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.

 
 

Marks Paneth Surveys Real Estate Professionals on Hurricane Sandy’s Impact on Property Values in Lower Manhattan

Crain’s New York Business has highlighted an Marks Paneth 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.

 
 

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.



 
Display Year:      2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006
DOING BUSINESS GUIDE – BELGIUM, Morison International, 08/14/2014

DOING BUSINESS GUIDE – BELGIUM

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 Belgium.



Download


Real Estate Advisor July 2014, Jennings, William H., 07/29/2014

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



Download


Summer 2014 Gotham Commercial Real Estate Results, Jennings, William, 07/28/2014

The Gotham Commercial Real Estate Monitor from Marks Paneth represents the findings of a survey of 100 commercial real estate professionals in the New York City market. Professionals participating in the research include owners and managers of commercial property, commercial real estate brokers and agents and attorneys and accountants specializing in the sector. The inaugural survey was completed in January 2013, the second in June 2013, the third in December 2013 and the fourth in May 2014.  The research employed self-administered questionnaires completed online 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 June 17 through July 11, 2014.



Download


Marks Paneth Nonprofit Agendas July 2014, McNee, Michael , 07/28/2014

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the July issue



Download


DOING BUSINESS GUIDE – GERMANY, Morison International, 07/25/2014

DOING BUSINESS GUIDE – GERMANY

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 Germany.



Download


Long-Awaited FASB Standard Revamps Revenue Recognition Model, Stocker III, William M., 07/24/2014

The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued new joint guidance that addresses one of the most important measures investors use when assessing a company’s performance and prospects — revenue. By extension this also affects net income. FASB’s version, communicated in ASU No. 2014-09, Revenue from Contracts with Customers, standardizes the revenue recognition process for customer contracts across different industries and geographic locations. It also requires more comprehensive footnote disclosures for all types of public and, especially, private companies. This article provides an overview of the converged guidance, along with a brief look at the potential impact on certain industries.



Download


Marks Paneth Tax Alert: Rules Surrounding IRA Rollovers Become Less Friendly to Taxpayers, Hughes, Robert J., 07/09/2014

Earlier this year, the US Tax Court made a controversial ruling regarding IRA (Individual Retirement Account) rollovers that contradicted an IRS publication designed to explain the law to taxpayers. Soon after, the IRS announced that it would adopt the court’s less taxpayer-friendly interpretation of the rollover rules. Taxpayers with multiple IRAs will have to be much more careful when making rollovers to ensure they don’t violate the aggregate rules and generate unnecessary tax liability — and possibly interest and penalties. This alert provides a brief overview of the Tax Court case, the IRS response and some other rules surrounding IRA rollovers that taxpayers should be aware of.



Download


Global Tax Insights, Morison International, 07/03/2014

Morison International (MI), the global association of leading independent accounting and consulting firms of which Marks Paneth is a member, has published the latest issue of Global Tax Insights. It is made up of contributions from MI member firms and includes country focus articles, technical updates and international tax cases.



Download


Presenting Compensation Estimates to a Jury, Tranfa-Abboud, Josefina V. , 07/01/2014

Presenting a damages estimate to a jury is an art that must be backed up by understandable science.  The art is in the combination of effective questions by counsel (whether retaining or opposing) and a presentation by the expert that gets the jury’s attention. 

This article, “Presenting Compensation Estimates to a Jury”, was originally published in The Metropolitan Corporate Counsel, July-August 2014.



Download


IRS Announces Major Changes Regarding Offshore Voluntary Disclosures, Bercovici, Paul, 06/30/2014

On June 18, 2014, the IRS announced significant changes to the 2012 Streamlined Program and to the 2012 Offshore Voluntary Disclosure Program. The changes to the terms of the 2012 Streamlined Program and the 2012 Offshore Voluntary Disclosure Program are designed to encourage more taxpayers who have failed to report income from offshore assets to voluntarily come forward to report the existence of such offshore assets and the income derived therefrom. According to the IRS, approximately 45,000 taxpayers have voluntarily disclosed the existence of such accounts under the terms of the various iterations of the offshore voluntary disclosure program that was first announced in 2009, and that such disclosures have resulted in the collection of approximately $6.5 billion in taxes, interest and penalties.



