Marcum LLP
Tax & Business

Tax Credits & Incentives - New York

Watch and Money

Businesses

Investment Tax Credit (ITC):

The Investment tax credit is available for businesses that place qualified property into service during the tax year. For the purposes of this credit, qualified property is tangible property, including buildings and structural components of buildings, that:

  • Was acquired, constructed, reconstructed, or erected by the taxpayer.
  • Is depreciable.
  • Has a useful life of four years or more.
  • Was acquired by the taxpayer by purchase.
  • Is located in New York State; and
    • Is principally used by the taxpayer in producing goods by manufacturing, processing, assembling, refining, mining, extracting, farming, agriculture, horticulture, floriculture, viticulture, or commercial fishing; or
    • Is an industrial waste treatment facility or air pollution control facility used in the taxpayer's trade or business; or is research and development (R&D) property; or
    • Is principally used as a qualified film production facility.

The standard rate of the credit is 5% on the first $350 million of investment credit base, and 4% of the investment credit base that is in excess of $350 million. If the business is certified in an Empire Zone, these benefits may increase to up to 10% of the investment credit base.
A New York S Corporation must compute its ITC at the standard rate of 4% on property other than R&D, and 7% on R&D property. A C Corporation may compute the ITC on R&D property at either the standard rate or the optional rate of 9%. However, only R&D property that was computed at the standard rate may be included in the investment credit base when computing the Employment Incentive Credit. This credit is refundable for new businesses.

Employment Incentive Credit:

This credit is for businesses that qualify for the investment tax credit and have increased their average number of employees in New York State to at least 101% of their number of employees in New York State during a base year.

A percentage of the original investment credit base is used to determine this credit. The credit is also refundable to individuals, including shareholders of New York S corporations.

The Credit Amounts Include:

Employment requirement at least Rates
101% but less than 102% 1½% (.015) of investment credit base
102% but less than 103% 2% (.02) of investment credit base
103% 2½% (.025) of investment credit base

Employee Training Incentive Program (E-TIP) Tax Credit:

Businesses that are approved participants in the Employee Training Incentive Program under Economic Development Law (EDL) and received a certificate of tax credit from the New York Empire State Development (ESD) can be eligible to receive the Employee Training Incentive Program (E-TIP) Tax Credit.

This program provides a tax credit to New York State employers for training investments that upgrade, retrain, or improve the productivity of their employees, and approved internship programs that provide training in advanced technologies.

To participate, eligible taxpayers must submit an application to ESD. For more information about the program and the application process, visit http://esd.ny.gov.

The credit is equal to 50% of the eligible training costs up to $10,000 (per employee), and 50% of the stipend paid to an intern with a cap of $3,000 per intern. The credit will be allowed for the tax year in which the eligible training is completed.

Excelsior Jobs Program Tax Credit:

Tax credits are available for strategic businesses such as high tech, bio-tech, clean-tech and manufacturing that create jobs or make significant capital investments. Eligibility includes:

  •  Scientific Research and Development firms creating at least five net new jobs.
  •  Software development firms creating at least five net new jobs.
  •  Agriculture firms creating at least five new jobs.
  •  Manufacturing firms creating at least 10 net new jobs.
  • Financial services (customer service) back office operations creating at least 50 net new  jobs.
  •  Back office firms creating at least 50 net new jobs.
  •  Distribution firms creating at least 75 net new jobs.
  •  Music production firms creating at least five net new jobs.
  •  Entertainment companies creating at least 100 net new jobs.
  •  Other firms creating at least 300 net new jobs and investing at least $6 million.
  •  Firms in strategic industries that make significant capital investment and have at least 25 employees; manufacturing firms that retain at least 10 employees are also eligible to apply for participation in the program.

The program is administered by Empire State Development, and eligible businesses are required to complete an online application. Approval and allocation of credits are discretionary.
Firms in the Excelsior Jobs Program may qualify for four, fully refundable tax credits over a 10-year period.

  • The Excelsior Jobs Tax Credit: A credit of 6.85% of wages per new job.
  • The Excelsior Investment Tax Credit: Valued at 2% of qualified investments.
  • The Excelsior Research and Development Tax Credit: A credit of 50% of the Federal Research and Development credit, up to 3% of research expenditures in NYS.
  • The Excelsior Real Property Tax Credit: Available to firms locating in certain distressed areas and to firms in targeted industries that meet higher employment and investment thresholds.

