Marcum LLP
Tax & Business

Tax Credits & Incentives - Pennsylvania

Watch and Money

Businesses

Keystone Opportunity Zones (KOZ):

Keystone Opportunity Zones (KOZ) and Keystone Opportunity Expansion Zones (KOEZ) are geographic areas that can provide specific state and local tax benefits. The goal of the KOZ/KOEZ program is to revive economically distressed urban and rural communities by abolishing taxes.

As of January 31, 2015, KOZ applicants have created almost 10,000 jobs and invested more than $1 billion of private capital into KOZ properties. Due to the success of the KOZ program, there have been multiple opportunities for local communities to designate additional subzones.

The tax benefits available under KOZ and KOEZ programs may be available through December 31, 2020. A KOZ/KOEZ is given priority for various state and local community-building assistance programs.

In order to be eligible, Pennsylvania businesses relocating to a KOZ/KOEZ must either increase their full-time employment by 20% within the first full year of operation or make a 10% capital investment in the KOZ/KOEZ property, based on their prior year's gross revenues.

Eligibility for benefits is based upon annual certification. In order to receive benefits, any entity applying must be compliant with all local and state taxes and building and zoning codes.

Keystone Innovation Zone (KIZ) Tax Credit:

The KIZ program creates designated geographic zones to foster innovation and entrepreneurial opportunities by aligning the resources of educational institutions and the private sector.
In order to be eligible, for-profit business entities must be located within the KIZ boundaries, have been in operation for less than eight years, and operate within one of the KIZ targeted industry segments or sectors.

Applications must be submitted on or before September 15 of each year. The KIZ tax credits will be awarded on December 15 of the year in which the application is submitted.
Qualified businesses, including pass-through entities, and individuals with business activity in a KIZ may claim this credit against the following state taxes:

  • Capital Stock/Foreign Franchise Tax.
  • Corporate Net Income Tax.
  • Personal Income Tax.

The KIZ Tax Credit must first be applied against the KIZ company's own tax liability under Articles III (Personal Income Tax), IV (Corporate Net Income Tax), or VI (Capital Stock – Franchise Tax) of the Pennsylvania Tax Reform Code of 1971. The KIZ company may claim a tax credit equal to 50% of the increase in that KIZ company's gross revenues attributable to activities in the KIZ in the immediately preceding taxable year. The KIZ Tax Credit is limited to $100,000 annually per company.

Tax credits not used in the tax year the contribution is made may not be carried forward or carried back, and are not refundable or transferable.

Keystone Special Development Zone (KSDZ):

The Keystone Special Development Zone (KSDZ) program was established for the purpose of providing incentives to for-profit businesses that locate and operate in designated geographic zones. The KSDZ program is an incentive-based tax credit program to foster the redevelopment of Pennsylvania's abandoned and deteriorated industrial and commercial sites.

Qualified businesses, including pass-through entities, and individuals with business activity in a KSDZ may claim this credit against the following state taxes:

  • Corporate Net Income Tax.
  • Capital Stock/Foreign Franchise Tax.
  • Personal Income Tax.
  • Title Insurance Tax.
  • Bank Shares Tax.
  • Mutual Thrift Taxes.

This credit is equal to $2,100 per job for approved businesses operating within a Keystone Special Development Zone. Tax credits may be claimed for up to 10 years.

Job Creation Tax Credits:

The $1,000 per job tax credit rewards approved businesses that agree to create jobs in Pennsylvania within three years. On July 2, 2013, the tax credit amount increased from $1,000 to $2,500 per job for employers who create new jobs for unemployed individuals.

Qualified businesses, including pass-through entities, and individuals may claim this credit against the following state taxes:

  • Capital Stock/Foreign Franchise Tax.
  • Corporate Net Income Tax.
  • Mutual Thrift Institutions Tax.
  • Bank Shares Tax.
  • Insurance Premiums Tax.
  • Gross Receipts Tax.
  • Title Insurance & Trust Company Shares Tax.
  • Personal Income Tax.

25% of the tax credits allocated each year must go to businesses with fewer than 100 employees. The business must create at least 25 new jobs or expand the existing workforce by at least 20%.

Film Tax Credit Program:

The Film Tax Credit program was created in an effort to expand the activity of film, television, and other production companies in Pennsylvania. This program issues approximately $60 million in tax credits to eligible businesses.

Projects eligible for tax credits under the program include the production of a feature film, a television film, a television talk or game show series, a television commercial, a television pilot or each episode of a television series intended as programming for a national audience.

A project is eligible if at least 60% of the project's total production budget is used for qualified Pennsylvania production expenses. The amount of the tax credit available for an eligible project is equal to 25% of qualified Pennsylvania production expenses for the project. Applications may be filed no sooner than 90 days prior to the start date of principal photography in the Commonwealth.

