Our firm is a leading provider of accounting and auditing services (Accounting Today). With approximately 260 accounting and auditing professionals — 35 of whom are partners and principals — we serve both domestic and international entities. We perform approximately 600 audits each year. Our clients have revenues from one million dollars to hundreds of millions of dollars; most typically, their revenues range from $20 million to $60 million.
Attest and accounting services include audits, reviews, compilations, agreed-upon procedures (field examinations), forecasts, projections, budgets, royalty audits, due diligence and employee benefit plan audits. Advisory services include facilitation of bank financing, lender services, financial and estate planning, business valuation, fraud investigation and forensic accounting.
Based on statistics provided by the US Department of Labor, Marks Paneth ranks nationally among the top 1 percent of auditors of employee benefit plans by volume. Our pension specialists follow a focused approach to handling audits of employee benefit plans and providing related tax and consulting services. The firm serves a continuum of plans – defined benefit, defined contribution, Employee Stock Ownership Plans (ESOP), health and welfare.
Services include full-scope audits of financial statements, Department of Labor limited-scope audits, initial plan year audits, Form 5500 preparation and related tax filing. The firm also consults with clients on such subjects as benefit optimization and plan design and implementation.
In these challenging economic times, we realize that even seasoned property owners are reviewing their portfolios in order to find ways to maximize revenue. We offer a team of experienced, knowledgeable professionals who are highly skilled in performing lease audits and providing lease consulting services with the goal of recovering “hidden” revenue. These professionals work with property owners to perform audits of leases that provide for contingent rental payments including, but not limited to, percentage rent, participation payments, subletting profits and operating escalations.
As a leading professional services firm, Marks Paneth provides consulting services across a wide range of disciplines. Our primary areas of focus are technology and human resource consulting as well as providing business solutions to privately held companies and their high-net-worth owners.
In times of economic uncertainty, many organizations are finding that they need to scale down their workforce and redesign the responsibilities of their current jobs. While the economic climate is creating many challenges, it also is presenting opportunities to evaluate current positions, reorganize tasks and recruit candidates with superior skills, knowledge and abilities.
The experienced HR Consulting specialists at Marks Paneth can help guide you through the process of examining staffing needs, conducting job analyses, developing and revising job descriptions, workflows and selecting the best candidate for your business needs.
Additionally, we can work with you to establish and implement job-related processes and procedures such as compensation, workforce development, recruiting, performance appraisal benefits and perquisite planning.
Marks Paneth LLP has significant experience serving high-net- worth individuals and their privately owned companies. Our dedicated specialists provide steady counsel to help prepare for and navigate growth in good times, identify problems that could occur and make appropriate business decisions when companies and principals face turnaround scenarios.
Marks Paneth practitioners include former CEOs and financial executives who have worked for large corporations including one of the world’s leading entertainment companies. We understand the intricacies involved in determining whether businesses are operating at the appropriate scale in relation to the marketplace.
Marks Paneth has a long history of serving high-net-worth individuals, their families and their businesses. Our long-term relationships with high-net-worth and entrepreneur clients enable us to understand and effectively advise the businesses that they own and operate, and often, are emotionally tied to. Business owners who are attached to their vision, their business plans and the people who’ve been with them from the start are often reluctant to make tough business decisions. Our team of professionals understands this and offers counsel with sensitivity and objectivity.
Tailored Technologies LLC is a wholly owned subsidiary of Marks Paneth . A full-service, management consulting and technology firm headquartered in New York City, it has been providing consulting services to the business community for more than 25 years.
Tailored Technologies delivers practical thinking and a proactive approach to solving the business challenges of small to medium-sized companies and nonprofit organizations. Tailored Technologies offers a variety of consultative services to help clients identify their most pressing business issues and develop solutions that enable their people, processes and systems to work together more efficiently. These professionals assist with accounting software selection, project management, business process improvement, business continuity planning, litigation services support, technology assessment and IT audit services as well as network services.
Go to Tailored Technologies.
Marks Paneth provides financial advisory services, dispute analysis and forensic accounting services to private, public, corporate and government clients, both in the US and abroad. Marks Paneth financial advisory professionals are involved in a full range of consulting and testifying engagements on behalf of clients.
