NONPROFIT PULSE:  A LEADERSHIP SURVEY FROM MARKS PANETH

The Nonprofit Pulse: A Leadership Study from Marks Paneth represents the findings of a survey of nonprofit leaders in the United States. The 103 professionals participating in the research include Board Chairs, Presidents, Executive Directors, Chief Executive Officers, Chief Financial Officers, Treasurers, Chief Operating Officers, Development Directors, Vice Presidents and Board members and are with organizations with annual budgets between $10 million and $100 million. The research employed self-administered questionnaires completed online by respondents. The national list of professionals surveyed was compiled by Marks Paneth LLP, the research sponsor, and by Michaels Opinion Research. Interviews were completed during the period of November 12 to December 31, 2014.

The full Nonprofit Pulse survey report is available 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.

 
 

Lost Profits, Business Cycles, and the Reasonable Certainty Standard

  Courts standards require that
  damages analysis results be within
  “reasonable certainty”, and objective
  rather than speculative, terms more
  of art than of science.  Given these
  standards, it is of vital importance to  analyze all relevant factors to the  extent permitted by the best data  available. And it is the responsibilityof the damages expert to present an analysis that is both reasonably certain and objective by making every effort to request and/or research the best data available. The expert who is unable to isolate the wrongdoing from exogenous factors may be challenged on the basis that analysis is speculative.

This article, “Lost Profits, Business Cycles, and the Reasonable Certainty Standard”, appeared in the March 18, 2015 issue of QuickRead.

 
 

Doing Business Guides s

Doing business around the world presents a variety of challenges. Morison International (MI), 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 MI 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:

 
 

Library

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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Finding an Intersection Between Intangibles Valuation and Transfer Pricing, Sadang, Angela, 09/02/2015

In the recent boom of cross-border merger and acquisition (M&A) activity, the large proportion of transactions involving intangible assets or intellectual property (IP) as a dominant acquired asset has shed light on the importance of the identification and valuation of intangible assets and transfer pricing.

In this article, director Angela Sadang discusses how aligning these two disciplines early on in the M&A process can create lasting, value-added synergies.

This article, “Finding An Intersection Between Intangibles Valuation and Transfer pricing in the US,” was originally published in Global Tax Weekly.



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Doing Business Guide - Honduras, Morison International, 08/26/2015

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 Honduras.



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Highway Funding Law Brings Important Tax Compliance Law Changes, Eliach, Steve, 08/25/2015

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 provides a temporary three-month extension of the Highway Trust Fund that is paid for through several tax compliance revenue offsets. These revenue offsets primarily affect tax return filing due dates and extension deadlines for C corporations, partnerships, and trusts and estates. There are also other important tax provisions contained in the law that include modifications to estate and mortgage reporting, consistent basis reporting, clarification of the 6-year limitation period for overstated basis, veterans tax incentives regarding ACA exemptions and improved HSA contribution eligibility, and an excise fuel tax provision for alternative fuels.



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Nonprofit Agendas - August, 2015, McNee, Michael, 08/14/2015

Marks Paneth has published the latest issue of Nonprofit Agendas



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Real Estate Advisor - August, 2015, Jennings, William, 08/12/2015

Marks Paneth has published the latest issue of Real Estate Advisor



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Valuation and Litigation Briefing, August 2015, Barr, Eric J., 08/11/2015

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



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Employee or Independent Contractor?  Worker Misclassification Investigations are Growing, 08/07/2015

There has been a sharp increase in worker classification cases and investigations by the Department of Labor and the Internal Revenue Service (IRS).  The DOL’s Wage and Hour Division (WHD) is leading the Fair Labor Standards Act (FLSA) enforcement effort and has been working with the IRS and many states to “combat employee misclassification and to ensure that workers get wages, benefits, and protections to which they are entitled.” 

While the majority of classifications of workers are not challenged by the IRS, that may soon change as a result of the increased investigations and information sharing among the various federal and state agencies. The best protection for employers is to be proactive, and review and test employment arrangements.  It is not enough to explicitly describe a worker as an independent contractor in an agreement or rely on a set number of factors to make the worker an employee or independent contractor.  Businesses must weigh all of factors and evaluate each arrangement. 

