Marks Paneth LLP understands that successful client service is rooted in strong industry knowledge. At Marks Paneth, people of all levels are engaged in understanding the trends, laws and regulations that impact the services we offer. Our breadth and depth of expertise is demonstrated through our speaking and writing engagements. In this section, you will read recently published Marks Paneth articles and client alerts, as well as presentations that we've delivered.



 
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Section 181’s Extension to Live Stage Productions Doesn’t Set Clear Path for Producers, Investors, Cacace, Christopher A., 09/27/2016

At the end of 2015, Congress passed, as part of a large tax extender bill, the Protecting Americans from Tax Hikes Act (PATH), an extension of Section 181 of the Internal Revenue Code.  Section 181 has been available since 2004 to permit expedited deduction of the costs of a film or TV production.  The present version of Section 181 permits an expedited de­duction of a production’s costs up to $15 million ($20 million in certain circum­stances).  Since inception, this has had several sunset provisions, each of which was extended as part of year-end extender bills. The latest for the first time has extended the availability of Section 181 treatment to live stage productions.

This article, which appeared in a recent issue of Entertainment Law & Finance newsletter (an ALM publication), discusses whether this new provision will be helpful to producers of live theatrical productions as they seek to raise funding for their shows.  It was co-written by Thomas D. Selz and Bernard C. Topper, Jr., of New York City law firm Frankfurt Kurnit Klein & Selz PC, and Christopher A. Cacace, Partner-in-Charge, Theater, Media and Entertainment Group, Marks Paneth LLP.

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Real Estate Advisor - September, 2016, Jennings, William , 09/20/2016

Marks Paneth has published the latest issue of Real Estate Advisor

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Tax Alert: Tax IRS proposed regulations target gift and estate tax planning strategies, Cohen, Lawrence, 09/07/2016

 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. 

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Are We There Yet? Looking down the road at the health of the hospitality sector, Cohen, Lawrence, 09/01/2016

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.

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Impact of PATH ACT: Section 181 IRS Code Revisions to Live Theater Productions, Inberg, Polina, 08/18/2016

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.

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New York changes personal income tax rules, Bryde, Steven P., 08/15/2016

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
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Valuation and Litigation Briefing, August 2016, Barr, Eric J. , 08/11/2016

Marks Paneth has published the latest issue of Valuation and Litigation Briefing.

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Nonprofit Agendas - July, 2016, McNee, Michael , 07/19/2016

Marks Paneth has published the latest issue of Nonprofit Agendas.

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Real Estate Advisor – July, 2016, Jennings, William , 07/13/2016

Marks Paneth has published the latest issue of Real Estate Advisor

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Fully Leveraging IP Assets, Henning, Steven L., 07/12/2016

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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Location, Location And Tax Implications, Wang, Alexander X., 07/07/2016

With the global economy still struggling to shed its post-recession pessimism, it’s no wonder that many foreign investors still regard the US real estate market as a better investment than most. However, foreign investors should tread carefully when approaching the US market and its wide range of tax legislation – mostly notably, the 1980 Foreign Investment in Real Property Act (FIRPTA).

In a recent article, Alexander Wang, Partner, and Kenneth Siu, Manager with the firm’s Tax Group, discuss FIRPTA and its implications, as well as best practices for foreign investors to accomplish their business goals while successfully navigating the US tax system.

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Wealth Management: When Is An Inheritance Too Big?, Robert G, Kuchner, 06/23/2016

Creating a legacy can be challenging for high-net-worth individuals because of the size of their assets and the complexity of the vehicles used to pass wealth to the next generation. But there are many other considerations. In a recent article published in Private Wealth, Robert Kuchner, CPA, PFS, shares his experience and observations on:

• The psychological and emotional impact of inheritance decisions
• How to help your clients establish their goals so you can design an appropriate plan
• The risks of transferring wealth to the next generation
• Alternatives to a traditional legacy planning

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Valuation and Litigation Briefing, June 2016, Barr, Eric J. , 06/22/2016

Marks Paneth has published the latest issue of Valuation and Litigation Briefing.

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Tax Alert: DOL’s final overtime rule brings sweeping changes, Baran, Mark R., 06/14/2016

The DOL has released a final rule that makes dramatic changes to the rules for determining overtime for certain executive, administrative and professional employees under the Fair Labor Standards Act (FLSA). The final rule will make it more difficult for employers to classify employees as exempt from overtime requirements. This article details the changes under the new rule and provides compliance options. 