Businesses such as banks, broker dealers, credit card companies, money services businesses, casinos, and other non-financial businesses are at risk of not meeting regulatory standards because they don’t have adequate AML/BSA compliance programs in place and may face governmental penalties. Additionally, the Bank Secrecy Act requires such institutions to implement Customer Identification Programs (“CIPs”) and monitor customers and transactions with the highest risk.
Marks Paneth is well qualified to perform a detailed review of customer transactional data that will help identify potential suspicious activity that may need to be reported to the appropriate governmental agency. We offer our clients an outstanding team of more than 25 professionals who are specialists who are frequently retained by law firms and institutions to conduct an independent assessment of an institutions AML/BSA policies and procedures as well as help determine whether an anti-money laundering system is effective in potentially identifying suspicious transactions.
Access to capital is a strategic consideration for any company, whether through a private placement, initial public offering or a secondary offering. Drawing on our deep experience with the SEC and NASDAQ, Marks Paneth helps our clients determine which option is best, and then works with the client to navigate the complexities of registration with the SEC as required. We can assist in the evaluation of alternative investment markets, including private placements, and advice on financial market listings, requirements and corporate governance issues.
Our financial advisory services professionals also assist companies that are transitioning from International Financial Reporting Standards (IFRS) to U.S. Generally Accepted Accounting Principles (GAAP). In addition, our firm helps in the registration process: we review financial statements, provide attest services, respond to SEC comment letters, offer technical resources for meetings with the SEC, advise on IPOs and assist with compiling the necessary financial documentation.
The bankruptcy process requires professionals who have the financial and business acumen to quickly assess the viability of the debtor and identify the key issues in each case. At Marks Paneth, our bankruptcy specialists have the expertise and experience to assist all concerned parties make sound judgments.
If we are engaged by the debtor, we provide valuable assistance in assuring that the debtor complies with its administrative responsibilities while in bankruptcy. If a reorganization is deemed possible, we analyze operational restructuring alternatives, including profit-enhancement and cost-reduction opportunities and evaluate the optimal scope and scale of operations. We then help the debtor translate these actions into a financially sound plan of reorganization (POR).
For creditors' committees or trustees, we provide the skilled analytical resources needed to pursue recovery actions and to assess the reasonableness and fairness of the debtor's plans.
Business valuations generally arise in the context of transactions or potential transactions, litigation or pending litigation, compliance purposes or planning purposes. The valuation specialists at Marks Paneth are committed to service excellence and actively participate in numerous professional organizations.
In litigation, financial experts can provide invaluable assistance to counsel in unraveling the financial intricacies at the root of a case. Accountants speak the language of business and can often clarify business transactions and explain the records reflecting them to lawyers, judges and juries. Economists can help interpret the effects of an action or a pattern of behavior on aggrieved parties.
Attorneys rely on Marks Paneth to compute or rebut the damages' claims for economic loss. Our skilled professionals have extensive experience in delivering results under the unforgiving pressures of the litigation environment. Whether as consultants providing thorough and timely analysis, or as expert witnesses testifying on complex cases, we can infuse your case with the expertise needed to gain an advantage.
Financial reporting is becoming evermore complicated and burdensome for management, Audit Committees and Boards of Directors. In a time when independent auditors are increasingly wary of advising their clients on financial accounting and Securities and Exchange Commission (SEC) reporting matters, management may find that it does not have sufficient resources to resolve all of the issues. The experienced corporate financial advisory services professionals at Marks Paneth can provide the necessary independent financial reporting solutions.
Complex accounting rules and transactions are a way of life in today’s complicated business environment. Marks Paneth regularly assists corporations, Audit Committees, analysts and law firms in applying accounting principles and SEC regulations to a wide array of transactions.
Marks Paneth offers accounting advisory, SEC reporting advisory, mergers and acquisitions advisory, litigation support, dispute resolution and valuations for financial reporting services as well as comprehensive training and education.
Marks Paneth professionals have extensive financial, investigative and operational experience. We provide a variety of civil and criminal fraud investigation, prevention and forensic accounting services to for-profit clients and nonprofit clients.
