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Marcum LLP is a national accounting and advisory services firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals. Since 1951, clients have chosen Marcum for our deep expertise and insightful guidance in helping them forge pathways to success, whatever challenges they’re facing.

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News for Travelers Mixing Personal with Business Travel

(Just Now) Individuals who are required to travel for work may be able to qualify for travel savings by piggybacking a vacation onto a business trip. These savings may include vacation airfare if the trip is scheduled properly. If the original trip is planned out for the employer’s and client’s needs, a sound designed reimbursement plan for […]

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Vacation Season Thoughts of the Week by Jeffrey Weiner

(2 days ago) With the travel, tourism and hospitality industries just starting to reopen, many hotels and resorts are offering incentive packages, but most people aren’t ready to travel on a plane just yet. Hotels are going to have to work very hard to make sure guests feel safe. No doubt 600-thread-count sheets are going to be less of a priority for many

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Coronavirus Update: Local Governments and Agencies

(4 days ago) Passenger travel will start to increase as restrictions are lifted. However, we expect that it will be an extended period before leisure or business travel return to pre-pandemic levels. That will continue to impact revenues from parking garages and fees often realized for cities/counties where airports and seaports exist.

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Where Is Your Home

(3 days ago) The deductions include travel, meals and lodging in the pursuit of trade or business while away from home. No deductions are allowed for personal, living, or family expenses. In order for the travel, meals and lodging expenses to be allowed as a tax deductible, three conditions must be satisfied: The expenses are ordinary and necessary,

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No More Parking Expense Deduction

(8 days ago) Transportation in a commuter highway vehicle if such transportation is in connection with travel between the employee’s residence and place of employment; Any transit pass; Qualifying parking; and

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Unreimbursed Business Expenses Marcum LLP …

(5 days ago) travel, transportation, meals & entertainment, gifts and ; lodging related to work. Partners A partner cannot deduct expenses incurred on behalf of the partnership if the partnership would have reimbursed the partner for those expenses. The IRS has ruled that if, under the partnership agreement or practice, a partner must pay certain

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Maximizing Charitable Contributions Marcum LLP

(Just Now) Away-from-home travel expenses, including roundtrip travel, taxi, and transportation between airports, hotels, and events, provided, of course, that the trip is primarily undertaken for charity business and not personal pleasure. Entertainment costs for others on behalf of the charity.

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Tunnel Vision Thoughts of the Week by Jeffrey Weiner

(Just Now) I came back to New York from a business trip Sunday night. I landed at JFK Airport in Queens and headed by car into NYC to go home. Recently, the MTA, which runs the Queens-Midtown Tunnel, converted over to the cashless toll system that is found in many places across the country. What I didn't expect to see as I entered the tunnel was that the toll plaza, a fixture entering Manhattan for my

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New York State Taxation of Non-Resident Individuals and

(9 days ago) That person may travel for business, work at a location out of state, etc. However, on audit the burden is on the taxpayer to prove his whereabouts on all his workdays the entire year. If the non-New York workdays cannot be proven to the satisfaction of the auditor the taxpayer may be liable for additional tax, interest, and possibly penalties.

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Your Summer Disney "Business" Trip: What Can You Deduct

(7 days ago) Travel expenses of another individual are generally non-deductible, unless the spouse or dependent is an employee of the taxpayer, they have a bona fide business purpose in travelling, and their expenses would otherwise be deductible.