Educational Improvement Tax Credit Program (EITC):

This program rewards tax credits to eligible businesses contributing to a Scholarship Organization, an Educational Improvement Organizations, and/or a Pre- Kindergarten Scholarship Organization.

In order to be eligible, the business must be subject to one or more of the following taxes:

  • Personal Income Tax.
  • Capital Stock/Foreign Franchise Tax.
  • Corporate Net Income Tax.
  • Bank Shares Tax.
  • Title Insurance & Trust Company Shares Tax.
  • Insurance Premium Tax (excluding surplus lines, unauthorized, domestic/foreign marine).
  • Mutual Thrift Tax.
  • Malt Beverage Tax.
  • Retaliatory Fees under section 212 of the Insurance Company Law of 1921.

For contributions to scholarship or educational improvement organizations, the amount of the credit is 75% of the contribution, up to $750,000 per taxable year. If the taxpayer provides a written commitment to make the same contribution for two consecutive years, the Department of Community and Economic Development (DCED) will increase the credit to 90%.

For contributions to Pre- Kindergarten Scholarship Organizations, a business may receive a tax credit equal to 100% of the first $10,000 contributed and up to 90% of the remaining amount contributed, up to a maximum credit of $200,000 annually.

An approved company must provide proof that a contribution was made within 60 days of the notification letter to the DCED. This has to be done within 90 days of receiving the notification letter. Tax credits not used in the tax year the contribution is made may not be carried forward or carried back and are not refundable or transferable.

Historic Preservation Tax Credit (HPTC):

Available for individuals

The Historic Preservation Tax Credit provides tax credits to qualified taxpayers who will restore qualified historic structures to income-producing properties. The Pennsylvania Historical and Museum Commission must approve a qualified rehabilitation plan for every project.

Those eligible to apply are qualified taxpayers, which include an individual, corporation, business trust, limited liability company, limited liability partnership or any other form of legal business entity. Qualified taxpayers must be subject to the Personal Income Tax, Corporate Net Income Tax, Capital Stock-Franchise Tax, Bank and Trust Company Shares Tax, Title Insurance Companies Shares Tax, Insurance Premiums Tax, Gross Receipts Tax, or Mutual Thrift Institutions Tax.

The commonwealth issues a maximum of $3 million in tax credits per fiscal year. The credits are to be awarded equitably for projects in each region of the commonwealth. Tax credits awarded to a qualified taxpayer are limited to 25% of the qualified expenditures. The total tax credits awarded to a qualified taxpayer may not exceed $500,000 in any fiscal year.

Research and Development Tax Credit:

This credit is available to businesses and individuals performing qualified research in Pennsylvania. The purpose of this credit is to encourage businesses to conduct research, especially of a technological or scientific nature.

Qualified businesses, including pass-through entities, and individuals may apply the credit against the following state taxes:

  • Capital Stock/Foreign Franchise Tax.
  • Corporate Net Income Tax.
  • Personal Income Tax.

A company will receive 10% tax credit for increased research and development expenses over a base period. The annual cap is $15 million for all businesses. However, 20% of the total pool is reserved for small businesses.

Mobile Telecommunications Broadband Investment Tax Credit:

A taxpayer that is a provider of a mobile telecommunication service is eligible to receive a tax credit against the corporate net income tax imposed under Article IV of the Tax Reform Code for investment in certain qualified broadband equipment placed into service. However, this credit expires on January 1, 2024.

Pennsylvania Resource Manufacturing Tax Credit (PRM):

Beginning in 2017, any manufacturer purchasing natural gas containing ethane as a petrochemical feedstock at a facility within the commonwealth shall be allowed a tax credit equal to five cents per gallon ($2.10 per barrel) used in manufacturing ethylene. In order to be considered an eligible manufacturer, a company must make a capital investment of at least $1 billion and create the equivalent of at least 2,500 full-time jobs while constructing the manufacturing facility. This credit is effective for ethane purchased between January 1, 2017, and December 31, 2042.

The program is intended to transform Pennsylvania's manufacturing industry by creating thousands of well- paying Pennsylvania jobs and securing long-term economic benefits for Pennsylvania residents and communities.

Business in our Sites Loans (BOS):

The Business in Our Sites (BOS) program provides loans for the acquisition and development of key sites for future use by businesses, private developers and others. The program is administered through the Commonwealth Financing Authority (CFA).

The BOS program is intended to financially assist municipalities and others with planning and preparing sites for future use. Site must be previously utilized property or undeveloped property that is planned and zoned for development. Projects which require site development assistance, where a business has already committed to locating at a specific site or where a private developer has already committed to locating a facility for a specific user, may also seek financial assistance under other appropriate programs administered by the DCED.

Eligible applicants for this program include:

  • Municipalities (boroughs, townships, towns, counties, cities, home rule).
  • Redevelopment authorities.
  • Municipal authorities.
  • Industrial development agencies.
  • Private developers.

