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Tax & Business

Tax Credits & Incentives - Massachusetts

Watch and Money

Brownfields Credit for Rehabilitation of Contaminated Property

Taxpayers are allowed a state credit against their tax liability for costs incurred to rehabilitate contaminated property owned or leased for business purposes and located within an economically distressed area. The credit can be calculated on Schedule BC - Brownfields Credit. Taxpayers are also allowed a 100% federal deduction against federal income for cleanup costs taken in the year they are incurred.

Eligible property where all THREE conditions must be met:

  • The property is owned or leased by the taxpayer for business purposes.
  • The property has been reported to the Massachusetts Department of Environmental Protection (DEP).
  • The property is located in an economically distressed area. A list of economically distressed areas can be obtained from the Massachusetts Office of Business Development.

The amount of the credit depends on the condition of the contaminated property; the credit is either 25% or 50% of certain environmental response and removal costs incurred between August 5, 2018, and January 1, 2019, provided that the taxpayer diligently takes action before August 5, 2018. The credit is available to nonprofit organizations and may be transferred, sold, or assigned to another taxpayer with a liability.

An unused credit may be carried over for up to five succeeding tax years. However, the taxpayer cannot apply the credit in any taxable year in which it no longer maintains the remedy operation status or the permanent solution for which the credit was granted.

Certified Housing Development Credit

This tax credit is available to individuals or entities for certain qualified rehabilitation expenditures with respect to a certified housing development project. The credit is administered by the Massachusetts Department of Housing and Community Development (DHCD). The DHCD may award a taxpayer a credit of up to 10 percent of the costs of qualified substantial rehabilitation expenditures of the market rate units within the certified housing development projects.

The credit is allowed for the taxable year in which the certified housing development project is completed and the DHCD writes to notify the Commissioner of Department of Revenue (DOR). Qualified substantial rehabilitation expenditures applicable to the credit are deemed made on the date that DHCD gives the Commissioner such written notification.

Effective for tax years beginning on or after January 1, 2015, the annual cap on the amount of credit that may be awarded has been increased from $5 million to $10 million.The annual cap for the certified housing development tax credit is part of an overall cap imposed on the Economic Development Incentive Program credit. However, the annual cap is reduced from $10 million back to $5 million for tax years after January 1, 2019.

Taxpayers eligible for the credit may transfer any credits, and the transferee will be entitled to apply the credits against its tax liability in the same year.

If a partnership or a limited liability company treated as a partnership for Massachusetts income tax purposes generates the credit, it is responsible for transferring it. Credits passed through to individual partners or members may not be transferred by the partners or members.

If the credit available for use for any taxable year exceeds the taxpayer's or a transferee's tax liability for that taxable year, the taxpayer or transferee may carry it forward for up to five years after the taxable year in which DHCD gave the Commissioner written notification of completion of the certified housing development project to which the credit pertains.

Conservation Land Tax Credit

A tax credit is allowed for qualified donations of certified land to a public or private conservation agency. The credit is equal to 50% of the fair market value of the qualified donation. The amount of the credit that may be claimed for each qualified donation of certified land to a public or private conservation agency made after August 13, 2014, may not exceed $75,000 (increased from $50,000).

To qualify for the credit, ALL of the following requirements must be met:

  1. The taxpayer must obtain a qualified appraisal that validates the fair market value of the qualified donation;
  2. A summary of the qualified appraisal or, if requested by the Secretary of EEA, the appraisal itself, is to be filed with the Secretary as part of the certification process and may be transferred by the Secretary to the Commissioner upon request; and
  3. The Secretary of EEA must certify that the taxpayer made a qualified donation, in perpetuity, of certified land to a public or private conservation agency and issue a certificate to the taxpayer that establishes that the prerequisites to claiming the credit have been met.

Economic Development Incentive Program Credit (EDIPC)

This program allows taxpayers a credit against their tax liabilities up to a specified percentage of the cost of qualifying property. The credit is available to corporations, partnerships, S Corporations, sole proprietorships, and trusts. For projects certified on or after January 1, 2010, the EDIPC is available only to the extent awarded by the Economic Assistance Coordination Council (EACC.)

