NEW YORK CITY (May 4, 2009) – New York City-based accounting firm Marks Paneth & Shron LLP (MP&S) announced today that the firm has assembled a team dedicated to offering services for US taxpayers disclosing foreign accounts at UBS AG and other foreign banks.
Reports indicate that more than 50,000 US taxpayers held accounts at Swiss bank UBS AG that were not disclosed to the IRS. Given that the US Justice Department has reportedly opened criminal investigations against many American customers named by UBS and that the IRS has established an enhanced voluntary disclosure program (with a short reporting period), many individuals with undisclosed accounts at UBS and other foreign banks may need advice from attorneys and accountants.
“Compliance with these disclosure requirements is a complex process – both taxpayers and their legal counsel will want to make sure that proceedings are moving forward correctly. The specialized accounting that the MP&S Foreign Disclosure team offers provides support that we believe will bring value to these efforts,” said Arthur Cannata, CPA and Mark Levenfus, CPA, managing partners of Marks Paneth & Shron.
MP&S is uniquely qualified to provide counsel in the area of disclosure requirements. The firm has extensive experience in working with high-net-worth individuals and with international tax issues, as well as in forensic accounting, litigation support, and negotiating with government agencies.
The MP&S Foreign Disclosure team will support taxpayers and their attorneys by preparing amended returns, arranging for installment agreements and representing taxpayers before the IRS and other tax authorities and providing due diligence, forensic accounting and fraud investigation services. The firm will also assist with providing family office and business management, as well as trust and estate services.
MP&S Foreign Disclosure TeamSteven Eliach, JD, LLM is a lawyer and the principal-in-charge of the Tax Practice at Marks Paneth & Shron. Mr. Eliach has over 20 years of experience specializing in taxation for the real estate industry, estate planning and income taxation of closely held companies. During his career, Mr. Eliach has devised complex real estate planning strategies using joint ventures, options and like kind exchanges. He has developed sophisticated estate planning capabilities using techniques such as Grantor Retained Annuity Trusts, Charitable Remainder Trusts and Family Partnerships. In addition, Mr. Eliach is frequently called upon to structure complex business transactions involving mergers, sales, exchanges, partnership formation, liquidation, and planning for S Corporations.
Steven L. Henning, Ph. D., CPA is the partner-in-charge of the firm’s Litigation and Corporate Financial Advisory Services Group. Dr. Henning has over 20 years of experience in public accounting, securities litigation, consulting related to both US Generally Accepted Principles (US GAAP) and International Financial Reporting Standards (IFRS), as well as teaching at the university level. Dr. Henning provides litigation consulting and expert witness services and assists boards of directors and senior executives in understanding and complying with regulations of the United States Securities and Exchange Commission (SEC) and other financial reporting requirements. In addition, Dr. Henning is a member of the Listing Qualifications Panel of the National Association of Securities Dealers Automated Quotation System (NASDAQ).
Solomon Packer, CPA, JD, LLM is a senior consultant at Marks Paneth & Shron in the area of international taxation. Mr. Packer advises foreign persons and corporations on how to engage in business in the US and conversely, advises US corporations on how to conduct business overseas in order to effectively reduce worldwide tax exposure. Mr. Packer specializes in international mergers and acquisitions, tax issues related to foreign ownership of US real estate, tax planning for multinational corporations, taxation of shipping companies, and international estate tax planning. Prior to being retained by Marks Paneth & Shron, Mr. Packer spent more than 20 years as a Senior International tax partner at a Big Four firm.
For Interviews
To arrange an interview with a member of the MP&S Foreign Disclosure team or to obtain full copies of their bios, please contact Adria Greenberg at 212.255.8386 or via email at adria@sommerfield.com.
About Marks Paneth & Shron LLP
Marks Paneth & Shron LLP (MP&S) is an accounting firm with nearly 500 people, approximately 70 of whom are partners and principals. The firm provides businesses with a full range of auditing, accounting, tax, bankruptcy and restructuring services as well as litigation and corporate financial advisory services to domestic and international clients. The firm also specializes in providing tax advisory and consulting for high net worth individuals and their families, as well as a wide range of services for international, real estate, media, entertainment, nonprofit, professional and financial services and energy clients.
The firm’s subsidiary, Tailored Technologies, LLC, provides information technology consulting services. In addition, its membership in JHI, the leading international association for independent business advisers, financial consulting and accounting firms, facilitates service delivery to clients throughout the United States and around the world.
Marks Paneth & Shron LLP, whose origins date back to 1907, is the 32 largest accounting firm in the U.S., and the 15th largest in the New York area Its headquarters are in Manhattan. Additional offices are in Westchester, Long Island and the Cayman Islands. For more information, please visit www.markspaneth.com.
Contact:
Adria Greenberg
Sommerfield Communications
212-255-8386
adria@sommerfield.com