2019 Year-End Tax Guide

THE MARCUM 2019 YEAR-END TAX GUIDE | www.marcumllp.com

As this 2019 Marcum Tax Guide goes to press, we are still in the midst of our year-end 2018 tax season. While the Tax Cuts & Jobs Act (TCJA), enacted at the end of 2017, made compliance easier for millions of Americans, entrepreneurs, business owners and executives have experienced more complexity, more tax schedules, and more limitations than we as professionals can remember. The new tax law’s full impact was felt this tax season. Taking advantage of the plethora of tax benefits to enable our clients to pay the minimum required tax liability was indeed more challenging than ever. This year we’ve worked with our clients to minimize taxes by seeking out those code benefits applicable to them, making certain the complexities in compliance were not our clients’ concerns. Our entire team kept abreast of all new developments leading to completion of returns with all required forms. Many of those forms and schedules are new to taxpayers and required us to make an enormous investment in our staff and tax compliance systems. That is what we do every day to make certain our professionals have what they need to serve our clients professionally and effectively. I am so proud of our tax leadership team, which makes us the go-to source for tax intelligence and compliance services. Here at Marcum, our dedication and commitment this season has been unmatched. Collectively, we have worked throughout the year to communicate with our clients and professional staff to make sure all clients and friends have the information needed to make the right business and personal decisions. Our Annual Tax Guide is merely a sampling of the rules and regulations that are prominent in annual tax compliance. The full tax code and regulations stretch into the many thousands of pages. Formal and informal guidance, case law, regulations and rulings take the total into the tens of thousands of pages. The thought leadership and experience of Michael D’Addio, who heads our National Office technical team, along with his corps of specialists, makes certain our tax department and clients are up-to-date on all tax law changes and last minute guidance. His Tax Bulletin Memos are timely, informative, and insightful -- a must read for all of our professionals. Marcum is dedicated to communication. This starts with our Chairman & CEO Jeffrey Weiner’s Thoughts of the Week column and extends through our tax department Flashes, Memoranda, Bulletins and seminars, through to this Annual Tax Guide. We continuously conduct in-house seminars and training programs to make certain our professionals are up-to-date on IRS guidelines and the application of tax strategies. I thank all of my partners and associates for their tireless efforts to make certain our practice is prepared to assist our clients achieve their objectives. In particular, special mention goes to Tax Partner Diane Giordano, who has the daunting task of editing this annual Tax Guide during the busiest busy season of the year for us. She also edits our Beyond the Numbers newsletter and an extensive library of Marcum Tax Flashes . All of our professionals have risen to meet this year’s challenge, and I am proud to be their leader. So once again, this guide is just that--a reference to be used when you need a quick refresher on certain tax aspects, whether for individual, corporate, international, or estate and gift tax planning application. The Internal Revenue Code and its complexities continue to expand each year. This guide is not a substitute for deep expertise and hands-on personal service. All of us who provide tax services at Marcum believe knowledge and experience, coupled with a deep understanding of the complexities of the applicable rules and regulations, lead to better client outcomes and better client service. Even as the year comes to a close, there will likely be significant tax proposals to consider at both the federal and state levels. Tax extender bills for annually renewed tax credits and deductions, plus amendments for expensing of leasehold improvements, are still winding their way through Congressional committees. Campaign trail tax proposals include a wealth tax, raising income and/or estate and gift tax rates, reversing aspects of the TCJA, increasing the social security wage base, and reducing pension and retirement account deferral opportunities, among others. At the state level, nexus expansion to capture sales and business taxes continues apace. Stay tuned. What changes ultimately will be enacted are anybody’s guess. Our mission remains to be your go-to source for all things tax. We treasure your confidence in us. As the year winds down, I wish all of our clients and friends health, happiness and prosperity. If you just “Ask Marcum,” that will be one less item to worry about in the New Year.

Joseph J. Perry National Leader, Tax & Business Services