.

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Related News


Reasonable Compensation in Personal Service Corporations

 

A personal service corporation is a C corporation, the principal activity of which is the performance of personal services, with such services being substantially performed ....


The Los Angeles Times asked Marcum to partner on a project to see how the 2016 tax returns of selected readers would fare under the House and Senate tax reform bills.

 

Republican tax plans are working their way through Congress. If the House and Senate can agree on a final bill, will you owe more or ....


Bloomberg BNA quoted national Tax Leader Joseph Perry in an article about the treatment of the corporate alternative minimum tax in the House and Senate tax bills.

 

The AMT, a much-hated provision of the tax code, requires corporations and individuals to recalculate their tax liability if they took too many credits or ....


Bloomberg BNA quoted national Tax Leader Joseph Perry in a Daily Tax Report story about the taxation of pass-through income under the House and Senate bills.

 

Pass-through taxation represents one of the biggest rifts between the House and Senate tax reform plans, a difference that will have to be resolved before ....


The New York Times quoted Tax Leader Joseph Perry in an article about strategies to prepare for the loss of deductions for state and local taxes and property taxes.

 

The Senate and House may spend most of the month ironing out the differences in their tax bills. Or they may be delayed by other ....


The New York Times interviewed Tax Partner Kurt Koegl about the likely impact of tax reform on real estate investment trusts.

 

After a frenzy of congressional action to rewrite the tax code, salesclerks and chief executives are calculating their gains. Business was treated with the everyone’s-a-winner ....


Fox Business interviewed national Tax Leader Joseph Perry for a story about how tax reform will impact homeowners in high-tax states.

 

Republicans are moving a tax reform bill through Congress that could have both short-and long-term impacts on housing prices and trends. Real estate lobbies are ....


Tax Cuts and Jobs Act: What Are The Proposed Changes to Depreciation?

 

The Tax Cuts and Jobs Act was passed by the House of Representatives on November 16, 2017. The Senate Finance Committee also passed its own ....


Radio America’s “Made in America” spoke with State & Local Tax Leader Paul Graney about whether taxpayers in high rate jurisdictions will flee to low- or no-tax states.

 

Radio America’s Made in America spoke with State & Local Tax Leader Paul Graney about whether taxpayers in high rate jurisdictions will flee to low- ....


Barron’s quoted Family Wealth Services Leader Carolyn Mazzenga in an article about how high net worth taxpayers residing in New York City may be impacted by tax reform.

 

As Senate Republicans moved closer to an overhaul of the nation’s tax code, the prospect of sharp cuts to corporate taxes loomed larger.


The Wall Street Journal quoted Philadelphia Tax Leader Ed Reitmeyer in an article about how the House and Senate tax bills would likely affect President Trump.

 

Opponents of the Republican tax proposal moving through Congress are focusing in part on one particular billionaire as they seek to rally Americans against it: ....


Bloomberg News interviewed Family Wealth Services Leader Carolyn Mazzenga about whether the loss of the state and local tax deduction in New York will drive wealthy taxpayers to move.

 

By eliminating the deduction for most state and local taxes, an individual making a yearly salary of $1,000,000 - a figure not uncommon in the ....


The Hartford Business Journal published an article by State & Local Tax Leader Paul Graney, on the tax changes contained in the bipartisan budget agreement enacted in Connecticut.

 

On Oct. 31, Gov. Dannel P. Malloy signed a trick-or-treat bipartisan budget agreement that provided for a number of new tax changes. He also vetoed ....


Window for California Competes Tax Credit is Fast Approaching

 

The California Competes Tax Credit program is an award-based program that is funded through the state’s general fund. The purpose of the California Competes Tax ....


Research and Development Credit - R&D Expense IRS Directive

 

Effective September 11, 2017, the Internal Revenue Service introduced a Research and Development Credit Directive for taxpayers that report R&D costs on GAAP audited financial ....


NBC Nightly News interviewed New York Tax Leader Maury Cartine for a story about how much President Trump stands to potentially save under the GOP tax plan.

 

NBC Nightly News interviewed New York Tax Leader Maury Cartine for a story about how much President Trump stands to potentially save under the GOP ....


The New York Times spoke with Philadelphia Tax Partner-in-Charge Ed Reitmeyer about the treatment of pass-through income under the House Tax Cuts & Jobs bill.

 

The rewrite of the tax code, which the House passed on Thursday, proposed a 25 percent tax rate for small businesses for owners who report ....


