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Recent News & Insights

Update on the Qualified Opportunity Fund Program
July 27, 2018
By now, most real estate professionals have heard about the Qualified Opportunity Fund program created by the Tax Cuts and Jobs Act of 2017 (TCJA).  READ MORE +

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Marks Paneth Professionals Featured in NY Real Estate Journal Spotlight


Sep 19, 2018

Marks Paneth's China Desk Presents to Delegates from China Bank of Communications


September 4, 2018

At their annual U.S. meeting, delegates from the China Bank of Communications looked to Marks Paneth’s China Desk practice to deliver the latest updates on the U.S. tax system for individuals, partnerships and corporations.

Nonprofit Alert: New IRS Guidance on UBTI Silos


By Magdalena M. Czerniawski |  Robert Lyons
September 4, 2018

On August 21, 2018, the IRS issued a Notice about new Code section 512(a)(6), which changes the way exempt organizations calculate unrelated business taxable income (UBTI). Each line of business must now be recognized separately, resulting in significant accounting changes and unanswered questions for many exempt organizations, specifically in the areas of partnership interests and net operating losses (NOLs).

MARKS PANETH NAMED TOP BUSINESS ACCOUNTING FIRM


August 17, 2018

Philadelphia attorneys voted Marks Paneth as a top service provider in five categories in The Legal Intelligencer’s 2018 “Best of” survey. 

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.

MARKS PANETH’S SUMMER 2018 NONPROFIT PULSE SURVEY RESULTS


August 6, 2018

The results of our Summer 2018 Nonprofit Pulse survey are in! Marks Paneth polled over 200 executives and leaders of nonprofits across the nation, asking for their views on current industry conditions.

New Procurement Thresholds under U.S. OMB’s Uniform Guidance


By John D'Amico
August 2, 2018

The OMB recently issued Memorandum M-18-18 that raised the procurement thresholds for micro-purchases to $10,000 and the simplified acquisition threshold to $250,000. 

Update on the Qualified Opportunity Fund Program


By Michael W. Hurwitz
July 27, 2018

By now, most real estate professionals have heard about the Qualified Opportunity Fund program created by the Tax Cuts and Jobs Act of 2017 (TCJA). 

Real Estate Financial Statements: One Size Does Not Fit All


By Neil A. Sonenberg
July 27, 2018

When a company is in need of an annual financial statement, a Generally Accepted Accounting Principles (GAAP) financial statement is typically the first thing that comes to mind. 

Property Improvement Analysis for Building Owners


July 27, 2018

When the final details of the Tax Cuts and Jobs Act were released late last year, real estate professionals celebrated the industry’s exclusion from the 30 percent business interest expense limitation. 

NYC Retail Marketing Woes: Sign of the Times or Catalyst for Growth?


By William H. Jennings
July 27, 2018

In the not-too-distant past, most people shopped in their local stores in New York City – dealing with weather, limited choices, out-of-stock items and sometimes rude salespeople. 

2018 Technical Corrections to the New Partnerships Audit Rules


By Alan M. Blecher
July 27, 2018

In late March, the President signed legislation that includes technical corrections to the new partnership audit rules that were introduced in the Bipartisan Budget Act of 2015. 

Real Estate Perspectives, Q2 2018


July 27, 2018

In this issue of Real Estate Perspectives, featured articles include new partnership audit rules, qualified opportunity fund program, retail sector challenges and more.

Marks Paneth Sponsors Philadelphia’s Top Lawyers Awards Program


July 16, 2018

Marks Paneth is proud to celebrate the Philadelphia-area legal community through its renewed Presenting Sponsorship of the Philadelphia Business Journal’s annual Best of the Bar: Philadelphia’s Top Lawyers awards program. 

Wayfair Ruling: Will Foreign Corporations be Required to Collect Sales Tax?


By Solomon Packer
July 13, 2018

Will the Wayfair case, which holds that U.S. corporations can be required to collect sales tax from out-of-state customers, also have application to international commerce?

SALT Alert: U.S. Supreme Court Overturns Physical Presence Rule for Out-of-State Sellers


By Steven P. Bryde |  James (Jay) M. Brower, Jr
June 27, 2018

On June 21, 2018, the U.S. Supreme Court overturned a longstanding court precedent that applied to the collection of sales tax from online and other remote retailers. In South Dakota v. Wayfair, Inc. et al, the Court replaced the “physical presence” rule with a new standard for determining when states can impose a sales tax collection responsibility on out-of-state sellers of taxable goods and services.

Nonprofit Alert: Improved Guidance on Grant and Contribution Accounting


By Sibi B. Thomas
June 22, 2018

The Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) number 2018-08 on June 21, 2018 that clarifies the current accounting guidance on contributions made and received by nonprofit organizations and businesses.

Nonprofit Budgeting: Key Board Roles and Responsibilities and Questions to Ask Prior to Approval


By Hope Goldstein
May 29, 2018

The roles different people play in the budgeting process generally depend on the nonprofit’s size, structure, revenue sources and expenditure expectations.

Understanding the Updated Lease Accounting Rules


By Alan Becker
May 29, 2018

Updated lease accounting rules have been the subject of numerous exposure drafts, comment periods and rounds of debate by the Financial Accounting Standards Board (FASB) and the accounting industry over the past decade.

Using Effective Ratio Analysis at Nonprofits


By Sibi B. Thomas
May 29, 2018

Analyzing key ratios in your nonprofit’s financial statements can be a very useful tool for gaining deeper insight into the organization’s financial condition and evaluating its overall performance, even at the programmatic level. Effective ratio analysis can be used to analyze trends over a period of time, plan for future strategies and measure current financial health.

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