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February 2018

Happy Birthday Amendment XVI

By Gary Barron, Partner, Tax & Business Services

February 3rd marks the 105th anniversary of the ratification of the 16th Amendment, which streamlined Congress’s ability to tax and resulted in the creation of the beloved Internal Revenue Code...

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Compensation for S Corporation Shareholders: How Much is Enough

By David Donnelly, Senior Manager, Tax & Business Services

Many pass-through businesses operate as "S" corporations. This is where a business incorporates under a state's law and then files an election with the Internal...

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How the Tax Cuts and Jobs Act Affects Real Estate Entities

By Bernice Tan, Senior, Tax & Business Services

On December 22, 2017, a new tax reform bill known as the Tax Cuts and Jobs Act was signed into law. The Act will affect...

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June 2017

Changing Jobs? Take Your 401(k) and Roll It

By Steven D. Brett, President of Marcum Financial Services LLC; Branch Manager, Raymond James Financial Services, Inc.

If you've lost your job, or are changing jobs, you may be wondering what to do with your 401(k) plan account. It's important to understand your options.

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Health Savings Accounts: At the Intersection of Healthcare and Tax Reform

By Alina Bouslog, Manager, Tax & Business Services & Tom Myrda, Senior, Tax & Business Services

Anybody following the headlines during the first half of 2017 is well aware of the legislative efforts underway to reform national healthcare policy.

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Defending an Employee's Worth - A Primer on Reasonable Compensation

By Monte Colbert, Director, Tax & Business Services & Mark Shterenzer, Staff, Tax & Business Services

An executive's compensation and fringe benefits are a key component of successful business strategy and planning.

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Argument Blaming DIY Software is DOA in Tax Court

By Jerica Burch, Senior, Tax & Business Services

In recent years, taxpayers have been enticed by the simplicity and cost of do it yourself (DIY) tax preparation software.

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February 2017

Personal Financial Management: Helping You See the Big Picture

By Steven D. Brett, President of Marcum Financial Services LLC; Branch Manager, Raymond James Financial Services, Inc.

Do you picture yourself owning a new home, starting a business, or retiring comfortably? These are a few of the financial goals that may be important to you, and each...

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The PFIC Rules Draw both Foreign Corporations and their Investors into the U.S. Tax System

By John Bowlby, Staff, Tax & Business Services

The end of a tax year brings with it the need to assemble records and calculate income, gains, credits, and sometimes, penalties. Usually this burden...

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IRS Warns: Be Aware of Latest W-2 Security Scam

By Karen Connair, Partner, Tax & Business Services & Victor Kim, Senior, Tax & Business Services

The IRS has released a warning about the latest email scam targeting payroll and human resources departments.

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October 2016

Holding Equities for the Long Term: Time Versus Timing

By Steven D. Brett, President of Marcum Financial Services LLC; Branch Manager, Raymond James Financial Services, Inc.

Legendary investor Warren Buffett is famous for his long-term perspective. He has said that he likes to make investments he would be comfortable holding even if the market shut down...

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Proposed Tax Policies and Positions by the Republican and Democratic Presidential Candidates

By Justin Mainusch, Senior, Tax & Business Services

With all of the noise coming out of both presidential campaigns, deciphering the proposed tax policies of either candidate is a challenge for most voters....

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How Will the New Overtime Laws Affect Your Business and How Can You Prepare?

In 2014, President Obama directed the Secretary of Labor to update the overtime regulations to more accurately reflect the original intent of the Fair Labor...

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Preventing Emotional Investing Decisions

By Jason Kirsch, Financial Advisor, Marcum Financial Services LLC

A slim text from ancient China called The Art of War has long been used in military curriculum. But when Michael Douglas's character Gordon Gekko...

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August 2016

How Grandparents Can Help Grandchildren with College Costs

By Steven D. Brett, President of Marcum Financial Services LLC; Branch Manager, Raymond James Financial Services, Inc.

As the cost of a college education continues to climb and student debt continues to mount, many grandparents are stepping in to help. This trend is expected to accelerate as...

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OVD Initiative Update: When is "Streamlined" NOT so Streamlined?

By Jeffrey Saltzer, Partner, Tax & Business Services & Victoria Tarakanova, Staff Accountant, Tax & Business Services

Since 2012, 30,000 Americans avoided stiff tax penalties by declaring they had innocent reasons for failing to disclose offshore holdings.