A certified project means any of the following:

  • An "expansion project" located in an "economic opportunity area";
  • An "enhanced expansion project" located anywhere in Massachusetts; or
  • A "manufacturing retention project" located in a "gateway municipality."

Eligible Property:

  • Property that would qualify for ITC Credit if it was purchased by a manufacturing corporation or a business corporation engaged primarily in research and development; and
  • Property used exclusively in a certified project.

For certified expansion and enhanced expansion projects, the credit awarded may be up to 10% of the cost of qualifying property. For certified manufacturing retention projects, the credit awarded may be as high as 40% of the cost of such property. Any credit that exceeds the excise for the taxable year will be refunded to the taxpayer.

The credits have certain limitations and may be carried forward 10 years.

Employer Wellness Program Credit

Effective for tax years beginning on or after January 1, 2013, a Massachusetts business that employs 200 or fewer workers may qualify for a tax credit for up to 25% of the cost of implementing a "certified wellness program" for its employees. The credit is set to expire on December 31, 2017.

The purpose of the program is to provide incentives for businesses to recognize the benefits of wellness programs. Wellness programs implemented by businesses have resulted in both savings to their premiums as well as overall savings to the cost of health care. The goal of this tax credit is to provide smaller businesses with a greater opportunity to implement these programs.

A taxpayer seeking to claim the credit must apply to the Department of Public Health (DPH) for certification of its wellness program. DPH will approve a dollar amount of credit for a qualifying taxpayer and issue a certificate to be attached to the tax return. The maximum amount of the credit that may be claimed by a taxpayer is $10,000 in any tax year.

Farming and Fisheries Tax Credit

Effective January 1, 2015, a tax credit is available to individuals who are predominantly engaged in agriculture, farming or commercial fishing. The amount of the credit is 3% of the cost or other basis for federal income tax purposes of qualifying property acquired, constructed or erected during the tax year. Qualifying property is defined as tangible personal property and other tangible property including buildings and structural components used solely in farming, agriculture or fishing, and are depreciable with a useful life of at least four years.

The credit is also available to lessees, equal to 3% of a lessor's adjusted basis in qualifying property for federal income tax purposes at the beginning of the lease term, multiplied by a fraction. The numerator is the number of days of the tax year during which the lessee leases the qualifying property, and the denominator is the number of days in the useful life of the property. When the lessee is eligible for credit, the lessor is generally not, with the exception of "equine-based businesses where care and boarding of horses is a function of the agricultural activity."

Film Incentive Credit

Motion picture production companies may claim two different tax credits against either their personal income tax or corporate excise liabilities. Each credit has its own qualification requirements, and taxpayers may qualify for and claim both credits. The credits include a Payroll Credit and the Production Expense Credit. The program has been extended to end 2022 and the credits are also refundable within certain limitations.

Payroll Expense Credit:
A taxpayer is allowed a credit equal to 25% of the total qualifying aggregate payroll for the employment of individuals in the industry of filming and producing a motion picture. To determine the qualifying aggregate payroll, only actual payments to employees may be used and must be Massachusetts source income.

Production Expense Credit:
A taxpayer is allowed to claim a credit equal to 25% of its Massachusetts production expenses, not including the qualifying aggregate payroll expenses calculated in the taxpayer's payroll credit. To qualify for the 25% production credit, the taxpayer's Massachusetts production expenses must exceed 50% of its total production expenses incurred in connection with the motion picture, or alternatively, at least 50% of the taxpayer's total principal photography days spent filming the motion picture must take place in the Commonwealth.

Limitations on the Credit:
For domestic and foreign corporations, the credit may not be used to reduce the tax liability below the $456 minimum.

Carryover of Credits:
An unused credit may be carried over for up to five succeeding tax years.

Historic Rehabilitation Credit

Under the Massachusetts Historic Rehabilitation Tax Credit program, a certified rehabilitation project of a qualified historic structure is eligible to receive up to 20% of qualified rehabilitation expenditures in state tax credits. The maximum credit is $50 million per year and has recently been extended to December 31, 2015.

