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. He is listed as a 2019 Super Lawyer by Super Lawyers magazine.
Mr. Marks has decades of experience in sophisticated tax planning and transactional matters, having structured and negotiated a broad range of business transactions, including mergers, acquisitions, sales, exchanges and spin-offs, and advising clients on business formation issues, internal restructurings, joint ventures, investments and financings.
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.
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. He is admitted to practice in New York.
awards & recognition
2019 Super Lawyer by Super Lawyers magazine
New York University School of Law (LL.M. ,Taxation, 1989; JD, 1982)
Columbia University (BA, 1979)
Upcoming Speaking Engagements
Two Places at Once: Employment and Tax Law Issues Raised by Remote Workers
Whether by stay-at-home order or by choice, remote work has become a lifeline for many employees and employers. But remote offices can raise difficult questions with huge financial consequences. When the “real” office is in one state and the remote work in another, which state’s employment laws apply? Which states tax laws apply? The answers affect business owners, managers and executives in all industries. Read more.
October 7 2020
Past Speaking Engagements
State Employment Laws and Tax Requirements Relating to Remote Workers
Tricia Legittino and Jeffrey Marks present "State Employment Laws and Tax Requirements Relating to Remote Workers (Full-Time Employees and Independent Contractors)" during a virtual presentation for the 4As.
September 16 2020
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
Questions to Consider Before Deferring Employee Social Security Tax Payments
On August 28, 2020, the IRS issued guidance (PDF) implementing the August 8, 2020 Presidential Memorandum allowing employers to defer withholding and payment of the employee portion of FICA (Social Security) taxes for certain employees. The Presidential Memorandum and the IRS guidance are clearly intended to put more money in workers’ pockets -- at least temporarily -- but the program raises important questions for employers. Read more.
IRS Reminds Taxpayers About “Home Office” Deduction Eligibility
With so many people currently working from home, the IRS apparently thought it would be an appropriate time to remind U.S. taxpayers about the availability of “home office” deductions and, in particular, whether they can be claimed when filing 2020 tax returns next year. Read more.
Tax Alert: Emergency Tax Deferral Period is Almost Over
PPP Loan Program Updates: Enactment of Paycheck Protection Program Flexibility Act Brings Forgiveness Period, Payroll Cost Threshold, Loan Maturity and Other Changes
The evolution of the PPP continues. On June 5, the Paycheck Protection Program Flexibility Act, which enjoyed bipartisan support in Congress and includes many changes designed to provide more flexibility for PPP borrowers, was signed into law. Read more.
PPP Loan Program Update: The New SBA Loan Forgiveness Application
On May 15, 2020, the SBA released its Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions for its completion. The application must be completed and submitted by PPP borrowers to their lenders at the end of the eight-week covered period in order to obtain forgiveness of their loans. Read more.
IRS: Forgiven Paycheck Protection Program Loan Expenses Are Not Deductible
On April 30, 2020, the IRS announced in Notice 2020-32 that expenditures of CARES Act Paycheck Protection Program (“PPP”) loan funds that otherwise would be deductible for federal income tax purposes will not be deductible to the extent such loan funds are forgiven pursuant to the PPP. Read more.
IRS Provides Further Coronavirus-Related Tax Relief
Individuals or corporations that have quarterly estimated tax payments due between April 1 and July 15, 2020 can wait until July 15 to make that payment without penalty. Read more.
Tax Alert: CARES Act
The Coronavirus Aid, Relief, and Economic Security Act passed by Congress and signed by the President on March 27 (the “CARES Act”) contains a number of tax relief provisions for individuals and businesses intended to ameliorate the economic impact of the Coronavirus pandemic. Read more.
Tax Update: Expansion of Emergency Tax Relief
Last week, we told you about the U.S. Treasury’s decision to permit the deferral of tax payments until July 15, 2020. In a sign of the rapid pace of change in the current environment, the IRS on Friday issued a superseding notice, Notice 2020-18, in which it expanded the emergency relief previously announced in Notice 2020-17. Read more.
Tax Alert: Payment Deferral Provisions
Following the declaration of a national emergency on March 13th, the U.S. Treasury Secretary stated at a press conference on March 17th that individual taxpayers would be permitted to defer tax payments up to $1 million for 90 days and corporations would be able to defer tax payments of up to $10 million for 90 days. Read more.
Tax Act Changes Affecting Tax Exempt Organizations
The Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the "Act"), signed into law on December 20, 2019 as part of a spending bill to fund the government through September 2020, repeals the notorious "nonprofit parking tax" and simplifies the excise tax on private foundation investment income. Read more.
New York Adds New Tax Credit for Minority and Women TV Writers’ and Directors’ Fees/Salaries
Effective December 18, 2019, New York State has amended its Tax Law to provide a new franchise tax and personal income tax credit for minority and women television writers' and directors' fees and salaries. Read more.
Thirty-three Frankfurt Kurnit Attorneys Named to Super Lawyers Metro List for 2019
Super Lawyers magazine lists thirty-three Frankfurt Kurnit attorneys in its 2019 NY-area edition. Read more.
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. Read more.
IRS Final Regulations Clarify Charitable Contribution Substantiation Requirements
Tax deductions for charitable contributions require the satisfaction of certain substantiation requirements. Read more.
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. Read more.
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. Read more.
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. Read more.
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. Read more.
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." Read more.
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. Read more.
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. Read more.
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. Read more.
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. Read more.
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. Read more.
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. Read more.
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. Read more.
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. Read more.
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. Read more.
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." Read more.
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. Read more.
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. Read more.