December 9, 2022

Sprinting to the Finish Line

Sprinting to the Finish Line

We’re in the home stretch of 2022. There are only three weeks left of the year, but Marcum isn’t standing still. We just completed another merger to shore up our services and deepen our talent bench. E. Cohen & Company, CPAs, based in Rockville, Maryland, has merged into our firm’s Mid-Atlantic region, and its information technology subsidiary, BinaryNetworks, merged into Marcum Technology.

Building on the success of our merger with Friedman LLP in September, these transactions will further expand our tax, assurance and advisory services across the board, with a focus on the construction, government contracting, hospitality, nonprofit, professional services, real estate, and wholesale distribution industries. The two firms add 90 partners and associates to the Marcum team, bringing our headcount to around 4,000. We heartily welcome all of our new team members aboard.

Another highlight of the waning 2022 calendar is the Marcum Year-End Tax Guide. This year’s edition includes nearly 100 pages of tax planning strategies and considerations for both 2022 and 2023. Be sure to check the two dozen articles and compendium of reference tables for insights into some of the tax planning opportunities available in light of changes in tax law this year. Your Marcum tax advisor can help you determine which ones may be right for you.

If you missed our Year-End Tax Forum on November 30, you can find the recording on our website. I encourage you to listen in. Don’t miss the keynote remarks by Laura Davison, Bloomberg tax reporter, who provided a behind-the-scenes, first-hand peek at what we can expect to see coming from policy-makers on Capitol Hill.

And speaking of trouble-makers, the recent attacks on the North Carolina power grid left 45,000 customers without electricity, some for four days – and now, it appears, there were similar attacks in two other states. Be sure to review your company’s security policies and procedures. Authorities believe domestic extremists are the culprits, and domestic terrorism has been on the rise.

Meanwhile, a cyberattack on Suffolk County, New York’s computer system has cost $5.2 million so far and apparently reduced some county offices to relying on pen and paper. Another recent data breach notification revealed that 2.5 million student loan accounts were hacked this past summer, possibly exposing the students’ banking data. And, as I write this, Germany has detained 25 people involved in a plot to overthrow the country’s government.

Every day, businesses of all sizes are finding themselves under fire. It’s incumbent on all of us to make sure we’re ready for just about anything that can bring business to a standstill.

If you don’t already have a strong security plan in place, your Marcum professional can help. The Marcum Technology team is working with many of our clients to help them raise their game when it comes to protecting sensitive data and responding to the latest cybersecurity and digital threats. Ask for an introduction – we’re here if you need us.

As they say, “Just because you’re paranoid doesn’t mean they’re not after you.” Life goes on regardless, but in today’s business environment, it’s never been more important to be prepared.