(855) Marcum1 | FOLLOW US  
Marcum LLP
Marcum LLP
Tax Reform Insights
Three People Meeting
 

Featured Article

One of the more significant changes under the Tax Cut and Jobs Act, signed into law by President Trump in December 2017, relates to business owners of flow-through entities, such as partnerships, LLCs, sole proprietorships, and S corporations.

GET IN TOUCH
Contact one of Marcum's regional representatives.

ASK MARCUM

Tax Cuts and Jobs Act Webinars

Corporate and Pass-through Entities

January 30, 2018

  REGISTER TODAY

Individual/Trust and Estate

January 31, 2018

  REGISTER TODAY

International Taxes

February 1, 2018

  REGISTER TODAY
 
 
The Alternative Minimum Tax for Individuals is Here to Stay


Tax Flash - Tax Return Compliance

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

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 of the act affecting individual taxpayers is the new treatment of itemized deductions.

 
2018 Tax Filing Season Begins January 29


Tax Flash - Tax Return Compliance

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 of tax processing systems and assess the potential impact of tax legislation on 2017 tax returns.

 
Long Island Business News featured Carolyn Mazzenga, office managing partner in Melville, in an article about how accountants are helping clients plan in the wake of tax reform.


As Seen In

As 2017 came to a close, accountants across Long Island were busy fielding questions from clients in the wake of the federal government passing sweeping tax reform.

 
Long Island Business News asked Melville Office Managing Partner Carolyn Mazzenga for her outlook on the regional economy in 2018.


As Seen In

Tax reform is going to be one of the most impactful developments in 2018, especially for Long Island, which is a high net worth and high tax region.

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


Tax Flash - Tax Return Compliance

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

 
Bloomberg Radio’s Coast-to-Coast with Carol and Cory interviewed State and Local Tax Leader Paul Graney about the new federal ceiling on property tax deductions and how states are trying to protect their residents from the additional tax burden.


As Seen In

Paul discussed two possibilities that have been raised by the states: converting from an income tax system to a payroll-based tax system, and tax-deductible contributions to state governments.

 
IRS Issues Update to Standard Mileage Rates


Tax Flash

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 operating an automobile for business, charitable, medical or moving expense purposes.

 
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

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 remain tax deductible under the new tax laws?

 
New York Governor Issues Executive Order Authorizing Prepayment of Property Taxes


Tax Flash - The Tax Cuts and Jobs Act

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 2018 property taxes, to allow property owners to pay at least a portion of their bills prior to 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.


As Seen In

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

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

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

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 30 years. The big question now is, who wins and who loses?

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


Tax Flash - Tax Reform

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

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 swapping tips via email in their efforts to fully grasp the bill's far-reaching changes.

 
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

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 affected their 2016 taxes had they been law at the time.

 
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.

 
New Tax Law Accounting Issues


Financial Institutions Alert

Today appears to be the day that the historic Tax Cuts and Jobs Act will get the final votes needed to pass and send to President Trump for enactment.

 
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

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 advantage of the lower rates.

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


As Seen In

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 has promised to sign before Christmas, delivers most of its benefits to corporations and the wealthy, but there are key changes that affect individuals.

 
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

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 to be the centerpiece.

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


Tax Flash - State & Local Taxation

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 state and local income and property taxes related to year end 2018 in 2017.

 
IRS Campaign: S Corporation Losses Claimed in Excess of Basis


Corporate Taxation

Earlier this year, the Large Business and International Division of the IRS ("LB&I") announced 13 campaigns aimed at specific compliance issues. One of these campaigns is directed at S corporation shareholders incorrectly claiming losses and deductions in excess of their stock and debt basis in the corporation.

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

 
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.

 
Forbes talked with national Tax Leader Joseph Perry about the advantages of converting a traditional IRA into a Roth IRA in order to benefit from the state and local tax deduction in 2017, before it disappears under tax reform in 2018.


As Seen In

Do you have a big IRA? And live in a soak-the-rich state? Run, don't walk, to your accountant. You've got two weeks left to do a Roth conversion that just might save you a bundle.

 
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

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 - once the details are finally settled. And some owners may want to consider changing their corporate structure if parts of the proposed changes go through.

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


As Seen In

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 onslaught of inquiries.

 
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

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 less? The answer, of course, is it depends.

 
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

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 deductions.

 
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

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 a bill can become law.

 
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 Senate and House may spend most of the month ironing out the differences in their tax bills. Or they may be delayed by other legislation and not enact a new tax code until the new year.

 
The New York Times interviewed Tax Partner Kurt Koegl about the likely impact of tax reform on real estate investment trusts.


As Seen In

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 approach that ensures no summer camper goes home without a trophy.

 
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

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 concerned that bills crafted in the House of Representatives and the Senate eliminate incentives for homeownership and put the ability to purchase a home out of reach for many individuals.

 
Tax Cuts and Jobs Act: What Are The Proposed Changes to Depreciation?


Tax Compliance

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 bill.

 
Radio America's


As Seen In

Radio America's Made in America spoke with State & Local Tax Leader Paul Graney about whether taxpayers in high rate jurisdictions will flee to low- or no-tax states.

 
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

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

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: President Donald Trump.

 
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

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 financial industry - would owe the Internal Revenue Service an additional $21,000.

 
CNBC asked Tax Partner Janis Cowhey about how to approach estate planning.


As Seen In

If you think an estate plan is just for the rich and famous, think again. Anyone with assets, including a home, 401(k) plan, or savings account, should think about exactly how those possessions will be distributed one day.

 
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

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 a hospital provider tax, but offered new language to revise it.

 
Long Island Business News quoted Trusts & Estates Co-Leader Ron Finkelstein an article about the estate tax.


As Seein In

Although the federal estate tax has been out of reach and out of mind for many, it has been rising, touching fewer and fewer people.

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


As Seen In

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 encourage you to do just that.

 
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.

 
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 rewrite of the tax code, which the House passed on Thursday, proposed a 25 percent tax rate for small businesses for owners who report their profits as income on their tax returns. It was slightly higher than the 20 percent rate for corporations but a break from the top individual rate of 39.6 percent.

 
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

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 save more than $1 billion overall under the GOP tax proposal that the House of Representatives passed Thursday, with most of that amount coming from a repeal of the estate tax, according to an analysis NBC News commissioned of Trump's one known 2005 tax return and his estimated net worth.

 
Senate Committee on Finance Issues Version of Tax Cuts and Jobs Act


Tax Flash

Last week, the Senate Finance Committee issued its version of the recently released House Tax Cuts and Jobs Act.

 
2017 Marcum Year-End Tax Guide Now Available


Press Release

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 highlights 20 topics to help the Firm's clients and others in their 2017 and 2018 planning.

 
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

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.

 
CNBC quoted national Tax Leader Joseph Perry in an article about the hidden tax hike for high net worth taxpayers in the House's Tax Cuts and Jobs Act.


As Seen In

The GOP's tax plan contains a little-noticed tax hike on big earners that could add another $12,000 to their annual tax bill.

 
The U.S. House of Representatives Issues Version of Tax Reform: Tax Cuts and Jobs Act


Tax Flash

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 business taxation including suggested cuts in rates. The unified framework was a nine-page blueprint of proposals for tax relief that was not very specific or detailed.

 
2018 Cost of Living and Inflation Adjustments


Tax Flash

The Internal Revenue Service has announced new additions to the cost of living and inflation rate increases for several tax-related attributes for the 2018 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

DOWNLOAD THE MARCUM ON THE GO APP

 
 
© 2018 Marcum LLP. All Rights Reserved.
Privacy | Legal | Sitemap