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Partnership Audit Rules Revised, Baran, Mark R., 06/10/2016

The Bipartisan Budget Act of 2015 includes sweeping changes to the rules for auditing partnerships. As a result of this legislation, audits of master limited partnerships, investment funds and other business entities organized as partnerships are likely to increase. In fact, recent IRS examination data reflects an increase in partnership audits and a shift in resources devoted to them. More importantly, given the impact of the new audit rules, many partnership agreements will need to be amended. 

The impact of the new partnership audit regime will be significant for a majority of partnerships in areas ranging from tax and operations to legal issues and economic consequences. 

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Tips for improving the quality of your nonprofit’s audit, Thomas, Sibi, 06/08/2016

Audit quality is one of the most discussed topics in the accounting and auditing profession. Audit quality involves both qualitative and quantitative elements, some of which are not easily measurable. It is subjective and viewed differently by different stakeholders based on their expectations and perceptions. It’s important for all the involved stakeholders to align their expectations in order to produce a quality audit.

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Legal Issues and Valuation of Tangible Assets, Patents and Copyrights, Henning, Steven L., 05/16/2016

Understanding the nature and value of the assets of a business is essential for a variety of reasons, and it has become increasingly clear that legal considerations can play an important role. In general, asset values are an important consideration in formulating asset management and protection policies. And many of the financial crises we have experienced in recent memory can be attributed, in part, to the subjective nature of some inputs used to determine fair value.

This article by Steven L. Henning, Tax Partner-in-Charge of the Financial Advisory Services Group, Marks Paneth LLP, and Peter Twombly, a Partner with McCarter & English, is reprinted with permission from the May edition of The New York Law Journal© 2016 ALM Media Properties, LLC.

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Creating the Bridge Between Transfer Pricing and the Valuation of Intangibles, Sadang, Angela, 05/11/2016

International mergers and acquisitions (M&A) are at their hottest pace since before the 2008 financial crisis, and an increasing percentage of this activity involves intangible assets as significant components of the transaction. 

As multinational companies shift ownership of intangible assets between legal entities and across jurisdictions for various strategic purposes, the most critical considerations in cross-border M&A include the identification and valuation of intangible assets and transfer pricing. 

In the article, Director Angela Sadang challenges the perception that the value of a transaction and its largely-acquired intangible assets is motivated by financial reporting valuation rather than by transfer pricing valuation. Moreover, she discusses the importance of aligning the two disciplines early on in the M&A process to create lasting, value-added synergies. 

This article, "Creating the Bridge Between Transfer Pricing and the Valuation of Intangibles," appeared in the May version of the Quick Read Buzz.  

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Nonprofit Agendas - May, 2016, McNee, Michael , 05/04/2016

Marks Paneth has published the latest issue of Nonprofit Agendas.

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Assigning Value Is More Than A Number, Barr, Eric J, 05/01/2016

Approximately 80 percent of the businesses filing U.S. federal income tax returns are S corporations, partnerships or limited-liability companies, collectively known as pass-through entities (PTEs). Valuing PTEs is one of the oldest, least resolved and, some would say, most poorly defined issues challenging the business valuation profession.

In this articleEric J. Barr, CPA, Partner-in-Charge of valuation services in the Financial Advisory Services group at Marks Paneth, outlines the crucial matters attorneys need to know about valuing PTEs. 

This article, “Assigning Value is More Than a Number”, was originally published in the May 2016 issue of Metropolitan Corporate Counsel.

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Taxing Intangible Assets: A New Global Approach, Sadang, Angela, 04/28/2016

In this article, Angela Sadang Director with the firm's Financial Advisory Services group, looks at the OECD’s 2015 final report on all 15 Action Plans, the aim of which was to, “restore confidence in the international tax framework by addressing weaknesses that create opportunities for BEPS”.  After pinpointing the important functions that contribute to the value of the intangible,  the piece goes on to discuss the ways in which to identify the intangibles that make up a particular transaction, as well as a look at five transfer pricing methods the OECD thinks would be appropriate when transferring intangibles, or rights in intangibles.

This article was originally published in Morison KSi's quarterly tax newsletter, Global Tax Insights, Q1 2016. It was reprinted by permission in Global Tax Weekly, April 28, 2016, published by CCH, a Wolters Kluwer business.

