2009-2010 Tax Planning Guide

Marks Paneth & Shron has published the 2009-2010 Tax Planning Guide, which provides information on a variety of topics including estate planning and gift tax, retirement planning, dealing with capital losses, alternative minimum tax, education tax credits and 2009 corporate and individual tax rates. Click below for the publication.

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2010 Federal Estate Tax Repeal and Haiti Relief Update, Steven Eliach, 2010-02-03

In the latest Tax Alert, MP&S outlines rules of the 2010 Federal Estate and Generation-Skipping Transfer (GST) taxes repeal and what it means for estate planning. In addition, the firm discusses President Obama's new measure that provides accelerated tax benefit for taxpayers making charitable cash contributions to the Haiti earthquake relief efforts.

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A Brave New World for a New Form 990, Michael L. McNee, Robert Lyons, 2008-02-01

On February 29, 2008, Michael McNee and Robert Lyons of the Nonprofit and Government Services Group presented a webinar entitled "A Brave New World for a New Form 990." This event discussed significant IRS changes to Form 990 and what they mean for the industry.

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American Recovery and Reinvestment Act of 2009, Steven Eliach, 2009-04-09

The American Recovery and Reinvestment Act of 2009 totals $787 billion. Nearly $300 billion of the bill includes tax relief for individuals and businesses which is outlined in the MP&S alert.

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Auditing Alternative Investments, Michael L. McNee, 2008-01-01

Auditing alternative investments presents unique challenges. As an auditor, it is critical to evaluate processes used by your clients to help support valuation and existence assertions in the financials.

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Charitable Remainder Unitrusts White Paper, Michael Bekas, 2009-01-01

Michael Bekas, partner in the Tax Group, has authored a white paper entitled "Charitable Remainder Unitrusts: A Must-Consider Wealth Maximization Vehicle for Owners of Hard Assets." In light of a favorable estate planning environment due to current low rates and values, the paper explores how when structured properly, Charitable Remainder Unitrusts (CRUTs) can create wealth optimization for clients, their heirs and charities.

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Communicate Right From the Start, Eric A. Marks, 2006-01-01

Understanding exactly what your employer is looking for from you, will determine how satisfied and successful you will be with your job. Good communication can quickly help set you on the course to becoming a superior performer.

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Controlling Real-World Risks of Mark-to-Market Valuation, Steven L. Henning, 2009-06-01

In an article recently published in Accounting Today, Steve Henning, the partner-in-charge of the Marks Paneth & Shron Litigation and Corporate financial Advisory Services Group urges companies and financial executives to take a hard, skeptical look at their balance sheets for assets that may be portraying false, overly optimistic valuations

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Economic Downturn Brings a Return to Classic Fraud, David Gannaway, 2010-07-14

The mid-2000s financial bubble has run its course. Enron and MCI/Worldcom are history, Bernard Madoff has been sentenced, other major frauds have been exposed, and the world has moved from irrational exuberance to a new challenge: coping with the effects of what might become a prolonged downturn.

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Effects of New York's 2009-2010 State Budget, Steven Eliach, 2009-05-28

On April 7, 2009, New York Governor David Paterson signed into law New York State’s Fiscal 2009-10 Budget. The enacted budget agreement closes a two-year $17.7 billion 2009-10 budget gap and reduces the State’s multi-year deficit by an estimated 80 percent from approximately $60 billion to approximately $11 billion.

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Executive View, Prepare Now for the Knock on the Door: As Tax Enforcement Accelerates, Legal Counsel Must be Prepared for Many Layers of Client Need, David Gannaway, 2010-03-05

Is your client a target of federal tax authorities? The odds that you answered “yes” are higher today than they have been at any time in recent memory. The federal government is on a drive to increase tax revenue, and part of their effort involves a much higher level of tax enforcement – up to and including the dreaded “knock on the door” – a full-scale visit to the taxpayer’s home, often after hours, by multiple law-enforcement agencies, not just the IRS but also the FBI, as well as local and state law enforcement agencies.

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Executive View, Why the US Must Adopt International Financial Reporting Standards, Steven L. Henning, 2010-03-16

Can you envision a world in which the U.S. is no longer the world’s premier marketplace for capital? We can. In fact, unless U.S. companies and exchanges act, we believe that the world may be well on its way to a new financial order, one in which the U.S. no longer leads.