Types of Projects
Previously Utilized Sites: A project that redevelops, reuses or revitalizes a previously utilized site for future use. This includes, but is not limited to, a former or underutilized industrial, commercial, military, mining, railroad, or institutional site or building.

Undeveloped Sites: The development of the site must be consistent with an existing comprehensive county plan and/or municipal plan. Additionally, the site must be zoned for such development at the time of the application.

There is no maximum or minimum loan amount, except that the maximum amount of the funding for projects located within a single city, borough, town, or township may not exceed 15% of the funds available for the program.

There will be no repayment until the property is sold or leased, or five years from the date of closing. The interest rate for the loan will be set by the Commonwealth Financing Authority.

HOME:

This is a federally funded program that provides municipalities with grant and loan assistance as well as technical assistance to increase the supply of decent and affordable housing for low income residents. Providing affordable housing in Pennsylvania communities is a primary concern of the commonwealth.

The funds are earmarked for new construction, rehabilitation, financing mechanisms, acquisition of rental or sales housing, and rental assistance for low and moderate income families. The maximum grant is $500,000.

New PA Venture Capital Investment Program:

This program provides loans to venture capital partnerships for investment in Pennsylvania-related companies. The nature of investments by these partnerships shall be equity or convertible to debt. This program was created to address the financing needs of Pennsylvania businesses.

This program has up to $60 million dollars in funds and will allocate 50% of available funds to venture capital partnerships which operate in underserved areas in Pennsylvania. These areas are defined as counties outside of the Philadelphia MSA and those with populations below 1 million. The program also requires a match by the venture capital of $3 of investment in Pennsylvania companies for every $1 provided by the commonwealth. Consequently, this creates $240 million in investment capital for Pennsylvania companies.

Innovate in Pennsylvania- Life Science Greenhouse (LSG):

The LSG program consists of three regional biotechnology research centers that serve to facilitate biomedical, clinical, collaborative, and health services research through the sharing of funds and infrastructure. The mission of the LSG is to build and develop strengths in the life sciences within their regions, as well as to promote economic growth by establishing and nurturing links and networks between universities, research institutions, commercial concerns, industry organizations, and other entities. Innovate in Pennsylvania legislation allows for up to 5% of the net proceeds received from the sale of insurance premium tax credits to be administered to the three LSGs, which share the proceeds equally. The funding may be in form of grants, loans, equity investments, royalty/payback agreements, or other forms of financial support.

Innovate in Pennsylvania- Ben Franklin Technology Partners (BFTP):

The Ben Franklin Technology Partnership is one of the nation's longest running technology-based economic development programs. The objective of the BFTP is to invest in the revolution of the Pennsylvania economy through technology, innovation, and strategic partnerships that promote a promising business environment for companies. For more than 31 years, BFTP has provided both early stage and established companies with funding, business and technical expertise, and access to a network of innovative, expert resources.

The four regional Ben Franklin Technology Partners will receive new capital from the sale of insurance premium tax credits. The Ben Franklin Technology Development Authority will administer the revenue generated through the sale of the tax credits. This revenue will be used for direct company investments, business and technical support, technology and entrepreneurial infrastructure, and administrative expenses.

For more information, please visit:
http://www.revenue.pa.gov
http://www.newpa.com/program

 

TAX REFORM INSIGHTS

Stay Informed about the Latest Developments in National Tax Reform

  VIEW TAX REFORM INSIGHTS
 
 

Related News

The New York Times quoted Partner Barry Fischman in an article about the 179D tax deduction for the construction of certain energy efficient building systems.


As Seen In

The New York Times quoted Partner Barry Fischman in an article about the 179D tax deduction for the construction of certain energy efficient building systems.

Over the past decade, hundreds of public projects have benefited from a federal incentive meant to encourage investments in energy‐efficient technology.

Newsday quoted national Tax Leader Joseph Perry in an article about the windfall to New York’s U.S. Senators Chuck Schumer and Kirsten Gillibrand under the new tax law.


As Seen In

Newsday quoted national Tax Leader Joseph Perry in an article about the windfall to New York’s U.S. Senators Chuck Schumer and Kirsten Gillibrand under the new tax law.

New York's Democratic senators - who publicly release their returns each year - will likely owe thousands of dollars less tax for 2018 thanks to ....

CNBC spoke with national Tax Leader Joseph Perry about how to mine your 2017 tax return for savings opportunities in 2018.


As Seen In

CNBC spoke with national Tax Leader Joseph Perry about how to mine your 2017 tax return for savings opportunities in 2018.

This spring, don't just stuff your completed tax return into a drawer. Go through it for savings opportunities you can seize right now.

Farewell to the Offshore Voluntary Disclosure Program: The IRS Pulls the Plug


Tax Flash

Farewell to the Offshore Voluntary Disclosure Program: The IRS Pulls the Plug

In spite of its many iterations since 2009 and the 56,000 new taxpayers with their $11 billion added to Internal Revenue Service coffers, on September ....