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Taxation And Technology: Playing Catch-Up In A Digital World, Goulet, Jeanne, 04/28/2016

In this article, Jeanne Goulet, Senior Consultant, takes an up-close look at OECD recommendations aimed to minimize aggressive tax planning and encourage governments to reduce gaps and tax arbitrage opportunities in their domestic laws. She also discusses treaty abuse, the artificial avoidance of PE status, the use of artificial means of reducing tax in both market and parent jurisdictions and nowhere tax in parent jurisdictions.

This article was originally published in Morison KSi's quarterly tax newsletter, Global Tax Insights, Q1 2016. It was reprinted by permission in Global Tax Weekly, April 28, 2016, published by CCH, a Wolters Kluwer business.

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FASB Project on Not-for-Profit Financial Reporting, D'Amico, John , 04/21/2016

New Accounting and Auditing Matters on the Horizon -- The FASB is moving forward with the proposed ASU Presentation of Financial Statements of Not-For-Profit Entities. The proposed changes are considered to be the most sweeping changes since 1993.  After receiving 264 comment letters and holding three public roundtables, which representatives of Marks Paneth LLP participated in, the FASB Board decided to separate the project into two phases. This summary provides useful information on the changes which lie ahead.

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Real Estate Advisor - April, 2016, Jennings, William, 04/11/2016

Marks Paneth has published the latest issue of Real Estate Advisor

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Tax Alert: IRS offers guidance to employers who plan to claim the WOTC, Baran, Mark R., 04/08/2016

The IRS has recently granted “transitional relief” to eligible employers who are planning to claim the Work Opportunity Tax Credit (WOTC). The relief outlined in IRS Notice 2016-22 comes in the form of an extended deadline — until June 29, 2016 — to file a form necessary to claim the credit for certain eligible workers. This article explains the WOTC and describes this recent transitional guidance.  

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Gotham Commercial Real Estate Monitor, Jennings, William , 04/01/2016

Mark Paneth’s Gotham Commercial Real Estate Monitor takes the pulse of New York’s commercial real estate professionals three times a year. Findings from the Spring 2016 survey provide insights on the impact of foreign investment, stock markets, interest rates, taxes and infrastructure development on the commercial real estate market in NYC.

The Gotham Commercial Real Estate Monitor from Marks Paneth represents the findings of a survey of commercial real estate professionals in the New York City market. The survey was completed by 145 commercial real estate professionals working in NYC CRE, including legal counsel, bankers and lenders, brokers and agents, developers, property managers and property owners. Marks Paneth staff supervised the convention site intercept interviews and email deployments for online data collection.  Galloway Research hosted the data collection site and tabulated paper questionnaires.  Business Research Solutions managed the research project, analyzed the data and reported the findings. Surveys were fielded in late February and early March, 2016.

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Use Caution: Foreign Agents Ahead, Sawhney, Sareena M., 04/01/2016

In a recent case, four multinational corporations and a Japanese trading company paid a combined $1.7 billion in civil and criminal sanctions on their joint bribery scheme to win natural gas construction projects in Nigeria.  Too many companies are unaware that hiring local individuals or entities in a foreign country to help them conduct business may expose them to criminal or civil liability under FCPA.

Sareena Sawhney, Director with the firm's Financial Advisory Services group, examines how third-party compliance with anti-bribery provisions is under scrutiny in a recent article with Metropolitan Corporate Counsel.

This article, “Use Caution: Foreign Agents Ahead”, was originally published in the April 2016 issue of Metropolitan Corporate Counsel.

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Ways to avoid identity theft, Eliach, Steve, 03/30/2016

Identity theft presents a challenge to businesses, organizations and governments, including the Internal Revenue Service. Tax-related identity theft occurs when someone uses a stolen Social Security number (SSN) to file a tax return to claim a fraudulent refund. Although identity theft affects a small percentage of tax returns, it can delay a taxpayer’s refund and have a major impact on the victim’s peace of mind.    

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Valuation and Litigation Briefing, March 2016, Barr, Eric J., 03/23/2016

Marks Paneth has published the latest issue of Valuation and Litigation Briefing.

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2016 Tax Calendar, Baran, Mark R., 03/07/2016

This summary is a friendly reminder of various tax due dates for both individual and business taxpayers. 

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Nonprofit Agendas - March, 2016, McNee, Michael, 03/02/2016

Marks Paneth has published the latest issue of Nonprofit Agendas.

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Location, Location and Tax Implications, Wang, Alexander X., 03/01/2016

Foreign investors need to consider FIRPTA when purchasing US real estate

With the global economy still struggling to shed its post-recession pessimism, it’s no wonder that many foreign investors still regard the US real estate market as a better investment than most. However, foreign investors should tread carefully when approaching the US market and its wide range of tax legislation – mostly notably, the 1980 Foreign Investment in Real Property Act (FIRPTA).