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Financier Worldwide, Anti-Money Laundering Measures and Tax Fraud Enquiries, David Gannaway, 2010-01-26

It is often the case that cases of money laundering and tax fraud seem to rise during a downturn. This economic downturn is no exception, and has led to a surge in white collar crime. However, pinning the rise to a single factor is difficult to justify, and unlikely to be correct – ultimately, there are myriad drivers.

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Financier Worldwide, IFRS Roundtable, Steven L. Henning, 2010-03-02

Recent events in worldwide markets have shed light on accounting principles and the differences that exist in the way assets are valued and reported. In recent years, the globalisation of financial markets has intensified calls for a unified set of accounting principles. Not only will changes impact financial reporting, but there may also be implications for tax policies, M&A, financial planning and compensation structures.

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Fresh-Start Reporting: An Additional Challenge for Bankruptcy Counsel, John M. Bonora, 2009-11-01

Emergence from bankruptcy presents a series of challenges for debtor companies, their creditors and counsel for all interested parties. One of the most significant challenges is financial reporting.

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Fresh-Start Reporting: An Opportunity for Debtor Companies Emerging from Bankruptcy Strategist, John M. Bonora, 2009-08-10

Business bankruptcies are surging. That fact is unsurprising given that we are in the midst of the worst economic crisis since the Great Depression, but the numbers are still startling.

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Global Presence, Local Excellence, Steven L. Henning, Ronald Nash, 2007-06-01

JHI is a leading international business association for independent business advisers, financial consulting, and accountancy firms. JHI exists to support the development of its member firms by facilitating communications, exchange, networking, and resource sharing worldwide.

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Hedge Fund Law Report, Strategies for Avoiding Valuation Disputes in Connection with Breakups of Hedge Fund General Partnerships, Donald M. May, 2010-06-25

In many cases, domestic hedge funds are structured as limited partnerships with a general partner receiving the performance allocation and a separate limited liability company serving as the investment manager and receiving an asset-based investment management fee.

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IRS Targets Offshore Bank Accounts: Taxpayers Need Professional Guidance on Quick, Complete Disclosure, David Gannaway, 2009-09-03

To many, tax management is imperative. But one approach – offshore banking – has recently caught the attention of policymakers. The misuse of offshore bank accounts now, more than ever, has the potential to land tens of thousands of Americans in some very hot water.

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Journal of Forensic Economics, The Use of Attrition Rates for Economic Loss Calculations in Employment Discrimination Cases: A Hypothetical Case Study, Josefina V. Tranfa-Abboud, 2010-05-17

In cases involving employment discrimination, claims such as failure topromote or wrongful termination, economists are asked to calculate the differ¬ence between what the plaintiff(s) would have earned had the alleged dis¬criminatory act not occurred offset by what the plaintiff is now expected toearn given that the alleged discriminatory action did occur. The economic losses are based upon the plaintiff’s past and future income specific to the em¬ployer who committed the alleged discriminatory act. By contrast, in cases in¬volving personal injury and a permanent reduction in the plaintiff’s earningscapacity, the economic losses are usually based upon the plaintiff’s entire worklife expectancy, regardless of where the plaintiff would be working.

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Location: A Taxing Choice For New Businesses, Solomon Packer, 2009-06-25

Given the raft of issues involved in launching a new business in the U.S., it should come as no surprise that the question of where the new legal entity should be formed is often given short shrift, when it is considered at all.

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Marks Paneth & Shron LLP Nonprofit Alert, June 2008, Michael L. McNee, Robert Lyons, 2008-06-01

On May 5, 2004 IRS issued Letter Ruling 200435020 in response to a charitable organization’s treatment of certain real estate transactions, credit cards, meals, gasoline, miscellaneous charges and cell phones.

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Marks Paneth & Shron Nonprofit Group Authors Alert on Alternative Investment, Michael L. McNee, Robert Lyons, 2008-08-01

The most recent MP&S Nonprofit and Government Group Alert discusses the tax implications that apply to common alternative investments made by exempt organizations, as well as the reporting requirements and questions organizations should consider before making investment decisions.

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Marks Paneth & Shron Nonprofit Group Authors Alert on Campaign Intervention, Michael L. McNee, Robert Lyons, 2008-09-01

During election years, the Internal Revenue Service takes a keen interest in whether charitable (501(c)(3)) organizations are intervening in political activities. This is particularly relevant in Presidential campaign years. One common characteristic to most charitable organizations is a passion about their respective causes.