The Credit Program provides that a taxpayer who acquires a qualified historic structure is eligible for tax credits for qualified rehabilitation expenditures already awarded to the previous owner of the qualified historic structure, if certain criteria are met: 

  1. The rehabilitation was not placed in service by the transferor;
  2. No credit has been claimed by anyone other than the acquiring taxpayer as verified by the Department of Revenue to the Historical Commission;
  3. The taxpayer completes the rehabilitation and obtains certification from the Historical Commission; and
  4. The taxpayer complies with all other requirements under the Historic Rehabilitation Tax Credit statute and related regulations and rules. 

In the case of a multi-phase project, tax credits may be transferred for any phase that meets the criteria in subsections (A) through (D).

Life Science Credits

For taxable years beginning on or after January 1, 2009, there are credits available for corporate and personal income taxpayers that qualify as certified life sciences companies, authorized in accordance with the Life Sciences Tax Incentive Program.

An Investment Tax Credit (ITC) may be available, equal to 10% of the cost of qualifying property acquired, constructed or created during the taxable year and used exclusively in the Commonwealth. This credit can apply to purchases made on or after January 1, 2009, even if a construction project started before that date.

Life Science Company - FDA User Fees Credit
A credit may be available for user fees paid after June 16, 2008, to the U. S. Food and Drug Administration (U.S.F.D.A.) upon submission of an application to manufacture a human drug in the Commonwealth. This credit is equal to 100% of the user fees actually paid by the taxpayer and may be claimed in the taxable year in which the application for licensure of an establishment to manufacture the drug is approved by the U.S. F.D.A.

To be eligible for the credit, more than 50% of the research and development costs for the drug must have been incurred in Massachusetts.

Life Sciences - Research Credit
A credit may be available to provide qualifying companies with an incentive to obtain a research credit for certain expenditures not qualifying for the existing research credit.

Under this provision, the credit is generally calculated in the same manner as the research credit. However, the qualified research expenditures which form the building blocks for the calculation can qualify when the activities are performed both inside and outside of the Commonwealth, to the extent they relate to legally mandated clinical trial activities.

The credit can reduce the corporate tax to the $456 minimum and may be carried forward for 15 years.

Life Sciences - Jobs Credit
A taxpayer claiming a life sciences refundable jobs credit must create a minimum of 50 net new permanent full-time positions in Massachusetts.  The Massachusetts Life Sciences Center and Department of Revenue will determine the amount of life sciences jobs credit allowed to a taxpayer.

Life Sciences Credits - Refundable Amount
There are different credits which the Massachusetts Life Sciences Center, with the approval of the Secretary of Administration and Finance, may authorize a taxpayer to have refunded instead of carrying forward such credit to a future year.

  • If a life sciences ITC exceeds the tax otherwise due under the corporate tax, as applicable, 90% of the balance of such credit may, at the option of the taxpayer and to the extent authorized pursuant to the Life Sciences Tax Incentive Program, be refundable to the taxpayer for the tax year in which the qualified property is placed in service. If the taxpayer chooses this refund, then the carryover provisions for this credit that would otherwise apply shall not be available.
  • Taxpayers may use the FDA user fees credit to reduce their taxes to zero. To the extent authorized pursuant to the Life Sciences Tax Incentive Program, 90% of the balance of credit remaining is refundable. The deduction otherwise allowable for user fees qualifying for the credit is disallowed.
  • The new life sciences research credit is not refundable. 
  • If a life sciences jobs credit claimed by a taxpayer exceeds the tax otherwise due under the personal income tax or the corporate excise, as applicable, 90%  of the balance of such credit may, to the extent authorized by the Life Sciences Tax Incentive Program, be refundable to the taxpayer.  Excess credit cannot be carried forward to subsequent taxable years.

Low Income Housing Credit

Low income housing credits are available to individual taxpayers, partnerships, and corporations that have a qualified low-income housing project located in Massachusetts. The Department of Housing and Community Development will distribute the low income housing credit from a pool of available credits among qualified low income housing projects.