Fraud examinations consist of highly complex procedures designed to either detect or prevent fraudulent conduct. Accordingly, Marks Paneth applies state-of-the-art procedures and methodologies to every engagement involving financial fraud, theft and embezzlement, errors and irregularities and other accounting misconduct. In identifying fraud and implementing remedial measures, we assist with restoring operating efficiencies and greater profitability for our clients. Services include: comprehensive corporate fraud investigations; investor securities fraud investigations and analysis; analysis of financial institution fraud; bankruptcy fraud investigations; health care fraud and abuse evaluation; insurance fraud detection; fraud prevention and internal audit consulting, as well as comprehensive training and education.
We offer clients a breadth and depth of experience in economic and financial analysis associated with all types of insurance claims. Our Financial Advisory Services professionals have in-depth knowledge of claims related to property losses, business interruption, casualty and theft, misconduct by officers and directors and allegations of professional malpractice.
Some of the most complex and challenging litigation today involves intellectual property issues related to patents, trademarks and copyrights. This means that comprehensive economic analysis relating to intellectual property is more important than ever.
With a team of more than 25 professionals who offer financial advisory services, Marks Paneth offers comprehensive, cost-effective and accurate intellectual property services and analysis. In doing so, we draw on the experience we have gained from working on cases involving infringement of trademarks, patents and copyrights, as well as misappropriation of trade secrets. Marks Paneth helps analyze and assess: lost profit; lost value and royalty; value intellectual property; provides expert testimony at deposition and trial, and trains and educates management, Boards of Directors and Audit Committees on intellectual property topics.
Maintaining effective internal controls over financial reporting is an increasingly complex part of maintaining a healthy business. And putting these controls in place can be an arduous, time-consuming process.
Based on deep experience helping companies with internal control documentation, testing and assessment, Marks Paneth is committed to helping its clients meet regulatory requirements cost effectively. Marks Paneth uses a top-down, risk-based methodology that identifies key controls, utilizes effective testing processes and reduces costs. Services in this area include: internal control studies; assessments and processes; support for internal audits; the implementation and maintenance of Sarbanes-Oxley compliance.
As the United States moves toward the adoption of International Financial Reporting Standards (IFRS), Marks Paneth can provide comprehensive IFRS consulting services to companies across all industries. No matter the size of the entity, we can help companies plan, prepare for and successfully transition from US Generally Accepted Accounting Principles (US GAAP) to IFRS.
Our specialists have experience consulting with companies around the world who are adopting IFRS for the first time. Our experienced professionals Identify alternatives for structuring transactions under IFRS. We also help clients communicate with investors, banks and other stakeholders regarding the change to IFRS and how to understand and interpret the new financial statements.
Converting to IFRS is far more than simply an accounting exercise. It will affect many areas throughout an organization. Our firm offers customized, comprehensive IFRS training and education for management, board of directors and audit committees as well as general counsel and technology departments.
In 2014, Marks Paneth LLP broadened the scope of our litigation advisory services by acquiring the thought capital and expertise of IRT LLC, a leading provider of litigation support to attorneys and their clients in international trade remedies and dispute proceedings. Our combined capabilities now encompass a broad range of sought-after expertise in World Trade Organization (WTO) dispute resolution, as well as anti-dumping and subsidy proceedings brought against manufacturers through various governments in over thirty countries, including the US, European Union, China, Brazil and Mexico.
With over thirty years of experience in international trade dispute resolution, our professionals provide services in connection with Customs audits, international transfer pricing and other matters related to international trade. We also provide service to various government agencies including the US Departments of Commerce (Commerce) and Treasury, the US International Trade Commission (ITC), the Commission for the European Union and the Mexican and Egyptian Trade Ministries.
When labor and employment disputes arise, economists can provide invaluable assistance to counsel in navigating the economic elements that are key in the determination of economic damages. Economists can shed light on the intricacies of an individual’s pre- and post-incident compensation, the impact of the economic environment on the projection of lost compensation, and the different regulations applicable to specific jurisdictions as they may affect the economic model used for the estimation of economic damages. Economists can also provide insight in the analysis of additional categories of economic damages, such as the value of future medical care needs and the cost of replacing lost household services, among others.
Attorneys rely on the advanced knowledge and extensive expertise of the labor and employment economists in the Financial Advisory Services group at Marks Paneth LLP to provide analysis of economic damages, rebut opposing economic expert reports and provide expert testimony on a wide range of labor and employment disputes.
