Tax Implications: Gifting Malcolm Butler MVP Truck Won’t Be Cheap

Super Bowl MVP Tom Brady plans to give his shiny new Chevy Colorado truck to Malcolm Butler, whose electrifying last-minute interception won the game for the Patriots. But Brady may owe a substantial gift tax if he transfers ownership to Butler, says Christopher Wright, tax attorney and senior manager in the Tax Group at Marks Paneth. Wright, who was interviewed for a Boston.com article on the variables that could affect Brady’s tax implications, says there is a way out.

Read more in the Boston.com article

Photo: Getty Images

MARKS PANETH APPOINTS NEW PARTNERS TO ITS TAX PRACTICE AND COMMERCIAL BUSINESSES GROUP

Marks Paneth LLP has appointed Joseph M. Giampapa, CPA, as a partner in the firm’s Tax Practice, and Ryszard (Richard) Jania, CPA, as a partner in the Commercial Businesses Group. Both are based in the firm’s Manhattan headquarters.

"The deep experience, expertise and effectiveness of these professionals in advising businesses and high-net-worth individuals on various matters enhances the services we offer our sophisticated client base," said Mark Levenfus, CPA, managing partner of Marks Paneth.

More information can be found here.

Health Care Fraud: Are You Prepared to Absorb the Costs?

Health care fraud is a national problem affecting everyone in the US, either directly or indirectly, and carried out by many segments of the health care system  using various methods. It is also a growing criminal enterprise.Sareena M. Sawhney, Director, Litigation and Corporate Financial Advisory Services Group, discusses some of the more prevalent fraudulent schemes and examples of forensic accounting techniques to detect them in her article in HealthCare Business News.