News & Insights
Page 34 of 50 pages ‹ First < 32 33 34 35 36 > Last ›Interest-Charge Domestic International Sales Corporations
November 30, 2016
IC-DISCs (interest-charge domestic international sales corporations) were once thought of as uninspiring, and not particularly efficient, tax deferral vehicles. They were originally created by the government as a way to assist US-based corporations that focused on foreign sales and exports. Nothing more.
In fact, regulators at the time even conceded that IC-DISCs were not really tax shelters at all. Nor were they considered as listed or reportable transactions. As a result, IC-DISCs were largely marginalized as a tax savings tool; overlooked at best and, if noticed at all, regarded as ineffective and not worth the attention of serious investors
Tax Alert: DOL's Overtime Rule Blocked by US District Court
By Avery E. Neumark | November 29, 2016
On November 22 - just before the US Department of Labor’s (DOL’s) new overtime rule was scheduled to go into effect on December 1, 2016 - a federal judge issued an injunction and temporarily blocked it. The rule was set to make dramatic changes to the rules determining overtime for certain executive, administrative and professional employees under the Fair Labor Standards Act (FLSA).
The final rule, issued last May, would have doubled (to $47,500) the maximum salary an executive, administrative or professional worker could earn and remain eligible for mandatory overtime pay, making it more difficult for employers to classify employees as exempt from overtime requirements.
Corporate Inversions in the United States: A Primer
November 23, 2016
At this point we've all heard about tax inversions: The process by which a company that's taxed heavily in its home country buys a smaller company headquartered in a country where the business taxes are considerable lower, then maintains that the newly amalgamated business is now officially headquartered in the low-tax country. Now domiciled in, say, Dublin, Ireland, with a corporate income tax rate of 12.5 percent or less, rather than Chicago, Illinois, with an effective US corporate income tax rate around 40 percent, the new entity enjoys greatly reduced income tax levels.
This article was originally published in the September 2016 edition of Global Tax Weekly:Corporate Inversions In The United States: A Primer by Curtis Best, a partner in our Tax practice.
VENDORS CAUTIONED TO SEPARATE SALES TAX ON ALL TAXABLE TRANSACTIONS
By Dov Klein | November 23, 2016
A recent advisory opinion (TSB-A-16(28)S) issued by the New York State Department of Taxation and Finance (the “Department”) has concluded that a vendor required to collect sales tax may not “absorb” collected sales tax into its hourly rate.
Tax Law also provides that the person required to collect tax is required to separately state the tax on any invoice, or other statement of the transaction provided to the customer.
TRUMP PRESIDENCY PORTENDS MAJOR TAX CHANGES
By Steven Eliach | November 16, 2016
The unexpected election of Donald Trump as President of the United States, along with Republicans retaining control of both chambers of Congress, will likely result in some changes to the U.S. tax code.
In this brief article, Steven Eliach, Principal-in-Charge of our Tax Practice, outlines the potential impact of the 2016 election on tax law.
DEVELOPING APPROPRIATE VALUATION PROVISIONS
November 10, 2016
Shareholder agreements document the intentions of the parties in connection with, among other things, the price to be paid for an ownership interest in the event of a shareholder’s death, disability, retirement or other triggering event. There are four commonly used methods to value a company.
This article was originally published in the November 2016 issue of Metropolitan Corporate Counsel. It was written by Eric J. Barr, CPA/ABV/CFF, CVA, CFE, the Partner-in-Charge of Valuation Services, Financial Advisory Services group, at Marks Paneth LLP.
Doing Business Guide - United Kingdom
November 8, 2016
The latest edition of Doing Business Guides ― which focuses exclusively on the UK ― has just been released.
Despite the economic slowdown of the last decade, the UK has come back strongly and continues to provide a stable economic environment, with a transparent regulatory and legal environment that is welcomed by local and international businesses. In fact, the UK is still the number one destination for foreign direct investment in Europe,
The main purpose of the new guide is to provide a broad overview of the various issues that should be considered by organizations when considering setting-up business in the UK.
US TAXPAYERS ARE PAYING MORE THAN THEY REALIZE
By Steven Eliach | October 17, 2016
Most tax policy discussions dwell on three types of taxes: income tax, payroll tax and estate tax. These taxes, however, are only cornerstones in a crowded fiscal system consisting of federal, state and local taxes. Such tunnel vision leaves commentators and taxpayers alike with a murky understanding of what taxation in the U.S. actually entails. The gap between what the public believes about its tax burden and the amount it pays is so wide that it renders much of our tax debate totally off target. Governmental authorities impose many lesser-known taxes, but you’d never know that from public discussions about our tax system.