A qualified Massachusetts project is a "qualified low-income housing project" as defined within the Internal Revenue Code. Excess credit may be carried forward for up to five succeeding tax years.

Medical Device Tax Credit

For taxable years beginning on or after January 1, 2006, a medical device company may claim a credit equal to 100% of the user fees actually paid by it to the United States Food and Drug Administration during the taxable year for which the tax is due for pre-market submissions (e.g., applications, supplements, and 510(k) submissions) to market new technologies, developed or manufactured in Massachusetts.

For the purposes of this credit, a medical device is defined as an instrument, apparatus, implement, machine, contrivance, implant, in vitro reagent or other similar or related article, including a component part or accessory, which is recognized in the official National Formulary or the United States Pharmacopeia, or any supplement, intended for use in the diagnosis of disease or other conditions or in the cure, mitigation, treatment or prevention of disease in humans or other animals and which does not achieve any of its primary intended purposes through chemical action within or on the body of a human or other animal and which is not dependent upon being metabolized for the achievement of its primary intended purposes.

Any unused credits may be transferred to a purchasing company in exchange for private financial assistance. If the purchasing company provides financial assistance in an amount at least equal to 75% of the medical device tax credit, that amount is eligible for transfer. The private financial assistance is to be used to fund expenses incurred in connection with the operation of the medical device company in Massachusetts, including expenses associated with fixed assets such as construction, acquisition, and development of real estate, as well as expenses for materials, start-up, tenant fit-out, working capital, salaries, and research and development. However, with the exception of this situation, no credits may be transferred.

The DOR will then issue, upon receipt of a notarized statement signed under the pains and penalties of perjury by an authorized representative of the company that the purchasing company has provided the specified financial assistance, a certificate. This certificate will reflect the credit amount transferred and is to be attached to each tax return filed by a purchasing company in which a medical device tax credit is claimed.

For more information, please visit: http://www.mass.gov

 

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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.

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 ....

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.


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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.

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 ....

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.


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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.

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 ....

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.


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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.

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 ....

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


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

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 ....

Fox Business interviewed national Tax Leader Joseph Perry for a story about how tax reform will impact homeowners in high-tax states.


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Fox Business interviewed national Tax Leader Joseph Perry for a story about how tax reform will impact homeowners in high-tax states.

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 ....

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


Tax Compliance

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

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 ....

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.


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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 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.


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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.

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: ....

Construction Executive's Managing Your Business published an article by Tax Partner James Lundy about the critical importance for construction contractors to undertake annual tax planning.


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Construction Executive's Managing Your Business published an article by Tax Partner James Lundy about the critical importance for construction contractors to undertake annual tax planning.

More than almost any other industry, construction contractors need to spend time and resources planning for their income taxes before the end of their fiscal ....

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.


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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.

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 ....

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.


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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.

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 ....

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


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

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 ....

Window for California Competes Tax Credit is Fast Approaching


Tax Flash - Tax Credits & Incentives

Window for California Competes Tax Credit is Fast Approaching

The California Competes Tax Credit program is an award-based program that is funded through the state's general fund. The purpose of the California Competes Tax ....

Research and Development Credit - R&D Expense IRS Directive


Research & Development Credit

Research and Development Credit - R&D Expense IRS Directive

Effective September 11, 2017, the Internal Revenue Service introduced a Research and Development Credit Directive for taxpayers that report R&D costs on GAAP audited financial ....

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.


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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.

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 ....

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.


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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.

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 ....

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.


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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.

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 ....

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


Tax Flash

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

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

Avoid Double Taxation in Tennessee


State & Local Taxation

Avoid Double Taxation in Tennessee

Many Tennessee businesses have an interest in flow through entities subject to Tennessee taxation. The flow through income is reported by both the parent and ....

2017 Marcum Year-End Tax Guide Now Available


Press Release

2017 Marcum Year-End Tax Guide Now Available

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 ....

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.


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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.

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.