Empire State Film Production Credit:

This credit is allowed for businesses that paid or incurred qualified production costs for film and television shows produced within New York. To receive the credit, the business must have an allocation certificate issued by the New York State Governor's Office for Motion Picture and Television Development.

The credit amount is based on the qualified production costs. The amount is allocated by the New York State Governor's Office for Motion Picture and Television Development and is indicated on the certificate.

Empire State Musical and Theatrical Production Credit:

Qualified musical and theatrical production companies are entitled to this refundable credit upon receipt of a certificate of tax credit from Empire State Development (ESD).

ESD will issue a certificate of tax credit reflecting the amount of tax credit allowed and the allocation year of the tax credit. The credit is 25% of the sum of qualified production expenditures and transportation expenditures.

Workers with Disabilities Tax Credit:

The Workers with Disabilities Tax Credit Program provides a tax credit to qualified employers who hire individuals with disabilities in New York State. To receive this nonrefundable credit, a business must be a participant in the Workers with Disabilities Tax Credit Program and must have paid qualified wages after January 1, 2015, to a qualified employee and received a Certificate of Eligibility from the Department of Labor (DOL), which administers the program. For more information about this program and the application process, visit Department of Labor.

Credit Amount:
http://labor.ny.gov/careerservices/youth-tax-credit.shtm

If the qualified employee is a: The credit is equal to: The maximum credit is:
Full-time employee (employed not less than six months for at least 30 hours per week) 15% of the qualified wages paid after January 1, 2015. $5,000 per employee
Part-time employee (employed not less than six months for at least 8 hours per week) 10% of the qualified wages paid after January 1, 2015. $52,500 per employee

Manufacturer's Real Property Tax Credit:

Also available for individuals
This credit is available for businesses or individuals who pay real property taxes on property in New York State that is owned or leased by a manufacturer. The property should be used during the tax year for manufacturing, processing, assembling, refining, mining, extracting, farming, agriculture, horticulture, floriculture, viticulture, or commercial fishing. Additionally, the individual or business must be a qualified New York manufacturer and subject to tax under the Tax Law Article 9A-22. The amount of the credit is 20% of the eligible real property taxes paid during the tax year.

Qualified Emerging Technology Company (QETC) Tax Credit:

QETC investors are allowed a credit equal to a percentage of each qualified investment in a qualified emerging technology company that has been certified by the Commissioner of Taxation and Finance. A QETC is defined as a company located in New York whose primary products or services are classified as emerging technologies under Public Authorities Law section 3102-e, and whose total annual product sales are $10 million or less. These companies must be engaged in creating or developing emerging technologies, and must qualify under the primary products or services test to claim the QETC facilities operations and training credit.

Long-Term Care Insurance Credit:

This credit is for businesses that pay premiums for qualifying long-term care insurance policies. The allowable credit is 20% of the premiums paid during the tax year for the purchase of, or for continuing coverage under, a qualifying long-term care insurance policy.

Urban Youth Jobs Program Tax Credit:

Businesses that hire unemployed, disadvantaged youths between the ages of 16 and 24 are eligible for the credits reflected in the chart below. A business must be certified by the NYS Department of Labor to participate in the program.

Credit Amount:

If the qualified employee is hired for a: The maximum credit is: And is allowed as follows:
Full-time position (35 hours or more per week) $5,000
  • $500 per month, for a maximum of six months ($3,000 maximum); and
  • An additional $1,000 if the youth is employed for one full year.
  • An additional $1,000 if the youth is employed for a second full year.
Part-time position (at least 20 hours per week, or 10 hours per week if enrolled in high school full-time)    $2,500
  • $250 per month, for a maximum of six months ($1,500 maximum); and
  • An additional $500 if the youth is employed one full year.
  • An additional $500 if the youth is employed for a second full year.

Alternative Fuels and Electric Vehicle Recharging Property Credit:

Businesses that invest in new alternative fuels vehicle refueling property or electric vehicle recharging property are entitled to this credit. For the purposes of this credit, alternative fuels vehicle refueling property includes all of the equipment needed to dispense any fuel at least 85% of the volume of which consists of one or more of the following: natural gas, liquefied natural gas, liquefied petroleum, or hydrogen.Electric vehicle recharging propertyincludes all of the equipment needed to convey electric power from the electric grid or another power source to an onboard vehicle energy storage system.

