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An unintended consequence of the TCJA was an unfavorable change to depreciation rules for improvements made to real property, known as Qualified Improvement Property.

Form 5471 - Information Return with Respect to Certain Foreign Corporations


Tax Flash

Form 5471 - Information Return with Respect to Certain Foreign Corporations

Form 5471 is one of the most complex and complicated tax forms the IRS has ever created.

 
The Real Estate Election Out of the Section 163(j) Business Interest Limitation


Tax Flash - Real Estate

The Real Estate Election Out of the Section 163(j) Business Interest Limitation

The election out of section 163(j) can be a beneficial choice for real estate businesses that have a significant amount of interest expense and qualify to make the election.

 
Aggregation as it Relates to Section 199A


Tax Flash

Aggregation as it Relates to Section 199A

Taxpayers may elect to aggregate two or more trades or businesses to combine the respective wages and unadjusted basis.

 
Illinois Expands Manufacturing and Assembly Sales and Use Tax Exemption


Tax Flash - State & Local Taxation

Illinois Expands Manufacturing and Assembly Sales and Use Tax Exemption

Effective July 1, 2019, the sales and use tax exemption for manufacturers in Illinois, 35 ILCS 105/3-5, was expanded to include tangible personal property used or consumed in the manufacturing process, purchased after the effective date.

 
Recent Changes to Regulations may affect Small Businesses


Tax Flash

Recent Changes to Regulations may affect Small Businesses

The IRS recently republished a regulation under IRC section 52, which can have a significant impact on a number of provisions enacted under the Tax Cuts and Jobs Act.

 
Proposed Regulations under Passive Foreign Investment Company Regime


Tax Flash - International Taxation

Proposed Regulations under Passive Foreign Investment Company Regime

The PFIC regime is a punitive tax regime established in 1986 with the purpose of denying the benefit of tax deferral to U.S. persons who invest in passive assets through the use of non-controlled foreign companies.

 
Refresher on What is a Real Estate Professional and the Importance of Time Logs


Tax Return Compliance

Refresher on What is a Real Estate Professional and the Importance of Time Logs

The passive activity loss rules introduced as part of the 1986 Tax Act made it more difficult for passive investors to deduct losses from investments against their other ordinary income.

 
Final Regulations Issued for Partners Providing Services; Treatment as Employee


Tax Flash

Final Regulations Issued for Partners Providing Services; Treatment as Employee

The IRS finalized regulations stating that a partner providing services to a disregarded entity owned by a partnership cannot be treated as an employee but will be subject to self-employment tax.

 
Tax Benefits of Implementing a Retirement Plan or Upgrading Your Current Plan


Trusts & Estates

Tax Benefits of Implementing a Retirement Plan or Upgrading Your Current Plan

Looking for deductions to lower your tax bill for your small business? Consider the tax benefits of implementing a retirement plan or upgrading your current plan.

 
245A (Participation Exemption) Temporary Regulations Eliminating Deduction for Some Foreign Corporation Dividends to U.S. Taxpayers


Tax Flash - International Taxation

245A (Participation Exemption) Temporary Regulations Eliminating Deduction for Some Foreign Corporation Dividends to U.S. Taxpayers

The new participation exemption (245A) regulations eliminate the deduction for certain dividends received by U.S. taxpayers from foreign controlled corporations.

 
The United States Supreme Court Rules in Favor of Trust


Tax Flash

The United States Supreme Court Rules in Favor of Trust

The Court stated that the presence of in-state beneficiaries will not empower a state to tax trust income should the beneficiaries have no right to demand or receive income.

 
Section 179 Deductions: Update


Tax Return Compliance

Section 179 Deductions: Update

Section 179 of the Internal Revenue Code allows a taxpayer to deduct the cost of qualifying property as an expense.

 
GILTI Final and Proposed Regulations


Tax Flash - International Taxation

GILTI Final and Proposed Regulations

On Friday, June 14, 2019, the Internal Revenue Service issued final regulations, as well as new proposed regulations, for the new anti-deferral regime known as Global Intangible Low Taxed Income.

 
The Kiddie Tax: Reverting to Prior Law


Tax Return Compliance

The Kiddie Tax: Reverting to Prior Law

The kiddie tax was originally created to prevent wealthy parents from shifting income to their children to benefit from their lower tax rate, in order to decrease the overall family tax burden.