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Giustina v. Commissioner: Taxpayer-Friendly Tax Court Decision Provides Guidance on Estate Valuations

After several years of legal wrangling, the valuation issue, which was the crux of the dispute in Giustina v. Commissioner, was recently revisited by US...

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June 2016

Five Questions about Long-Term Care

By Steven D. Brett, President of Marcum Financial Services LLC; Branch Manager, Raymond James Financial Services, Inc.

Long-term care is not just provided in nursing homes -- in fact, the most common type of long-term care is home-based care. Long-term care services ...

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Don't Forget about the Research and Development Tax Credit When Preparing 2015 and 2016 Tax Returns

By Diane Giordano, Partner, Tax & Business Services

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...

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New Federal Filing Deadlines

By Maribel Prieto, Staff Accountant, Tax & Business Services

Taxpayers who receive Schedule K-1 information from their pass-through investments know all too well the difficulties of filing their tax returns on a timely basis....

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Allocation of Costs to Land When Purchasing Real Estate

By Gary Weinman, Director, Tax & Business Services

All real estate professionals have been there. It is the end of the year, and a rookie staff accountant from your CPA firm asks you,...

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March 2016

Balancing a Retirement Portfolio with Asset Allocation

By Steven D. Brett, President of Marcum Financial Services LLC; Branch Manager, Raymond James Financial Services, Inc.

The combination of investments you choose is as important as the individual investments themselves. In fact, many experts argue that it's even more important, since the mix...

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A Brief Respite from the April 15 Blues

By Gary Barron, Partner, Tax & Business Services

When it comes to taxes, everyone has an opinion. So says the IRS, on its website www.irs.gov. Believe it or not, the site is not...

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Client Trust Accounts and Taxation of Funds

By David A. Oksenhorn, Manager, Tax & Business Services

A variety of accounts are used for the temporary holding of funds. The types of accounts that are familiar to attorneys are escrow and client...

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January 2016

Working During Retirement

By Steven D. Brett, President of Marcum Financial Services LLC; Branch Manager, Raymond James Financial Services, Inc.

Planning on working during retirement? If so, you're not alone. An increasing number of employees nearing retirement plan to work at least some period of time during their retirement years.

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IRS Scams are on the Rise, Again

By Gary Barron, Partner, Tax & Business Services

I recently received a frantic call from a client, “The IRS is on the other line, and they are threatening to criminally prosecute me if...

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Tax Rates are a Conundrum

By Gary Barron, Partner, Tax & Business Services

It's the New Year, and I'm sure that the first thing on your mind, as you recover from the holiday season, is income taxes. Most...

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The Transfer Pricing Audit Roadmap: What is it and how can it Help Taxpayers?

By Elizabeth Mullen, Partner, Tax & Business Services & Andrew DeSimone, Senior, Tax & Business Services

In February 2014, the Transfer Pricing Operations (“TPO”) of the Large Business and International (“LB&I”) division of Internal Revenue Service (“IRS”) released the Transfer Pricing...

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New Overtime Pay Rules for 2016

By John McCarthy, Director, Assurance Services

Fans of the National Football League (NFL) are well-aware of recent changes to the overtime format of all of the league's games. The new...

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July - August 2015

Exchange-Traded Funds: Do They Belong in Your Portfolio?

By Steven D. Brett, President of Marcum Financial Services LLC; Branch Manager, Raymond James Financial Services, Inc.

Exchange-traded funds (ETFs) have become increasingly popular since they were introduced in the United States in the mid-1990s. Their tax efficiencies and relatively low investing costs have attracted investors who...

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Is it Time for Your Company to Consider Becoming a Real Estate Investment Trust?

By Daniel Smith, CPA Senior Manager

As the US tax code continues to maintain one of the highest corporate marginal tax rates in the world, at 35%, it may be time...

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Being Charitable has its Consequences

By Gina Amarante, Manager, Tax & Accounting Services

Donating gently used clothing, household wares, and in some cases, vehicles and larger items (just to name a few) seems like a win-win for the...

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May - June 2015

Social Security Claiming Strategies for Married Couples

By Steven D. Brett, President of Marcum Financial Services LLC; Branch Manager, Raymond James Financial Services, Inc.