This article was originally published in the October 2016 issue of Metropolitan Corporate Counsel. It was co-written by Maria L. Castilla of Thomson Reuters and Steven Eliach, Principal-in-Charge of Tax Services, Marks Paneth LLP.
MARKS PANETH’S 2016-2017 TAX PLANNING GUIDE
October 13, 2016
To provide you with access to current tax rules and regulations, Marks Paneth has launched its 2016-2017 Tax Planning Guide.
Nonprofit Agendas - October, 2016
By Michael McNee | October 7, 2016
Real Estate Advisor - September, 2016
By William H. Jennings | September 20, 2016
Marks Paneth has published the latest issue of Real Estate Advisor.
Tax Alert: Tax IRS proposed regulations target gift and estate tax planning strategies
September 7, 2016
The IRS has released proposed regulations that would close so-called tax loopholes that many wealthy taxpayers have used to minimize gift and estate taxes when transferring interests in a closely-held family business to relatives. If finalized, the regulations would significantly limit the effectiveness of certain tax-saving vehicles, including family limited partnerships, for reducing the value of transferred interests for tax purposes. This article details the proposed regulations.
Are We There Yet? Looking down the road at the health of the hospitality sector
September 1, 2016
Times are good for many of us in the hospitality industry. Across every sub-sector, from hotels and airline travel to new building development and job creation, the industry continues to enjoy the fruits of a new US economic recovery. And yet, those who have lived through downturns and shrinking markets find times like this to be perilous, leading all of us to ask, “Are we there yet?” — i.e. are we at the peak of the market and in for a nasty shock.
In this article, Lawrence Cohen explores the ups and downs of the US hospitality industry and the possibility that we are near the top of the business cycle.
This article, “Are We There Yet?”, was originally published in the September 2016 issue of Metropolitan Corporate Counsel.It can be found on page 29.
Impact of PATH ACT: Section 181 IRS Code Revisions to Live Theater Productions
By Polina Inberg | August 18, 2016
On December 18, 2015, Congress passed and President Obama signed the PATH Act of 2015 which included revisions to section 181 of the Internal Revenue Code. One of the revisions was an extension of the film and television rules on expensing production costs for qualified live theatrical productions. This change in the federal tax code for theatrical production companies is arguably the single biggest legislative change affecting the industry in almost 20 years. The new law provides opportunities, but it presents challenges as well: the unique aspects of theater companies can create uncertainties as well as obstacles to implementation.
Polina Inberg, CPA, is a Director in the Theater, Media and Entertainment Group at Marks Paneth LLP. She is based in the firm’s midtown Manhattan headquarters and can be reached at (212) 330-6022 or by email at pinberg@markspaneth.com.
New York changes personal income tax rules
By Steven P. Bryde | August 15, 2016
New York State just released a summary of recently enacted legislation regarding income taxes that may be levied in addition to those personal income taxes described in the state's Budget for 2015-2016 corporate tax provisions.
The following topics are included in the following report:
- New York City enhanced real property tax credit extended
- New York City income tax credit for general corporation taxes paid extended
- Property tax relief credit established
- Taxpayer refund choice act extended
- Yonkers resident income tax surcharge and the Yonkers earning tax on nonresidents extended
Valuation and Litigation Briefing, August 2016
August 11, 2016
Marks Paneth has published the latest issue of Valuation and Litigation Briefing.
John Evans Featured in New Jersey Business magazine
Featured: John N. Evans | August 11, 2016
John N. Evans, CPA and Partner-in-Charge of Marks Paneth’s New Jersey office, has been featured in New Jersey Business magazine. His profile is included in the ‘Top Managing Partners’ section of the August issue on page 76. Read More: New Jersey Business
Nonprofit Agendas - July, 2016
By Michael McNee | July 19, 2016
Marks Paneth has published the latest issue of Nonprofit Agendas.
Real Estate Advisor – July, 2016
By William H. Jennings | July 13, 2016
Marks Paneth has published the latest issue of Real Estate Advisor.
Fully Leveraging IP Assets
July 12, 2016
R&D is woven into the fabric of our economy, yet it receives very little attention from business magazines, let alone the mainstream press. It might seem like an altogether forgotten part of the American industrial machine, but in 2013, R&D expenditures in the U.S. amounted to a staggering $473 billion – almost 3 percent of the country’s total GDP.
This article, “Fully Leveraging IP Assets”, was originally published in The Metropolitan Corporate Counsel, July 2016.
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