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Home on the Horizon Thoughts of the Week by Jeffrey

(6 days ago) Home on the Horizon. January is typically my busiest travel month of the year, and this year is no exception. As I wrote this yesterday, I was on my 13th flight of the month, with four more to come before month’s end. Can’t wait to get my January frequent flier statements. Most of it was business, but I must confess there was some get away

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Thinking of Mixing Business and Pleasure

(5 days ago) Travel expenses, such as transportation, lodging, and meals, are some of the most common tax deductions for businesses. For this reason, they are closely scrutinized by the Internal Revenue Service (IRS) when auditing business books and records. Therefore, taxpayers should carefully document travel expenses, particularly when mixing personal and business travel. Travel expenses …

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Impact of the Coronavirus (COVID-19) Pandemic on Financial

(3 days ago) Although the magnitude of the impact of the Novel Coronavirus (COVID-19) outbreak on our business and operations remains uncertain, the continued spread of the Novel Coronavirus (COVID-19) or the occurrence of other epidemics and the imposition of related public health measures and travel and business restrictions will adversely impact our

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Where Are You Recording Expenses for Your Company Party

(7 days ago) Whether your business is planning a summer employee picnic or the annual holiday party, you are likely to incur significant costs to cover everything from meals and entertainment.

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Snow Getting Around It Thoughts of the Week by Jeffrey

(9 days ago) My conference ends at noon today (Friday), and I have a 3pm flight back home. Most if not all of the flights in and out of the NY area were canceled Thursday, so let’s hope the air travel system is back to normal this afternoon. Happy New Year, everybody!

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Independent Contractor: Self-Employed or Employee Marcum

(3 days ago) As worker status issues have become more complex, employers must evaluate carefully whether an employee or independent contractor relationship is present. The IRS has identified 20 factors that can be used to determine whether an individual is an independent contractor or effectively an employee. The determination of independent contractor versus employee status is based on […]

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Marketing Strategy During COVID-19 │ Marcum Strategic

(8 days ago) Allowing customers to place and modify orders online, subscribe to recurring product orders or even build a custom quote may ease some of the burden on your sales team. When regular travel resumes, it will give them more time to meet with prospects and grow your pipeline. 6. Improve Processes. Embrace Marketing Automation

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Wireless & Mobility Solutions Marcum LLP Accountants

(2 days ago) What better way to vacation than to travel by boat or yacht. Marina WiFi is an excellent service that will attract more boaters to your marina and is also a great way to upgrade your business technology and security. Your customers demand fast and reliable internet no matter where they travel.

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Safety First Thoughts of the Week by Jeffrey Weiner

(9 days ago) We’re also strongly discouraging any business travel outside of the U.S. until after April 30. I’ve canceled my own April trips to London and Dublin. And as of this writing, the NBA and NHL have suspended their current seasons indefinitely, Broadway is going dark for the foreseeable future, the government is stopping air flights from much

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What You Should Know About Sales and Use Tax Exemption

(2 days ago) As a State and Local Tax (“SALT”) professional, I assist clients in meeting their multi-state sales and use tax compliance obligations. That of course extends to representation when their filings (or non-filing status) comes under audit. Some of the most frequently asked questions from clients concerns securing exemption certificates from qualifying customers. Each business owner […]

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An Update on the Home Office Deductions Marcum LLP

(4 days ago) In the case of overnight travel one looks to the primary purpose of the travel to determine the nature of the deduction. If the facts and circumstances indicate that the primary purpose of the travel is business then the travel expense is deductible as a business expense even if …

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COVID-19 and Impairment of Intangible Assets Marcum LLP

(9 days ago) We are all aware of the stay-at-home orders and travel restrictions, as well as the general economic impacts of the pandemic. The key to answering the question about impairment and preparing a supportable qualitative analysis is for a company to have a strong understanding of its intangible assets.

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What I Did On My Summer Vacation Thoughts of the Week by

(4 days ago) For those of us who live in the Northeast and endured what was probably one of the coldest and snowiest winters in recent history, the weather gods paid us back in spades with one of the best summers we’ve had in a long time. I hope you all enjoyed it as much as my family […]

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Job Openings Marcum LLP Accountants and Advisors

(6 days ago) Business and personal travel information Inferences drawn from the PI in the categories above. This category includes engaging in human capital analytics, including but not limited to, identifying certain correlations between individual characteristics and job success, analyzing data to improve retention, and analyzing employee preferences to

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"I'll Charge It!"