In a recent article, Alexander Wang, Partner, and Kenneth Siu, Manager with the firm’s Tax Group, discuss FIRPTA and its implications, as well as best practices for foreign investors to accomplish their business goals while successfully navigating the US tax system.

This article, “Location, Location and Tax Implications”, was originally published in the March 2016 issue of Metropolitan Corporate Counsel.

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Nonprofit Revitalization: Checklist for Compliance, McNee, Michael L., 02/24/2016

New York State has a law pertaining to nonprofits called the Nonprofit Revitalization Act of 2013. It was signed by Governor Cuomo on December 18, 2013 and most provisions were effective on July 1, 2014. Marks Paneth has developed a self-administered checklist you can use to help with the process of verifying compliance for your organization.

 

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Tax Alert: IRS issues deadline extensions for ACA information reporting, Baran, Mark R., 02/17/2016

In an effort to help employers who are subject to the Affordable Care Act's (ACA’s) information reporting requirements meet those obligations, the IRS has extended two important deadlines. Employers now have an additional two months to provide employees the necessary forms and three months to report the information to the IRS. This article explains the ACA’s information reporting requirements and details the penalties for noncompliance.

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Real Estate Advisor - February, 2016, Jennings, William, 02/09/2016

Marks Paneth has published the latest issue of Real Estate Advisor

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Doing Business Guide - France, Morison International, 02/05/2016

Doing business around the world presents a variety of challenges. Morison International (MI), the association of independent accounting and consulting firms to which Marks Paneth belongs, publishes a series of guides designed to provide an introduction to foreign investors on the various aspects of doing business. The guides are written by the MI member firm in the country that is being profiled. Please click below to access the guide for France.

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Tax Alert: Budget act eliminates strategies for maximizing Social Security payout, Baran, Mark R., 02/03/2016

The Bipartisan Budget Act of 2015 contains provisions that may significantly affect retirement planning for many Americans. It eliminates two strategies that many married couples have used to maximize Social Security retirement benefits. This article explains how the two strategies worked under previous law and describes how the budget act has changed them.

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Form 1099 Information Returns, Baran, Mark R., 02/02/2016

Business tax returns and accompanying schedules specifically ask whether you made payments in 2015 that would require you to file Forms 1099, and if you already filed or will file required Forms 1099. In general, any payment made “in the course of business” for services, rent, interest and non-employee compensation may be subject to 1099 reporting. This article addresses the latest IRS requirements and provides guidance on Form 1099 compliance.

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What’s Next? Implications of Proposed IRS Regulations on Family-Owned Entities, Sadang, Angela, 02/01/2016

At the American Bar Association’s Section of Taxation meeting in May 2015, Cathy Hughes, Estate and Gift Tax Attorney Advisor with the US Treasury Department’s Office of Tax Policy, indicated that proposed regulations under IRC Section 2704(b)(4) (§2704) concerning restrictions on valuation discounts pertaining to the transfer of family-owned entity interests could be issued by mid-September 2015. As of this writing, no such regulations have been issued, though further informal communication on behalf of the Internal Revenue Service (IRS) suggests that new regulations are forthcoming. Meanwhile, questions and speculations abound. In a recent article, Angela Sadang discusses the implications of these proposed regulations on family-owned entities.

This article, “What's Next? Implications of Proposed IRS Regulations on Family-Owned Entities”, was originally published in the February 2016 issue of Metropolitan Corporate Counsel.

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The Dangers of Letting Bribery Go Undetected, Sawhney, Sareena M., 01/26/2016

The US Foreign Corrupt Practices Act (FCPA) includes both anti-bribery and accounting provisions. As detailed in A Resource Guide to the U.S. Foreign Corrupt Practices Act, from the Criminal Division of the Department of Justice (DOJ) and the Enforcement Division of the US Securities and Exchange Commission, the FCPA makes it a crime for American corporations or their subsidiaries to bribe foreign officials to obtain or retain business. 

In this article, Sareena M. Sawhney, director in the Financial Advisory Services group at Marks Paneth, details the ways to avoid an FCPA disaster and the serious consequences that may result if companies do not take necessary precautions. 

