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.
Library
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.
Doing Business Guide - Costa Rica, Morrison International, 06/12/2013Doing business around the world presents a variety of challenges. Morison International (MI), the association of independent accounting and consulting firms to which MP&S 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 Costa Rica.
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Real Estate Advisor, June 2013, Jennings, William H., 06/11/2013MP&S has just published the latest issue of Real Estate Advisor. Click below for the June issue.
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VIDEO: Buying a distressed hotel? Avoid being the dog that catches the car, Cohen, Lawrence, 05/28/2013Acquiring a distressed hotel can be a very exciting strategy for an owner or entrepreneur. But you have to keep your eyes wide open because a distressed property can come with problems and risks that are often overlooked. Learn what happens and what challenges you face when you finally close the deal on your troubled property -- and the right steps to take that can help you come out ahead.
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VIDEO: Word to the wise for hotel owners, Cohen, Lawrence, 05/28/2013The hotel business is different -- it's not like other properties where decisions are made periodically. Hotel decisions are made daily, even hourly, or because the weather has changed -- and they are often made by the representatives of your management company, without consulting you, the owner/entrepreneur. The solution? Keep your management company -- but be smart and hire key people who report to you. And always trust . . . but verify.
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DEPRECIATION RECAPTURE: WHAT DOES IT MEAN TO YOU?, Blumkin, Peter, 05/21/2013Over 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?
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Revenue Maximization for Landlords: Monetizing Existing Leases, Nadler, Susan H., 05/20/2013In these challenging economic times, we realize that even seasoned property owners are reviewing their portfolios in order to find ways to maximize revenue. We offer a team of experienced, knowledgeable professionals who are highly skilled in performing lease audits and providing lease consulting services with the goal of recovering “hidden” revenue. These professionals work with property owners to perform audits of leases that provide for contingent rental payments including, but not limited to, percentage rent, participation payments, subletting profits and operating escalations.
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A Key to Managing Your Hotel Through Troubled Times: Keeping Your Lender Happy, Cohen, Lawrence, 05/17/2013You bought your hotel with the highest expectations. And why not? All owners do. But the best-laid plans of hotel owners can go astray. Maintaining control of a distressed hotel can be a challenge. To meet it, focus on your contingency plan and have the right team in place.
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NONPROFIT AGENDAS, MAY 2013, McNee, Michael, 05/09/2013MP&S has just published the latest issue of Nonprofit Agendas. Click below for the May issue.
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VIDEO: Don’t mess up a great investment with the wrong filing decision, Robbins, James M., 05/08/2013A US company acquiring an overseas firm or a foreign company looking to do business in the US needs to make smart decisions early on to avoid the wrong tax elections. James Robbins explains why a simple document filing can make a big difference between a successful or a failed investment.
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VIDEO: The deposition advantage in compensating for lost wages, Tranfa-Abboud, Josefina V., 05/08/2013How 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.
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VIDEO: Implications of new pension reporting requirements, Ruppel, Warren, 05/08/2013A more transparent way of pension accounting is coming: New standards from the Government Accounting Standards Board (GASB) take effect in 2013 and 2014. Warren Ruppel discusses what the changes are, who they affect and how.
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VIDEO: The advantages of an “S”-Corp vs. a “C”-Corp, Evans, John N. , 05/08/2013The American Tax Relief Act raises tax rates for some high-income people and probably has some growing, successful business owners thinking their companies should become “C” corporations. Think again, says John Evans, who explains why you’ll still probably save money by remaining an “S” corporation.
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MP&S TAX ALERT: NEW YORK STATE ENACTS BUDGET AND NEW YORK COURT RULES ON “AMAZON TAX”, Bryde, Steven P., 05/07/2013On March 20, 2013, Governor Cuomo and the State Legislative Leaders reached a new Budget for the fiscal year beginning April 1, 2013. Subsequently, the Governor signed the Legislation into law.
The 2013-2014 Budget closes a $1.3 billion gap with no new taxes or fees. Here are a few of the more noteworthy provisions.
