MKLLP Lawyers http://www.mkllp.com There are new recordkeeping requirements for cash contributions effective for contributions made as of May 2007. http://www.mkllp.com/blog_read.asp?Id=199 The IRS is warning taxpayers to beware of several current e-mail and telephone scams that use the IRS name as a decoy. http://www.mkllp.com/blog_read.asp?Id=198 Tax accrual workpapers are documents that contain information about taxpayer’s actual or potential tax liabilities. http://www.mkllp.com/blog_read.asp?Id=215 Prior to 2006, if a corporate taxpayer left a consolidated group, it was then able to elect a different accounting period under automatic approval procedures outlined by the IRS. http://www.mkllp.com/blog_read.asp?Id=197 Taxpayers are often surprised to find that some losses are not deductible to offset taxable income when preparing their tax return. http://www.mkllp.com/blog_read.asp?Id=213 Public flogging was an exercise of power by the sovereign to focus the mind of the citizenry. http://www.mkllp.com/blog_read.asp?Id=232 During 2005, many tax breaks were introduced for individuals and businesses for energy efficient purchases. http://www.mkllp.com/blog_read.asp?Id=179 S corporations are very popular and are commonly used by family or other closely held businesses. As a result, they are also frequently the subject of estate planning. http://www.mkllp.com/blog_read.asp?Id=194 New York State Department of Taxation recently announced a new Voluntary Disclosure and Compliance Program which is available to taxpayers as of July 1, 2008. http://www.mkllp.com/blog_read.asp?Id=233 The IRS has recently issued guidance which allows individuals who itemize their deductions to deduct amounts paid for medical tests they undergo at their own initiative even if the physician did not prescribe it. http://www.mkllp.com/blog_read.asp?Id=196 In its recent decision in the Rudkin Trust case, the Supreme Court affirmed the Second Circuit Court of Appeals http://www.mkllp.com/blog_read.asp?Id=203 The IRS has issued proposed and temporary regulations which change the rules for the filing date of extensions for Partnership Returns (Form 1065... http://www.mkllp.com/blog_read.asp?Id=227 In May, 2008, the Internal Revenue Service announced that stimulus payments deposited into tax-favored accounts can be withdrawn tax and penalty-free. http://www.mkllp.com/blog_read.asp?Id=225 The IRS has recently announced that victims of recent hurricanes, floods, earthquakes, tornadoes, droughts and wildfires in 10 states may qualify to receive an extension on their tax deadlines. http://www.mkllp.com/blog_read.asp?Id=223 This week, the IRS released Revenue Procedure 2007-70 which provides for an increase in the standard mileage rates for business miles driven from July 1, 2008 to December 31, 2008. http://www.mkllp.com/blog_read.asp?Id=224 On May 22, the Senate overrode President Bush’s veto and enacted The Food, Conservation and Energy Act of 2008, also known as The Farm Bill. http://www.mkllp.com/blog_read.asp?Id=222 A corporation electing to be treated as an S Corporation for federal purposes will not automatically be treated as an S Corporation for New Jersey purposes. http://www.mkllp.com/blog_read.asp?Id=217 In May, 2008, the Senate approved a bill offering more than $1.2 billion in tax relief to veterans and military families. It currently has been submitted to President Bush for signing. http://www.mkllp.com/blog_read.asp?Id=216 As a result of various tax laws enacted over the past few years, many important changes will go into effect in 2008 which will affect individual taxpayers. http://www.mkllp.com/blog_read.asp?Id=195 The IRS recently released a Revenue Procedure in March 2008 allowing taxpayers the ability to deduct payroll taxes on bonuses and vacation pay in the year such amounts are accrued instead of the subsequent year when the amounts are paid. http://www.mkllp.com/blog_read.asp?Id=214 On February 13, 2008, President Bush signed the Economic Stimulus Act of 2008 into Law which provided for the Stimulus Act rebate. http://www.mkllp.com/blog_read.asp?Id=210 In determining the California corporation franchise tax, the three factor apportionment calculation has been subject to significant court review. http://www.mkllp.com/blog_read.asp?Id=209 Since 1907, Texas has imposed some form of a privilege tax on entities in order to do business within its jurisdiction. http://www.mkllp.com/blog_read.asp?Id=205 