(6 days ago) Establish a comprehensive travel and entertainment policy (in conjunction with your credit card policy). Require that all credit card statements and documentation be reviewed by internal accounting personnel. You can even utilize the resources of an outsourced internal auditor.

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Residency Issues for International Entertainers and

(5 days ago) In today’s global economy, athletes and entertainers perform personal services as they travel from country to country. The issue of residence is an important factor in determining the individual’s reportable income for United States tax purposes. If the individual is deemed to be a resident alien for income tax purposes, then the taxpayer would be […]

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Careers Marcum LLP Accountants and Advisors

(3 days ago) Careers. Marcum LLP offers a great career with exceptional benefits. There’s a lot to think about when it comes to launching your accounting career. At Marcum, we offer you a world of opportunity, a highly competitive salary, exceptional benefits, flexible work options, and industry-leading technology, all within an environment that values

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Marcum Benefits Marketplace, Featured in Accounting Today

(5 days ago) Marcum Financial Services, an affiliate of Top 100 Firm Marcum LLP has launched a resource for health insurance delivery for groups and individuals.The Marcum Benefits Marketplace is designed to facilitate the selection, enrollment and administration of health insurance as well as other benefits for small and middle-market businesses. Geared for employers with 1,000 or fewer …

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Coronavirus Update: Food & Beverage Industry Marcum LLP

(6 days ago) Food service contractor demand is being heavily impacted as schools and universities close, sporting and industry events are cancelled, cruise ship travel is stopped, dine-in restaurants shutter, and international airline travel faces bans.

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Charitable Deduction vs. Business Expense Marcum LLP

(5 days ago) Charitable deductions are limited to 50% (30% in some cases) of the taxpayer’s Adjusted Gross Income. They can also be phased out as an itemized deduction on Schedule A due to the amount of the taxpayer’s income. In contrast, an ordinary business expense will reduce a taxpayer’s income dollar-for-dollar. The IRS has also ruled that a

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The Crossroads of Business Valuation and Forensic

(5 days ago) Personal expenses such as travel and vacations recorded on the company’s books; While these adjustments may appear obvious, they are often not easy to find.This is where forensic accounting techniques come into play. Using specialized skills that may include auditing, finance, accounting, research and investigative and interviewing techniques

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Deductible Out of Pocket Expenses of Charitable Volunteers

(3 days ago) Because charitable travel expenses are non business related, they are not subject to the 50% limit on entertainment and meals. Volunteers can deduct the cost and upkeep of uniforms that are not suitable for everyday use that are required to be worn while performing donated services.

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The Secrets to Excellent Audit Documentation Marcum LLP

(2 days ago) But if the purpose of the document is not obvious, write what the document is used for. For example, if it is a computer screen shot, an explanation (“This document is a screen shot showing the approver’s electronic signature for Mark Peterson’s travel expenses.”) may be necessary.

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Final Version of AICPA's Valuation of Portfolio Company

(9 days ago) Transaction Costs – Transaction costs are defined as “the costs to sell an asset or transfer a liability in the principal (or most advantageous) market for the asset or liability that are directly attributable to the disposal of the asset or transfer of the liability” (i.e., due diligence fees, legal fees, travel costs, etc.). The

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Article by David Glusman, Advisory Services Partner, "What

(3 days ago) That normalization adjustment would add back $750,000 plus related compensation-based payroll taxes and benefits in arriving at normalized EBITDA. Likewise, if he spends $100,000 a year on travel and entertainment that would not be replicated by a potential buyer, that difference also would be added back.