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Gotham Commercial Real Estate Monitor, Jennings, William, 01/26/2016

The Gotham Commercial Real Estate Monitor from Marks Paneth represents the findings of a survey of commercial real estate professionals in the New York City market. Overall, 201 individuals responded to the survey — 64 online following a series of email invitations and 135 in person at a convention of New York City real estate professionals. Marks Paneth staff supervised the convention site intercept interviews and email deployments for online data collection.  Michaels Opinion Research, Inc. hosted the online data collection site and tabulated all questionnaires. Interviews were completed during the period of November 11 - Decemeber 23, 2015.

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Tax Alert: Partnership audit rules revised under 2015 budget act, Baran, Mark R., 01/25/2016

The Bipartisan Budget Act of 2015, signed into law on November 2, 2015, raises the federal debt ceiling and lifts mandatory spending caps on defense and domestic programs. The law also makes sweeping changes to the rules for auditing partnerships. The end result of the revised rules is that audits of master limited partnerships, investment funds and other business entities organized as partnerships are likely to increase. More importantly, given the significant operational impact of the new audit rules, many partnership agreements will need to be reviewed and amended. The new rules are generally effective for partnership tax years beginning after December 31, 2017 but partnerships may elect to be governed by the new audit rules for any tax year on or after November 2, 2015. 

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Valuation and Litigation Briefing, January 2016, Barr, Eric J., 01/18/2016

Marks Paneth has published its latest issue of Valuation and Litigation Briefing.

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“Irrational Exuberance” or Golden Age: Is This The Best of Times for New York City Hotels?, Cohen, Lawrence, 01/11/2016

What’s changed in the NYC hospitality sector over the past two years? Nothing, but everything…

Partner and Hospitality Group Leader Lawrence Cohen has refreshed his 2014 article, “’Irrational Exuberance’ or Golden Age: Is this the Best of Times for New York City Hotels?” and discusses the impact that the last two years have had on the market.

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Tax Alert: 2016 cost-of-living adjustments: Minimal changes from 2015, Eliach, Steve, 01/11/2016

The IRS has issued its cost-of-living adjustments (“COLAs”) for 2016. Since inflation remains low, many COLA amounts remain the same as last year or were increased modestly. This article provides an overview of 2016 amounts related to individual income taxes, the alternative minimum tax, education- and child-related tax breaks, retirement plans, and gift and estate taxes.

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Monitoring your organization’s fiscal health to avoid financial failure, Thomas, Sibi, 01/08/2016

When considering the myriad of challenges the nonprofit sector faces today, it is important that nonprofit leaders take a holistic approach to understanding the factors affecting their organizations' financial viability. There are several tools and specific approaches to nonprofit governance that can greatly facilitate this undertaking. 

In this article, Partner Sibi Thomas discusses give factors that nonprofit leaders should consider to better secure their organizations against financial mismanagement and organizational risk.

This article was originally published in New York Nonprofit Media in January 2016.

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CREATING A LEGACY: HOW MUCH WEALTH IS ENOUGH TO LEAVE CHILDREN, Kuchner, Robert G., 01/07/2016
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CREATING A LEGACY: WHAT ARE THE ALTERNATIVES TO A LUMP-SUM TRANSFER AND BASICS OF CHARITABLE PLANNING, Kuchner, Robert G., 01/04/2016
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Mark Paneth’s Gotham Commercial Real Estate Monitor takes the pulse of  New York’s commercial real estate professionals three times a year.

Findings from the Spring 2016 survey provide insights on the impact of foreign investment, stock markets, interest rates, taxes and infrastructure development on the commercial real estate market in NYC. The survey was completed by 145 professionals working in New York City commercial real estate, including legal counsel, bankers and lenders, brokers and agents, developers, property managers and owners.  Fielded in late February and early March, 2016.

The full survey results 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.

 
 

Marks Paneth’s Past, Present and Future Covered in INSIDE Public Accounting

Harry Moehringer, Managing Partner, and Mark Levenfus, Chairman of Morison KSi, were recently featured in INSIDE Public Accounting in an article titled, “Marks Paneth Changes Leadership Structure, Takes Lead in Morison KSi.”

The article profiles Marks Paneth’s recent history and the strategic decisions that have helped to mold today’s firm. It also lays out the blueprint for how the firm plans to continue to grow going forward.

Read more: INSIDE Public Accounting

 
 

Doing Business Guides

Doing business around the world presents a variety of challenges. Morison KSi Ltd. (Morison KSi), the association of independent accounting and consulting firms of which we are a member, has begun publishing a series of Doing Business Guides. The guides are written by the Morison KSi member firm in the country that is being profiled and provide an introduction to foreign investors on the various aspects of doing business. Please click below for the corresponding country: