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News & Insights

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The Stoler Report: Opportunity Zones


Jan 15, 2019

Watch Abe Schlisselfeld, Co-Partner-in-Charge of the Real Estate Group at Marks Paneth, as he appears on The Stoler Report to discuss Opportunity Zones.

Abe Schlisselfeld featured in Crain’s New York Business


Jan 11, 2019

Abe Schlisselfeld, Co-Partner-in-Charge of our Real Estate Group, provided Crain's New York Business with his insights into some the latest trends in the accounting industry.

IRS Issues Interim Guidance on Excise Taxes for Nonprofit Executive Compensation


By Magdalena M. Czerniawski |  Robert Lyons  |  January 9, 2019

On Monday, December 31, 2018, the Internal Revenue Service issued Notice 2019-09 offering interim guidance for nonprofit executive compensation under Section 4960 of the Internal Revenue Code, which imposes an excise tax of 21 percent (or current rate) on remuneration in excess of $1 million and any excess parachute payments paid by an applicable tax-exempt organization to a covered employee.

How the tax cuts and jobs act is changing tax strategies


By Mordecai Lerer  |  Jan 4, 2019

Marks Paneth was recently featured in Crain’s New York Business’s “Ask the Expert” series. The Q&A with Tax Partner Mordecai Lerer covered tax strategies that business owners should consider as they adjust to changes brought by the Tax Cuts and Jobs Act and the U.S. Supreme Court’s Wayfair decision.

The New Centralized Partnership Audit Regime


By Steve Brodsky  |  January 4, 2019

As previously advised by our Real Estate Group, 2018 partnership returns will be subject to a new IRS audit regime.

When to consolidate a not-for-profit’s interest in low-income housing projects


By Joseph J. Kanjamala  |  Jan 3, 2019

It is very common these days for not-for-profit (NFP) entities to sponsor affordable housing programs for the needs of the low-income community and the constituents the NFP serves. Among the various models of affordable housing programs available, the most common one is the Low-Income Housing Tax Credit (LIHTC) program, created by the Tax Credit Reform Act of 1986.

Is it a Grant or a Contribution? FASB Has Now Made It Clearer


By John D'Amico  |  Jan 3, 2019

There has been a long-standing diversity in practice on how nonprofits accounted for grants, especially government grants. FASB has now effectively ended this diversity and clarified its guidance with the issuance of Accounting Standards Update (ASU) 2018-08, “Clarifying the Scope and Accounting Guidance for Contributions Received and Made.”

Government Update: Effects of Tax Reform on Local Government


December 20, 2018

The Tax Cuts and Jobs Act of 2017 (Public Law 115-97) (“TCJA”) is the most sweeping tax reform measure in more than 30 years. 

The Overhead Myth: Finding Better Ways to Measure Nonprofit Performance


By John D'Amico  |  December 20, 2018

The Overhead Myth campaign, started in 2013 by Better Business Bureau’s Wise Giving Alliance, Charity Navigator and GuideStar®, aims to eradicate the practice of judging a nonprofit’s performance primarily on its overhead ratio.

Tax Reform's Impact on Charitable Contributions


By Magdalena M. Czerniawski |  Robert Lyons  |  December 20, 2018

Almost a year ago, the Tax Cuts and Jobs Act (TCJA) brought major tax reform to individuals, for-profit businesses and not-for-profit entities. 

Incorporating Data Analytics Into Your Internal Controls


December 20, 2018

The evolution of technology has demanded that organizations more deeply understand the businesses they operate but has also allowed management to gain this understanding with greater ease and efficiency than ever before.

IRS Issues Guidance for Determining Nondeductible Parking Fringe Benefits


By Magdalena M. Czerniawski |  Robert Lyons  |  December 20, 2018

While two sections of the Tax Cuts and Jobs Act (“the Act”) - Code section 512(a)(6) and Code section 512(a)(7) - have a direct and significant bearing on tax-exempt organizations, very little guidance has been forthcoming since the law was passed almost a year ago.

Nonprofit & Government Times, Fourth Quarter 2018


December 19, 2018

This year has marked many substantial changes to tax law and accounting guidance for the nonprofit and government industries. At the same time, technology and operational issues continue to evolve rapidly. 

Everyone loves talking about Qualified Opportunity Zones


By Michael W. Hurwitz  |  December 18, 2018

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

Nonprofit Alert: Cuomo Signs Bill Exempting Nonprofits from NY Transportation Tax


By Robert Lyons |  Magdalena M. Czerniawski  |  December 13, 2018

On Friday, December 7, 2018, Governor Cuomo signed into New York law the much-anticipated bill exempting nonprofits who provide pre-tax transportation and parking benefits from the New York State level transportation tax. 

SALT Alert: Amazon Puts FBA Sellers on Notice of Possible Sales Tax Nexus


By Steven P. Bryde  |  December 11, 2018

In October 2018, Amazon advised its Fulfillment by Amazon (FBA) sellers that it intended to provide the California Department of Tax and Fee Administration (the Department) with the FBA sellers’ contact information (name, address, and email) and U.S. Taxpayer identification numbers, by November 6, 2018.

Taxation of cryptocurrency: Virtual transactions bring real-life tax implications


By Mordecai Lerer  |  Dec 11, 2018

Cryptocurrency is digital currency using encryption techniques, rather than a central bank, to generate, exchange and transfer units of currency. Unlike cash transactions, no bank or government authority verifies the transfer of funds.

What You Need to Know About FIRPTA


By Paul Bercovici  |  Dec 10, 2018

The Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”) was enacted to combat perceived abuses whereby foreign investors were able to avoid, with relative ease, otherwise applicable US taxes on the disposition of interests in US real property. FIRPTA imposes a tax on gains derived by foreign persons from the disposition of US real property interests.

Marks Paneth Professionals Featured in NYSSCPA - Nassau Newsletter


Dec 6, 2018

Three professionals from Marks Paneth’s Long Island office were highlighted in the December issue of the NYSSCPA - Nassau Chapter newsletter.

Marks Paneth's 2018-2019 Tax Planning Guide


December 4, 2018

To provide you with convenient access to current tax laws and regulations and prepare you for the 2019 tax season, Marks Paneth has launched its 2018-2019 Tax Planning Guide.

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