December 7, 2018

Tax Trouble

Tax Trouble

Many people try not to think about taxes unless an IRS deadline is looming but as we’ve seen with the riots in France, tax policy can be a volatile issue that affects the public in big ways. The protesters were angry about a planned fuel-tax hike – which got scrapped, as you know if you were following the headlines – and the French government is still dealing with the fallout.

France, of course, isn’t alone in finding taxes matter a lot to its people. Here in the U.S., tax protests are a major part of our history, going back to Colonial days. Remember the Boston Tea Party?

The Tax Cuts & Jobs Act of 2017 was signed into law a year ago, and many are still getting a handle on all of its implications. No matter which side of the aisle you sit on, the U.S. tax code was in sore need of an overhaul. Not sure that was what was accomplished last year but nonetheless, with such a sweeping reform, the accounting profession has been very busy the past 12 months, sorting through what it all means. It’s not surprising that many taxpayers still have big questions about it, which undoubtedly will continue into 2019’s tax filing season.

If you’re looking for a quick crash course, check out Marcum’s 2018 Year-End Tax Guide. We’re really proud of the work our team has done to put together this guide, which has 17 chapters (great night time reading for you insomniacs out there) discussing how taxpayers have been affected. We’ve covered many of the topics clients ask us about every day, like state and local taxes, pluses and minuses of converting to a C-Corporation, new options for small business taxpayers, gift and estate tax changes, what’s new for tax exempt organizations, and many more.

If you’ve got any questions about what you read, I encourage you to pick up the phone and give your Marcum tax advisor a call or shoot over an email. I can guarantee you that we will be happy to hear from you.

From our point of view, the more our clients know about the tax policies that affect them, the better. Accounting is a very collaborative profession, and often, the best work we do for our clients is sparked by the conversations we have with them. The more we know about your financial situation and goals, the more we can help you.

Speaking of which, it’s never too late to do some year-end tax planning – one of the key topics in the 2018 Year-End Tax Guide. You’d be surprised at how much you can get done between now and December 31 – and this might be the one thing you do this month that actually saves you money.

Planning is our specialty here at Marcum, and we thrive on helping our middle market customers navigate all of the complexities in the tax code successfully. No matter what happens with tax policy in the future, you’ll always be better off if you’re armed with a smart plan and a team of professionals who can help you put it into action.

P.S. George H. W. Bush passed away last week and was laid to rest yesterday. Our country put partisan politics aside for a week of celebrating his life and accomplishments and recognizing a true American hero. It’s amazing to reflect on his presidency some 25 years after he left office, a one-term president. History truly does need time to reflect and evaluate one’s accomplishments. Needless to say, Bush 41 is much more appreciated today than he was in November ’92. May he rest in peace.