Long Island Business News interviewed Tax Leader Joseph Perry for an article about the new tax treatment of stock options granted to executive employees earning more than $1 million.


As Seen In

Long Island Business News interviewed Tax Leader Joseph Perry for an article about the new tax treatment of stock options granted to executive employees earning more than $1 million.

While a corporate tax cut that brought the top rate down from 35 percent to 21 percent is widely seen as the centerpiece of the ....

Inc. magazine quoted Philadelphia Tax Leader Ed Reitmeyer in an article about errors in the new federal tax law that could cost taxpayers big money.


As Seen In

Inc. magazine quoted Philadelphia Tax Leader Ed Reitmeyer in an article about errors in the new federal tax law that could cost taxpayers big money.

Many entrepreneurs have celebrated President Trump's signature legislative achievement, the 2017 Tax Cuts and Jobs Act, for decreasing their annual tax bills.

The Tax Adviser published an article co-authored by Tax Director Don Zidik, about recent developments in individual taxation.


As Seen In

The Tax Adviser published an article co-authored by Tax Director Don Zidik, about recent developments in individual taxation.

This article is a semiannual review of recent developments in the area of individual federal taxation, including issues of deductible alimony, trade or business expenses, ....

FASB's Q&A Guidance on the Impact of Tax Reform on Financial Accounting


Tax Flash - Tax Return Compliance

FASB's Q&A Guidance on the Impact of Tax Reform on Financial Accounting

After the Tax Cuts and Jobs Act was passed, concerns were raised to the Financial Accounting Standards Board regarding implementation of certain provisions of the ....

New Tax Treatment of Alimony


Tax Return Compliance

New Tax Treatment of Alimony

Of the many changes for individual taxpayers wrought by the Tax Cuts and Jobs Act of 2017, one of the most sensitive is the new ....

The New York Times quoted national Tax Leader Joseph Perry in an article discussing the complexities and confusion created by the Tax Cuts & Jobs Act, and the likely battles yet to come in Congress.


As Seen In

The New York Times quoted national Tax Leader Joseph Perry in an article discussing the complexities and confusion created by the Tax Cuts & Jobs Act, and the likely battles yet to come in Congress.

Never mind that once in a generation tax bill that just passed last year. Congress is headed for years more of big fights over taxes, ....

The Impact of Tax Reform on Financial Accounting


Tax Flash - Tax Return Compliance

The Impact of Tax Reform on Financial Accounting

On December 22, 2017, the Tax Cuts and Jobs Act, was signed into law. The Act will have a significant impact on financial reporting issued ....

Commercial Building Energy Tax Incentive Extended for 2017


Tax Incentives

Commercial Building Energy Tax Incentive Extended for 2017

Early in the morning on February 9, 2018, to avert an impending government shutdown, Congress passed a large omnibus budget titled the Bipartisan Budget Act ....

Long Island Business News wrote about the advice Marcum panelists gave to businesses considering restructuring as C-corps, during the Firm’s recent tax reform seminar in Melville.


As Seen In

Long Island Business News wrote about the advice Marcum panelists gave to businesses considering restructuring as C-corps, during the Firm’s recent tax reform seminar in Melville.

Much of the Marcum seminar focused on the taxation differences between C‐corps and pass‐through entities, which include partnerships, S‐corporations, limited liability companies and sole proprietorships.

New IRS Directives Issued for Transfer Pricing Examinations


Tax Flash - International Taxation

New IRS Directives Issued for Transfer Pricing Examinations

On January 12, 2018, the Large Business and International Division of the Internal Revenue Service issued five directives which provide instructions on how IRS agents ....

Bipartisan Budget Act of 2018


Tax Flash - Tax Return Compliance

Bipartisan Budget Act of 2018

The Bipartisan Budget Act of 2018, enacted last Friday, February 9, contains a number of tax breaks for both individuals and businesses. These include the ....

The Hartford Business Journal quoted Connecticut Tax Partner-in-Charge Brett McGrath, in an article about the impacts of the Tax Cuts & Jobs Act of 2017.


As Seen In

The Hartford Business Journal quoted Connecticut Tax Partner-in-Charge Brett McGrath, in an article about the impacts of the Tax Cuts & Jobs Act of 2017.

More than 30 years after digesting the last major federal tax overhaul, Connecticut accountants and legal advisers working to interpret the latest changes to the ....

The Hartford Business Journal published a column by Tax Services Director Marla Esan about the impacts of the Tax Cuts & Jobs Bill for nonprofit organizations.


As Seen In

The Hartford Business Journal published a column by Tax Services Director Marla Esan about the impacts of the Tax Cuts & Jobs Bill for nonprofit organizations.

Like every sector, nonprofits won some and lost some in the Tax Cuts & Jobs Act. Here is a brief summary of the provisions impacting ....

CNBC quoted Tax Principal Michael D’Addio in an article about adjusting paycheck withholdings to comply with the new tax rates for individuals.