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MP&S Outlines Departure Tax in Recent Article, Solomon Packer, 2008-09-04

Solomon Packer, senior MP&S international tax consultant, publishes Corporate Business Taxation Monthly article on the recently enacted U.S. departure tax, which taxes built-in gains in excess of $600,000 from assets owned by “covered” expatriating U.S. citizens and long-term residents who relinquish their green cards.

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Navigating the Recession, Michael Bekas, Steven Eliach, Steven J. Ciavarella, 2009-05-18

The current economic downdraft is a first in many respects. Just a glance at headlines from the fourth quarter of last year reveals a perfect storm of economic trauma whose magnitude is like nothing in recent memory.

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New Requirement For Registered Investment Advisers - July 10th Deadline, Steven L. Berse, 2010-06-25

The US Securities and Exchange Commission (SEC) has amended its custody rule — Rule 206(4)-2 under the Investment Advisers Act — to help safeguard investor assets. Now it’s time for certain SEC-registered investment advisers (RIAs) to start taking steps to facilitate compliance with two major new SEC requirements.

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Nonprofit Agendas, April/May 2008

In this issue, some topics discussed include the mission of nonprofit watchdog agencies, procedural standards for setting “reasonable compensation” among nonprofit employees, and the real difference between internal and year-end financial statements.

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Nonprofit Agendas, December 2008

In this issue, some topics discussed include when it is and is not appropriate to accept gift donations, understanding the tax consequences of alternative investments and the importance of directors and officers (D&O) liability insurance.

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Nonprofit Agendas, February 2009

In this issue, some topics discussed include the fundamental differences between fiscal agents and fiscal sponsors and the pros and cons of working with both; understanding how new accounting standards will affect your nonprofit organization and your role in preparing the New Form 990.

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Nonprofit Agendas, February/March 2008

In this issue, some topics discussed include new AICPA auditing standards, the distinction between sponsorship and advertising, how the IRS perceives contractors and employees and simple solutions for small organizational checks and balances.

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Nonprofit Agendas, January 2010

Marks Paneth & Shron has published the latest issue of Nonprofit Agendas. Click below for the January issue.

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Nonprofit Agendas, July 2009

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

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Nonprofit Agendas, June 2009

Marks Paneth & Shron has published the latest issue of Nonprofit Agendas. Click below for the June issue.

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Nonprofit Agendas, March 2009

Marks Paneth & Shron has published the latest issue of Nonprofit Agendas. Click below for the March issue.

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Nonprofit Agendas, March 2010

Marks Paneth & Shron has published the latest issue of Nonprofit Agendas. Click below for the March issue.

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Nonprofit Agendas, May 2010

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

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Nonprofit Agendas, November 2009

Marks Paneth & Shron has published the latest issue of Nonprofit Agendas. Click below for the November issue.

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Nonprofit Agendas, September 2008

In this issue, some topics discussed include how federal and state bodies shape nonprofit policies, upcoming compliance dates for 403(b) retirement plans, limits placed on lobbying activities according to the IRS, and recent IRS changes to the application process for exempt status.

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Nonprofit Agendas, September 2009

Marks Paneth & Shron has published the latest issue of Nonprofit Agendas. Click below for the September issue.

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Nonprofit Alert: New Update from Office of the Medicaid Inspector General (OMIG) Tightens Compliance Requirements for All Organizations Reliant on Medicaid Reimbursements, Michael L. McNee, Eric A. Marks, 2009-11-23

As of October 1, 2009, The Office of the Medicaid Inspector General (OMIG) now requires all organizations that rely on Medicaid reimbursements to ensure that all persons, providers and affiliates providing care, services or supplies under Medicaid be in good standing and eligible to receive payment.

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Nonprofit Alert: The Role of Nonprofits' Boards in Overseeing Compliance, April 2010

This MP&S Nonprofit Alert focuses on the role of the board of directors of nonprofit organizations in the oversight of compliance programs.

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Nonprofit Alert: United States Investors in Offshore Hedge Funds Should Consider Filing the Report of Foreign Bank and Financial Accounts (FBAR), Robert Lyons, 2009-06-23

TD F 90-22.1 is required to be filed for all accounts where a U.S. person or entity has a financial interest or signature authority in foreign financial accounts if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year. These relationships are reported on the calendar year by filing Form TD F 90-22.1 with the Department of the Treasury on or before June 30, of the succeeding year.

On June 12, three IRS personnel participated in a teleconference with a law firm that was designed to address open questions regarding the TDF 90-22.1 filing for calendar year 2008 that must be filed by June 30. It was their position (not official IRS position at this point) that an offshore hedge fund is a “foreign financial account” for this purposes and that, therefore, every U.S. investor in an offshore hedge fund should file a TDF 90-22.1 Form, whether or not the fund has any offshore bank or securities accounts. While the IRS’s position on hedge funds is not official, it does carry substantial weight and should be considered.

