Bekas, Michael
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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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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Berse, Steven L.
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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Bonora, John M.
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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Ciavarella, Steven J.
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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Cohen, Lawrence
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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Eliach, Steven
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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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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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.
Download, 2.53MB
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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Gannaway, David
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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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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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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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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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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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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Henning, Steven L.
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, 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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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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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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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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Kesner, Daniel
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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Lyons, Robert
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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Marks Paneth & Shron Nonprofit Group Authors Alert on Campaign Intervention, Michael L. McNee, Robert Lyons, 2008-09-01
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Marks Paneth & Shron Nonprofit Group Authors Alert on Alternative Investment, Michael L. McNee, Robert Lyons, 2008-08-01
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Marks Paneth & Shron LLP Nonprofit Alert, June 2008, Michael L. McNee, Robert Lyons, 2008-06-01
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A Brave New World for a New Form 990, Michael L. McNee, Robert Lyons, 2008-02-01
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Marks, Eric A.
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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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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May, Donald M.
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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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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McNee, Michael L.
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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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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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 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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Nonprofit Investment Committees: Buyer Beware, Michael L. McNee, 2008-03-05
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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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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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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Nadler, Susan H.
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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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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Nash, Ronald
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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Nelson, Joseph B.
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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Packer, Solomon
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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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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Tranfa-Abboud, Josefina V.
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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