areas of expertise
Jeffrey Marks is Chair of the Tax Group, and a member of the Corporate & Finance, Estate Planning, and Charitable Organizations Groups. He has decades of experience advising public corporations, closely held businesses, and individuals in a variety of industries, including financial services, media, live entertainment, and apparel.
Mr. Marks has special expertise in sophisticated tax planning and transactional matters, structuring and negotiating a broad range of organic business transactions, including mergers, acquisitions, dispositions and other divestitures such as spin-offs and like-kind exchanges, and advising clients on business formation issues, internal restructurings, joint ventures, investment partnerships and financing transactions, including credit facility arrangements, public and private equity and debt offerings, and equity and debt tender and exchange offers.
Mr. Marks also regularly represents businesses and individuals in federal, state, and local tax controversies; counsels businesses on day-to-day organizational and operational issues, including corporate governance matters, contractual arrangements, executive compensation issues, sensitive employee matters and similar issues; advises charitable organizations on tax and other legal issues relating to their formation and operation; and represents high net-worth individuals on personal income and estate and gift tax planning matters, charitable contributions, and other matters.
Mr. Marks is a member of the American Bar Association Tax Section and the New York State Bar Association Tax Section, and serves on the latter's Committee on Tax-Exempt Entities.
Prior to joining Frankfurt Kurnit, Mr. Marks was a partner at Fulbright & Jaworski LLP and its predecessor firm in New York, Reavis & McGrath. He is admitted to practice in New York and in the United States Tax Court.
New York University School of Law (LL.M. ,Taxation, 1989; JD, 1982)
Columbia University (BA, 1979)
Upcoming Speaking Engagements
Past Speaking Engagements
New IRC §199A – 20% Pass-Through Business Deduction
Jeffrey Marks presents a webinar "the New IRC §199A – 20% Pass-Through Business Deduction" for the Society of Digital Agencies members.
November 7 2018
Navigating the Key Business Provisions of The Tax Cuts and Jobs Act of 2017
Jeffrey Marks co-presents "Navigating the Key Business Provisions of The Tax Cuts and Jobs Act of 2017" with Richard Levychin of KBL and Joseph Romano of Romano & Associates for members of the Entrepreneurs of New York organization.
October 16 2018
Just Passing Through: The New IRC Sec. 199A Pass-Through Business Deduction
Jeffrey Marks presents Just Passing Through: The New IRC Sec. 199A Pass-Through Business Deduction, for members of Entrepreneurs of New York.
July 11 2018
The SoDA Academy
April 9 2018
news & press
Gift Cards in Advertising Promotions and New York Sales Tax
Does the value of a gift card offered as part of an advertising promotion reduce the taxable receipts from a sale for New York sales tax purposes? It is an important question for advertisers. Under-collection of sales tax can leave you liable for the underpayment, while over-collection can serve as the basis for a class action.
IRS Final Regulations Clarify Charitable Contribution Substantiation Requirements
Tax deductions for charitable contributions require the satisfaction of certain substantiation requirements.
Claiming the New 20% Pass-Thru Business Deduction—IRS Proposed Regulations Provide Guidance on Meaning of “Specified Service Business”
Background. On August 8, 2018, the IRS issued proposed (not final, but taxpayers can rely on them currently) regulations (the "Regulations") intepreting the 2017 Tax Cuts & Jobs Act's new rule under which an individual taxpayer may deduct up to 20% of his income from a domestic business operated as a sole proprietorship or through a partnership (including an LLC taxed as a partnership) or S corporation (a "pass-thru business"). With this 20% deduction, the effective federal marginal tax rate on an individual taxpayer's qualified business income (assuming he is otherwise subject to the maximum 37% tax rate) is 29.6%. The deduction is available through 2025.
Section 181 Revived
The new tax law, commonly referred to as the Tax Cuts and Jobs Act (the "Act"), contains some good news for producers of motion pictures, television programs and live theatrical shows (each a "Production") and their investors.