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Forensic Experts Weigh In On Litigation Costs Marcum LLP

(Just Now) Mukamal: The key financial aspects of litigation obviously include legal fees and ancillary costs, such as travel, court reporters and expert witness fees; however, parties often overlook third-party legal fees or the cost of potentially bad publicity or embarrassment as issues are uncovered during litigation. Unlike car repairs, for example

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Senate Passes Massive Coronavirus Stimulus Bill Marcum

(2 days ago) An eligible employer is one who (a) was carrying on a trade or business during calendar year 2020; (b) with respect to any calendar quarter for which (i) operations are fully or partially suspended due to orders from an appropriate government authority limiting commerce, travel, or group meeting due to COVID-19 or (ii) in which (beginning in

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Tax Debt Can Lead to Passport Revocation Marcum LLP

(5 days ago) In case taxpayers didn't already have enough reasons to keep current with their tax obligations, the Fixing America's Surface Transportation Act (FAST Act), signed into law in December, has added one more.

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Marcum Benefits Marketplace, Featured in CPA Practice

(1 days ago) Businesses, groups and individuals looking for health insurance and information now have a new resource, courtesy of the accounting firm Marcum LLP. The firm's affiliate, Marcum Financial Services, which is also a member of the Marcum Group of companies, has launched the Marcum Benefits Marketplace, a one-stop resource for health insurance delivery for groups and individuals.

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Edward Hackert Marcum LLP Accountants and Advisors

(7 days ago) About Edward. Edward Hackert is a Partner in the Firm’s Assurance Services division. He has more than 25 years experience working with public and private companies in the areas of accounting, auditing, advisory services, corporate taxation, mergers and acquisitions, capital financing transactions and business restructuring.

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Ronald Friedman, Co-Leader, Retail/Consumer Products

(Just Now) The U.S. dollar is sailing at a 12-year high. A strong greenback means that if you travel overseas, hotels and restaurant dinners are cheaper. It also means raw materials produced overseas, such as fabric, zippers and buttons, have suddenly gone on sale.

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Kevin Cole, Assurance Services Partner, Quoted in Hartford

(8 days ago) The recent rise in the value of the U.S. dollar is a nice thing for those who travel abroad, but Connecticut exporters have been taking it on the chin. Major manufacturers like United Technologies, Stanley Black & Decker, Barnes Group and Amphenol said weaker foreign currencies dragged down their collective sales by more than half a billion

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Bribes and Kickbacks: Things that People Do Marcum LLP

(7 days ago) Gave Navy officials millions of dollars in gifts and expenses, including over $500,000 in cash; hundreds of thousands of dollars in prostitution services; travel expenses, including first class airfare, luxurious hotel stays and spa treatments; lavish meals, including Kobe beef, Spanish suckling pigs, top-shelf alcohol and wine; and luxury

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SBA Disaster Loan Program to Aid Small Businesses

(5 days ago) Eligible industries include, but are not limited to, hotels, recreational facilities, manufacturers, sports vendors, owners of rental property, restaurants, retailers, travel agencies and wholesalers. Conversely, casinos and other gambling businesses, agriculture enterprises, religious and charitable organizations are ineligible. Loan Parameters

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Understanding the Value of Owner Representation Marcum

(5 days ago) November 7, 2016. Understanding the Value of Owner Representation. Advisory. When your business faces the daunting task of strategic planning for its future physical facility needs, you can travel that road alone—or, you can enlist the services of outside professionals. Creating a strategic plan to expand, consolidate, relocate, acquire or

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Middle-Market CEOs: Still Optimistic but Confidence in

(9 days ago) Travel and Leisure; Wholesale/Distribution; Other; About the Frank G. Zarb School of Business at Hofstra University. Hofstra University’s Frank G. Zarb School of Business prepares students to become tomorrow’s global leaders. Located just 25 miles from New York City, Zarb students have access to internships and networking opportunities

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Ohio makes it easier to qualify as non-resident for income

(6 days ago) If you are away from Florida and travel to Ohio and spend a portion of two consecutive days in Ohio (a portion of Monday and Tuesday) this activity would be considered one “contact period”. But if you were to spend two days in Ohio and they were not consecutive days (if it was a portion of Monday and Wednesday but not Tuesday) this activity

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