You can download a copy of the article below.



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Tax Alert: New Trade Law Hikes Penalties for Tax Information Reporting Failures, Errors and Omission, Eliach, Steve, 08/03/2015

Tucked into new trade legislation is a tax revenue raiser that increases by as much as 150% the potential penalties for taxpayers who fail to file correct tax information returns and to provide payee statements. This article details Sec. 806 of the TPEA and explains how taxpayers can reduce their risk of penalties.



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Corruption Knows No Borders: FCPA compliance is not just an emerging market concern, Henning, Steve; Sawhney, Sareena, 07/17/2015

In the wake of the recent FIFA and Petrobras scandals, Steven L. Henning and Sareena M. Sawhney discuss why violations of the Foreign Corrupt Practices Act (FCPA) should not be deemed a concern only within emerging markets, and what recent trends may suggest for US companies looking to expand their operational footprint internationally.

 This article, "Corruption Knows No Borders: FCPA Compliance is not just an emerging market concern" was originally published in the July-August 2015 issue of Metropolitan Corporate Counsel.



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New Methods Promise More Accurate Valuations of Small, Privately Held Businesses, Sadang, Angela, 07/02/2015

Accurate valuation of any business is challenging. When the business is small and privately held, the challenge is all the greater. In the past, appraisers have used public company stock return data as a benchmark for valuing small private businesses. There are significant problems with this approach as appraisers have been challenged to find alternate data that might yield more accurate valuations. Fortunately, this is changing as new developments offer appraisers alternate data that might result in more accurate valuations.



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Supreme Court upholds premium tax credits for coverage purchased on federal exchanges, Eliach, Steve, 07/01/2015

On June 25, the US Supreme Court, in a much-anticipated ruling, essentially again upheld the Affordable Care Act (ACA), this time by upholding premium tax credits for qualifying taxpayers whether they purchase coverage through a federal or a state exchange. In a 6-3 decision, the Court found that taxpayers purchasing coverage through a federal exchange can qualify for subsidies. The decision is important not just to taxpayers receiving subsidies, but also to the viability of the entire ACA. The majority of states have not set up exchanges. For “large” employers, as defined under the ACA, the decision means that the shared responsibility provisions due to go into effect this year and next, as well as the information reporting requirements due to go into effect this year, will indeed go into effect.



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Marriage Ruling Brings Significant Changes for Same-sex Couples, Eliach, Steve, 06/29/2015

The U.S. Supreme Court’s decision in Obergefell v. Hodges ruled that same-sex couples have a constitutional right to marry, effectively making same-sex marriage legal in all 50 states. The decision has numerous implications for the tax, estate and retirement planning of same-sex couples and will also affect some employers in states that had not previously recognized same-sex marriage. 



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Uniform Guidance (Formerly A-133) for Federal Award Programs, Michael McNee, 06/26/2015

The Office of Management and Budget recently published Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. This guidance supersedes several OMB Circulars that govern federal awards, including the Circulars that affect non-profits, such as Circular A-110 and A-122. These new regulations are commonly called “Uniform Guidance” or “UG”.



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Real Estate Advisor, June 2015, Jennings, William H., 06/23/2015

Marks Paneth has published the latest issue of Real Estate Advisor



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Valuation and Litigation Briefing, June 2015, Barr, Eric J., 06/23/2015

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



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Regulators Clamp Down on Casinos for Noncompliance, Sawhney, Sareena M., 06/17/2015

In 2013, the Las Vegas Sands Corp. paid $47 million to the US government for failing to file the necessary activity report (SRC) required by federal law.  This penalty was the result of an investigation by the US Department of Justice into wire transfers and cashiers’ checks totaling $58 million the Las Vegas Sands Corp. received on behalf of one gambler.  This is just one of many examples of US regulators more aggressively brining enforcement actions against casinos and banks for failure to comply with anti-money laundering (AML) rules and regulations.

In her recent article in Gaming Law Review and Economics, Sareena M. Sawhney, director, Financial Advisory Services, provides a detailed analysis of the components of a robust AML program and discusses how organizations can mitigate the risk of exorbitant fines and other penalties brought on by regular enforcement.

