Mark Luscombe | Source | Principal Analyst at Wolters Kluwer
Mark Luscombe
Mark Luscombe, JD, LLM, a CPA and attorney, is the principal federal tax analyst for the company and is a key member of the CCH Tax Legislation team tracking and analyzing legislation before Congress. Luscombe is the current chair of the Important Developments Subcommittee of the Partnership Committee of the American Bar Association Tax Section and regularly speaks on a wide range of tax topics. In addition, Luscombe co-authors a biweekly tax strategies column for the respected professional publication Accounting Today and authors a monthly tax trends column for TAXES magazine. Prior to joining CCH, he was in private practice for almost 20 years with several Chicago-area law firms where he specialized in taxation. Luscombe offers a thorough understanding and analysis of federal tax, its application and its impact on both the individual and corporate taxpayer.
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Wolters Kluwer (https://www.wolterskluwer.com/en/solutions/tax-accounting-us)
Principal Analyst
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Mark Luscombe, JD, LLM, CPA
Mark Luscombe, a CPA and attorney, is the principal federal tax analyst for Wolters Kluwer and is the current chair of the Important Developments Subcommittee of the Partnership Committee of the American Bar Association Tax Section.
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Tax Strategy: RMD changes for 2023
Two notices from the IRS offer guidance on the new rules regarding minimum distribution requirements from the SECURE Act 2.0.
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Tax Credits vs. Tax Deductions
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BBB Bill Confirms Mortgage Insurance Deduction Income Thresholds
Mark confirms, "The BBB only made the deduction permanent," with thresholds at an AGI of $100,000 ($50,000 for married individuals filing separately). The phase-out remains unchanged. -
Navigating Tax Debt: Expert Insights for Small Businesses
Mark highlights key relief options for small businesses with tax debt, including installment agreements and Offers in Compromise. He advises, "Do not ignore it," as penalties and interest will accrue. Mark suggests exploring penalty abatement and short-term relief options to manage the situation effectively. -
Estate Tax Changes: A Boon for Wealthy, Says Tax Analyst
Mark highlights that the permanent extension of a higher estate tax exemption benefits wealthy individuals by allowing better planning. He notes a trend towards wealth preservation, with estate tax losing impact over 20 years. The $210 billion cost over 10 years is significant but not the largest in the bill. Mark emphasizes the ongoing shift in federal tax policy.
