Accounting and Auditing
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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Marks Paneth & Shron Helps LI Businesses Do What They Do Best
The financial crisis and its aftermath have led to areas of increased demand, and MP&S has been at the forefront of helping clients navigate unfamiliar or difficult challenges. For instance, increased enforcement and increased emphasis on revenue and penalty collection have changed the landscape
for a range of individuals and businesses. MP&S has helped individuals with
foreign account disclosure issues and currently advises businesses that have multiple locations or customers in multiple locations on adhering to more stringent tax practices and enforcement and avoiding penalties and
double taxation.
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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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Consulting
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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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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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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Litigation and Corporate Financial Advisory Services
An Alternative Approach to a Critical Issue in Employment: Identifying and Correcting Potential Disparities in Employee Selections Before They Happen, Josefina V. Tranfa-Abboud, 2011-01-07
Employers define human resources policies and practices and make employment decisions that, while based on legitimate business decisions, may have a disparate effect on different groups of employees. A hypothetical example of selections for a proposed reduction in force (RIF) illustrates how an evaluation can reveal a disparate impact of a protected class group. Unveiling potential disparities before the implementation of the proposed RIF allows management to revise the goals, objectives, and the planning of the selections for termination, correcting a potential disparate effect of protected class groups, and minimizing the likelihood of legal disputes.
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Benchmarking: A Challenging Task for Expert Witnesses, Donald M. May, 2011-12-02
In civil litigation, few questions are as important as where to set damages. Beyond the basic issue of who prevails, litigants, juries and courts struggle with the issue of how loss should be compensated. What is an accurate estimation of the impact on the plaintiff of the event under dispute?
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Case Study: Assessing Damages in Lost Wages Claim, Josefina V. Tranfa-Abboud, 2011-04-06
When an employee is terminated, injured or for some other reason unable to work, what wages has he or she lost? What damages should be awarded? The question is central to thousands of personal injury claims each year. The answer is by no means straight forward.
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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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Damages in Labor and Employment Disputes: Designing the Economic Damages Model and the Role of the Expert, Josefina V. Tranfa-Abboud, 2011-11-01
Labor and employment disputes may result from allegations of employment discrimination, and from work-related injury, wrongful death incidents, or medical malpractice. In many cases, such disputes lead to claims of lost earnings and other compensation, and may also include a claim of damages to family members. Differences in the nature of the claim, the basis of ‘but-for’ and post-incident compensation, potential inclusion of damages to family members, along with jurisdiction-specific rules are just some of the factors that render the estimation of damages in these matters complex. The general economic environment makes the task more complicated still. A fitting economic model, one that accounts for relevant factors and is structured as allowed by the specific jurisdiction, is at the heart of the proper estimation of damages. The economic expert, serving as part of the litigation team, can and should play a central role in developing it.
See Josefina's article originally published in
The Metropolitan Corporate Counsel November 2011.
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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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Empowering Intellectual Property, Steven L. Henning, Glenn D. Sacks, 2011-02-01
Intellectual property (“IP”) is an untapped frontier in value creation. The
problem is the basic tendency regarding IP, including patents, as the single, proprietary, closely guarded holding of the patent developer. That tendency is fundamental to the patent system – indeed, to all property rights, because at the root, we are talking about patent ownership.
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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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Factors to Consider When Hiring an Expert, Donald M. May, 2011-06-24
Expert guidance and testimony play a central role in the late stages of legal proceedings, when experts provide reports and serve as witnesses concerning the substance of the case and the appropriate damages. In the hope of minimizing fees, many insurers often wait until the late stages to engage them.
See Don May's article originally published in
Claims Journal May 26, 2011.