If you have filed your 2007 tax return, you may be eligible to receive an economic stimulus check. http://www.mkllp.com/blog_read.asp?Id=208 In October 2007, the Internal Revenue Service issued Notice 2007-86, which provides taxpayers with nonqualified deferred compensation plans additional relief from the application of Section 409A of the Internal Revenue Code. http://www.mkllp.com/blog_read.asp?Id=176 When new businesses are created, today’s choice is often Limited Liability Company (LLC) status. http://www.mkllp.com/blog_read.asp?Id=188 New York State imposes a sales tax on assets that are transferred in a bulk sales transaction. http://www.mkllp.com/blog_read.asp?Id=207 In December 2007, the IRS issued Notice 2008-1 which permits S corporation shareholders with health insurance policies in their own names, rather than in the S corporation name, to deduct the premiums above the line. http://www.mkllp.com/blog_read.asp?Id=187 The Tax Court recently issued a decision denying a deduction for fees paid for religious education. http://www.mkllp.com/blog_read.asp?Id=186 The Supreme Court recently issued a decision in the case of Commissioner v. Banks, http://www.mkllp.com/blog_read.asp?Id=185 The Pension Protection Act of 2006 toughened the cash contribution substantiation requirements and now requires that taxpayers claiming charitable contribution deductions for... http://www.mkllp.com/blog_read.asp?Id=192 U.S Savings Bonds are unique among common investment / savings options because cash-basis tax payers have some flexibility on when to report the bond’s interest income for Federal purposes (U.S. Savings Bond Interest is not taxable for state purposes). http://www.mkllp.com/blog_read.asp?Id=183 In December 2007, the IRS issued a ruling which stated that payments made to veterans pursuant to the Compensated Work Therapy Program (CWT) will no longer be taxable. http://www.mkllp.com/blog_read.asp?Id=182 Taxpayers who have formed small business corporations have the ability to make an election that allows them to be treated as an S corporation for Federal tax purposes. http://www.mkllp.com/blog_read.asp?Id=202 Generally, losses incurred as a result of a bad business investments are classified as a capital loss and are first used to offset capital gain income and then up to $3,000 of ordinary income. http://www.mkllp.com/blog_read.asp?Id=180 The IRS recently issued Notice 2008-1, which, under certain conditions, allows shareholder employees tax-free treatment of accident and health insurance coverage paid for or reimbursed by the S Corporation employer. http://www.mkllp.com/blog_read.asp?Id=193 The IRS typically has three years to audit a tax return. But it has six years if it suspects that the return understates income by more than 25%. http://www.mkllp.com/blog_read.asp?Id=178 Typically, year end tax planning involves projections of the current and succeeding years taxable income and the resultant marginal tax brackets. http://www.mkllp.com/blog_read.asp?Id=177 As 2007 was coming to a close, President Bush signed into law the Tax Increase Prevention Act of 2007. Many of the Act’s provisions are pro-taxpayer and will effect 2007 tax return preparation. http://www.mkllp.com/blog_read.asp?Id=190 The IRS has extended the tax return filing and payment deadlines for victims of the Southern California wildfires to January 31, 2008. http://www.mkllp.com/blog_read.asp?Id=171 Effective September 4, 2007, The New Jersey Division of Taxation has amended a variety of regulations related to New Jersey Net Operating Losses (NOLS). http://www.mkllp.com/blog_read.asp?Id=172 For periods ended after 2004, New Jersey requires taxpayers to add back to federal taxable income a deduction pursuant to Internal Revenue Code (IRC) Section 199. http://www.mkllp.com/blog_read.asp?Id=173 Low- and moderate- income workers can take steps now to save for retirement and earn a special tax credit in 2007 and in the years to come. http://www.mkllp.com/blog_read.asp?Id=175 As the end of 2007 approaches, now is an ideal time for individuals to review tax situations and evaluate strategies that may help minimize their tax bill. http://www.mkllp.com/blog_read.asp?Id=174 The Internal Revenue Service (IRS) has announced that taxpayers within the California disaster areas http://www.mkllp.com/blog_read.asp?Id=170 As 2007 draws to a close business owners need to consider tax planning opportunities that may still