Accounting and Auditing
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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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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Litigation and Corporate Financial Advisory Services
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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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, 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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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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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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Tax
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: 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: 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: 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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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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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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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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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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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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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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