Marks Paneth has a broad range of securities and class action experience. We have served as consulting and testifying experts in seven of the ten largest class action settlements, as well as in cases involving disputes among family members, business owners and individuals and their employers.
Litigators draw on our expertise in accounting, auditing, regulatory and financial reporting matters; we act as testifying and consulting experts in cases involving fraudulent financial reporting matters in connection with class action securities fraud, accounting malpractice and post-acquisition disputes. Marks Paneth provides consulting services throughout the life cycle of a case — from pre-discovery, discovery and settlement analysis to trial preparation.
Marks Paneth is a leading provider of tax services to partnerships, corporations, trusts and estates, tax-exempt organizations as well as high-net- worth individuals, their families and their charitable interests. Our firm serves both domestic and international clients and our tax practitioners are committed to delivering high quality, personalized service. Our tax team is further distinguished by the depth and breadth of our specialist resources.
Our experienced tax professionals are skilled at addressing all levels of complexity with respect to the preparation of business, fiduciary and individual tax returns and related filings. We pride ourselves on delivering proactive tax planning and year-round client service.
You will work with knowledgeable, experienced advisors who truly understand the tax laws and regulations and their impact on the industries that are our core focus. These industries include real estate; retail; manufacturing, wholesale and distribution; media and entertainment; jewelry; financial services and nonprofit and government. Our professionals offer planning strategies customized to meet your specific needs.
As an industry thought leader, Marks Paneth is committed to keeping our clients up-to-date on tax rules and regulations. Please click here to access the firm’s online tax guide.
Providing trust and estate services is a core competency of Marks Paneth. Our practitioners have a comprehensive understanding of trust and estate laws and regulations. Our team is further distinguished with professionals having an expertise in fiduciary accountings.
We serve a broad client population and often work closely with our clients’ attorneys on these matters. Marks Paneth provides a full spectrum of services to support lifetime and post-mortem trust and estate planning.
As an industry thought leader, Marks Paneth is committed to keeping our clients up-to-date on tax rules and regulations. Please click here to access the firm’s online tax guide.
Whether you're a foreign company investing in the U.S. or a U.S.-based company expanding your reach to include investments abroad, our international team helps you expertly navigate the global marketplace.
Marks Paneth offers a full range of tax, auditing, accounting and advisory services to companies with international interests.
Underscoring our commitment to international business, the Marks Paneth partners are active in international organizations and in committees of professional societies dealing with international business issues at both the national and state levels.
Foreign investors with limited ties to the United States often find the administration of investments, assets and other interests in the U.S. burdensome. Logistical, communication oversight and other challenges are common. Prominent international families and business owners turn to Marks Paneth as a cost-effective way to administer their U.S. affairs. Our ability to provide personalized attention to their interests eases intrusion, provides peace of mind, maximizes opportunities and avoids missed deadlines, all without significant overhead costs.
Marks Paneth's concept of "asset protection planning" embodies the reality that estate planning, by its very nature, has always implicitly embodied the asset protection planning exercise: the preservation and transmission of wealth.
Providing executors, trustees, beneficiaries, and advisers the support they need to meet compliance obligations and maximize the after-tax income structures, Marks Paneth can help plan, promote, and implement a comprehensive asset protection strategy to meet the needs of each client.
Designed to operate at the behest of and for the benefit of a non-insurance parent owner, company or group, the captive structures provide reduced cost coverage, direct access to reinsurers, provision of broad or otherwise unavailable coverage, improved cash flow, and improved risk retention.
While recent IRS rulings have made captive insurance arrangements somewhat trickier, the associated benefits continue to outweigh their negative aspects. Not only can Marks Paneth determine whether a captive insurance arrangement creates a more tax-efficient economic environment for your corporation, but we can also further assist you in the formation, funding and facilitation of your captive structure.
Marks Paneth's clients considering foreign expansion face complex tax issues. By providing solutions for all of your company's foreign and domestic tax related needs we isolate the relevant factors for the closely held company and direct the planning process to create the best corporate tax environment possible.
International assignments can be costly to employers. Taxation of in-kind benefits and foreign tax rates can significantly increase tax costs, which are customarily borne by employers. These significant costs, and the typical reticence of the employees, due to their lack of understanding of multi- jurisdictional tax issues, make it imperative that an employer design and properly communicate an effective expatriate program.