Deciding when to begin receiving Social Security benefits is a major financial issue for anyone approaching retirement because the age at which you apply for benefits will affect the amount...

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Substantiation of Charitable Contributions

By Sean Burke, Supervisor, Tax & Business Services

Most taxpayers realize that there is a tax benefit to making cash or non-cash donations to a charity.

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Apply the Four-Year Rule Before Discarding Old Payroll Records

By Iguehi Rajsky, Senior, Tax & Business Services

The rule of record retention, including record type and duration, is one that every business should adhere to. It is not unheard of for businesses...

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March - April 2015

Women and Asset Protection: How Insurance Can Help

By Steven D. Brett, President of Marcum Financial Services LLC; Branch Manager, Raymond James Financial Services, Inc.

Women are successful professionals, business owners, and knowledgeable investors. At some point in their lives, women may have to manage their own finances due to divorce, widowhood, or remaining single.

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Charitable Deductions for Qualified Conservation Contributions

By Bonnie J. Wassall, Senior Manager, Tax and Business Services

A qualified conservation contribution can provide significant federal income tax savings to an owner of real property, provided that the property is of a suitable...

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Deductibility of Payment Made in Redemption of a Recalcitrant Partner's Interest Arising in Connection with a Dispute

By Dennis Pellecchia, Partner, Tax & Business Services

Can any part of a payment, or payments, made to settle a partners' dispute, including the redemption of a recalcitrant partner's interest, provide an ordinary...

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January - February 2015

Implementing the Final Repair, Capitalization and Disposition Regulations

By Michael D'Addio, Principal, Tax & Business Services

The IRS and Treasury issued final regulations in 2013 providing new rules for the capitalization of expenditures relating to tangible property. These regulations develop a general framework to distinguish capital...

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Frequently Asked Questions Regarding the New Tangible Property Regulations: Why Do I Need to File Form 3115?

By Diane Giordano, Partner, Tax & Business Services

The new Tangible Property Regulations are the most dramatic changes in tax law to affect for profit businesses since the changes to the Internal Revenue...

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Business Succession Planning

By Steven D. Brett, President of Marcum Financial Services LLC; Branch Manager, Raymond James Financial Services, Inc.

When developing a succession plan for your business, you must make many decisions. Should you sell your business or give it away? Should you structure...

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September – October 2014

How Grandparents Can Help Grandchildren with College Costs

By Steven D. Brett, President of Marcum Financial Services LLC; Branch Manager, Raymond James Financial Services, Inc.

As the cost of a college education continues to climb, many grandparents are stepping in to help. This trend is expected to accelerate as baby boomers, many of whom went...

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Inherited IRA Strategies for Surviving Spouses

By Kimberly Polaski, Senior, Tax & Business Services and Richard J. Casmirri, Manager, Tax & Business Services

When a spouse inherits an IRA (Traditional or Roth) from their deceased husband or wife, there are several planning strategies that the surviving spouse can...

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Self-Employment Tax - Limited Partners Beware!

By Maury Cartine, Partner-in-Charge of Marcum's National Alternative Investment Industry Group Tax Department

The IRS released a Chief Counsel Memorandum on September 5, 2014 which provides guidance on the treatment of the exemption from self-employment tax for a...

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July – August 2014

Reaching Retirement: Now What?

By Steven D. Brett, President of Marcum Financial Services LLC; Branch Manager, Raymond James Financial Services, Inc.

You've worked hard your whole life anticipating the day you could finally retire. Well, that day has arrived! But with it comes the realization that you'll need to carefully manage...

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Know your Rights: IRS Announces Taxpayer Bill of Rights

By Ali Griffith, Supervisor, Tax & Business Services

The Internal Revenue Service recently announced a new “Taxpayer Bill of Rights” that outlines the general rights of taxpayers, many of which some may not...

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State Tax Update: The Shift from Cost of Performance to Market-Based Sourcing

By Evan Gallagher, Tax & Business Services Staff Accountant

One of the current shifts in state and local income tax has been the adoption of market-based sourcing for assigning service-based revenue and income from...

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Employer Payment Plans: IRS Tax Consequences

By Martin Haitz, Vice President, Corporate Benefits Group

The IRS issued an FAQ addressing the potential consequences of an arrangement where an employer reimburses employees for the purchase of individual health insurance premiums...