Download


DEPRECIATION RECAPTURE: WHAT DOES IT MEAN TO YOU?, Blumkin, Peter, 06/16/2014

Over the past decade, business owners have been reaping generous tax benefits by writing off their new equipment purchases, including certain qualified leasehold improvements. What they may fail to realize is that some or all of the previously-derived tax benefits could be negated when the affected assets are disposed of. What does depreciation recapture mean to you?  (Note:  Due to some expired provisions and uncertain future tax developments, this article has been updated since its original publication in May 2013.)



Download


Real Estate Advisor June 2014, Jennings, William H., 06/13/2014

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



Download


Effect of 2013 NY Non-Profit Revitalization Act on Incorporating NY-Based Charities in Delaware, Lyons, Robert, 06/01/2014

In December 2013, Governor Cuomo signed into law the New York Non-Profit Revitalization Act (the “Act”), which addressed, for the first time in over forty years, many of the inefficiencies in New York laws regulating not-for-profit organizations. Among the changes, the Act eliminates the requirement that many organizations with an educational purpose receive Education Department consent before they can incorporate. When this law takes effect on July 1, 2014, these organizations will be able to complete the New York incorporation process without the delays previously caused by the Education Department. This article addresses whether New York-based organizations should still continue to incorporate in Delaware.

This article by Robert Lyons, Tax Director, Marks Paneth LLP, and Sean R. Weissbart, an attorney with Morris & McVeigh LLP, is reprinted with permission from: Trusts and Estates Law Section Newsletter, Summer 2014, Vol. 47, No. 2, published by the New York State Bar Association, One Elk Street, Albany, NY 12207.



Download


Spring 2014 Gotham Commercial Real Estate Results, Jennings, William H., 05/21/2014

The Gotham Commercial Real Estate Monitor from Marks Paneth represents the findings of a survey of nearly 100 commercial real estate professionals in the New York City market. Professionals participating in the research include owners and managers of commercial property, commercial real estate brokers and agents and attorneys and accountants specializing in the sector. The inaugural survey was completed in January 2013, the second in June 2013 and the third in December 2013.  The research employed self-administered questionnaires completed online 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 March 3rd to May 7th, 2014.



Download


NonProfit Agendas, May 2014, McNee, Michael , 05/19/2014

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the May issue



Download


Real Estate Advisor, May 2014, Jennings, William H., 05/15/2014

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



Download


New York State Makes Significant Changes to Estate and Trust Tax Laws, Itzkowitz, Eric A., 05/13/2014

On March 31, 2014, New York State Governor Andrew Cuomo signed into law the 2014-15 budget legislation (the Executive Budget), which made a number of significant changes to New York's estate and trust tax laws. This article discusses the highlights and the impact of some of these changes.



Download


DOING BUSINESS GUIDE - IRELAND, Morison International, 05/12/2014

DOING BUSINESS GUIDE – IRELAND

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 Ireland.



Download


Pigs Get Slaughtered: Do’s and Don’ts for Buyers and Sellers in a Red Hot Hotel Real Estate Market, Cohen, Lawrence, 05/02/2014

Today’s hotel transaction market is definitely hot – after several slow years, the pace has accelerated sharply – and it’s exciting for both buyers and sellers.  Should you be a buyer . . . a seller . . . or both?  Should you act now, or wait?  The answer depends on your situation – and also on your expectations.  How realistic are they?  A hot market can be a good time to make money.  It can also burn you.  As with any other market, you need to understand the market dynamics and develop a strategy.  Above all, don’t get greedy.  What’s said of the stock market can also be said of buying and selling in the hospitality industry: Bulls make money and bears make money.  But pigs get slaughtered.



Download


New York State Nursing Home Assessment Credit, LaForgia, Laura E., 05/01/2014

The nursing home assessment credit is a commonly overlooked New York State income tax credit that could provide some real money to those in need. The credit is a refund on the portion of the assessment which a New York nursing home is required to pay to the State and which is then passed through on the nursing home resident’s bill. It is equal to up to 6 percent of the base-rate portion of the assessment and can be claimed by anyone who pays the assessment, whether that person is the nursing home resident or is a relative or other individual responsible for paying the charges.

This article originally appeared in the May 2014 issue of the TaxStringer. It is reprinted with permission from the New York State Society of Certified Public Accountants. It can also be accessed by clicking here.