NBC News asked Marcum to analyze the impact of the House Tax Cuts & Jobs Act on the 2005 federal tax return of Donald Trump, and reported the Firm’s findings.

 

President Donald Trump has insisted, for months, that the Republican tax plan he supports won’t benefit him. In fact, Trump and his heirs potentially could ....


Senate Committee on Finance Issues Version of Tax Cuts and Jobs Act

 

Last week, the Senate Finance Committee issued its version of the recently released House Tax Cuts and Jobs Act.


Avoid Double Taxation in Tennessee

 

Many Tennessee businesses have an interest in flow through entities subject to Tennessee taxation. The flow through income is reported by both the parent and ....


Bloomberg Markets spoke with Tax Partner Shaun Blogg, Marcum’s office managing partner in West Palm Beach, FL, about the impact of tax reform for businesses and individual taxpayers.

 

Shaun Blogg, Marcum’s office managing partner in West Palm Beach, FL, discussed the impact of tax reform for businesses and individual taxpayers with Bloomberg Markets.


Pennsylvania Governor Tom Wolf Signs Tax Budget Bill

 

On October 30, 2017, Pennsylvania Governor Tom Wolf signed into law House Bill 542, a $1.6 billion revenue bill aimed at addressing the state's $2.3 ....


Bloomberg Markets asked Tax Principal Michael D’Addio onto the program to discuss the prospects for the House and Senate tax bills.

 

Bloomberg Markets asked Tax Principal Michael D’Addio onto the program to discuss the prospects for the House and Senate tax bills.


CNBC quoted national Tax Leader Joseph Perry in an article about the hidden tax hike for high net worth taxpayers in the House’s Tax Cuts and Jobs Act.

 

The GOP's tax plan contains a little-noticed tax hike on big earners that could add another $12,000 to their annual tax bill.


The U.S. House of Representatives Issues Version of Tax Reform: Tax Cuts and Jobs Act

 

On September 27, 2017, the Trump Administration and Republican leaders released a unified framework for tax reform that would make changes to both individual and business ....


Connecticut Governor Malloy Signs Bipartisan Tax Budget Bill

 

On October 31, 2017, Governor Malloy signed a bipartisan budget agreement highlighting important reforms and other key initiatives.


2018 Cost of Living and Inflation Adjustments

 

The Internal Revenue Service has announced new additions to the cost of living and inflation rate increases for several tax-related attributes for the 2018 year.


The Philadelphia Inquirer interviewed Jeffrey Winkleman, partner-in-charge of corporate taxation, and Steve Brett, president of Marcum Financial Services, for an article about the proposed cap on 401(k) contributions.

 

Wall Street can't be happy about Congress' proposal to cap our yearly 401k contributions at $2,400 — that’s the tax-deferred amount we would be able ....


Construction Contract Payments: Internet Website Posting

 

California Gov. Jerry Brown signed AB 1223, "Construction Contract Payments: Internet Website Posting," on October 8, 2017.


Employee Retention Credits under the Disaster Tax Relief and Airport and Airway Extension Act of 2017

 

On September 29, 2017, the Disaster Tax Relief and Airport and Airway Extension Act of 2017 was signed into law, providing certain temporary tax relief ....


IRS and Treasury to Withdraw Proposed Regulations that Would Affect Discounts Applied to Transfers of Family-Owned Businesses

 

On October 2, 2017, The Trump Administration issued Executive Order 13789. Included in this Executive Order, the IRS and the Treasury establish that they will ....


The New York Post interviewed Tax Leader Joseph Perry about the impact of potentially losing the deductions for mortgage interest, property taxes, and state and local taxes.

 

Homeowners would get a choice between deducting property taxes or mortgage interest on their federal tax returns as Republicans on Tuesday discussed modifications to the ....


The Long-Awaited Tax Proposal: The Unified Framework for Fixing our Broken Tax Code

 

On September 27, 2017, the Trump Administration and Republican leaders released a unified framework for tax reform that would make changes to both individual and ....


The Equifax Breach: How Can You Protect Yourself?

 

The Equifax data breach, which disclosed sensitive personal of an estimated 140 million individuals, has raised questions concerning what defensive measures should be taken now. ....


The Most Overlooked Tax Deduction by Real Estate Owners

 

The IRS has provided real estate owners with a juicy tax deduction. The de minimis safe harbor election is an annual tax return election ....


IRS Tax Relief for Hurricane Irma Victims

 

The IRS is providing help to the victims of Hurricane Irma. Special tax relief and assistance is available to taxpayers in the Presidential Disaster Areas. ....