As Seen In

CNBC quoted Tax Principal Michael D’Addio in an article about adjusting paycheck withholdings to comply with the new tax rates for individuals.

In January, the Treasury Department released its income tax withholding tables, updated to reflect changes stemming from the Tax Cuts and Jobs Act. The new ....

Bloomberg News quoted Ed Reitmeyer, Philadelphia partner-in-charge of Tax Services, in an article about tax strategies for owners of pass-through businesses under the new tax law.


As Seen In

Bloomberg News quoted Ed Reitmeyer, Philadelphia partner-in-charge of Tax Services, in an article about tax strategies for owners of pass-through businesses under the new tax law.

If exploiting a tax loophole is as much an art as a science, then the tax planning profession is poised for a creative renaissance. The ....

Workandmoney.com interviewed Tax Partner Diane Giordano for an article about what the new tax law means for small businesses.


As Seen In

Workandmoney.com interviewed Tax Partner Diane Giordano for an article about what the new tax law means for small businesses.

The new tax law became both the beauty and the beast for companies of all sizes across the country when 2018 officially opened for business.

Fox Business spoke with Tax Principal Michael D’Addio about the need to adjust paycheck withholdings under the new tax law.


As Seen In

Fox Business spoke with Tax Principal Michael D’Addio about the need to adjust paycheck withholdings under the new tax law.

As employees begin to receive their updated paychecks based on the new tax code changes, many are seeing incorrect withholding amounts, which could lead to ....

Long Island Business News reported on the Marcum tax panel the publication’s editor is co-moderating with Melville Office Managing Partner Carolyn Mazzenga.


As Seen In

Long Island Business News reported on the Marcum tax panel the publication’s editor is co-moderating with Melville Office Managing Partner Carolyn Mazzenga.

Long Island Business News Editor Joe Dowd and Marcum Melville Office Managing Partner Carolyn Mazzenga are set to moderate a series of panel discussions tonight ....

Bloomberg’s Talking Tax podcast invited Tax Principal Michael D’Addio onto the show for a discussion about whether the new tax law will drive pass-through entities to convert to C-Corporation status.


As Seen In

Bloomberg’s Talking Tax podcast invited Tax Principal Michael D’Addio onto the show for a discussion about whether the new tax law will drive pass-through entities to convert to C-Corporation status.

The new tax law lowers the corporate tax rate to 21 percent—a change that some lawmakers have suggested could prompt pass-through entities to convert to ....

Long Island Business News quoted State & Local Tax Leader Paul Graney in an article about options New York State is considering to counter the regional tax impact of the federal Tax Cuts & Jobs Act.


As Seen In

Long Island Business News quoted State & Local Tax Leader Paul Graney in an article about options New York State is considering to counter the regional tax impact of the federal Tax Cuts & Jobs Act.

Facing new federal rules that limit state and local tax deductions, New York and California are considering options to give their residents a big federal ....

CFO.com published an article by Tax Leader Joseph Perry and Tax Principal Michael D’Addio, discussing the pros and cons of  C-corporation v. pass-through entity status under the new tax law.


As Seen In

CFO.com published an article by Tax Leader Joseph Perry and Tax Principal Michael D’Addio, discussing the pros and cons of C-corporation v. pass-through entity status under the new tax law.

A 21% income tax rate might sound appetizing to some pass‐through entities, but C‐corporation status doesn't suit every organization.

Associated Press quoted Tax Principal Michael D’Addio in an article about how small businesses are capitalizing on the new tax law.


As Seen In

Associated Press quoted Tax Principal Michael D’Addio in an article about how small businesses are capitalizing on the new tax law.

Although there are still many unknowns about the tax law that took effect Jan. 1, some small business owners have already figured out that they ....

U.S. Supreme Court Will Hear South Dakota's Sales Tax Case


Tax Flash - State & Local Taxation

U.S. Supreme Court Will Hear South Dakota's Sales Tax Case

On January 12, 2018, the United States Supreme Court decided that it will hear a South Dakota case (State of South Dakota v. Wayfair Inc., ....

The Alternative Minimum Tax for Individuals is Here to Stay


Tax Flash - Tax Return Compliance

The Alternative Minimum Tax for Individuals is Here to Stay

The Tax Cuts and Jobs Act of 2017 made numerous changes to individual taxation, including to the Alternative Minimum Tax.

What's Happening to My Itemized Deductions?


Tax Flash - Tax Return Compliance

What's Happening to My Itemized Deductions?

On December 22, 2017, President Donald Trump signed the Tax Cuts & Jobs Act into law, changing the entire U.S. tax landscape. A major component ....

2018 Tax Filing Season Begins January 29


Tax Flash - Tax Return Compliance

2018 Tax Filing Season Begins January 29

The Internal Revenue Service announced that the nation's 2017 tax season will begin Monday, January 29, 2018. This is to ensure the security and readiness ....

