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.



 
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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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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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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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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, Adobe, 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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