Beware of Another W-2 Scam

 

On August 15, 2017, the Internal Revenue Service reiterated a warning urging businesses to be wary about a proliferating W-2 email scam.


IRS has Provided Significant Relief for Taxpayers Affected by Hurricane Harvey

 

As a result of the devastation caused by Hurricane Harvey, IRS has granted two significant forms of relief for those affected by the storm. The ....


Update: Not Just Another Sports Story

 

The Boston Bruins just concluded a center ice battle with the IRS that could affect all major sports teams and other businesses that have employees ....


“Good Faith” Abates Tax Penalties

 

The Internal Revenue Code imposes a 20% penalty on any portion of a tax underpayment that is attributable to negligence or disregard of rules and ....


Facts to Know if You File and Pay Your Federal Taxes After April 18, 2017

 

April 18 was the deadline this year for most people to file their annual federal income tax returns and pay any taxes they owed.


Amazon FBA Sellers Are Offered Special Voluntary Disclosure Agreements by the Multistate Tax Commission until October 17, 2017

 

Amazon FBA (fulfilled by Amazon) is commonly used by companies that sell via the ecommerce giant. As part of the arrangement, companies send their inventory ....


Hobby or Business? A Discussion on Filing U.S. Form Schedule C

 

Self-employed U.S. taxpayers file a Form Schedule C Profit or Loss from Business along with their Form 1040 in order to report activity from sole ....


Tax Crimes Do Not Pay

 

An individual who experiences the full process of prosecution and conviction by the Department of Justice for a tax crime has the obligation to pay ....


Treasury Identifies Eight Regulations for Burden Reduction

 

The U.S. Treasury Department issued Notice 2017-38 on July 7, 2017, identifying eight Treasury Regulations considered to be burdensome and which may be modified or ....


Hooray for the HSA

 

A Health Savings Account (HSA) is a medical savings account with a multitude of tax advantages. Established in 2003 for the 2004 tax year, the ....


Bloomberg TV’s Daybreak America invited Tax Leader Joseph Perry back to the program to discuss Washington’s agenda for tax reform.

 

Joseph Perry, tax and business services leader at Marcum LLP, discusses the issues that he feels need to be tackled in order to achieve U.S. ....


Cryptocurrency: The Digital Gold Rush

 

Cryptocurrency is a form of digital money that is created from code and encrypted.


State of Illinois Passes Tax Rate Increases to Curtail Growing Insolvency

 

Facing the unprecedented threat of a junk bond status credit rating, billions of dollars of unpaid bills, and mounting fiscal pressure on the State's institutions ....


Internal Use Software Regulations for the Research Tax Credit

 

In 2016, the Internal Revenue Service issued final regulations (T.D. 9786) regarding guidance on software that is developed primarily for a taxpayer’s internal use in ....


Mortgage Interest Deduction: A Subtle Surprise

 

Ah, the American Dream: Apple pie, a chicken in every pot and….. home mortgage debt. Or, has home mortgage debt become something to be ....


Qualifying as a Real Estate Professional

 

Income or loss derived from the rental of real estate is generally considered a passive activity. One of the main consequences of a rental activity ....


IRS Explains Options for Dealing with Delayed Refunds

 

The IRS generally issues refunds within a timeframe of 21 days or less. However, exceptions do apply. Incomplete or inaccurate returns can delay a refund. ....


New York State Budget Tax Changes 2017/2018

 

New York Governor Andrew Cuomo signed the 2017-2018 budget bill on April 10, 2017.


Revenue Tests for Contractors: Small Contractor?

 

All taxpayers strive to determine and use the tax accounting method that results in paying the least amount of tax allowed by law. Because of ....


Assistive Reproductive Technologies: Are They Deductible?

 

Infertility today is estimated to affect approximately 10 percent of Americans who are of reproductive age.


Tax Treatment of Homeowner and Condominium Associations

 

Homeowner and condominium associations are essential for managing residential properties, upholding the communities’ by-laws, and of course, collecting resident dues in order to fund operations.


Working Your Way through the Maze of Technical Terminations

 

During the course of business, exchanges and sales of partnership interest are not uncommon. These transactions have little or no effect on business operations.


"Placed in Service" Does Not Mean "Open for Business"

 

On April 13, 2017, the Internal Revenue Service ("IRS") issued an official Action on Decision ("AoD") regarding its defeat in the case of Stine, LLC ....