The credit for each installation of property is equal to the lesser of $5,000 or 50% of the cost of the property, less any cost paid from the proceeds of grants, that:

  • Is located in New York State;
  • Is used 50% or more during the tax year in a trade or business carried on in New York State;
  • Constitutes alternative fuels vehicle refueling property or electric vehicle refueling property; and
  • Has not been paid for from the proceeds of grants awarded before January 1, 2015, including grants from the New York State Energy Research and Development Authority or the New York Power Authority.

START-UP NY Program:

The START-UP NY program provides tax benefits to approved businesses that are located in empty space or land of approved New York State public and private colleges and universities, as well as approved strategic state assets and New York State incubators affiliated with private universities or colleges that are designated as tax-free NY areas. The purpose of this program is to encourage entrepreneurialism and job creation by innovating tax-free communities across the state.

The Start-Up Program is administered by the Empire State Development (ESD) program. Application for the program can be found on the ESD website. The program provides for numerous discretionary credits, including:

Metropolitan Commuter Transportation Mobility Tax (MCTMT) Exemption: The MCTMT exemption eliminates the MCTMT on the payroll expense in an approved business location.  

Organization Tax and License and Maintenance Fees Exemption: An approved business is exempt from the organization tax imposed on domestic corporations and the license and maintenance fees imposed on foreign corporations.

Real Estate Transfer Tax Exemption (for leases): Leases of real property located in tax-free NY areas to an approved business are exempt from the New York State real estate transfer tax. To claim this exemption, the START-UP NY lease must be recorded along with a START-UP NY Sales Tax and Real Property Transfer Taxes Benefits Certificate.

Sales Tax (Credit or Refund): Businesses can claim a refund or credit for any sales or use tax paid on purchases of tangible personal property, utility services, and certain taxable services, including New York State, MCTD, and local sales and use taxes. In addition, contractors, subcontractors, and repairmen can also claim a refund or credit of any sales or use taxes paid on purchases of tangible personal property used in creating a structure or building areas; or adding to, altering, improving, maintaining, servicing, or repairing real property, property, or land of an approved business at its location in tax-free NY. The tangible personal property must become an essential part of the approved business.

Tax Elimination Credit: This credit is equal to the product of the tax-free NY area allocation factor and the tax factor. The tax-free NY area allocation factor is the percentage of the business's economic presence in the tax-free NY area where the business was approved to locate by ESD.

Telecommunication Services Excise Tax Credit: This credit is equal to the amount of excise tax paid by the approved business on telecommunication services imposed under NYS Tax Law.

Low Income Housing Credit:

This credit is for businesses that have a residential rental building in a low-income housing project that meets certain tests. Additionally, the business has to obtain a Low-Income Housing Credit Allocation and Certification from the New York State Division of Housing and Community Renewal for each building for which the credit is claimed. The Commissioner of the New York State Division of Housing and Community Renewal allocates the credit, which is taken over a 10-year period.

Rehabilitation of Historic Properties Credit:

This refundable credit is based on qualified rehabilitation expenses relating to the rehabilitation of a certified historic structure located in New York State. To be eligible, all or part of the rehabilitation project should be located within a census tract that is identified as being at or below 100% of the state median family income as calculated as of January 1 of each year. This calculation should use the most recent five-year estimate from the American Community Survey published by the U.S. Census Bureau.

For tax years beginning on or after January 1, 2015, any new credit earned for property placed in service on or after that date will be treated as a refund or overpayment of tax to be credited to the next year's tax. Any carry-forward of credit from a prior tax year may be carried over to the following years indefinitely.

For tax years beginning on or after January 1, 2010, and before January 1, 2020, the credit equals 100% of the federal credit amount allowed for the same historic structure located in New York, and the maximum total amount of the New York State credit is $5 million per structure.

Beer Production Tax Credit:

New York State businesses that are registered distributors under Article 18 of the Tax Law and produce 60 million or fewer gallons of beer in that year can be eligible for the beer production tax credit.