be available. http://www.mkllp.com/blog_read.asp?Id=169 An Alternative Motor Vehicle Income Tax Credit (claimed on Form 8910) is available for qualified motor vehicles purchased after 2005. http://www.mkllp.com/blog_read.asp?Id=167 On October 25, 2007, Ways and Means Chairman, Charles Rangel, introduced the “Tax Reduction and Reform Act of 2007. This is a proposed bill. http://www.mkllp.com/blog_read.asp?Id=166 As the clock winds down on the December 15th, 2007 deadline for managements’ internal control assessment, non-accelerated filers... http://www.mkllp.com/blog_read.asp?Id=164 Marcum & Kliegman was featured in the business section of Newsday on October 25. http://www.mkllp.com/blog_read.asp?Id=165 Marcum & Kliegman LLP, named one of Long Island’s Best Places To Work in 2006, continues to cultivate a positive work environment with help from the Firm’s “Happiness Committee.” http://www.mkllp.com/blog_read.asp?Id=162 New York State taxes its residents on all income, while nonresidents are taxed on income derived only from New York sources. http://www.mkllp.com/blog_read.asp?Id=161 The task of recruiting effectively in a tight job market is not an easy one, but Marcum & Kliegman set out to break through the clutter with an edgy marketing campaign designed to attract talented professionals. http://www.mkllp.com/blog_read.asp?Id=160 Your Family Office “YFO” at M&K… who are we and what do we do? http://www.mkllp.com/blog_read.asp?Id=159 The Marcum & Kliegman LLP Hedge Fund/Investment Partnership Group together with the Family Wealth Services Group has developed a unique approach to providing accounting, assurance http://www.mkllp.com/blog_read.asp?Id=158 One of the most interesting marketing campaigns I ever worked on was for toilet paper. http://www.mkllp.com/blog_read.asp?Id=157 In March of 2006, the American Institute of Certified Public Accountants (the body that establishes standards for audits of nonpublic entities) passed a suite of new audit standards (Nos. 104 to 111) that revise many fundamental auditing principles. http://www.mkllp.com/blog_read.asp?Id=154 Individuals must pay their Federal income taxes throughout the year either through withholding taxes from payroll and/or quarterly estimated taxes. http://www.mkllp.com/blog_read.asp?Id=153 In February 2007, the Financial Accounting Standards Board (FASB) released a new Statement of Financial Accounting Standard No. 159 http://www.mkllp.com/blog_read.asp?Id=152 In 2002, New Jersey enacted the Alternative Minimum Assessment (AMA), which required taxpayers to pay the greater of their New Jersey Corporation Business Tax (CBT) or AMA http://www.mkllp.com/blog_read.asp?Id=151 The Pension Protections Act of 2006 includes new provisions related to the charitable contributions of qualified conservation easements by individuals. http://www.mkllp.com/blog_read.asp?Id=150 Conventional wisdom tells us that we cannot be all things to all people. http://www.mkllp.com/blog_read.asp?Id=149 In reaction to significant budget deficits, States are looking for both new revenue sources, as well as, enforcement of existing laws. http://www.mkllp.com/blog_read.asp?Id=147 Sole proprietors have several options available when considering saving for retirement. One such plan is an Individual 401(k) which is a fairly new product. http://www.mkllp.com/blog_read.asp?Id=142 The House and Senate have introduced bills that would dramatically change the income tax treatment of “carried interest” profits earned by fund managers in their capacity as general partners of investment partnerships. http://www.mkllp.com/blog_read.asp?Id=141 The Pension Protections Act of 2006 includes new provisions related to the charitable contributions of qualified conservation easements by individuals. http://www.mkllp.com/blog_read.asp?Id=140 Closing The Tax Gap – Two Proposals Likely To Find Their Way Into The Tax Code http://www.mkllp.com/blog_read.asp?Id=139 New Changes to Kiddie Tax Rules Effective For 2007 http://www.mkllp.com/blog_read.asp?Id=138 The Small Business and Work Opportunity Tax Act of 2007 http://www.mkllp.com/blog_read.asp?Id=137 Davis case to be reviewed by U.S. Supreme Court http://www.mkllp.com/blog_read.asp?Id=136 Individual Estimated Taxes for 2007 http://www.mkllp.com/blog_read.asp?Id=131 Significant Changes in New York State Tax Law http://www.mkllp.com/blog_read.asp?Id=129 The Big Deal About FIN 48 http://www.mkllp.com/blog_read.asp?Id=130