This article has been reprinted with permission from Gaming Law Review and Economics, Vol. 19, Issue 5, June 2015, published by Mary Ann Liebert, Inc., New Rochelle, NY.



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SALT Alert - US Supreme Court Decision in Wynne May Impact Taxpayers in Other States, Bryde, Steven, 06/11/2015

The United States Supreme Court, in a 5-4 decision, recently issued its decision in Comptroller of the Treasury of Maryland v. Wynne et ux. According to the Court, Maryland’s personal income tax scheme violates the dormant Commerce Clause of the Constitution of the United States.



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Doing Business Guide - Uruguay, 06/09/2015

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 Uruguay.



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Tax Alert: Deadline Reminder for IRS Penalty Relief Program, Eliach, Steven, 05/12/2015

June 2 deadline looming on IRS penalty relief program for late retirement plan returns



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Real Estate Advisor, May 2015, Jennings, William H., 05/11/2015

Marks Paneth has published the latest issue of Real Estate Advisor



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Spring 2015 Gotham Commercial Real Estate Survey Results, Jennings, William H., 04/29/2015

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 107 professionals participating in the research include owners and managers of commercial property, commercial real estate brokers and agents, and attorneys, accountants and other professionals specializing in the sector. The research employed self-administered questionnaires completed online and on paper by respondents. The list of professionals surveyed was compiled by Marks Paneth LLP, the research sponsor, and by Michaels Opinion Research. Interviews were completed during the period of February 25 to March 31, 2015.



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To Operate or Not to Operate Your Hotel Restaurant Yourself…That is the Question, Cohen, Lawrence, 04/29/2015

Upscaling your hotel restaurant can do wonders for your brand.  For hotel owners who are ready to renovate their property as a result of a healthy economy and are looking to upgrade services, the restaurant is often a prime target for renovation.  For a well-run full-service hotel, quality food service is paramount.  But a top-flight hotel restaurant can be a draw in its own right, attracting customers who might not otherwise visit the hotel, and adding energy and an air of prestige to help build the hotel’s brand.  Leasing the operation to a third party may be the obvious answer – and it can be profitable to boot.  But there are traps for the unwary.  And the result – rather than a smooth-running business – can become a nightmare of obligations that don’t fit well with the restaurateur’s talent and business and can result in ongoing contract disputes.  And if you, the hotelier, decide to run the restaurant yourself, you’ll find that unless you know the business well, the execution may be much different than your original plan.



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Nonprofit Agendas, April 2015, McNee, Michael, 04/21/2015

Marks Paneth has published the latest issue of Nonprofit Agendas



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Doing Business Guide - Pakistan, 04/07/2015

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 Pakistan.



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Executive Summary: Exploring the Financial and Governance Ingredients for Nonprofit Stability, McNee, Michael, 04/02/2015

Executives from the nonprofit world convened at Marks Paneth recently for a seminar co-sponsored by Charity Navigator, a nonprofit charity watchdog group. Using the financial collapse of the Federation Employment and Guidance Services (FEGS), as a backdrop, the seminar explored issues related to fraud, governance, reporting transparency and operational sustainability – and underscored practices and safeguards that can protect nonprofits.



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Nonprofit Pulse: A Leadership Survey from Marks Paneth, McNee, Michael, 03/30/2015

The Nonprofit Pulse: A Leadership Study from Marks Paneth represents the findings of a survey of nonprofit leaders in the United States. The 103 professionals participating in the research include Board Chairs, Presidents, Executive Directors, Chief Executive Officers, Chief Financial Officers, Treasurers, Chief Operating Officers, Development Directors, Vice Presidents and Board members and are with organizations with annual budgets between $10 million and $100 million. The research employed self-administered questionnaires completed online by respondents. The national list of professionals surveyed was compiled by Marks Paneth LLP, the research sponsor, and by Michaels Opinion Research. Interviews were completed during the period of November 12 to December 31, 2014.



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The Definitive Guide to Income Tax Planning for Same-Sex Couples, Lyons, Robert, 03/26/2015

The Supreme Court’s decision in Windsor expanded the range of tax-planning considerations same-sex couples must navigate as they transition  from a tax system that disregarded their relationship to one that treats and taxes their relationship as a single economic unit.  As a result, the federal income tax ramifications of marriage may surprise some same-sex couples, particularly those who have been in relationships long before marriage was even possible.