The credit is equal to 14 cents per gallon for the first 500,000 gallons produced in New York State in a tax year, plus 4.5 cents per gallon for each additional gallon over 500,000 (up to 15 million additional gallons).

Individual Income Tax Credits

Child and Dependent Care Credit:

Individuals are eligible to claim this state credit if they are qualified to claim the federal child and dependent care credit. To qualify, all four of the following must apply:

  • Filing status of the taxpayer is single, head of household, qualifying widow with dependent child, or married filing joint return.
  • The care was provided so the taxpayer(s) could work or look for work.
  • The child must live in the same home as the taxpayer for more than half the year.
  • The person who provided the care was not a spouse, parent of the qualifying child under age 13, or a person who can be claimed as a dependent.

The credit is a minimum of 20% and as much as 110% of the federal credit, depending on the amount of the New York State adjusted gross income. The credit is fully refundable for full-year residents, non-refundable for non-residents, and partially refundable for part-year residents.

Empire State Child Credit:

Eligible taxpayers may claim this credit if they are qualified to claim the federal earned income credit. To qualify; eligible taxpayers must be a full-year New York State resident or married to a full-year resident; have a qualifying child, and have federal adjusted gross income that is reflected within the chart below:

FIlinf Status Federal Adjusted Gross Income
Married filing a joint return $110,000 or less
Single, or head of household, or qualifying widow(er) $75,000 or less
Married filing separately $55,000 or less

If you claimed the federal child tax credit, the amount of the Empire State child credit is the greater of 33% of the federal child tax credit or $100 multiplied by the number of qualifying children. If you did not claim the federal child tax credit, the credit is equal to $100 multiplied by the number of qualifying children.

For more information, please visit:
https://www.tax.ny.gov.

TAX REFORM INSIGHTS

Stay Informed about the Latest Developments in National Tax Reform

  VIEW TAX REFORM INSIGHTS
 
 

Related News

Newsday quoted national Tax Leader Joseph Perry in an article about the windfall to New York’s U.S. Senators Chuck Schumer and Kirsten Gillibrand under the new tax law.


As Seen In

Newsday quoted national Tax Leader Joseph Perry in an article about the windfall to New York’s U.S. Senators Chuck Schumer and Kirsten Gillibrand under the new tax law.

New York's Democratic senators - who publicly release their returns each year - will likely owe thousands of dollars less tax for 2018 thanks to ....

CNBC spoke with national Tax Leader Joseph Perry about how to mine your 2017 tax return for savings opportunities in 2018.


As Seen In

CNBC spoke with national Tax Leader Joseph Perry about how to mine your 2017 tax return for savings opportunities in 2018.

This spring, don't just stuff your completed tax return into a drawer. Go through it for savings opportunities you can seize right now.

Farewell to the Offshore Voluntary Disclosure Program: The IRS Pulls the Plug


Tax Flash

Farewell to the Offshore Voluntary Disclosure Program: The IRS Pulls the Plug

In spite of its many iterations since 2009 and the 56,000 new taxpayers with their $11 billion added to Internal Revenue Service coffers, on September ....

Long Island Business News interviewed Tax Leader Joseph Perry for an article about the new tax treatment of stock options granted to executive employees earning more than $1 million.


As Seen In

Long Island Business News interviewed Tax Leader Joseph Perry for an article about the new tax treatment of stock options granted to executive employees earning more than $1 million.

While a corporate tax cut that brought the top rate down from 35 percent to 21 percent is widely seen as the centerpiece of the ....

Inc. magazine quoted Philadelphia Tax Leader Ed Reitmeyer in an article about errors in the new federal tax law that could cost taxpayers big money.


As Seen In

Inc. magazine quoted Philadelphia Tax Leader Ed Reitmeyer in an article about errors in the new federal tax law that could cost taxpayers big money.

Many entrepreneurs have celebrated President Trump's signature legislative achievement, the 2017 Tax Cuts and Jobs Act, for decreasing their annual tax bills.

The Tax Adviser published an article co-authored by Tax Director Don Zidik, about recent developments in individual taxation.


As Seen In

The Tax Adviser published an article co-authored by Tax Director Don Zidik, about recent developments in individual taxation.

This article is a semiannual review of recent developments in the area of individual federal taxation, including issues of deductible alimony, trade or business expenses, ....