Due Dates for Business and Individual Income Taxes for the 2018 Tax Year


Tax Flash - Tax Return Compliance

Due Dates for Business and Individual Income Taxes for the 2018 Tax Year

As the filing season for the 2017 tax year begins, it is important to remember when the applicable returns must be filed.

IRS Issues Update to Standard Mileage Rates


Tax Flash

IRS Issues Update to Standard Mileage Rates

The Internal Revenue Service has issued the 2018 updates to the optional standard mileage rates for taxpayers to use in computing the deductible costs of ....

The Orange County Register quoted Partner Warren Hennagin in an article about the deductibility of home equity lines of credit under new IRS rules.


As Seen In

The Orange County Register quoted Partner Warren Hennagin in an article about the deductibility of home equity lines of credit under new IRS rules.

If you have an existing home equity line-of-credit or second mortgage, do you have to fold that into a new first mortgage for it to ....

New York Governor Issues Executive Order Authorizing Prepayment of Property Taxes


Tax Flash - The Tax Cuts and Jobs Act

New York Governor Issues Executive Order Authorizing Prepayment of Property Taxes

On December 22, 2017, New York State Governor Andrew Cuomo issued an emergency Executive Order authorizing local governments to issue warrants for the collection of ....

Fox Business invited Tax Leader Joseph Perry onto Closing Bell to discuss prepaying certain 2018 expenses before the end of 2017.


As Seen In

Fox Business invited Tax Leader Joseph Perry onto Closing Bell to discuss prepaying certain 2018 expenses before the end of 2017.

Fox Business invited Tax Leader Joseph Perry onto Closing Bell to discuss prepaying certain 2018 expenses before the end of 2017.

The Tax Cuts and Jobs Act is Now Law


Tax Flash - The Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act is Now Law

President Trump signed this legislation into law today. The act is the most significant tax legislation since the Tax Reform Act of 1986.

Inc. magazine interviewed Ed Reitmeyer, Philadelphia partner-in-charge of tax and business services, about the tax advantages of C corporations versus pass-through entities.


As Seen In

Inc. magazine interviewed Ed Reitmeyer, Philadelphia partner-in-charge of tax and business services, about the tax advantages of C corporations versus pass-through entities.

Edward Reitmeyer, a partner at the Philadelphia accounting firm Marcum LLP, typically prepares between 800 and 1,200 tax returns for small business clients each year.

The Cooperator spoke with Tax Partner Peter Buell about how tax reform will affect New York City condo and coop owners.


As Seen In

The Cooperator spoke with Tax Partner Peter Buell about how tax reform will affect New York City condo and coop owners.

President Trump signed into law a major $1.5 trillion tax plan that Congress had earlier passed, the first re-writing of our tax laws in over ....

The Tax Cuts and Jobs Act is Finally Here, No More Do Overs


Tax Flash - Tax Reform

The Tax Cuts and Jobs Act is Finally Here, No More Do Overs

This week, Republicans agreed on a final version of the tax reform bill and filed a conference agreement on December 15, 2017.

Associated Press spoke with Tax Leader Joseph Perry about the impact of the new tax bill on the accounting industry.


As Seen In

Associated Press spoke with Tax Leader Joseph Perry about the impact of the new tax bill on the accounting industry.

From New York to Kentucky to Florida, accountants and tax lawyers are scanning the 1,000 page measure, fielding a swirl of questions from clients and ....

The Los Angeles Times published a follow-up story in collaboration with Marcum, about how taxpayers in various circumstances would fare under tax reform.


As Seen In

The Los Angeles Times published a follow-up story in collaboration with Marcum, about how taxpayers in various circumstances would fare under tax reform.

Earlier this month, The Times reviewed tax returns submitted by a handful of readers to see how the House and Senate tax plans would have ....

Bloomberg Markets Radio had Tax Leader Joseph Perry on the show to discuss aspects of the new tax reform plan


As Seen In

Bloomberg Markets Radio had Tax Leader Joseph Perry on the show to discuss aspects of the new tax reform plan.

Bloomberg Markets Radio had Tax Leader Joseph Perry on the show to discuss aspects of the new tax reform plan.

Bloomberg BNA's Daily Tax Report quoted Tax Principal Michael D'Addio in an article about the prospects for wholesale conversions of pass-through entities to C corporate structure.


As Seen In

Bloomberg BNA's Daily Tax Report quoted Tax Principal Michael D'Addio in an article about the prospects for wholesale conversions of pass-through entities to C corporate structure.

Some lawmakers had predicted that the steep corporate tax cuts in the Republican tax bill could cause pass-through entities to convert to corporations to take ....

The Los Angeles Times interviewed Tax Partner Robert Spielman about 2017 tax strategies that can help in 2018.


As Seen In

The Los Angeles Times interviewed Tax Partner Robert Spielman about 2017 tax strategies that can help in 2018.

Congress was poised this week to pass the most sweeping overhaul of the federal tax code in three decades. The Republican legislation, which President Trump ....