Providing insightful guidance, The Definitive Guide to Income Tax Planning for Same-Sex Couples published in the March, 2015 issue of the Journal of Taxation  comprehensively explores these issues and opportunities The article was authored by Robert R. Lyons, tax director in the Nonprofit and Government Group at Marks Paneth LLP, Sean R. Weissbart, a trusts, estates and tax attorney with Morris & McVeigh LLP and Michael T. Meltzer, a portfolio manager at Tocqueville Asset Management LP.

You can download a copy of the article below.



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Lost Profits, Business Cycles, and the Reasonable Certainty Standard, Tranfa-Abboud, Josefina V., 03/18/2015

Courts standards require that damages analysis results be within “reasonable certainty”, and objective rather than speculative, terms more of art than of science.  Given these standards, it is of vital importance to analyze all relevant factors to the extent permitted by the best data available. And it is the responsibility of the damages expert to present an analysis that is both reasonably certain and objective by making every effort to request and/or research the best data available. The expert who is unable to isolate the wrongdoing from exogenous factors may be challenged on the basis that analysis is speculative.

This article, “Lost Profits, Business Cycles, and the Reasonable Certainty Standard”, appeared in the March 18, 2015 issue of QuickRead, published by the National Association of Certified Valuators and Analysts and the Consultants’ Training Institute.



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Doing Business Guide - Denmark, Morison International, 03/16/2015

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 Denmark.



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Tax Alert: New IRS Guidance on the Work Opportunity Tax Credit and Tangible Property Regulations, John Evans , 03/11/2015


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Real Estate Advisor, March 2015, Jennings, William H., 03/11/2015

Marks Paneth has published the latest issue of Real Estate Advisor. Click below for the March issue.



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A Call for Guidance: Tip Credit Uncertainty Burdens Vital NYC Restaurant Industry, Kiess, Kurt S., 03/11/2015

Restaurant owners in New York City are left in the difficult position of interpreting the rules on the federal tip credit.  The New York City Department of Finance has not issued clear and definitive guidelines on how to treat the federal tip credit as it relates to New York City taxable income.  As a result, New York City restaurant owners may be paying tax on phantom income – not real income but rather paper income for which there is no cash to offset the tax burden.  The lack of clarity has created inconsistent reporting throughout the city, placing a burden on the New York City restaurant industry – an industry that is vital to the city’s economy.

This article, “A Call for Guidance:  Tip credit uncertainty burdens vital NYC restaurant industry”, was originally published in The Metropolitan Corporate Counsel, April 2015.



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Choosing an Experienced Health Care Appraiser, Kaden, Monica, 03/01/2015

Thinking of Buying or Selling a Medical Practice? Having an experienced health care appraiser will ensure that the correct information and documents are requested, the right questions are asked, and all of the potential opportunities and risks of the entity and industry are included in the valuation. There are many resources available to health care appraiser. 



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Valuation for Your Healthcare Practice, Kaden, Monica, 03/01/2015

There are many reasons to value a physician practice, ambulatory surgery center, imaging center or other health care entity (for example, merger, acquisition, sale, litigation, matrimonial dissolution). But such health care businesses are subject to different regulations, technology changes, consolidation and other risk factors than companies in other industries. Thus, the person performing the appraisal should be experienced and knowledgeable in health care valuation.



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Doing Business Guide - Cyprus, Morison International, 02/19/2015

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 Cyprus.



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Marks Paneth Nonprofit Agendas, February 2015, McNee, Michael, 02/13/2015


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Nonprofit Revitalization: Checklist for Compliance, McNee, Michael L., 02/05/2015

New York State has a new law pertaining to nonprofits called the Nonprofit Revitalization Act of 2013. It was signed by Governor Cuomo on December 18, 2013 and most provisions of the law will be effective on July 1, 2014. Accordingly, now is the time for you to perform a self-inspection to determine compliance. Marks Paneth has developed a checklist to help with the process of verifying compliance. 



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Doing Business Guide – Philippines, 02/04/2015

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 Philippines. 