FASB's Q&A Guidance on the Impact of Tax Reform on Financial Accounting


Tax Flash - Tax Return Compliance

FASB's Q&A Guidance on the Impact of Tax Reform on Financial Accounting

After the Tax Cuts and Jobs Act was passed, concerns were raised to the Financial Accounting Standards Board regarding implementation of certain provisions of the ....

New Tax Treatment of Alimony


Tax Return Compliance

New Tax Treatment of Alimony

Of the many changes for individual taxpayers wrought by the Tax Cuts and Jobs Act of 2017, one of the most sensitive is the new ....

The New York Times quoted national Tax Leader Joseph Perry in an article discussing the complexities and confusion created by the Tax Cuts & Jobs Act, and the likely battles yet to come in Congress.


As Seen In

The New York Times quoted national Tax Leader Joseph Perry in an article discussing the complexities and confusion created by the Tax Cuts & Jobs Act, and the likely battles yet to come in Congress.

Never mind that once in a generation tax bill that just passed last year. Congress is headed for years more of big fights over taxes, ....

The Impact of Tax Reform on Financial Accounting


Tax Flash - Tax Return Compliance

The Impact of Tax Reform on Financial Accounting

On December 22, 2017, the Tax Cuts and Jobs Act, was signed into law. The Act will have a significant impact on financial reporting issued ....

Commercial Building Energy Tax Incentive Extended for 2017


Tax Incentives

Commercial Building Energy Tax Incentive Extended for 2017

Early in the morning on February 9, 2018, to avert an impending government shutdown, Congress passed a large omnibus budget titled the Bipartisan Budget Act ....

Long Island Business News wrote about the advice Marcum panelists gave to businesses considering restructuring as C-corps, during the Firm’s recent tax reform seminar in Melville.


As Seen In

Long Island Business News wrote about the advice Marcum panelists gave to businesses considering restructuring as C-corps, during the Firm’s recent tax reform seminar in Melville.

Much of the Marcum seminar focused on the taxation differences between C‐corps and pass‐through entities, which include partnerships, S‐corporations, limited liability companies and sole proprietorships.

New IRS Directives Issued for Transfer Pricing Examinations


Tax Flash - International Taxation

New IRS Directives Issued for Transfer Pricing Examinations

On January 12, 2018, the Large Business and International Division of the Internal Revenue Service issued five directives which provide instructions on how IRS agents ....

Bipartisan Budget Act of 2018


Tax Flash - Tax Return Compliance

Bipartisan Budget Act of 2018

The Bipartisan Budget Act of 2018, enacted last Friday, February 9, contains a number of tax breaks for both individuals and businesses. These include the ....

The Hartford Business Journal quoted Connecticut Tax Partner-in-Charge Brett McGrath, in an article about the impacts of the Tax Cuts & Jobs Act of 2017.


As Seen In

The Hartford Business Journal quoted Connecticut Tax Partner-in-Charge Brett McGrath, in an article about the impacts of the Tax Cuts & Jobs Act of 2017.

More than 30 years after digesting the last major federal tax overhaul, Connecticut accountants and legal advisers working to interpret the latest changes to the ....

The Hartford Business Journal published a column by Tax Services Director Marla Esan about the impacts of the Tax Cuts & Jobs Bill for nonprofit organizations.


As Seen In

The Hartford Business Journal published a column by Tax Services Director Marla Esan about the impacts of the Tax Cuts & Jobs Bill for nonprofit organizations.

Like every sector, nonprofits won some and lost some in the Tax Cuts & Jobs Act. Here is a brief summary of the provisions impacting ....

CNBC quoted Tax Principal Michael D’Addio in an article about adjusting paycheck withholdings to comply with the new tax rates for individuals.


As Seen In

CNBC quoted Tax Principal Michael D’Addio in an article about adjusting paycheck withholdings to comply with the new tax rates for individuals.

In January, the Treasury Department released its income tax withholding tables, updated to reflect changes stemming from the Tax Cuts and Jobs Act. The new ....

Bloomberg News quoted Ed Reitmeyer, Philadelphia partner-in-charge of Tax Services, in an article about tax strategies for owners of pass-through businesses under the new tax law.