Tax Cuts and Jobs Act of 2017
As you probably are well-aware by now, the U.S. Congress recently passed H.R. 1 (commonly referred to as the Tax Cuts and Jobs Act of 2017) (the "Act"), and the President signed the Act on December 22, 2017. The Act embodies the most significant and sweeping changes in U.S. tax law since 1986.
Recent NYS Sales Tax Law Change Affects Art Sales Between Related Entities
On August 14, 2017, the New York State Department of Taxation & Finance issued a Technical Memorandum, TSB-M-17(4)S, which will be of interest to many New York-area art dealers and collectors.
Video Game Association Challenges Chicago’s Online Streaming Services Tax
One of the nation's most prominent video game associations has decided to challenge Chicago's controversial "Cloud Tax."
Appraisal Relied on by Estate Undervalued Paintings by $1.77 Million
Recently, in Estate of Kollsman v. Commissioner the U.S. Tax Court held that an art collector's estate significantly underreported the value of two artworks for estate tax purposes. The problem: the estate relied on appraisals by an auction house specialist who had an incentive to "lowball" the appraisals to win the right to later auction the works. In addition to this conflict of interest, the court found that the values reported by the estate were unpersuasive because the auction house specialist exaggerated the dirtiness of the paintings and failed to adjust his appraisals after one of the works sold at auction for approximately five times more than the reported value. Here's what you need to know about the case.
Film Tax Credits: New York Appeals Court Rejects Portion of Filmmaker’s Expenses
The New York film production tax credit is often a crucial piece of the financing for a film. But the rules governing qualification of expenses are strict.
Congress Extends IRC Section 181 for Films; Expands it to Cover Live Theatrical Productions
A new law, signed by the President on December 18, extends Section 181 of the Internal Revenue Code for film and television and expands it to cover live stage productions.
Are Art Purchases by Out-of-State Residents Subject to New York Sales Tax?
New York State's tax authorities have been investigating whether New York-area art galleries are properly collecting and remitting New York sales tax on sales of artworks, and a recent New York State Department of Taxation and Finance ("Department") Tax Bulletin has shed some light on several Department positions with regard to sales of property to out-of-state residents, one of which is important to gallerists, collectors and other art industry professionals.
Video Games and New York Sales Tax
On June 3, 2015, the New York State Department of Taxation and Finance (NYSDTF) issued an advisory opinion that will have a big impact on New York-based interactive entertainment companies.
Half a Loaf of Sec. 181: What Congress’s “Extension” of Expiring Tax Provisions Really Means
In a "generous" holiday gift-giving mood, Congress just passed, and the President is expected to sign, a bill that extends Section 181 of the Internal Revenue Code.
Increased Exemptions Provide Estate Planning Opportunities
The current Federal estate, gift and generation-skipping transfer (GST) tax exemption amounts are projected to increase in 2015.
IRS Eases Rules for Participation in Taxpayer Amnesty Program
Taxpayers with undisclosed offshore financial assets or income may be interested to learn of changes to the IRS's Offshore Voluntary Disclosure Program - an initiative designed to encourage people to bring offshore assets into the U.S. tax system.
IRS Will Treat Virtual Currencies as “Property”
In Notice 2014-21 issued on March 25, 2014, the IRS announced that it will treat virtual currencies (such as Bitcoin) as "property" for U.S. federal tax purposes.
NY Sales and Use Tax Application to Advertising Businesses
In a recently-issued Tax Bulletin, the New York State Department of Taxation and Finance explained that the application of New York's Sales and Use Tax to sales and purchases by advertising businesses.The bulletin defines advertising services as "consultation and development of advertising campaigns and placement of advertisements with the media."
START-UP NY Program Offers Tax Incentives for Eligible Businesses
Described by New York Governor Andrew Cuomo as "one of the most ambitious economic development programs our state has seen in decades," the recently adopted START-UP NY program, which took effect January 1, 2014, offers eligible businesses and their employees an opportunity to enjoy substantial tax benefits.
Increased Exemptions Provide Estate Planning Opportunities
The current Federal estate, gift and generation-skipping transfer tax exemption amounts are projected to increase in 2014. Here are he projected adjustment, compared to 2012 and 2013.