2023 Marcum Year-End Tax Guide

LETTER FROM OUR TAX LEADER

We are committed to growing alongside our clients, and with that in mind, we have expanded our services and solutions. We have launched a new Energy Practice that enables individuals and businesses to tap into available credits. We now offer a comprehensive Managed Tax Service that includes ASC 740, complete tax division outsourcing, and extensive tax department support. Moreover, under the leadership of JoAnna Fellon, we’re delighted to reintroduce our bespoke Private Client Service offerings. Addressing the economic landscape: while last year’s forecast hinted at a looming recession, we remain in a period of stability. Higher interest rates than we’ve seen in recent decades present both challenges and opportunities. This environment calls for a sharper focus on investment strategies to minimize risks while optimizing tax efficiency. Similarly, innovative tax strategies, like QPRTs and SLATs (call us if you do not know what they are), emerge as intriguing avenues to explore. However, the landscape isn’t without pitfalls. Ensuring timely tax payments and effectively managing overpayments can lead to maximizing the return on your cash. Also, you may need to optimize your interest expense, especially when experiencing decreasing profits, which may impose limits on the business interest deduction. These are just some of the potential landmines we can help you sidestep. We hope our guide sparks ideas and catalyzes conversations as the year draws to a close. Know that your Marcum team stands ready and eager to help you surpass your goals. Because in your success, we find our own – delivering unparalleled service tailored just for YOU.

Reflecting on my years with Marcum and how long we have issued this tax guide, I’m struck by how time has flown. Without revealing too much, know I penned my first article for this annual tax guide well before the birth of my six grandchildren. Like many of you, family is my cornerstone. I know that effectively managing the complexities of wealth transition, estate tax planning, or shepherding a family business from one generation to the next is paramount. Navigating such terrain requires more than technical expertise; it demands a depth of experience, strategic thinking, and the ability to anticipate and adapt. At Marcum, our team thrives on guiding our clients with personal and professional insights, always keeping your goals at the forefront. Our mission is clear: to consistently exceed our clients’ expectations. This may seem like a lofty ambition. Yet, our team’s unwavering enthusiasm, experience, and deep-seated core values drive us in relentless pursuit of this very goal. To that end, we sought feedback from you – our valued clients. The overwhelmingly positive responses, coupled with constructive insights, have reinforced our commitment to client service and continuous improvement. As part of our mission, we made progress on several fronts as a tax team. We focused on technical and soft skills training for our associates and partners. We are creating more tools for you to interact with our teams, enhancing our ability to communicate complex tax strategies. I hope you take advantage of the many webinars, Tax Flashes, newsletters, and more designed to keep you well-informed. As we continue to grow, we’re constantly adding new opportunities to help you stay ahead of the curve.

Joseph J. Perry, National Tax and Business Services Leader on behalf of the entire Marcum Tax team

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