News & Insights: mark r. baran
IRS Releases 199A Passthrough Deduction Guidance
By Mark R. Baran | August 13, 2018
The much-anticipated guidance from the IRS regarding implementation of the so-called 20% passthrough deduction under new Internal Revenue Code Section 199A (199A) has been released.
What the New Tax Reform Means for You and Your Firm: Four Experts Weigh In
By Mark R. Baran | January 30, 2018
Mark Baran, Principal in our Tax Group, participated in a Crain's roundtable discussion entitled, "What the New Tax Reform Means for You and Your Firm: Four Experts Weigh In."
How Will the New Tax Legislation Affect Your Business: A Guest Spot Perspective
By Richard Stern | Mark R. Baran | January 24, 2018
In this installment of The Guest Spot, Richard Stern and Mark Baran of Marks Paneth LLP discuss the tax overhaul passed by congress and signed into law by President Donald Trump in late 2017 and the implications of thenew legislation on your commercial production business.
Trump Signs Tax Reform Bill Into Law
By Mark R. Baran | December 22, 2017
After an impressive display of speed and discipline, both chambers of Congress passed the final reconciled version of the Tax Cuts and Jobs Act (H.R. 1) and it was signed into law by President Trump this week.
Tax Reform: Closing in on the Finish Line
By Mark R. Baran | December 11, 2017
A conference committee consisting of both House and Senate negotiators will begin work this week to reconcile differences between their respective tax measures. Among the many provisions that differ between the two plans, we have outlined the ones we feel will have the broadest impact on all of our clients and industry groups.
House and Senate Tax Reform Bills: Where are we now?
By Mark R. Baran | November 13, 2017
The House and Senate released their respective versions of the Tax Cuts and Jobs Act this November. The Marks Paneth tax team provides a detailed analysis of both tax reform bills and how their provisions would affect individual taxpayers and businesses.
GOP's Proposed Tax Plan Changes the Rules for Businesses and Individuals
By Mark R. Baran | October 2, 2017
After months of speculation, President Trump and Republican congressional leaders have released an outline of their tax reform plan. “Unified Framework for Fixing Our Broken Tax Code” is intended to serve as a template for congressional committees to draft legislation aimed at cutting tax rates, simplifying the tax code and providing a more competitive environment for businesses. The framework addresses tax issues that affect both businesses and individuals.
Border-Adjustment Tax Eliminated from Tax Reform Plan
By Mark R. Baran | August 14, 2017
While much of the Trump administration’s tax reform plan remains uncertain, we now know one thing for sure: it will not include a border-adjustment tax.
Tax Alert: Deadline Extended for ACA Information Reporting to Employees
By Mark R. Baran | December 16, 2016
The IRS has again extended the deadline for employers who are subject to the Affordable Care Act’s (ACA’s) information reporting requirements to meet their obligations to employees. Last year the IRS extended the 2016 deadlines for reporting 2015 information, which gave employers an additional two months to provide Form 1095-B, “Health Coverage” and Form 1095-C, “Employer-Provided Health Insurance Offer and Coverage” to their employees.
Tax Alert: IRS Issues Its 2017 Cost-of-Living Adjustments
By Mark R. Baran | December 14, 2016
The IRS recently issued its 2017 cost-of-living adjustments. Mark Baran, Principal in the Tax Practice, explains the adjustments that have been made so that you can take them into account as you implement your 2016 year-end tax planning strategies.
Tax Alert: Implementing Last Minute 2016 Tax Saving Tips
By Mark R. Baran | December 14, 2016
Mark Baran, Principal in the Tax Practice, lays out six simple steps that you should take into consideration to reduce your 2016 tax liability. Act fast, because you only have until December 31st, 2016.
Tax Alert: DOL’s final overtime rule brings sweeping changes
By Mark R. Baran | June 14, 2016
The DOL has released a final rule that makes dramatic changes to the rules for determining overtime for certain executive, administrative and professional employees under the Fair Labor Standards Act (FLSA). The final rule will make it more difficult for employers to classify employees as exempt from overtime requirements. This article details the changes under the new rule and provides compliance options.