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DOING BUSINESS GUIDE - GERMANY, Morrison International, 05/07/2013Doing business around the world presents a variety of challenges. Morison International (MI), the association of independent accounting and consulting firms to which MP&S 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.
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Avoid Becoming “The Dog That Caught The Car” When You Acquire A Distressed Hotel, Cohen, Lawrence, 04/03/2013A distressed hotel isn’t an acquisition you can make and then forget. It won’t run on its own. It requires daily, hands-on, operational management – a specialized, knowledgeable kind of management sensitive to the particular realities of a hotel in turnaround, a management that is able to work with the hotel’s people and its physical plant and set the property back on the road to success. This article reviews how an effective turnaround plan will anticipate, and help you avoid a worst-case outcome.
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VIDEO: Your Role in Detecting and Deterring Employee Fraud, Kreuter, Eric, 03/28/2013“Your Role in Detecting and Deterring Employee Fraud” was the subject of a video discussion with Eric Kreuter, a Partner in the Litigation and Corporate Financial Advisory Services Group.
In the video Eric examines why it is necessary to monitor and execute appropriate analytics when tracking asset misappropriations, corruption (accepting kickbacks) and fraudulent statements (overstating revenues or understating liabilities).
According to the Association of Certified Fraud Examiners’ 2012 Report to the Nations, businesses annually lose 5% of total revenue due to fraud and it typically continues for 18 months before detection.
The video was originally published by SmartPros Ltd., a leading provider of accredited professional education and training to Fortune 500 companies.
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MP&S Tax Alert: IRS Expands Relief Program for Employers with Misclassified Workers, Eliach, Steven, 03/25/2013The IRS has modified the Voluntary Classification Settlement Program (VCSP) to, among other things, allow employers under IRS audit (other than an employment tax audit) to participate. It also temporarily further expands eligibility — through June 30, 2013. But while the expansions may seem like a win-win option for employers, participating isn’t without risk. This article reviews VCSP eligibility, processes and terms, and details the recent changes.
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MP&S Tax Alert: Treasury and IRS Release Final Rules on Foreign Account Reporting, Bercovici, Paul, 03/12/2013The U.S. Department of the Treasury and the IRS have issued comprehensive final regulations implementing Foreign Account Tax Compliance Act (FATCA) information reporting provisions. Under the regulations, foreign financial institutions (FFIs) — including foreign banks, brokers, insurance companies and investment funds — must disclose to the IRS certain information about their U.S.-owned accounts. This article reviews the major provisions of the final regulations and the potential impact on individual taxpayers with foreign accounts.
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Real Estate Advisor, March 2013, Jennings, William, 03/06/2013MP&S has just published the latest issue of Real Estate Advisor. Click below for the March issue.
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Doing Business Guide - Qatar, Morison International, 03/05/2013Doing business around the world presents a variety of challenges. Morison International (MI), the association of independent accounting and consulting firms to which MP&S 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 Qatar.
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Nonprofit Agendas, February 2013, McNee, Michael, 02/25/2013Marks Paneth & Shron has published the latest issue of Nonprofit Agendas. Click below for the February issue.
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Doing Business Guide - Dubai, 02/19/2013Doing business around the world presents a variety of challenges. Morison International (MI), the association of independent accounting and consulting firms to which MP&S 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 Dubai.
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Doing Business Guide - Abu Dhabi, Morison International, 02/19/2013Doing business around the world presents a variety of challenges. Morison International (MI), the association of independent accounting and consulting firms to which MP&S 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 Abu Dhabi.
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MP&S Tax Alert: What the American Taxpayer Relief Act Means for Your Estate Plan, Eliach, Steven, 02/18/2013The American Taxpayer Relief Act of 2012 (ATRA), signed into law Jan. 2, 2013, primarily addresses income taxes. However, it also provides substantial estate tax relief compared to the changes that otherwise would have gone into effect in 2013. In addition, it provides increased estate tax law certainty. Nevertheless, ATRA is not all positive for estate planning, as it increases the estate tax rate compared to the 2012 estate tax law regime. The many changes going into effect in 2013 warrant a review of your estate plan. Here are some of the most important changes to consider.