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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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Forensic Accountants: An Essential Part of the Bankruptcy Team, Sareena M. Sawhney, 2010-09-21
Bankruptcy is rampant. According to the United States Bankruptcy Court, there were 1.4 million bankruptcy filings in fiscal year 2009, a 32 percent increase over 2008. Bankruptcy filings for 2010 are higher still - data from AACER (Automated Access to Court Electronic Records) shows 379,000 bankruptcy filings in the first quarter of 2010, a 17 percent increase over the same quarter of the previous year. July 2010 saw a 24.2 percent increase in bankruptcy filings over the previous month. The upsurge in bankruptcy filings is unsurprising, given the severe economic downturn and the slow pace of recovery.
Predictably, along with the high rate of bankruptcy filings comes another trend – a sharp and prolonged spike in bankruptcy fraud. Economic desperation – of the sort that drives individuals and businesses into bankruptcy – also drives them into complex schemes designed to conceal assets and shelter them from creditors.
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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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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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Mitigating Corporate Fraud Roundtable, David Gannaway, 2010-11-30
Cases of corporate fraud have become more prevalent since the worldwide economic downturn, with a rise in financial and accounting fraud, money laundering, bribery, insolvency-related fraud, market abuse, and other violations. Meanwhile, regulators have intensified anti-corruption laws and their enforcement. Companies need to address the issue with an effective anti-fraud program.
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Model for Estimating Lost Wages May Be Incomplete, Josefina V. Tranfa-Abboud, 2011-10-26
Claims for lost wages and other forms of compensation are at the heart of a wrongful dismissal, workplace injury, and workplace discrimination lawsuits. But the economic model designed for the estimation of damages may be incomplete if it does not adjust for unemployment trends and the probability of continued "but-for" employment, according to Josefina V. Tranfa-Abboud, Ph.D., a director in the Litigation and Corporate Advisory Services Group at New York accounting firm Marks Paneth and Shron.
See Josefina's article originally published in
Human Resources Management Ideas & Trends October 5, 2011.
© Wolters Kluwer Law and Business.
All Rights Reserved.
Reprinted with permission from
Human Resources Management Ideas & Trends.
October 5, 2011.
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Ponzi Schemes Continue to Thrive in Economic Downturn - Investors Need to Watch for 10 Signs that an Investment Opportunity may be Too Good to be True, Sareena M. Sawhney, 2011-12-29
The Ponzi scheme, a classic con that typically surfaces in economic downturns, made a dramatic reappearance in landmark cases involving now-convicted financier Bernard Madoff, who defrauded investors of an estimated $65 billion, and Robert Allen Stanford, who stands accused of falsifying financial statements to investors who bought $8 billion worth of certificates of deposit said to be “inflated”; he is currently in prison awaiting trial.
A similar article by Sareena M. Sawhney appeared in the November 2011 issue of the
Securities Litigation Report. Please click the Download link to view it.
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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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Recipe for a hedge fund litigation nightmare, 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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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 M. 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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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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Restructuring and Bankruptcy
Fresh-Start Reporting: An Additional Challenge for Bankruptcy Counsel
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
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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Tax
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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2010 Year-End Tax Planning, December 2010
Companies and individuals alike seek to minimize their tax liability while still complying with applicable tax laws and regulations. Year-end tax planning can help achieve these goals and facilitate the filing of next year’s tax returns. This year — with the legislative uncertainty about 2011 tax rates as well as the availability of many tax breaks for 2010 and 2011 — tax planning is made even more challenging.
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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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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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Don't Pay Tax Twice on Each Dollar of Earnings!, Jeanne P. Goulet, 2010-12-15
Many experienced entrepreneurs, investors and business owners who have successfully operated in the past in their local environment are unaware of the tax pitfalls involved in cross-border transactions. It is easy to fall prey to serious missteps and to pay tax to more than one government for the same dollar of earnings.
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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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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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International Tax Planning - An Essential Step For Global Start-Ups, Jeanne P. Goulet, 2011-02-01
The same turbulence that has challenged the global economy has also created pockets of opportunity around the world. Simultaneously, entrepreneurship is at a high, as recent college graduates create their own opportunities, as layoffs at senior levels transform executives into entrepreneurs.