Long Island Business News quoted Tax Partner Ed Reitmeyer in an article about how corporations will benefit from the tax reform bill.


As Seen In

Long Island Business News quoted Tax Partner Ed Reitmeyer in an article about how corporations will benefit from the tax reform bill.

While both the Republican House and Senate proposals would drastically alter the nation's tax regulations for individuals, changes to the code for business may prove ....

Some State and Local Tax Deduction Advice May No Longer Be Applicable


Tax Flash - State & Local Taxation

Some State and Local Tax Deduction Advice May No Longer Be Applicable

While we all anxiously awaited the finalizing of the proposed tax legislation, The Tax Cut and Jobs Act, many tax advisors were suggesting clients prepay ....

The New York Times quoted Ed Reitmeyer, partner-in-charge of the Philadelphia Tax Services Department, in an article about tax strategies for 2018.


As Seen In

The New York Times quoted Ed Reitmeyer, partner-in-charge of the Philadelphia Tax Services Department, in an article about tax strategies for 2018.

The Senate and the House closed in on a final version of the tax bill on Friday, as Republican leaders stay on track for final ....

WCBS-TV 2 interviewed Tax Partner Robert Spielman about pre-paying 2018 state and local taxes to offset the loss of these deductions expected next year.


As Seen In

WCBS-TV 2 interviewed Tax Partner Robert Spielman about pre-paying 2018 state and local taxes to offset the loss of these deductions expected next year.

WCBS-TV 2 interviewed Tax Partner Robert Spielman about pre-paying 2018 state and local taxes to offset the loss of these deductions expected next year.

Associated Press interviewed Ed Reitmeyer, Philadelphia partner-in-charge of tax services, about what small business owners should know about their tax bills.


As Seen In

Associated Press interviewed Ed Reitmeyer, Philadelphia partner-in-charge of tax services, about what small business owners should know about their tax bills.

Some small business owners may pay lower taxes under the Republican tax overhaul, but accountants and consultants will want to read the fine print carefully ....

Crain's New York Business asked Tax Leader Joseph Perry about how tax reform is impacting Marcum's business.


As Seen In

Crain's New York Business asked Tax Leader Joseph Perry about how tax reform is impacting Marcum's business.

With the hand-scribbled ink still wet on Washington's shifting legislative efforts, accounting executives such as Joseph Perry and his team at Marcum are fielding an ....

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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?


Tax Compliance

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 ....

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 Seen In

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.


As Seen In

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: ....

Construction Executive's Managing Your Business published an article by Tax Partner James Lundy about the critical importance for construction contractors to undertake annual tax planning.


As Seen In

Construction Executive's Managing Your Business published an article by Tax Partner James Lundy about the critical importance for construction contractors to undertake annual tax planning.

More than almost any other industry, construction contractors need to spend time and resources planning for their income taxes before the end of their fiscal ....

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.


As Seen In

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.


As Seen In

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 ....

Forbes tapped the expertise of Tax Partner Janis Cowhey for an article about smart ways to tap your retirement money early.


As Seen In

Forbes tapped the expertise of Tax Partner Janis Cowhey for an article about smart ways to tap your retirement money early.

Ideally, you'll leave the money in your retirement accounts growing untouched until you retire. Uncle Sam imposes a 10% penalty on some early withdrawals to ....

Window for California Competes Tax Credit is Fast Approaching


Tax Flash - Tax Credits & Incentives

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


Research & Development Credit

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.


As Seen In

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.


As Seen In

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.


As Seen In

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


Tax Flash

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


State & Local Taxation

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 ....

2017 Marcum Year-End Tax Guide Now Available


Press Release

2017 Marcum Year-End Tax Guide Now Available

Marcum LLP has issued its 2017 Year-End Tax Guide in the midst of Congressional efforts to reform the national tax code. This year's tax guide ....

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.


As Seen In

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.

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


As Seen In

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.

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.


As Seen In

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 - thats the tax-deferred amount we would be able ....

Forbes interviewed Tax Partner Janis Cowhey about the increased lifetime estate and gift tax exemption.


As Seen In

Forbes interviewed Tax Partner Janis Cowhey about the increased lifetime estate and gift tax exemption.

Its official. For 2018, the estate and gift tax exemption is $5.6 million per individual, up from $5.49 million in 2017. That means an individual ....

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


Tax Flash

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


Tax Flash

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.


As Seen In

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 ....

Financial Advisor magazine spoke with Tax Partner John Mezzanotte about how to help clients save taxes on required minimum distributions from IRA accounts.


As Seen In

Financial Advisor magazine spoke with Tax Partner John Mezzanotte about how to help clients save taxes on required minimum distributions from IRA accounts.

Once your client reaches age 70 1/2, he or she must take required minimum distributions (RMDs) annually from taxable IRA and 401(k) accounts.