 
IRS Issues Final Regulations for SALT Charitable Contribution Workarounds


Tax Flash - State & Local Taxation

IRS Issues Final Regulations for SALT Charitable Contribution Workarounds

The Tax Cuts and Jobs Act limits the deduction for state and local income taxes (SALT) for those living in states and localities with high income or property taxes.

 
The Impact of the TCJA on Charitable Organizations


Tax Flash - Nonprofit & Social Sector

The Impact of the TCJA on Charitable Organizations

Many sources are predicting that charities may see a substantial difference when individuals start filing their 2019 returns as individuals become more familiar with potential changes due to new law.

 
2017 TCJA and Preparing Dependents’ Tax Returns


Tax Return Compliance

2017 TCJA and Preparing Dependents’ Tax Returns

There are many things to consider in the preparation of dependent children’s tax returns.

 
The Tennessee Department of Revenue Authorized to Enforce Sales Tax Economic Nexus Rule


Tax Flash - State & Local Taxation

The Tennessee Department of Revenue Authorized to Enforce Sales Tax Economic Nexus Rule

Effective July 1, 2019, any out-of-state dealer that exceeds $500,000 in sales during the prior 12 months and engages in regular or systematic solicitation of consumers in the state will be required to register, collect and remit Tennessee sales tax.

 
199A Deduction and New Form 8995/8995-A


Tax Return Compliance

199A Deduction and New Form 8995/8995-A

The Section 199A deduction was enacted as part of the Tax Cuts and Jobs Act of 2017.

 
City of Santa Monica, CA Six-Week Tax Amnesty Program


Tax Flash - State & Local Taxation

City of Santa Monica, CA Six-Week Tax Amnesty Program

The City of Santa Monica will be conducting a six-week tax amnesty program intended to bring unlicensed businesses into compliance with the city’s business license taxes.

 
State of New Jersey: Combined Corporate Reporting Requirement


State & Local Taxation

State of New Jersey: Combined Corporate Reporting Requirement

In 2018, the New Jersey Division of Taxation enacted legislation that mandates combined reporting for tax years ending on and after July 31, 2019.

 
IRS Issues Proposed Regulations on Qualified Opportunity Zones


Tax Flash

IRS Issues Proposed Regulations on Qualified Opportunity Zones

The Treasury and IRS issued a new set of proposed regulations on Qualified Opportunity Zones last week, which provides additional guidance and offers considerably greater flexibility in structuring business arrangements which satisfy the QOZ rules.

 
Massachusetts Decides to Retroactively Tax IRC Section 965 Repatriation Income


Tax Flash - State & Local Taxation

Massachusetts Decides to Retroactively Tax IRC Section 965 Repatriation Income

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.

 
Kentucky Bill Signed Into Law: Immediate Action Required Regarding Estimated Payments


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.

 
The New York Legislature Passes 2019-2020 Budget Bill


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.

 
IRS Gives Taxpayers Greater Relief from Penalties for Underpayment of Estimated Taxes


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.

 
No More Parking Expense Deduction?


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)).

 
The Effect of the 2019 Tax Law on Divorce


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.

 
New Depreciation Rules Could Mean More Passenger Vehicles for Business Use


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.

 
Connecticut Governor’s Budget Proposes Expanding Sales Tax and Eliminating Business Entity and Gift Taxes


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.

 
Maryland Taxes Single Member Limited Liability Company


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.

 
Fiduciary Income Tax Planning Utilizing the § 645 Election


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.

 
A New Tax Credit Based on an Old Law


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.

 
Sales of Publicly Traded Partnerships Are No Easy Task to Report on Your Taxes


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.

 
Pennsylvania Treatment of GILTI and FDII: Corporation Tax Bulletin 2019-02


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.

 
New York Issues Guidance in Response to the United States Supreme Court decision in South Dakota v. Wayfair, Inc.


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.

 
State of Connecticut Pass-Through Entity Re-characterization


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.

 
Connecticut LLC Entities: Beware of Tax Scam in Mail


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.

 
Form 1099 Filings for Year-End 2018 Due January 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.

 
 
 
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