How to Determine if the IRS is Calling or Knocking on Your Door

 

Discerning communication with a legitimate IRS representative is proving to be a much more difficult task for taxpayers today as a result of an increase ....


Amazon Wins $1.5 Billion Tax Case with IRS

 

Transfer pricing is a simple concept, yet can result in many complex tax implications. One of the most significant areas of dispute concerns the tax ....


Sales and Use Tax Nexus: States Recent Updates and Challenges to Quill

 

Multiple states have recently passed laws or announced directives that imply that sales tax nexus can be created in a state without a physical presence.


Pennsylvania's Revised Guidance on Taxability of Prewritten ("Canned") Computer Software Support

 

The Pennsylvania Department of Revenue issued revised guidance on the extent to which support services associated with prewritten computer software may be taxed.


South Dakota's Economic Nexus Provision Standard Held Unconstitutional

 

On March 6, 2017, the South Dakota Sixth Judicial Circuit, as a result of South Dakota v. Wayfair LLC., enjoined the state from enforcing the ....


IRS Releases Proposed Updates to the Dependency Exemption Rules and Other Tax Benefits

 

Proposed regulations have been issued by the IRS updating the dependency exemption rules. These proposed regulations build on the dependency requirements previously amended by ....


American Health Care Act

 

House Republicans released their version of health care reform this week - the American Health Care Act (AHCA).


New Filing Requirements for New York State and New York City Mandatory First Installments

 

For tax years beginning after December 30, 2015, New York State and New York City require certain corporations, including C Corporations, to use the second ....


Update: Constitutionality of Sales Tax Origin Sourcing Upheld for Florida-Based Florists

 

On February 21, 2017, the U.S. Supreme Court declined to hear a case challenging a Florida Supreme Court ruling on an interstate sales tax matter ....


Tax Planning for Manufacturers and Distributors

 

Here we are in the midst of another tax return filing season. You are a business owner and are planning to gather information for the ....


Applicability of Charitable Deductions for Estates and Trusts

 

Fiduciary entities, other than specific charitable entities such as charitable remainder trusts, charitable lead trusts, or private foundations, are allowed many of the same deductions ....


IRS Rolls Out Campaigns Showing the Future of Tax Examinations

 

On January 31, 2017, the Large Business and International division of the IRS rolled out the latest phase in a new effort aimed at improving ....


New Businesses or Start-Ups: Get Ready for the New Research and Development Credit Payroll Tax Offset

 

The passing of the Protecting Americans from Tax Hike (PATH) Act of 2015 introduced many exciting changes related to the Research and Development (R&D) Tax ....


IRS Issues Guidance for Tax Treatment of Estates of Same-Sex Married Couples

 

On January 18, 2017, the Internal Revenue Service ("IRS") published administrative guidance in Notice 2017-15, providing specific policy and procedures for retroactively changing the tax ....


New Filing Deadlines for Tax Year 2016

 

It's tax filing season time again! As if trying to figure out what forms to file isn't hard enough for taxpayers, the IRS and many ....


The Often Overlooked Section 404a

 

Suppose you are the CFO of a small public company, and you're having a conversation with a peer who is the CFO of an accelerated ....


States Require Driver's License for E-Filing Tax Returns

 

For individual filers who are required to e-file their income tax returns, don't be surprised to hear your accountant tell you she needs a copy ....


IRS Issues Revised Form W-8BEN-E and Instructions

 

On April 16, 2016, the IRS released an updated version of Form W-8BEN-E, Certificate of Status of Beneficial Owner for United States Tax Withholding and ....


Filing Deadline Approaching for Small Captive Insurance Companies

 

The IRS issued Notice 2016-66 on November 1, 2016, identifying certain transactions relating to small captive insurance companies as "transactions of interest."


IRS Explains de Minimis Error Safe Harbor for Info Returns and Payee Statements

 

IRS Notice 2017-9, explains the scope of a new de minimis error safe harbor for information returns and payee statements created by the Protecting Americans ....


Construction Contracts: Tax Planning Opportunities

 

When it comes to construction contracts and the IRS, the rules can be very complex. The IRS specifically addresses tax matters and construction industry issues within ....


New Reporting Requirements by Foreign-Owned U.S. Disregarded Entities

 

The IRS has recently issued final regulations regarding the treatment of U.S. disregarded entities wholly owned by foreign persons. These final regulations became effective December 13, ....

 
2017 YEAR-END TAX GUIDE

The Marcum 2017 Year-End Tax Guide continues our tradition of providing timely tax guidance for the upcoming year.

 
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