Doing Business Guides
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:
The Deposition Advantage in Compensating for Lost Wages
How to use historical employment and earnings data to estimate damages in lost wages claims can be a real challenge. Josefina Tranfa-Abboud outlines the reasons why both plaintiffs and defendants need an economist on their team to assist in the discovery of economic data.
Doing Business in the Cloud is Great, Except for Tax Traps
Businesses that operate online, beware: The kind of data you access from the cloud isn't the kind of information or software product that triggers a sales tax -- at least in most states. New York has a different view.
MP&S Surveys Real Estate Professionals on Hurricane Sandy’s Impact on Property Values in Lower Manhattan
Crain’s New York Business has highlighted an MP&S survey, which asked more than 100 New York commercial property owners, brokers, manager, attorneys and other real estate executives how Hurricane Sandy affected property values in Lower Manhattan. Fifty-six percent of respondents believe the storm hurt commercial real estate property values and 20 percent said they believe values have been “permanently lowered.” William Jennings, the Partner-in-Charge of the Real Estate Group, was quoted in the article.
Marks Paneth & Shron LLP understands that successful client service is rooted in strong industry knowledge. At MP&S, 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 MP&S articles and client alerts, as well as presentations that we've delivered.
For commercial real estate investors, the boom mentality continues, and those seeking opportunities continue to flock to New York City. That can spell trouble if your clients are not prepared for the consequences real estate investment can bring, including results that are hard to foresee.
See Abe's article originally published in The Metropolitan Corporate Counsel April 2014.
On March 31, Governor Cuomo and the New York State (NYS) Legislature reached agreement on the 2014-2015 Budget, which is effective April 1.
This newsletter provides a summary of the more important tax provisions contained in the budget.
Owners of small, growing businesses face a perennial question: Should the business function as an S corporation, or should the entity revoke its election under Subchapter S of the Internal Revenue Code? Individual tax rates are now generally higher than corporate rates – but that doesn’t mean that it’s an advantage to realize income as a corporation. Tax rates are not the whole story.
This article, “Despite Higher Tax Rates, ‘S’ Corporations Retain Advantages Over ‘C’ Corporations”, by John Evans and Maria Castilla, was originally published in Practical Tax Strategies by Thomson Reuters, December 2013.
Uncertainty about the de Blasio administration and a high commercial vacancy rate were among the issues that worried New York real estate professionals, according to the 2013 editions of the Gotham Commercial Real Estate Monitor, an ongoing survey conducted by my firm, Marks Paneth.
This article, “Uncertainty about de Blasio, a Soft Commercial market and Other Trends Shaping New York’s Real Estate Industry, According to Latest Gotham Commercial Real Estate Monitor”, was originally published in The New York Real Estate Journal, February 25, 2014.
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.
DOING BUSINESS GUIDE – PANAMA
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 Panama.
The Financial Accounting Standards Board (FASB) has issued two updates to Generally Accepted Accounting Principles (GAAP) that are intended to reduce the cost and complexity of preparing financial statements for private companies. As outlined in Accounting Standards Update (ASU) 2014-02, Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill, and ASU 2014-03, Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps—Simplified Hedge Accounting Approach, the alternative standards streamline the method for goodwill impairment and make it easier for certain interest rate swaps to qualify for hedge accounting.
We frequently see new products, brands and creative designs that are the result of continuous innovation and creativity. Many of these innovations are driven by small businesses that possess innovative and creative capacity, but may lack awareness of the protection that our intellectual property system can provide. Left unprotected, an invention or creation may be lost to competitors who are in a better position to commercialize the product or service, leaving the original inventor or creator without financial benefit or reward. Therefore, securing adequate protection of a company’s intellectual property may be a crucial step in deterring potential infringement and in turning ideas into business assets with a real market value.
This article was originally published in The Metropolitan Corporate Counsel, February 2014.
DOING BUSINESS GUIDE – TURKEY
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 Turkey.
There are several noteworthy proposed tax law changes in the Proposed New York State Budget Tax Provisions. Please note that for “estate tax of gifts,” action may be required before April 1, 2014.
The Proposed Budget will reduce taxes by $500 million in 2014-2015 and reduce taxes by $1.6 billion in 2015-2016. Under the Proposed 2014-2015 Executive Budget, these are the important changes of which you should be aware:
The IRS has issued final regulations addressing two new taxes under the Affordable Care Act that took effect Jan. 1, 2013: the 3.8% net investment income tax (NIIT, also known as the Medicare contribution tax), and the 0.9% additional Medicare tax. This article reviews these taxes and details how the final regs. differ from the proposed regs. that were issued last year.
New York City hotel valuations are at record highs. Is this a ‘bubble’? Or have fundamental factors changed the landscape and created a ‘golden age’ for the New York City hotel industry?
For hotel investors, owners, developers and management companies, the answer has real consequences. With properties in need of renovation often trading at multiples of the $150,000 per key seen 10 years ago and premium properties trading even higher, it’s critical to understand what’s behind these figures and what the picture looks like over time.