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May – June 2014

Concentrated Stock Positions: Considerations and Strategies

By Steven D. Brett, President of Marcum Financial Services LLC; Branch Manager, Raymond James Financial Services, Inc.

Concentrated Stock Positions: Considerations and Strategies Whether you inherited a large holding, exercised options to buy your company's stock, sold a private business, hold restricted stock, or have benefited from...

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Traditional 401k Versus a Roth 401k: Choosing a Plan that is Right for You

By Kelly Harris, Staff Accountant, Tax & Business Services

Since the Roth 401k was first offered in employee benefit plans in 2006, it has joined a Traditional 401k in becoming popular among plans for...

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Substantial Risk of Forfeiture - Delaying the Taxation of Compensation

By Monte S. Colbert, Director, Tax & Business Services

Employers often supplement and incentivize the compensation packages offered to their employees by the transfer of non-cash remuneration. The transfer is often in the form...

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S Corporations in NYS: Planning For Changes to the NYS 2014/2015 Budget

By Diane Giordano, Partner, Tax & Business Services

The 2014/2015 NYS Budget was signed by Governor Cuomo and became effective on April 1, 2014. The Budget includes many provisions effecting NYS companies such...

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March – April 2014

Active vs. Passive Portfolio Management

By Steven D. Brett, President of Marcum Financial Services LLC; Branch Manager, Raymond James Financial Services, Inc.

One of the longest-standing debates in investing is over the relative merits of active portfolio management versus passive management. With an actively managed portfolio, a manager tries to beat the...

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A New International Tax System? Finding The Middle Ground

The Editor interviews Timothy R. Larson, Leader of the International Tax Practice and Tax Partner-in-Charge in the New York City office of Marcum LLP.

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To Catch A Thief: Forensic Experts Weigh In On The Fraudster Profile

The Editor interviews David Glusman, Partner-in-Charge of the Philadelphia office, and Frank Rudewicz, Principal, both in the Advisory Services Department of Marcum LLP.

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M&A Tax Considerations for Small and Middle-Market Sellers and Purchasers

By Lawrence A. Litt

What runs through the mind of a small or middle-market business owner contemplating a potential sale of his or her company? The obvious answer...

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Forensic Experts Weigh In On Litigation Costs

The Editor interviews Michael Brown, Director in the Advisory Services division of Marcum LLP's Long Island office and Barry Mukamal, Partner in Advisory Services in...

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January – February 2014

Health Savings Accounts: Are They Just What the Doctor Ordered?

By Steven D. Brett, President of Marcum Financial Services LLC

Are health insurance premiums taking too big of a bite out of your budget? Do you wish you had better control over how you spend your health-care dollars? If so,...

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Bitcoin: How are the Transactions Taxable?

By Elizabeth Larocque, Staff Accountant, Tax & Business Services

The Bitcoin has grown in popularity and value since its introduction in 2009. Investors, merchants and consumers have shown an interest in the Bitcoin, but...

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Federal Gift Tax for 2013 and 2014

By Anna Kozlik, Staff Accountant, Tax & Business Services

The federal gift tax applies to the transfer of any kind of property (including money) from one individual to another, and also sales or exchanges...

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Introducing the Financial Reporting Framework for Small and Medium-Sized Entities (Little GAAP)

By Lawrence Montgomery, Manager, Assurance Services

In the United States, owners of many companies have long been complaining about the complexities and intricacies of accounting principles generally accepted in the United...

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July - August 2013

Five Keys to Investing For Retirement

By Steven D. Brett, President of Marcum Financial Services LLC

Making decisions about your retirement account can seem overwhelming, especially if you feel unsure about your knowledge of investments. However, the following basic rules can help you...

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May - June 2013

 
 
March - April 2013

Bonds, Interest Rates, and the Impact of Inflation

By Steven D. Brett, President of Marcum Financial Services LLC

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January - February 2013

13 Financial Planning Strategies for 2013

By Steven D. Brett, President of Marcum Financial Services LLC

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September - October 2012

Social Security: What Should You Do at Age 62?

