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Thoughts of the Week

By Jeffrey M. Weiner, Chairman & CEO, Marcum LLP

 

Change is the Only Constant

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Change is the Only Constant
 

November is always the beginning of the sprint to the end of the year for Marcum's tax department, because once we pass the final annual filing deadline on October 15, we get busy with our year-end tax guide, year-end planning for our clients, and our regional tax seminars around the country. But this year, tax reform fever is turning November into a beast of a whole other stripe.

Our tax pros are firing on all pistons. The 2017 Marcum Year-End Tax Guide came out yesterday. But not before Joe Perry, our national tax leader, wrote and re-wrote his welcome letter and certain articles got revamped and updated at press time, to ensure the guide would be as current as possible. That was and is a moving target this year. The House Tax Cuts & Jobs Act came out the day we went to press, and things have continued to change practically hourly as the bill works its way through mark-up. Yesterday the Senate released its version, and to no one's surprise, there are vast differences from the House version. So being current depends on what time of day it is whenever you happen to look up from your laptop or smart phone.

We have the same challenge with our annual tax seminars this year. The seminars are designed to help our clients and friends of the Firm understand how prevailing developments will affect them in four categories: individual and business taxation; estate and gift taxes; State & Local Taxes (SALT); and international taxation. The first seminar of 2017 kicked off yesterday in Miami. Chances are better than even that four days from now, when our New York City office has theirs on Tuesday, things will already be different. As Joe said in his tax guide letter, it's impossible to read the tea leaves, but it's a sure bet that there will be more change by the time our last tax seminar takes place in Los Angeles on December 14. And I'm sure we still won't know whether we will have a tax bill or not, and what the final version might actually contain. If we take a close look at this President's short legislative track record, we just might be in the same place we are today for the foreseeable future.

Our tax team is working around-the-clock to stay abreast of developments as they unfold to ensure that our advice to you is current to the day and reflective of the matters most topical and relevant to your particular circumstances. We will continue to keep you up-to-date through our regularly issued Tax Flashes. And if you haven't already registered for the tax seminar in your area, we encourage you to consider attending (there is no charge).

As it happens, Marcum is also busy helping the news media interpret tax reform and changes in tax law at the federal and state levels. If you're interested, you can see some of the interviews by Joe Perry and other Marcum tax leaders in our online newsroom.

It's not an understatement to say that there has never been a more uncertain time for U.S. taxpayers. But be assured that Marcum is here to help you navigate through whatever may come. As always, thank you for your trust and confidence in us. We'll get through it together.

Today is the legal recognition of Veterans Day, when we take time to remember and salute all of the brave men and women who have served our country in our armed forces to defend American values and liberties. Take a moment to think about and honor them.



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Disclaimer

The opinions expressed in this column are solely those of Jeffrey M. Weiner and do not represent those of Marcum LLP, its partners or its employees.

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