Recent News & Insights

Employee Retention Credit (ERC) Repealed Retroactively by New Legislation
November 10, 2021   
This past Friday (November 5), the House of Representatives passed HR 3684 the “Infrastructure Investment and Jobs Act,” which was signed shortly thereafter by the President.  READ MORE +

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Neil Sonenberg Is Guest on The Stoler Report

Featured: Neil A. Sonenberg  |  November 29, 2021

Mark Paneth’s Neil Sonenberg, Co-Partner-in-Charge, Real Estate Group, was a guest on The Stoler Report: NY Business Report.

Private Client Insights, November 2021

November 18, 2021

Year-end Tax Planning: Guesswork and Defensive Maneuvers for 2021

By Reshma Ghouri |  Sara Rabi  |  November 17, 2021

Year-end tax planning in 2021 will be an exercise in guesswork and defensive maneuvers for many taxpayers, as Congress – once again – is negotiating major tax legislation that, if enacted, will make major changes to the tax code less than two months from now.

Emerging Regulations and Consumer Expectations Require Solid Data Privacy Protocols

By Hassan R. Khan  |  November 17, 2021

A wave of new regional data privacy regulations has washed over the landscape since 2018 aimed at making our digital experiences safer and more secure. The evolving regulatory environment and increasing consumer demand require organizations to create strong data privacy protocols.

Alert: Executive Law 172-B Repealed, Ending Redundant Filings for Nonprofits

By Magdalena M. Czerniawski  |  November 15, 2021

On Friday, November 12, Gov. Kathy Hochul of New York signed S4817a/A1141a to repeal Executive Law 172-B, which had required certain organizations – including charitable and nonprofit organizations – registered with the New York State Attorney General (AG) to also file documents with the New York Department of State (DOS). 

Nonprofit & Government Times, November 2021

November 12, 2021

Employee Retention Credit (ERC) Repealed Retroactively by New Legislation

November 10, 2021

On November 5, 2021, the House of Representatives passed HR 3684 the “Infrastructure Investment and Jobs Act,” which was signed shortly thereafter by the President.

Reminder: Half of 2020 Deferred FICA and Self-Employment Taxes Are Due December 31, 2021

By James (Jay) M. Brower, Jr.  |  November 9, 2021

The CARES Act, enacted in March 2020, allowed employers and self-employed taxpayers to defer payment of their share of FICA taxes for their employees for periods March 27 through December 31, 2020. The bill is now coming due, with payment of 50% of deferred amounts due on December 31, 2021.

Compensation, Governance and Compliance Best Practices

By Magdalena M. Czerniawski |  Matthew Estersohn  |  November 8, 2021

From executive compensation decisions to conflicts of interest and excess benefit transactions, nonprofit governance issues demand that board members are informed about best practices, IRS expectations and, in some cases, state law. 

The New Audit Opinion for Private Companies – Effective for Audits of Calendar 2021 Year-end Companies

By Clarence Peterson |  Herbert M. Chain  |  November 1, 2021

Read more about the list of updates to the audit opinion, which significantly revised the form and content of auditor's reports on the financial statements of private companies.

Managing the Rapid Pace of Change: Marks Paneth’s Sixth Annual Nonprofit Industry Update Seminar

October 28, 2021

Our October 7 virtual seminar brought together more than 300 nonprofit leaders to explore actionable solutions to their issues.

Real Estate Perspectives, October 2021

October 26, 2021

Life Sciences and Biotech Firms Drawn to NYC by Tax Credits

By Alan M. Blecher  |  October 22, 2021

Public and private investment is contributing to the growth of the life sciences industry in New York City, bolstered by federal and state tax credits for an industry that will continue to grow for the foreseeable future.

Tax Strategies Make Life Sciences a Strong Real Estate Investment

By Darya Shneyder  |  October 22, 2021

Robust infrastructure, academic institutions and hospitals are attracting life sciences companies to New York City and the Tri-State area, and key tax incentives – facilitated by cost segregation studies – provide support for the growing industry.

Is There a Future for Grantor Trusts?

By Christopher D. Wright  |  October 17, 2021

Legislation being negotiated in Congress would cut in half the current estate and gift tax exemption, and would dramatically alter treatment of grantor trusts, which are the preferred vehicle for moving assets out of an individual’s estate. If enacted, this legislation would make the future use of grantor trusts useless.

Podcast: How Jewelers Can Navigate the State and Local Tax Landscape Complicated by Wayfair

By Howard Hoff |  James (Jay) M. Brower, Jr.  |  October 6, 2021

Howard Hoff, Partner-in-Charge of Marks Paneth’s Commercial Business Group, and James Brower, Partner and State and Local Tax Leader, explain how the Supreme Court’s South Dakota v. Wayfair decision of 2018 has complicated the tax implications of selling in other states.

Private Client Insights, October 2021

October 5, 2021

Remote Workers May Owe New York Income Tax, Even If They Haven’t Set Foot in the State

By Jennifer Prendamano |  James (Jay) M. Brower, Jr.  |  October 1, 2021

Taxpayers who work for a New York-based company may be surprised to find they still owe New York State income taxes even after a successful domicile change.

Real Estate Perspectives, September 2021

September 29, 2021

Nonprofit & Government Times, September 2021

September 28, 2021

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