By Steven D. Brett, President of Marcum Financial Services LLC

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The Latest on the New Repair Regulations

By Larry Schwegel, Senior Manager, Tax & Business Services

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2012 Tax Policies of the Major Presidential Candidates

By Diane Giordano, Partner, Tax & Business Services and Robert Spielman, Partner, Tax & Business Services

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July - August 2012

Teach Your Children Well: Basic Financial Education

By Steven D. Brett, President of Marcum Financial Services LLC

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May - June 2012

In-Service Withdrawals from 401(k) Plans

By Steven D. Brett, President of Marcum Financial Services LLC

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March - April 2012

Life Insurance Riders that Pay for Long-Term Care

By Steven D. Brett, President of Marcum Financial Services LLC

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A Kinder, Gentler IRS Announces Plans to Help Struggling Taxpayers

By Diane Giordano, Partner, Tax & Business Services and Robert Spielman, Partner, Tax & Business Services

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IRS Releases Rules for Filing Method Changes Under New Repair Regulations

By Diane Giordano, Partner, Tax & Business Services and Robert Spielman, Partner, Tax & Business Services

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Caring for Aging Parents

By Robert Spielman, Partner, Tax & Business Services

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January - February 2012

Trusteed IRA

By Steven D. Brett, President of Marcum Financial Services LLC

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QDOT-Planning for a Non-Citizen Spouse

By Shauna Dell, Manager, Tax & Business Services

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The Carried Interest Battle Continues

By Jillian Grey, Staff, Tax & Business Services

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September - October 2011

Common Insurance Mistakes We All Make

By Steven D. Brett, President of Marcum Financial Services LLC

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July - August 2011

Double Dipping in a Divorce

By Jennifer Riek, Financial Advisor, Marcum Financial Services

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The Alternative Simplified Research Credit

By Sukiana Garcia, Staff Accountant, Tax & Business Services

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Fuel Tax Credit Available for Propane

By Diane Giordano, Partner, Tax & Business Services

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Independent Contractor: Self-Employed or Employee

By Malik Dawood, Tax Senior, Tax & Business Services and Bob Sullivan, Partner, Tax & Business Services

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IRS Warns Taxpayers About Tax Scams

By Diane Giordano, Partner, Tax & Business Services

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May - June 2011

 

Beyond Traditional Asset Classes: Exploring Alternatives

By Steven D. Brett - Marcum Financial Services LLC

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Who Sold That Goodwill: The Corporation or the Shareholder?

By Melvyn B. Ruskin, Esq. and Adam J. Gottlieb, Esq.

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March - April 2011

Managing Fixed Income Risks in 2011

By Steven Brett, Marcum Financial Services

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January - February 2011

Financial Planning for Women

By Steven D. Brett, Marcum Financial Services, LLC

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Capital Expenditures: What a Relief

By Andrea Bains, Tax & Business Services

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Quick Fix for AMT in the 2010 Tax Relief Act

By David Chang, Tax & Business Services

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Inflation Helps Increase Tax Benefits in 2011

By Danielle Felice, Tax & Business Services

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September - October 2010

 
 
July - August 2010

Dollar Cost Averaging

By Steven D. Brett,

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Taxes to Think About

By Diane Giordano, Partner - Tax & Business Services

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Deferral of COD Income

By Sean Kelley, Senior -

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May - June 2010

You and Your Financial Advisor, The Perfect Team

By Steven D. Brett, Marcum Financial Services LLC

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Uncertain Tax Position Statement - Form UTP - An Attachment to Federal 1120

By Danielle Felice, Senior Accountant - Tax & Business Services

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Tax Free Roth IRA Conversion - A Possibility

By Gerald Shantzer and Stephen Bleyer, Tax Division

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Not Your Father's 1031 Exchange

By Richard Kohn, Tax Division

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March - April 2010

 
 

The Obama Administration Prepares for Tougher Enforcement of Independent Contractor vs Employee Rules

By Diane Giordano, Partner, Tax & Business and Robert Spielman, Partner, Tax & Business

The Obama administration’s fiscal year 2011 federal budget proposes a reform to Section 530 of the Revenue Act of 1978, which provides a safe harbor...

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January - February 2010

The Qualifying Therapeutic Discovery Project Credit

by Monte S. Colbert, CPA

As 2010 begins, America is still grappling with the prospect of providing affordable health care for everyone.

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The Qualifying Therapeutic Discovery Project Credit

by Monte S. Colbert, CPA

As 2010 begins, America is still grappling with the prospect of providing affordable health care for everyone.

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