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Exemption on Gain of Small Business Stock, Goulet, Jeanne P., 02/15/2013In 1993, the Qualified Small Business Stock (QSB) provision was enacted granting a 50% exemption on the gain on sale of shares of a qualified small business. The provision, known as section 1202, was largely ignored, because, for various reasons, the benefits were not worth the effort. Fortunately, the American Taxpayer Relief Act of 2012, signed into law on January 2, 2013 made the 100% exemption retroactive to January 2012 and effective until January 1, 2014.
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Doing Business Guide - South Africa, Morison International, 02/14/2013Doing business around the world presents a variety of challenges. Morison International (MI), the association of independent accounting and consulting firms to which MP&S 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 South Africa.
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Doing Business Guide - United Kingdom, Morison International, 02/14/2013Doing business around the world presents a variety of challenges. Morison International (MI), the association of independent accounting and consulting firms to which MP&S 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 the United Kingdom.
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MP&S Tax Alert: What the American Taxpayer Relief Act Means for Your Individual Taxes, Eliach, Steven, 02/11/2013The American Taxpayer Relief Act of 2012 (ATRA) does, as its name implies, provides substantial tax relief to many taxpayers. However, while higher-income taxpayers will enjoy some benefits, they’ll also see some tax increases. Here’s a closer look at ATRA’s most important changes for individuals, along with the tax planning implications.
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Reaping the Full Benefits of Intellectual Property, Sacks, Glenn D.; Henning, Steven L., 02/05/2013Intellectual Property (IP) accounts for nearly $6 trillion value added, roughly equal to 40 percent of US GDP. Moreover, IP is critical to our balance of trade, as goods from IP-intensive industries account for 60 percent of all U.S. exports. Given the jobs, exports and wage premiums those businesses support, many will say we must protect our IP from infringers in developing nations and elsewhere. But we must also protect our IP from ourselves.
This article was originally published in The Metropolitan Corporate Counsel, February 2013.
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MP&S Tax Alert: What the American Taxpayer Relief Act Means for your Business Taxes, Eliach, Steven, 02/04/2013The American Taxpayer Relief Act of 2012 (ATRA) extends and enhances many breaks for businesses. In particular, it provides incentives for businesses to invest in assets, research and people. This article provides an overview of ATRA’s most important changes for businesses, along with the implications for 2012 tax returns and tax planning for 2013 and beyond.
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MP&S Tax Alert: IRS Provides Guidance for New 3.8% Tax on Net Investment Income, 01/23/2013Recently, the IRS issued proposed regulations regarding the new 3.8% net investment income tax (NIIT, also known as the Medicare contribution tax) that was created by the Health Care and Education Reconciliation Act of 2010 and takes effect Jan. 1, 2013. This Alert details what investment income is subject to the tax and how to calculate it. Please click here to learn more.
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Winter 2013 Gotham Commercial Real Estate Results, Jennings, William H., 01/23/2013This summary presents the key findings of a survey of over 100 top commercial real estate professionals in the New York City market. A dual-mode methodology was employed of self-administered questionnaires completed either online or on paper by respondents. The list of professionals surveyed was compiled by Marks, Paneth and Shron LLP, the research sponsor. Interviews were completed during the period of November 16, 2012 to January 4, 2013.
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Real Estate Advisor, January 2013, Jennings, William H, 01/08/2013Marks Paneth & Shron has published the latest issue of the Real Estate Advisor. Click below for the January issue.
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MP&S Tax Alert: What the Fiscal Cliff Deal Means for Your Taxes, Eliach, Steven, 01/06/2013After much contention and negotiation, President Obama and Congress finally came to agreement on legislation to address the “fiscal cliff.” The American Tax Relief Act (ATRA) prevents income tax rate increases for all but approximately the top 2% of taxpayers. ATRA also extends other income tax breaks for individuals and businesses and addresses the alternative minimum tax (AMT) and the estate tax. This alert provides an overview of some of the act’s key tax law changes.
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