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Bloomberg Markets asked Tax Principal Michael D'Addio onto the program to discuss the prospects for the House and Senate tax bills.

Bloomberg Markets asked Tax Principal Michael D'Addio onto the program to discuss the prospects for the House and Senate tax bills.

The Philadelphia Inquirer interviewed Jeffrey Winkleman, partner-in-charge of corporate taxation, and Steve Brett, president of Marcum Financial Services, for an article about the proposed cap on 401(k) contributions.


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The Philadelphia Inquirer interviewed Jeffrey Winkleman, partner-in-charge of corporate taxation, and Steve Brett, president of Marcum Financial Services, for an article about the proposed cap on 401(k) contributions.

Wall Street can't be happy about Congress' proposal to cap our yearly 401k contributions at $2,400 - thats the tax-deferred amount we would be able ....

Forbes interviewed Tax Partner Janis Cowhey about the increased lifetime estate and gift tax exemption.


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Forbes interviewed Tax Partner Janis Cowhey about the increased lifetime estate and gift tax exemption.

Its official. For 2018, the estate and gift tax exemption is $5.6 million per individual, up from $5.49 million in 2017. That means an individual ....

Employee Retention Credits under the Disaster Tax Relief and Airport and Airway Extension Act of 2017


Tax Flash

Employee Retention Credits under the Disaster Tax Relief and Airport and Airway Extension Act of 2017

On September 29, 2017, the Disaster Tax Relief and Airport and Airway Extension Act of 2017 was signed into law, providing certain temporary tax relief ....

IRS and Treasury to Withdraw Proposed Regulations that Would Affect Discounts Applied to Transfers of Family-Owned Businesses


Tax Flash

IRS and Treasury to Withdraw Proposed Regulations that Would Affect Discounts Applied to Transfers of Family-Owned Businesses

On October 2, 2017, The Trump Administration issued Executive Order 13789. Included in this Executive Order, the IRS and the Treasury establish that they will ....

The New York Post interviewed Tax Leader Joseph Perry about the impact of potentially losing the deductions for mortgage interest, property taxes, and state and local taxes.


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The New York Post interviewed Tax Leader Joseph Perry about the impact of potentially losing the deductions for mortgage interest, property taxes, and state and local taxes.

Homeowners would get a choice between deducting property taxes or mortgage interest on their federal tax returns as Republicans on Tuesday discussed modifications to the ....

Financial Advisor magazine spoke with Tax Partner John Mezzanotte about how to help clients save taxes on required minimum distributions from IRA accounts.


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Financial Advisor magazine spoke with Tax Partner John Mezzanotte about how to help clients save taxes on required minimum distributions from IRA accounts.

Once your client reaches age 70 1/2, he or she must take required minimum distributions (RMDs) annually from taxable IRA and 401(k) accounts.

WCBS-TV 2 interviewed Tax Partner Robert Spielman about the impact of the new Tax Reform Framework on Long Island homeowners.


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WCBS-TV 2 interviewed Tax Partner Robert Spielman about the impact of the new Tax Reform Framework on Long Island homeowners.

President Donald Trump calls his tax reform plan a middle class miracle. But the elimination of most deductions, including state and local taxes, has some ....

The Long-Awaited Tax Proposal: The Unified Framework for Fixing our Broken Tax Code


Tax Flash

The Long-Awaited Tax Proposal: The Unified Framework for Fixing our Broken Tax Code

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 ....

Tax Partner Robert Spielman wrote about maximizing your charitable contributions for his latest column in the Coconut Creek City News.


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Tax Partner Robert Spielman wrote about maximizing your charitable contributions for his latest column in the Coconut Creek City News.

There is seemingly no end to the solicitations we receive from qualified charitable organizations seeking our assistance.

CNBC spoke with Trusts & Estates Co-Leader David First about the proposed repeal of the estate tax.


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CNBC spoke with Trusts & Estates Co-Leader David First about the proposed repeal of the estate tax.

Donald Trump rallied the working class, but he is also championing one benefit favoring only the super-rich: eliminating the federal estate tax.