As Seen In

Bloomberg News quoted Ed Reitmeyer, Philadelphia partner-in-charge of Tax Services, in an article about tax strategies for owners of pass-through businesses under the new tax law.

If exploiting a tax loophole is as much an art as a science, then the tax planning profession is poised for a creative renaissance. The ....

Workandmoney.com interviewed Tax Partner Diane Giordano for an article about what the new tax law means for small businesses.


As Seen In

Workandmoney.com interviewed Tax Partner Diane Giordano for an article about what the new tax law means for small businesses.

The new tax law became both the beauty and the beast for companies of all sizes across the country when 2018 officially opened for business.

Fox Business spoke with Tax Principal Michael D’Addio about the need to adjust paycheck withholdings under the new tax law.


As Seen In

Fox Business spoke with Tax Principal Michael D’Addio about the need to adjust paycheck withholdings under the new tax law.

As employees begin to receive their updated paychecks based on the new tax code changes, many are seeing incorrect withholding amounts, which could lead to ....

Long Island Business News reported on the Marcum tax panel the publication’s editor is co-moderating with Melville Office Managing Partner Carolyn Mazzenga.


As Seen In

Long Island Business News reported on the Marcum tax panel the publication’s editor is co-moderating with Melville Office Managing Partner Carolyn Mazzenga.

Long Island Business News Editor Joe Dowd and Marcum Melville Office Managing Partner Carolyn Mazzenga are set to moderate a series of panel discussions tonight ....

Bloomberg’s Talking Tax podcast invited Tax Principal Michael D’Addio onto the show for a discussion about whether the new tax law will drive pass-through entities to convert to C-Corporation status.


As Seen In

Bloomberg’s Talking Tax podcast invited Tax Principal Michael D’Addio onto the show for a discussion about whether the new tax law will drive pass-through entities to convert to C-Corporation status.

The new tax law lowers the corporate tax rate to 21 percent—a change that some lawmakers have suggested could prompt pass-through entities to convert to ....

Long Island Business News quoted State & Local Tax Leader Paul Graney in an article about options New York State is considering to counter the regional tax impact of the federal Tax Cuts & Jobs Act.


As Seen In

Long Island Business News quoted State & Local Tax Leader Paul Graney in an article about options New York State is considering to counter the regional tax impact of the federal Tax Cuts & Jobs Act.

Facing new federal rules that limit state and local tax deductions, New York and California are considering options to give their residents a big federal ....

CFO.com published an article by Tax Leader Joseph Perry and Tax Principal Michael D’Addio, discussing the pros and cons of  C-corporation v. pass-through entity status under the new tax law.


As Seen In

CFO.com published an article by Tax Leader Joseph Perry and Tax Principal Michael D’Addio, discussing the pros and cons of C-corporation v. pass-through entity status under the new tax law.

A 21% income tax rate might sound appetizing to some pass‐through entities, but C‐corporation status doesn't suit every organization.

Associated Press quoted Tax Principal Michael D’Addio in an article about how small businesses are capitalizing on the new tax law.


As Seen In

Associated Press quoted Tax Principal Michael D’Addio in an article about how small businesses are capitalizing on the new tax law.

Although there are still many unknowns about the tax law that took effect Jan. 1, some small business owners have already figured out that they ....

U.S. Supreme Court Will Hear South Dakota's Sales Tax Case


Tax Flash - State & Local Taxation

U.S. Supreme Court Will Hear South Dakota's Sales Tax Case

On January 12, 2018, the United States Supreme Court decided that it will hear a South Dakota case (State of South Dakota v. Wayfair Inc., ....

The Alternative Minimum Tax for Individuals is Here to Stay


Tax Flash - Tax Return Compliance

The Alternative Minimum Tax for Individuals is Here to Stay

The Tax Cuts and Jobs Act of 2017 made numerous changes to individual taxation, including to the Alternative Minimum Tax.

What's Happening to My Itemized Deductions?


Tax Flash - Tax Return Compliance

What's Happening to My Itemized Deductions?

On December 22, 2017, President Donald Trump signed the Tax Cuts & Jobs Act into law, changing the entire U.S. tax landscape. A major component ....

2018 Tax Filing Season Begins January 29


Tax Flash - Tax Return Compliance

2018 Tax Filing Season Begins January 29

The Internal Revenue Service announced that the nation's 2017 tax season will begin Monday, January 29, 2018. This is to ensure the security and readiness ....