Marks Paneth designs and implements expatriate and tax equalization programs tailored to an employer's needs. Through proper communication and understandable illustrations, we allay the expatriate's concerns and ensure that the program is properly understood. This allows the expatriate to concentrate on the performance of their duties, and not the state of their tax affairs.
The United States taxes its citizens on their worldwide income whereas most other jurisdictions do not. As all jurisdictions subject persons working in that country to local income taxation, the competing tax regimes can create the potential for double taxation. The very existence of multiple tax jurisdictions creates mechanisms for avoiding tax through various income tax planning techniques.
Marks Paneth LLP has specialized experts that can assist in structuring overseas assignments, in minimizing the tax costs of expatriates and in putting the expatriate's mind at ease with the assurance that their global tax responsibilities are being properly addressed in a timely fashion. Our proprietary tools facilitate multi-jurisdictional tax compliance, streamline employee understanding and provide uncompromised confidentiality to both employers and employees, alike.
Recent private letter and revenue rulings by the IRS have had a decided impact on investor control that is controlled by a policyholder over the investments supporting his or her private placement life insurance policy.
Not only did recent rulings amend the diversification regulations by deleting nonregistered partnership exceptions, directly impacting both PPLI and OPPLI policies, but the IRS also issued a trilogy of private letter rulings that both affected and provided safe harbors for variable life insurance contract holders that choose to invest in certain mutual funds investments ("insurance-friendly" hedge funds).
Marks Paneth LLP is intimately familiar with the statutory and regulatory requirements necessary to obtain favorable tax benefits of PPLI and OPPLI policies as well as the myriad rules governing the status of the arrangement for tax purposes of "life insurance" and the complex "diversification requirements" and "owner control" issues involved.
Like most foreign income tax treaties, those governing the international shipping and aircraft business are both complex and tedious. While the treaties offer certain benefits and exemptions to U.S. taxpayers, such exemptions may have unfavorable indirect effects. Therefore, it is essential that individuals and corporations understand their environment in order to maximize their tax rate efficiency.
High net worth individuals, international fund managers, attorneys and accountants all turn to Marks Paneth LLP for planning and compliance advice relating to investments in Passive Foreign Investment Companies (PFICs). Through the use of our proprietary planning and compliance tools and specialized expertise, we are able to minimize the tax implications of existing PFIC structures, establish PFIC structures to achieve tax deferral and minimization objectives and ensure that the complex information reporting and tax computation requirements are fully complied with.
In addition to our standard planning and compliance services, we have developed specialized structures, investment vehicles and solutions that utilize PFICs as a planning vehicle. Our solutions are not based on simple rules of thumb or the indiscriminate use of available elections. Rather, through the use of complex, proprietary tax mathematical models, coordinated with financial models, we are able in many circumstances to enhance after-tax investment yields.
Changes in business, ownership and political circumstances can often necessitate changes in operating structure. Such changes can often trigger significant tax costs, even in circumstances where there is no change in ownership or in the underlying business itself. Failure to make changes often results in tax and operational inefficiency.
Marks Paneth assists businesses in minimizing the global tax costs of changes to their business structures. We generate and implement solutions that ensure predictable tax results. Our experts can guide such companies through the entire process and ensure that changes are made tax efficiently and with minimal interruption to the underlying business.
Foreign investment of United States persons is subject to a series of complex laws, disclosures and tax filing requirements. While the aim of these rules is to prevent unwarranted income tax deferral or tax avoidance, and to avoid double taxation of the same income, these results are often difficult to achieve.
Marks Paneth specializes in assisting U.S. investors in simplifying and minimizing the global tax implications of overseas operations. Our close working relationship with professionals around the globe allows us to provide a "one stop shop" in ensuring an orderly and expeditious establishment of overseas operations.
The United States taxes income on either of two bases: residence and/or source of income. By choosing from a multitude of entity and structural alternatives, foreign investors can significantly influence the timing and level of taxes payable to the United States. These structures can also satisfy a number of non-tax objectives, including confidentiality, information reporting, business and family concerns, political risks, exchange control laws and operational efficiencies.