WCBS-TV 2 interviewed Tax Partner Robert Spielman about the impact of the new Tax Reform Framework on Long Island homeowners.


As Seen In

WCBS-TV 2 interviewed Tax Partner Robert Spielman about the impact of the new Tax Reform Framework on Long Island homeowners.

President Donald Trump calls his tax reform plan a middle class miracle. But the elimination of most deductions, including state and local taxes, has some ....

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


Tax Flash

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 ....

Tax Partner Robert Spielman wrote about maximizing your charitable contributions for his latest column in the Coconut Creek City News.


As Seen In

Tax Partner Robert Spielman wrote about maximizing your charitable contributions for his latest column in the Coconut Creek City News.

There is seemingly no end to the solicitations we receive from qualified charitable organizations seeking our assistance.

CNBC spoke with Trusts & Estates Co-Leader David First about the proposed repeal of the estate tax.


As Seen In

CNBC spoke with Trusts & Estates Co-Leader David First about the proposed repeal of the estate tax.

Donald Trump rallied the working class, but he is also championing one benefit favoring only the super-rich: eliminating the federal estate tax.

IRS Tax Relief for Hurricane Irma Victims


Tax Flash

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. ....

IRS has Provided Significant Relief for Taxpayers Affected by Hurricane Harvey


Tax Flash

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 ....

The Tax Advisor published a semiannual review of recent developments in individual taxation, co-authored by Tax Director Don Zidik.


As Seen In

The Tax Advisor published a semiannual review of recent developments in individual taxation, co-authored by Tax Director Don Zidik.

The IRS issued proposed regulations that update the definition of dependent to be consistent with Sec. 152 and reverse the IRS's previous position regarding when ....

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


As Seen In

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. ....

Internal Use Software Regulations for the Research Tax Credit


Research & Development

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 ....

Tax Partner Paul Graney discussed a revision of the Pennsylvania Department of Revenue ruling on software support tax with Bloomberg BNA.


As Seen In

Tax Partner Paul Graney discussed a revision of the Pennsylvania Department of Revenue ruling on software support tax with Bloomberg BNA.

The Pennsylvania Department of Revenue has revised a controversial letter ruling on computer software support, dialing back guidance in an earlier version that implied training ....

CNBC.com interviewed Tax Partner Janis Cowhey about funding pre-school education for grandchildren.


As Seen In

CNBC.com interviewed Tax Partner Janis Cowhey about funding pre-school education for grandchildren.

Here's a way for boomers to share the wealth with their children and grandkids: Cover the cost of preschool and shake off gift taxes to ....

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


Tax Flash

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 ....

Tax Benefits of Hiring Veterans


Tax Credits & Incentives

Tax Benefits of Hiring Veterans

Our nation's veterans can provide businesses with various benefits, from leadership skills to work ethic and attention to detail. However, hiring veterans can also provide businesses ....

IRS Announces Guidance on Refundable Payroll Taxes of Research and Development Tax Credit Claims


Tax Credits & Incentives

IRS Announces Guidance on Refundable Payroll Taxes of Research and Development Tax Credit Claims

The IRS recently announced guidance regarding filing, claiming and reporting requirements related to the refundable Payroll Tax Credit provisions of the Research and Development (R&D) tax ....

Research & Development Tax Credit: Consider the Extension and Changes to Law When Preparing 2015 and 2016 Tax Returns


Tax Flash

Research & Development Tax Credit: Consider the Extension and Changes to Law When Preparing 2015 and 2016 Tax Returns

In December 2015, the Protecting Americans from Tax Hikes Act of 2015 ("Tax Extenders Bill") was signed into Law. The law includes an expansion of ....

New Florida R&D Tax Credit


Tax Flash

New Florida R&D Tax Credit

Tax Credits & Incentives Brochure

DOWNLOAD

Contacts

Select the region to view contacts.

William Kuhlman, R&D Tax Credits Leader, Tax & Business

R&D Tax Credits Leader
Tax & Business
Philadelphia, PA
Jeffrey Winkleman, Partner-in-Charge, Corporate Taxation, Tax & Business

Partner-in-Charge
Corporate Taxation
Tax & Business
Philadelphia, PA
 
2017 YEAR-END TAX GUIDE

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

 
 
HAVE A QUESTION? ASK MARCUM
 
STAY IN TOUCH.

SIGN UP TODAY FOR MARCUM'S NEWSLETTERS.

ABOUT MARCUM LLP

Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major business markets throughout the U.S., as well as Grand Cayman, China and Ireland.

Learn More

CONNECT WITH US
OFFICES

Headquarters
750 3rd Avenue, 11th Floor
New York, NY 10017

Find an Office

(855) MARCUM1
info@marcumllp.com

FOUNDATION

Marcum Foundation

AFFILIATIONS

Leading Edge Alliance

Privacy Policy

This website uses cookies to learn how visitors interact with our website so that we can improve our services and your online experience. By using this website, you agree to our privacy policy.