Due Dates for Business and Individual Income Taxes for the 2018 Tax Year


Tax Flash - Tax Return Compliance

Due Dates for Business and Individual Income Taxes for the 2018 Tax Year

As the filing season for the 2017 tax year begins, it is important to remember when the applicable returns must be filed.

IRS Issues Update to Standard Mileage Rates


Tax Flash

IRS Issues Update to Standard Mileage Rates

The Internal Revenue Service has issued the 2018 updates to the optional standard mileage rates for taxpayers to use in computing the deductible costs of ....

The Orange County Register quoted Partner Warren Hennagin in an article about the deductibility of home equity lines of credit under new IRS rules.


As Seen In

The Orange County Register quoted Partner Warren Hennagin in an article about the deductibility of home equity lines of credit under new IRS rules.

If you have an existing home equity line-of-credit or second mortgage, do you have to fold that into a new first mortgage for it to ....

New York Governor Issues Executive Order Authorizing Prepayment of Property Taxes


Tax Flash - The Tax Cuts and Jobs Act

New York Governor Issues Executive Order Authorizing Prepayment of Property Taxes

On December 22, 2017, New York State Governor Andrew Cuomo issued an emergency Executive Order authorizing local governments to issue warrants for the collection of ....

Fox Business invited Tax Leader Joseph Perry onto Closing Bell to discuss prepaying certain 2018 expenses before the end of 2017.


As Seen In

Fox Business invited Tax Leader Joseph Perry onto Closing Bell to discuss prepaying certain 2018 expenses before the end of 2017.

Fox Business invited Tax Leader Joseph Perry onto Closing Bell to discuss prepaying certain 2018 expenses before the end of 2017.

The Tax Cuts and Jobs Act is Now Law


Tax Flash - The Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act is Now Law

President Trump signed this legislation into law today. The act is the most significant tax legislation since the Tax Reform Act of 1986.

Inc. magazine interviewed Ed Reitmeyer, Philadelphia partner-in-charge of tax and business services, about the tax advantages of C corporations versus pass-through entities.


As Seen In

Inc. magazine interviewed Ed Reitmeyer, Philadelphia partner-in-charge of tax and business services, about the tax advantages of C corporations versus pass-through entities.

Edward Reitmeyer, a partner at the Philadelphia accounting firm Marcum LLP, typically prepares between 800 and 1,200 tax returns for small business clients each year.

The Cooperator spoke with Tax Partner Peter Buell about how tax reform will affect New York City condo and coop owners.


As Seen In

The Cooperator spoke with Tax Partner Peter Buell about how tax reform will affect New York City condo and coop owners.

President Trump signed into law a major $1.5 trillion tax plan that Congress had earlier passed, the first re-writing of our tax laws in over ....

The Tax Cuts and Jobs Act is Finally Here, No More Do Overs


Tax Flash - Tax Reform

The Tax Cuts and Jobs Act is Finally Here, No More Do Overs

This week, Republicans agreed on a final version of the tax reform bill and filed a conference agreement on December 15, 2017.

Associated Press spoke with Tax Leader Joseph Perry about the impact of the new tax bill on the accounting industry.


As Seen In

Associated Press spoke with Tax Leader Joseph Perry about the impact of the new tax bill on the accounting industry.

From New York to Kentucky to Florida, accountants and tax lawyers are scanning the 1,000 page measure, fielding a swirl of questions from clients and ....

The Los Angeles Times published a follow-up story in collaboration with Marcum, about how taxpayers in various circumstances would fare under tax reform.


As Seen In

The Los Angeles Times published a follow-up story in collaboration with Marcum, about how taxpayers in various circumstances would fare under tax reform.

Earlier this month, The Times reviewed tax returns submitted by a handful of readers to see how the House and Senate tax plans would have ....

Bloomberg Markets Radio had Tax Leader Joseph Perry on the show to discuss aspects of the new tax reform plan


As Seen In

Bloomberg Markets Radio had Tax Leader Joseph Perry on the show to discuss aspects of the new tax reform plan.

Bloomberg Markets Radio had Tax Leader Joseph Perry on the show to discuss aspects of the new tax reform plan.