Download


Succession Planning:  To Avoid Landmines, Seek Advice Outside the Family, Jennings, William H., 05/01/2014

Succession Planning: To Avoid Landmines, Seek Advice Outside the Family

Succession planning is a difficult matter in any business. In a family-owned business, the difficulty is, if anything, much greater. Family politics and interpersonal relationships are always challenging – all the more so when the future of a business is at stake. Most family businesses are dominated by one or two strong leaders – often a founder, always an authority figure – who leave succession planning until the last possible moment, sometimes settling on a successor who doesn’t have the makings of a good future leader. The results can be disastrous. Picking the wrong successor can destroy the business. It can be equally bad to pick no successor at all.

This article was originally published in ABO Developments, Volume 22, Number 2, Spring 2014.



Download


Consequences of Having a Poor Anti-Money Laundering Program, Sawhney, Sareena M., 04/25/2014

A surge in recent investigations suggests that financial and non-financial institutions are increasingly in violation of Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) policies and procedures as well as regulatory requirements.  IRS statistics illustrate that the number of money laundering investigations and Bank Secrecy Act investigations has increased from 1,597 to 1,663 and 738 to 923 from 2010 to 2012, respectively. Many different kinds of businesses are at risk for money laundering and for penalties if AML programs do not meet regulatory standards – all the more reason to ensure that adequate anti-money laundering programs are in place.



Download


Health Care Fraud and Abuse, Sawhney, Sareena M., 04/25/2014

Health care fraud is a national problem affecting everyone in the US, either directly or indirectly, and is carried out by many segments of the health care system, including companies or individuals, using various methods.  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 dollars from individuals and companies who attempted to defraud federal health programs.  And the Justice Department opened 1,131 new criminal health care fraud investigations involving 2,148 potential defendants.  For the health care provider or the insurer or the companies offering health care to their employees, detecting such schemes can involve various forensic accounting techniques.



Download


As The New York Commercial Real Estate Boom Continues, Help Investors Avoid These Common Mistakes, Schlisselfeld, Abe, 04/16/2014

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.



Download


Global Tax Insights, Morison International, 04/08/2014

Morison International (MI), the global association of leading independent accounting and consulting firms of which Marks Paneth is a member, has published the latest issue of Global Tax Insights. It is made up of contributions from MI member firms and includes country focus articles, technical updates and international tax cases.



Download


Marks Paneth State and Local Tax Advisor: Highlighting Key Tax Law Changes Across The Region, Bryde, Steven P., 04/08/2014

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. 



Download


Despite Higher Tax Rates, ‘S’ Corporations Retain Advantages Over ‘C’ Corporations, Evans, John N. , 03/25/2014

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.



Download


Trends Shaping NY Real Estate Industry, According to Latest Gotham Commercial Real Estate Monitor, Jennings, William H., 03/21/2014

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.



Download


Nonprofit Revitalization: Checklist for Compliance, McNee, Michael L., 03/21/2014

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. 



Download


Marks Paneth Tax Alert U.S. Treasury & IRS release amended final rules on foreign account reporting, Robbins, James M., 03/20/2014

The US Department of the Treasury and the IRS have issued what is expected to be their final significant package of regulations implementing the Foreign Account Tax Compliance Act (FATCA). FATCA requires foreign financial institutions (FFIs) — including foreign banks, brokers, insurance companies and investment funds — to disclose to the IRS certain information about their US -owned accounts. This article reviews the major provisions of the amended final regulations and the potential impact on individual taxpayers with foreign accounts. 



Download


Doing Business Guide - Panama, Morison International, 02/26/2014

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.



Download


Accounting and Auditing Alert: FASB Private Companies Have Options on Accounting for Goodwill, Stocker III, William M., 02/24/2014

The Financial Accounting Standards Board {FASB) has issued two updates to Generally Accepted Accounting Principles (GAAP) that offer alternatives to private companies: 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. This alert details each ASU.



Download


Managing Intellectual Property In A Knowledge Economy, Henning, Steven L., 02/21/2014

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.



Download


Marks Paneth Nonprofit Agendas February 2014, McNee, Michael, 02/19/2014

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the February issue



Download


Doing Business Guide - Turkey, Morison International, 02/05/2014

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.



Download


MARKS PANETH STATE AND LOCAL TAX ADVISOR: HIGHLIGHTING KEY TAX LAW CHANGES ACROSS THE REGION, Bryde, Steven P., 02/05/2014

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:



Download


IRS issues final regulations on 3.8% net investment income tax and 0.9% additional Medicare Tax, Hughes, Robert J., 01/29/2014

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.



Download


“Irrational Exuberance” or Golden Age: Is This The Best of Times for New York City Hotels?, Cohen, Lawrence, 01/09/2014

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.



Download