Featured
April 18, 2019
By Paul Graney, State & Local Tax Leader
For personal income tax purposes, Massachusetts does not automatically update to the current Federal Internal Revenue Code, including some provisions that may have changed under the Tax Cut and Jobs Act of 2017.
April 09, 2019
Tax Flash
Kentucky Bill Signed Into Law: Immediate Action Required Regarding Estimated Payments
On March 26, 2019, Governor Matthew Bevin signed into law House Bill 354, which enacts many tax-related provisions.
April 08, 2019
Tax Flash
The New York Legislature Passes 2019-2020 Budget Bill
The New York State 2019 budget bill was delivered to Governor Cuomo on April 1, 2019, and he is expected to sign it in short order.
March 27, 2019
Tax Flash
IRS Gives Taxpayers Greater Relief from Penalties for Underpayment of Estimated Taxes
The IRS has issued additional relief from penalties on those taxpayers who have underpaid their 2018 income taxes.
March 04, 2019
Tax Flash
No More Parking Expense Deduction?
The qualified transportation fringe benefit companies provided to their employees is one of the expenses that generally has been eliminated (IRC Section 274(a)(4)).
March 04, 2019
Marital Dissolution
The Effect of the 2019 Tax Law on Divorce
The Tax Cuts and Jobs Act of 2017 modified the treatment of alimony payments.
February 25, 2019
Tax Return Compliance
New Depreciation Rules Could Mean More Passenger Vehicles for Business Use
Tax season is upon us, and with it invariably come over-the-top car commercials exhorting businesses to take advantage of the opportunity for a write-off.
February 22, 2019
Tax Flash - State & Local Taxation
Connecticut Governor’s Budget Proposes Expanding Sales Tax and Eliminating Business Entity and Gift Taxes
Connecticut Governor Ned Lamont has proposed a new budget for the 2020 fiscal year, beginning July 1, 2019 and ending June 30, 2020, that includes a number of tax changes impacting both businesses and individual taxpayers.
February 20, 2019
Tax Flash
Maryland Taxes Single Member Limited Liability Company
On January 17, 2019, the Maryland Tax Court ruled that multiple single member LLCs were subject to the 8.25% nonresident tax on income allocable to Maryland.
February 18, 2019
Trusts & Estates
Fiduciary Income Tax Planning Utilizing the § 645 Election
Given the possibility of having to file an income tax return for both the estate and the trust, a unique opportunity presents itself to utilize the Internal Revenue Code 645 election to combine the trust and estate into one entity for tax purposes.
February 18, 2019
Tax Compliance
A New Tax Credit Based on an Old Law
Since the Family and Medical Leave Act was enacted in 1993, employers have been required to provide employees with temporary leave, up to 12 weeks, for either family or medical reasons.
February 11, 2019
Tax Compliance
Sales of Publicly Traded Partnerships Are No Easy Task to Report on Your Taxes
Sales reporting of publicly traded partnerships, also known as master limited partnerships, is governed by the IRS rules and regulations on partnerships.
February 04, 2019
Tax Flash - International Taxation
Pennsylvania Treatment of GILTI and FDII: Corporation Tax Bulletin 2019-02
On January 24, Pennsylvania’s Department of Revenue released Corporate Tax Bulletin 2019-02, addressing the Pennsylvania tax treatment of GILTI and FDII.
January 16, 2019
Tax Flash - State & Local Taxation
New York Issues Guidance in Response to the United States Supreme Court decision in South Dakota v. Wayfair, Inc.
New York State today published a notice announcing that the State intends to immediately enforce existing rules requiring the collection and remitting of New York State sales tax by remote retailers transacting business in New York.
January 14, 2019
Tax Flash - State & Local Taxation
State of Connecticut Pass-Through Entity Re-characterization
The State of Connecticut's Department of Revenue Services (DRS) has issued notices informing many taxpayers that their elections to re-characterize personal estimated tax payments as payments against the pass-through entity tax for 2018 have been rejected.
January 04, 2019
Tax Flash
Connecticut LLC Entities: Beware of Tax Scam in Mail
The Connecticut CPA Society (CTCPA) has issued a notice informing business owners organized as Limited Liability Companies (LLCs) of a fraudulent request for payment being received via the U.S. mail.
January 03, 2019
Tax Flash
Form 1099 Filings for Year-End 2018 Due January 2019
Happy New Year to our readers! Now that 2019 is upon us, businesses are gearing up for reporting season.
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.
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