Bloomberg BNA's Daily Tax Report quoted Tax Principal Michael D'Addio in an article about the prospects for wholesale conversions of pass-through entities to C corporate structure.


As Seen In

Bloomberg BNA's Daily Tax Report quoted Tax Principal Michael D'Addio in an article about the prospects for wholesale conversions of pass-through entities to C corporate structure.

Some lawmakers had predicted that the steep corporate tax cuts in the Republican tax bill could cause pass-through entities to convert to corporations to take ....

The Los Angeles Times interviewed Tax Partner Robert Spielman about 2017 tax strategies that can help in 2018.


As Seen In

The Los Angeles Times interviewed Tax Partner Robert Spielman about 2017 tax strategies that can help in 2018.

Congress was poised this week to pass the most sweeping overhaul of the federal tax code in three decades. The Republican legislation, which President Trump ....

Long Island Business News quoted Tax Partner Ed Reitmeyer in an article about how corporations will benefit from the tax reform bill.


As Seen In

Long Island Business News quoted Tax Partner Ed Reitmeyer in an article about how corporations will benefit from the tax reform bill.

While both the Republican House and Senate proposals would drastically alter the nation's tax regulations for individuals, changes to the code for business may prove ....

Some State and Local Tax Deduction Advice May No Longer Be Applicable


Tax Flash - State & Local Taxation

Some State and Local Tax Deduction Advice May No Longer Be Applicable

While we all anxiously awaited the finalizing of the proposed tax legislation, The Tax Cut and Jobs Act, many tax advisors were suggesting clients prepay ....

The New York Times quoted Ed Reitmeyer, partner-in-charge of the Philadelphia Tax Services Department, in an article about tax strategies for 2018.


As Seen In

The New York Times quoted Ed Reitmeyer, partner-in-charge of the Philadelphia Tax Services Department, in an article about tax strategies for 2018.

The Senate and the House closed in on a final version of the tax bill on Friday, as Republican leaders stay on track for final ....

WCBS-TV 2 interviewed Tax Partner Robert Spielman about pre-paying 2018 state and local taxes to offset the loss of these deductions expected next year.


As Seen In

WCBS-TV 2 interviewed Tax Partner Robert Spielman about pre-paying 2018 state and local taxes to offset the loss of these deductions expected next year.

WCBS-TV 2 interviewed Tax Partner Robert Spielman about pre-paying 2018 state and local taxes to offset the loss of these deductions expected next year.

Associated Press interviewed Ed Reitmeyer, Philadelphia partner-in-charge of tax services, about what small business owners should know about their tax bills.


As Seen In

Associated Press interviewed Ed Reitmeyer, Philadelphia partner-in-charge of tax services, about what small business owners should know about their tax bills.

Some small business owners may pay lower taxes under the Republican tax overhaul, but accountants and consultants will want to read the fine print carefully ....

Crain's New York Business asked Tax Leader Joseph Perry about how tax reform is impacting Marcum's business.


As Seen In

Crain's New York Business asked Tax Leader Joseph Perry about how tax reform is impacting Marcum's business.

With the hand-scribbled ink still wet on Washington's shifting legislative efforts, accounting executives such as Joseph Perry and his team at Marcum are fielding an ....

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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.


As Seen In

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

DOWNLOAD

Contacts

Select the region to view contacts.

Diane Giordano, Partner, Tax & Business

Partner
Tax & Business
Melville, NY
Jill Scher, Director, Tax & Business

Director
Tax & Business
Melville, NY
 
2017 YEAR-END TAX GUIDE

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

 
 
HAVE A QUESTION? ASK MARCUM
 
STAY IN TOUCH.

SIGN UP TODAY FOR MARCUM'S NEWSLETTERS.

ABOUT MARCUM LLP

Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major business markets throughout the U.S., as well as Grand Cayman, China and Ireland.

Learn More

CONNECT WITH US
OFFICES

Headquarters
750 3rd Avenue, 11th Floor
New York, NY 10017

Find an Office

(855) MARCUM1
info@marcumllp.com

FOUNDATION

Marcum Foundation

AFFILIATIONS

Leading Edge Alliance

Privacy Policy

This website uses cookies to learn how visitors interact with our website so that we can improve our services and your online experience. By using this website, you agree to our privacy policy.