IRS Tax Relief for Hurricane Irma Victims


Tax Flash

IRS Tax Relief for Hurricane Irma Victims

The IRS is providing help to the victims of Hurricane Irma. Special tax relief and assistance is available to taxpayers in the Presidential Disaster Areas. ....

IRS has Provided Significant Relief for Taxpayers Affected by Hurricane Harvey


Tax Flash

IRS has Provided Significant Relief for Taxpayers Affected by Hurricane Harvey

As a result of the devastation caused by Hurricane Harvey, IRS has granted two significant forms of relief for those affected by the storm. The ....

The Tax Advisor published a semiannual review of recent developments in individual taxation, co-authored by Tax Director Don Zidik.


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The Tax Advisor published a semiannual review of recent developments in individual taxation, co-authored by Tax Director Don Zidik.

The IRS issued proposed regulations that update the definition of dependent to be consistent with Sec. 152 and reverse the IRS's previous position regarding when ....

Bloomberg TV's Daybreak America invited Tax Leader Joseph Perry back to the program to discuss Washington's agenda for tax reform.


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Bloomberg TV's Daybreak America invited Tax Leader Joseph Perry back to the program to discuss Washington's agenda for tax reform.

Joseph Perry, tax and business services leader at Marcum LLP, discusses the issues that he feels need to be tackled in order to achieve U.S. ....

Internal Use Software Regulations for the Research Tax Credit


Research & Development

Internal Use Software Regulations for the Research Tax Credit

In 2016, the Internal Revenue Service issued final regulations (T.D. 9786) regarding guidance on software that is developed primarily for a taxpayer’s internal use in ....

Tax Partner Paul Graney discussed a revision of the Pennsylvania Department of Revenue ruling on software support tax with Bloomberg BNA.


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Tax Partner Paul Graney discussed a revision of the Pennsylvania Department of Revenue ruling on software support tax with Bloomberg BNA.

The Pennsylvania Department of Revenue has revised a controversial letter ruling on computer software support, dialing back guidance in an earlier version that implied training ....

CNBC.com interviewed Tax Partner Janis Cowhey about funding pre-school education for grandchildren.


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CNBC.com interviewed Tax Partner Janis Cowhey about funding pre-school education for grandchildren.

Here's a way for boomers to share the wealth with their children and grandkids: Cover the cost of preschool and shake off gift taxes to ....

New Businesses or Start-Ups: Get Ready for the New Research and Development Credit Payroll Tax Offset


Tax Flash

New Businesses or Start-Ups: Get Ready for the New Research and Development Credit Payroll Tax Offset

The passing of the Protecting Americans from Tax Hike (PATH) Act of 2015 introduced many exciting changes related to the Research and Development (R&D) Tax ....

Tax Benefits of Hiring Veterans


Tax Credits & Incentives

Tax Benefits of Hiring Veterans

Our nation's veterans can provide businesses with various benefits, from leadership skills to work ethic and attention to detail. However, hiring veterans can also provide businesses ....

IRS Announces Guidance on Refundable Payroll Taxes of Research and Development Tax Credit Claims


Tax Credits & Incentives

IRS Announces Guidance on Refundable Payroll Taxes of Research and Development Tax Credit Claims

The IRS recently announced guidance regarding filing, claiming and reporting requirements related to the refundable Payroll Tax Credit provisions of the Research and Development (R&D) tax ....

Research & Development Tax Credit: Consider the Extension and Changes to Law When Preparing 2015 and 2016 Tax Returns


Tax Flash

Research & Development Tax Credit: Consider the Extension and Changes to Law When Preparing 2015 and 2016 Tax Returns

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 ....

New Florida R&D Tax Credit


Tax Flash

New Florida R&D Tax Credit

Tax Credits & Incentives Brochure

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Barry Fischman, Partner, Tax & Business

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Tax & Business
New Haven, CT
 
2017 YEAR-END TAX GUIDE

The Marcum 2017 Year-End Tax Guide continues our tradition of providing timely tax guidance for the upcoming year.

 
 
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