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Advising Physician Clients Regarding the Decision to be Acquired, Kaden, Monica, 02/01/2015

Many physicians wonder if they should be part of a larger group, such as a hospital or multi-specialty practice group. It is common for small groups and solo practitioners, in certain specialties, to be approached by large health care organizations to consider selling their practice and becoming an employee.



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Doing Business Guide – Switzerland, Morison International, 01/27/2015

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 Switzerland.



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Health Care Fraud: Are You Prepared to Absorb the Costs?, Sawhney, Sareena M., 01/23/2015

Health care fraud is a national problem affecting everyone in the US, either directly or indirectly.  It is also a growing criminal enterprise.  In Fiscal Year 2012 alone, various government teams involved in the Health Care Fraud and Abuse (“HCFAC”) Program recovered $4.2 billion from individuals and companies who attempted to defraud federal health programs.

This article outlines the schemes carried out by many segments of the health care system, including hospitals, physician practices and individuals, and discusses the various forensic accounting techniques used to identify fraudulent activity or the heightened risk of fraud. 

Originally published in HealthCare Business NewsJanuary 2015 issue.



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Restrictions on Distributions and Impact on DLOM…Who Else WIll Follow?, Barr, Eric J., 01/07/2015

In 2009 Nevada Senate Bill 350 was passed into law. This law authorized the creation of two new business entities: the Restricted LLC and Restricted LP. The bill also allowed for the conversion of existing entities into one of the above types. In this article, Eric J. Barr provides an overview of these two entities, explains the advantages of such restricted pass-through-entities, and whether the IRS will respect the valuation implications of Nevada senate bill 350's statutory restrictions.

This article appeared in the January version of the Quick Read Buzz.  

This article originally appeared under the firm of Fischer, Barr & Wissinger LLC (FBW), now part of Marks Paneth LLP.



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Committing to a Hotel Conversion? Look Before You Leap, Cohen, Lawrence, 01/07/2015

Conversions are a hot topic in the hospitality industry – understandably, because the hotel market itself is hot, and converting a property is a quick way to establish or expand your footprint. In many cases, it’s far easier and much less expensive to convert an existing building than it is to build from scratch. Why wouldn’t you want to get a fast start on an opportunity – and possibly a jump on the competition – by committing to a conversion? For all players in hotel property – real estate investors looking to move into hospitality, business owners who want to claim a share of hospitality industry revenues and established hotel owners in need of an expansion path – conversion looks like the smart way to go. Is it? Not always.



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Valuing Pass-Through Entities Using the Guideline Public Company Method, Barr, Eric J., 01/01/2015

Pass-through entities (PTEs) comprise approximately 78% of all business entities, yet their valuation is one of the most discussed, controversial and least understood areas of business appraisal practice. Much attention has been focused on valuing PTEs, yet there remains a lack of clarity and consensus. In this article, Barr critiques the manner in which business appraisers have historically applied the Guideline Public Company Method when valuing PTEs and offers a new perspective on how to apply this method.

"Valuing Pass-Through Entities Using the Guideline Public Company Method", By Eric Barr, originally appeared in the January-February, 2015 issue of The Value ExaminerThe Value Examiner is published by NACVA.

This article originally appeared under the firm of Fischer, Barr & Wissinger LLC (FBW), now part of Marks Paneth LLP.



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The Challenge and Responsibility of Protecting Client Data, Henning, Steven L., 01/01/2015

According to an October 2014 Gallup Poll, 69 percent of Americans frequently or occasionally worry about theft of their credit card information.  Other than having a computer or smartphone hacked, the majority of Americans worry about this crime more than any other crime they were asked about.  These worries are driven by the growing wave of hackers that hit major retailers throughout 2014, including Neiman Marcus, Sony, Morgan Stanley, eBay, AOL and others.  As businesses collect more and more information about their customers, and in spite of the concern over theft of this data, few Americans are taking actions to protect themselves.  And businesses, which seem to have ample incentives to protect themselves and have repeatedly been warned about data breaches, routinely ignore such threats for a variety of reasons.

This article, “The Challenge and Responsibility of Protecting Client Data”, was originally published in The Metropolitan Corporate Counsel, January 2015.



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