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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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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 LLP 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 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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Nonprofit Alert: Form 1099 Reporting and Tax Legislation: Summary of Changes, August 2010
Section 6041 of the Internal Revenue Code lays out the basic requirements for Form 1099 reporting. The Patient Protection and Affordable Care Act of 2010 includes a significant amendment to Section 6041, which now requires 1099 reporting for any payments aggregating $600 to a supplier per year. The new amendment will now create filing and reporting requirements for all for-profit corporations. The definition of a corporation that is contained in the amendment includes an exclusion or modification for tax-exempt corporations.
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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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Should You Consider an Interest Charge Domestic International Sales Corporation (IC-DISC)?
Setting up and operating an interest charge domestic international sales corporation (IC-DISC) can reduce the tax rate on qualifying export sales by up to 20 percentage points. An IC-DISC’s tax-savings power is derived from the current 15% tax rate on qualified dividends. Businesses that could benefit include companies that earn significant income from exporting goods, including software, or from engineering or architectural services on foreign construction projects. If your company falls into one of these categories, you should consider creating an IC-DISC sooner rather than later because, without additional Congressional action, this tax rate applies only through 2012.
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Small Businesses Warned to Beware of Employee Fraud, Sareena M. Sawhney, 2011-12-13
Small businesses and nonprofit organizations often overlook the warning signs of employee fraud, especially by senior managers, according to accounting firm Marks Paneth & Shron.
This article, written by Michael Cohn appeared in
Accounting Today on November 18, 2011.
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Tax Alert: Congress Extends Payroll Tax Relief, Steven Eliach, 2012-01-10
After much debate and political maneuvering, Congress has passed the Temporary Payroll Tax Cut Continuation Act of 2011. The act provides an extension of payroll tax relief until February 29, 2012. This article provides a brief overview of the legislation.
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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: IRS Releases Guidance on Foreign Account Tax Compliance Act (FATCA), December 2011, James M. Robbins, 2011-12-20
Temporary regulations have been issued under Section 6038(D) relating to the requirement that individuals attach a statement to their tax return with respect to foreign financial assets. The IRS will release Form 8938 shortly which will be used to identify and report interests in foreign financial assets. It is important for taxpayers to determine whether they are subject to this new requirement because the tax law imposes significant penalties for non-compliance. Form 8938 does not replace or otherwise affect a taxpayer's obligation to file an FBAR.
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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 Alert: Small Business Jobs Act of 2010, October 2010
Congress has passed — and President Obama has signed — the Small Business Jobs Act of 2010 (SBJA); thereby, creating a $30 billion fund to provide capital to community banks to encourage lending to small businesses. The legislation also includes $12 billion in tax relief for small businesses and incentives to encourage investment in them. The SBJA also provides some benefits for larger businesses as well as for the self-employed and individual taxpayers.
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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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Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, December 2010
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extends and expands a wide variety of valuable tax breaks for individuals and businesses. It also provides some good news for those concerned about estate tax liability. This MP&S Tax Alert provides highlights of the provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
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Tax Tips for Start-Ups: US Sales and Employment Withholding Obligations, Alyssa Forslund, 2011-09-01
Tax ranks high among the many structural issues a start-up needs to consider. Even tax responsibilities that seem straightforward – such as collecting sales tax and setting up withholding for employees – can be challenging and need to be approached carefully.
See Alyssa's article originally published in
The Metropolitan Corporate Counsel September 2011.
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Year-End 2011 Tax Planning: Opportunities and Challenges, Marks Paneth & Shron LLP, 2011-11-29
As the end of the year approaches, it’s always a good idea to review your tax situation and assess whether there are any actions you should take by Dec. 31 to reduce your tax bill. This year is no exception, and many opportunities are available that may significantly reduce your taxes. However, 2011 also presents some unique challenges.
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