Marks Paneth develops customized structural plans to meet these tax and non-tax goals. Our team of international specialists offers integrated advice on all areas affected by the nature of investments and/or operations. Our intricate knowledge base of the interplay between the laws of onshore/offshore jurisdictions and the U.S. allows us to work quickly, cost- effectively and thoroughly. We address issues and generate solutions that others miss.
Whether for investment or personal use, foreign investors in United States real estate face a number of income, estate and transfer tax concerns. The Foreign Investment in Real Property Tax Act (FIRPTA) subjects gains from the disposition of U.S. real estate to income tax and imposes intricate and onerous withholding procedures designed to enforce the FIRPTA income tax. Absent proper structuring, the after-tax rates of return and investor risk premiums of U.S. real estate investments can be significantly reduced.
Marks Paneth LLP specializes in advising foreign investors on all tax and practical aspects of foreign real estate investment and tax compliance. Our specialists tailor real estate investment structures to obtain client objectives, tax and otherwise. These structures minimize, and sometimes even eliminate, the income and estate tax liabilities associated with U.S. real estate investment.
United States beneficiaries of foreign estates and trusts are subject to special, complex tax rules and information reporting obligations. The tax treatment of income and corpus can vary significantly depending upon the nature of the income and the timing of income recognition and distributions.
Marks Paneth has specialized expertise in assisting executors, trustees, beneficiaries and their advisers in maximizing the after-tax income of such structures and in meeting all required compliance obligations. We have developed proprietary models to analyze the interplay between all types of investments and the relevant tax rules. In many circumstances, U.S. beneficiaries can defer, reduce and even eliminate the United States income tax imposed on income and distributions derived from foreign states and trusts.
While the United States generally taxes its citizens in their worldwide income, most other jurisdictions do not, making double taxation a very real possibility. Although the tax treaties the United States has entered into have reduced the potential for double taxation, it remains paramount that taxpayers understand and take advantage of the opportunities such treaties provide them.
As individuals and corporations seek to navigate these treaties, they may turn to Marks Paneth's specialized experts to help structure overseas assignments, minimize the tax burden experienced by expatriates, and ensure that all global tax filing and reporting requirements are met. Moreover, through our association with JHI, we are able to offer all of our clients with interests overseas a seamless and efficient way of meeting all their global income tax compliance and preparation needs.
Global integration and new business practices challenge multinational corporations to find innovative pricing solutions. Stricter penalties, new documentation requirements, increased information exchange, improved training and specialization are some of the tools used by tax authorities in this global revenue race.
There may be more than 50,000 US taxpayers who held accounts at UBS AG that were not disclosed to the IRS. Given that the Justice Department has reportedly opened criminal investigations against scores of American customers named by UBS and that the IRS has established an enhanced voluntary disclosure program (with a short window), many individuals with undisclosed accounts at UBS and other foreign banks may be seeking advice from attorneys and accountants.
Marks Paneth possesses the experience and capabilities essential to helping individuals and their attorneys take the right steps and make the best decisions when it comes to voluntary disclosure of foreign bank accounts. What sets our firm apart is our combined experience providing high-net-worth, tax, litigation support and forensic services.
We are a leading provider of state and local tax compliance, tax planning and tax consulting services to both businesses and individuals. Our state and local tax specialists are recognized for the breadth and depth of their knowledge of state and local tax regulations, trends and developments in all 50 states. They have experience working with state and local taxing authorities across the country for the benefit of our clients.
Marks Paneth director earns certification in the valuation of intangible assets
We are proud to announce that Angela Sadang, MBA, CFA, ASA, a Director in our Financial Advisory Services group, has recently completed a certification in the valuation of intangible assets with the American Society of Appraisers (ASA).
To learn more about Angela and how her expertise can help you unleash the value of your intellectual property (IP) portfolio, click here.
Founders Who Scale Blog Provides Tax Strategy Road Map for Emerging Growth Companies
Tax and accounting issues can be complicated and time consuming for entrepreneurs who are busy building and running a growth company. This is especially true for companies coming to the US from abroad. Our Founders Who Scale blog, produced by Jeanne P. Goulet, CPA, provide information on tax and accounting issues that can improve your net cash flow, reduce your risk and help better manage tax liabilities, which in turn will deliver better returns through the life of the company, and upon exit.
Check out the blog here.