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Increasingly, nonprofits are moving into alternative investments: private investment funds, hedge funds, real estate funds, venture capital funds, oil, and gas funds. The goal is generally higher returns and diversification.

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Practitioner's View on Recruiting New Professionals, Sharon Sabba Fierstein, 2008-03-01

Over the past few years, the NYSSCPA’s Quality Enhancement Policy Committee (QEPC) has been looking at peer review, ethics, and now education. Education-related issues are being studied for both pre-service education and post-service, continuing education.

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Preparing for a Fraud Investigation: A View from the Trenches, Joseph B. Nelson, 2007-08-01

Case study: New York Corp (NYC), a Manhattan-based maker of household products manufactured all of its goods in a New Jersey plant for over 100 years. A year ago management decided that, to remain competitive, the company would move its manufacturing operations to Tijuana, Mexico.

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Property and Casualty Insurance Solutions for Entity Owners, June 2008

An increasing number of Americans are transferring personal ownership of residential property to trusts, limited liability corporations (LLC), limited liability partnerships (LLP), and other entities designed to protect assets or take advantage of favorable tax treatment.

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Real Estate Advisor, August 2009

Marks Paneth & Shron has published the latest issue of Real Estate Advisor. Click below for the August issue.

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Real Estate Advisor, December 2008

In this issue, some topics discussed include calculating property tax assessments, new incentives aimed at commercial building owners for installing solar power sources and when to apply the rules of reverse exchange in swapping one real estate investment for another.

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Real Estate Advisor, December 2009

Marks Paneth & Shron has published the latest issue of Real Estate Advisor. Click below for the December issue.

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Real Estate Advisor, February 2009

In this issue, some topics discussed include the advantages of infrastructure investments, the functional and financial benefits of “green” roofs and how real estate professionals can leverage social networking media to help grow business.

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Real Estate Advisor, February 2010

Marks Paneth & Shron has published the latest issue of Real Estate Advisor. Click below for the February issue.

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Real Estate Advisor, January/February 2008

In this issue, some topics discussed include the recent spike in sales of life-sciences-related facilities, a new tracking system designed by the Environmental Protection Agency (EPA) to increase water conservation, components of commercial building depreciation and current demographics of apartment rentals.

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Real Estate Advisor, July/August 2008

In this issue, some topics discussed include how the residential remodeling guidelines released by the American Society of Interior Designers Foundation and the U.S. Green Building Council will benefit remodelers and the real estate segments that continue to show promise in the current economic climate.

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Real Estate Advisor, June 2009

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

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Real Estate Advisor, June 2010

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

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Real Estate Advisor, March 2009

Some topics discussed in this issue include how use of leverage can help increase cash flow, magnify the effects of property appreciation and enhance the tax advantages of owning real estate; strategies to consider when selling investment property to offspring and the tax effect of leases with options to buy.

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Real Estate Advisor, March/April, 2008

In this issue, some topics discussed include how developers are tapping into the wants and needs of baby boomers with resort-like senior housing facilities, how online services are revolutionizing the art of commercial real estate deals and the factors that are driving real estate investors to pursue overseas deals.

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Real Estate Advisor, May/June 2008

In this issue, some topics discussed include how to increase likelihood of securing a loan, trends in time-share ownership within the resort industry, how the Economic Stimulus Act of 2008 benefits investors and developers, and ways to achieve personal and business financial success by shifting income and deductions.

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Real Estate Advisor, November 2009

Marks Paneth & Shron has published the latest issue of Real Estate Advisor. Click below for the November issue.

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Real Estate Advisor, September/October 2008

In this issue, some topics discussed include tax strategies to implement now for 2009, what lenders are looking for in land investments, how building information modeling (BIM) can benefit building owners and how investing in real estate owned properties (REO) can pay off.

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Revenue Maximization Checklist, Susan H. Nadler, 2009-07-23

The Real Estate Group at Marks Paneth & Shron LLP (MP&S) has developed a Revenue Maximization Checklist to help property owners ask the right questions and gain maximum benefit from existing lease provisions. A well designed audit of procedures surrounding property accounting such as billing, collections, lease abstracts and lease audits conducted by accountants deeply versed in commercial real estate can turn up unanticipated revenue opportunities and help ensure that property portfolios are yielding maximum returns.