Partnership Audit Rules Revised
By Mark R. Baran | June 10, 2016
The Bipartisan Budget Act of 2015 includes sweeping changes to the rules for auditing partnerships. As a result of this legislation, audits of master limited partnerships, investment funds and other business entities organized as partnerships are likely to increase. In fact, recent IRS examination data reflects an increase in partnership audits and a shift in resources devoted to them. More importantly, given the impact of the new audit rules, many partnership agreements will need to be amended.
The impact of the new partnership audit regime will be significant for a majority of partnerships in areas ranging from tax and operations to legal issues and economic consequences.
Tax Alert: IRS offers guidance to employers who plan to claim the WOTC
By Mark R. Baran | April 8, 2016
The IRS has recently granted “transitional relief” to eligible employers who are planning to claim the Work Opportunity Tax Credit (WOTC). The relief outlined in IRS Notice 2016-22 comes in the form of an extended deadline — until June 29, 2016 — to file a form necessary to claim the credit for certain eligible workers. This article explains the WOTC and describes this recent transitional guidance.
2016 Tax Calendar
By Mark R. Baran | March 7, 2016
This summary is a friendly reminder of various tax due dates for both individual and business taxpayers.
Tax Alert: IRS issues deadline extensions for ACA information reporting
By Mark R. Baran | February 17, 2016
In an effort to help employers who are subject to the Affordable Care Act's (ACA’s) information reporting requirements meet those obligations, the IRS has extended two important deadlines. Employers now have an additional two months to provide employees the necessary forms and three months to report the information to the IRS. This article explains the ACA’s information reporting requirements and details the penalties for noncompliance.
Tax Alert: Budget act eliminates strategies for maximizing Social Security payout
By Mark R. Baran | February 3, 2016
The Bipartisan Budget Act of 2015 contains provisions that may significantly affect retirement planning for many Americans. It eliminates two strategies that many married couples have used to maximize Social Security retirement benefits. This article explains how the two strategies worked under previous law and describes how the budget act has changed them.
Form 1099 Information Returns
By Mark R. Baran | February 2, 2016
Business tax returns and accompanying schedules specifically ask whether you made payments in 2015 that would require you to file Forms 1099, and if you already filed or will file required Forms 1099. In general, any payment made “in the course of business” for services, rent, interest and non-employee compensation may be subject to 1099 reporting. This article addresses the latest IRS requirements and provides guidance on Form 1099 compliance.
Tax Alert: Partnership audit rules revised under 2015 budget act
By Mark R. Baran | January 25, 2016
The Bipartisan Budget Act of 2015, signed into law on November 2, 2015, raises the federal debt ceiling and lifts mandatory spending caps on defense and domestic programs. The law also makes sweeping changes to the rules for auditing partnerships. The end result of the revised rules is that audits of master limited partnerships, investment funds and other business entities organized as partnerships are likely to increase. More importantly, given the significant operational impact of the new audit rules, many partnership agreements will need to be reviewed and amended. The new rules are generally effective for partnership tax years beginning after December 31, 2017 but partnerships may elect to be governed by the new audit rules for any tax year on or after November 2, 2015.
Employee or Independent Contractor? Worker Misclassification Investigations are Growing
By Mark R. Baran | August 7, 2015
There has been a sharp increase in worker classification cases and investigations by the Department of Labor and the Internal Revenue Service (IRS). The DOL’s Wage and Hour Division (WHD) is leading the Fair Labor Standards Act (FLSA) enforcement effort and has been working with the IRS and many states to “combat employee misclassification and to ensure that workers get wages, benefits, and protections to which they are entitled.”
While the majority of classifications of workers are not challenged by the IRS, that may soon change as a result of the increased investigations and information sharing among the various federal and state agencies. The best protection for employers is to be proactive, and review and test employment arrangements. It is not enough to explicitly describe a worker as an independent contractor in an agreement or rely on a set number of factors to make the worker an employee or independent contractor. Businesses must weigh all of factors and evaluate each arrangement.
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