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Revenue Recovery: Lease Audits Can Reveal Hidden Income Potential, Susan H. Nadler, 2010-01-20

With the commercial real estate industry still in an economic tailspin, now is the time for property owners to look at their existing portfolios and monetize any untapped opportunities.

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Securities Litigation Report, Discounted Cash Flow Methodology Can Give Litigators the Upper Hand, Donald M. May, 2010-06-15

Most formulas used to arrive at valuations are based on Wall Street criteria. This is obviously the case in transactions, but not only in that instance. Valuation assumptions based on transactional formulas are commonly used by private equity investors to make strategic decisions about their portfolio companies, and by litigators and courts to argue for and arrive at determinations of damages.

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Tax Alert: Health Coverage for Adult Children, May 2010

The Internal Revenue Service (IRS) has released guidance on provisions of the Patient Protection and Affordable Care Act (PPACA) related to the tax treatment of employer-provided health coverage for adult children. Under the PPACA, coverage requirements have expanded and such coverage is generally tax free for employees. IRS Notice 2010-38 explains the implications for workplace and retiree health plans, including cafeteria plans and flexible spending accounts (FSAs).

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Tax Alert: Highlights Of The Hiring Incentives To Restore Employment Act, March 2010

The Hiring Incentives to Restore Employment (HIRE) Act provides tax incentives for hiring and retaining workers and purchasing equipment and many other business assets. It also includes new measures that heighten disclosure and reporting requirements for foreign accounts. Some key features of the Act are discussed in this MP&S Tax Alert.

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Tax Alert: Highlights Of The Patient Protection and Affrdable Care Act, April 2010

The tax provisions of the Patient Protection and Affordable Care Act will have an impact on most taxpayers as well as on how employers deal with health care insurance for their employees. The main tax provisions affecting individuals and businesses are discussed in this MP&S Tax Alert.

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Tax Alert: Roth IRA Conversion, May 2010

You’ve filed — or at least extended — your 2009 income tax return, so it’s time to start thinking about 2010 and beyond. If you’re a higher-income taxpayer, one new opportunity you may have heard about is the Roth IRA conversion. But is it right for you?

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Tax Litigation Risk Increases for High Net Worth Individuals, David Gannaway, 2009-09-10

Federal tax authorities are on the hunt. Their sights are trained in particular in three categories of tax payers: sole proprietors, officers of closely-held businesses and high net worth individuals.

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The Case for the Forensic Accountant, Sareena Sawhney, 2010-03-11

Suddenly, Ponzi schemes seem to be everywhere. Credit for the renewed attention to this classic financial fraud is of course due in large measure to Bernard Madoff, the now-convicted financier who defrauded investors of an estimated $65 billion. Madoff’s widely publicized crime was a classic Ponzi – he took on investor funds, diverted them to finance his own lifestyle, falsified his clients’ financial statements to show investment positions when there weren’t any, then used new investments to pay “dividends” and “interest” to past investors. It was the largest and most dramatic example of a Ponzi scheme to date.

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The Future of Accounting Principles, Steven L. Henning, 2009-02-10

The events of the last few months have shed light on accounting principles and the role they might have played in prolonging the current market turmoil. Fair value accounting, in particular, has been accused, by some professionals and officials, of being at least partly responsible for the current financial troubles.

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Wealth management for high net worth individuals, Daniel Kesner, 2009-11-16

As the financial crisis took hold, high net worth individuals (HNWIs) watched their wealth decline and quickly lost faith in their wealth managers. Many withdrew assets or left their wealth management firms altogether. But as the economy improves, wealth management firms are seeking ways to alter their business models and provide a better service to their increasingly risk-averse clients, who are demanding more transparency on how their fortunes are managed.

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When Owner's Commitment And Dedication Work Against Them, Lawrence Cohen, 2010-05-25

Your client’s business used to be a major success. Now it isn’t. But if you rely on your client to tell you that he or she is in trouble, you’ll be the last to know – and worse, you might be unable to intervene.

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Worldwide Tax Daily, Audit Might Be Best Choice for U.S. Taxpayers in Voluntary Disclosure Program, David Gannaway, 2010-04-07

U.S. taxpayers who enrolled in the IRS’s voluntary disclosure program may find it in their best interests to challenge the IRS penalty through an audit, David Gannaway, director in the Litigation and Corporate Financial Advisory Services Group at Marks Paneth & Shron LLP in New York, told Tax Analysts on April 7.

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