Recent News & Insights
January 10, 2020
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Nonprofit Alert: IRS Issues Guidance on Refunds for Paid Qualified Transportation Taxes
By Magdalena M. Czerniawski | Robert Lyons | January 23, 2020
The IRS has issued guidance on the steps nonprofits will need to take in order to claim a refund on taxes paid under Section 512(a)(7), commonly known as the “Transportation Tax.”
Sara Rabi Named to Elite List of New York Wealth Management Professionals
Featured: Sara Rabi | Jan 23, 2020
Sara Rabi, Partner in the Private Client Services Group at Marks Paneth, has been named to an elite list of New York Wealth Management Professionals by Citywealth.
Public – Private Partnerships
January 10, 2020
The Government Accounting Standards Board (GASB) has addressed issues with the accounting and financial reporting between government and public parties (PPPs) in order to increase efficiency and prevent issues.
Achieving Efficiencies of the Financial Statement Audit Through IT
By Melissa Ouari | January 10, 2020
IT audits are becoming an increasingly valuable tool for nonprofit organizations, as they can help organizations identify critical issues and increase the efficiency of the financial statements audit.
Tax Alert: IRS Issues 2020 Cost-of-Living Adjustments
By Avery E. Neumark | January 9, 2020
Did you know that the IRS has adjusted the cost-of-living thresholds for 2020?
Tax Alert: Key Issues Addressed in Final QOZ Treasury Regulations
By Michael W. Hurwitz | Alan M. Blecher | January 8, 2020
The Internal Revenue Service and the Treasury Department issued Final Treasury Regulations related to investing in Qualified Opportunity Zones, addressing many of the questions that have arisen since the program's inception in the Tax Cuts and Jobs Act of 2017.
Alternative Financing Methods of Unemployment Benefits for 501(c)(3) Nonprofits: Benefits & Risks
January 8, 2020
Nonprofit organizations have unique rights when it comes to State Unemployment Insurance programs and can gain better control of their finances by reducing their unemployment benefit expenses.
Protecting Resources While Pursuing your Mission: Marks Paneth’s Annual Nonprofit Industry Update
By Hope Goldstein | January 7, 2020
Hope Goldstein, Co-Partner-in-Charge of Marks Paneth’s Nonprofit, Government & Healthcare Group shares key takeaways from Marks Paneth’s annual nonprofit industry update seminar.
Excess Benefits Transactions
Jan 7, 2020
Partner Magdalena M. Czerniawski and Director Robert Lyons wrote an article for NYSSCPA’s TaxStringer examining excess benefit transactions and what preparers should consider in evaluating expenditures.
Philanthropy Isn’t Dead – An Update on Charitable Giving Post Tax Reform
By Magdalena M. Czerniawski | December 26, 2019
People are willing to donate and not just because of the tax benefits. Magdalena M. Czerniawski, Tax Director in our Nonprofit, Government & Healthcare Group examines the impact of the 2017 Tax Cuts and Jobs Acts on charitable contributions.
President Trump Signs Further Consolidated Appropriations Act Into Law
By Magdalena M. Czerniawski | Robert Lyons | December 23, 2019
As expected, President Trump signed into law H.R. 1865 (The Further Consolidated Appropriations Act, 2020) on Friday, December 20, 2019. Two of the law’s provisions have a significant impact on nonprofit organizations.
Bipartisan Support for Repeal of Tax on Nonprofit Transportation Benefits
By Magdalena M. Czerniawski | Robert Lyons | December 18, 2019
A bipartisan tax relief proposal, which includes the repeal of the tax on transportation benefits, passed the U.S. House of Representatives on December 17, 2019 and is expected to be passed by the Senate and signed by the President shortly.
Nonprofit & Government Times, Q4 2019
December 17, 2019
This issue of Nonprofit & Government Times includes timely and practical guidance to help navigate the shifting landscape of charitable giving, implement cutting-edge digital strategies, improve performance and more.
Ask the Data Scientist - Are You Prepared for the HIPAA 2019 Rights of Access Initiative?
Featured: Dean Boyer | Dec 17, 2019
Dean Boyer, Director and data scientist in the firm’s Technology Services Group, examines why health organizations should employ a data strategy in order to comply with OCR’s Rights of Access Initiative.
Organizations Must Prepare for the Imminent Implementation of the SHIELD Act
By Melissa Ouari | December 16, 2019
The Stop Hacks and Improve Electronic Data Security Act (SHIELD Act) has been passed and will go into effect on March 21, 2020 with the intent to improve data security in the State of New York.
Industry Leaders Say It’s Time to Get Innovative
Featured: Abe Schlisselfeld | Dec 6, 2019
Abe Schlisselfeld, Co-Partner-in-Charge of Marks Paneth’s Real Estate Group, was recently highlighted in a Commercial Observer article titled “Industry Leaders Say It’s Time to Get Innovative.”
RMDs & QCDs – A Perfect Match
By Avery E. Neumark | December 5, 2019
Tax Partner Avery Neumark examines how taxpayers age 70 ½ and older can take advantage of the Qualified Charitable Distribution as a tax savings opportunity.
Forecast: Tax Reform’s Many Impacts
Featured: Mordecai Lerer | Dec 2, 2019
Long Island Business News asked Mordecai Lerer, Tax Partner in Marks Paneth’s Commercial Business Group, for insight into how the new tax law continues to affect Long Island businesses and business owners.
Hope Goldstein Named One of The Responsible 100
Featured: Hope Goldstein | Nov 26, 2019
Hope Goldstein, Co-Partner-in-Charge of Marks Paneth's Nonprofit, Government & Healthcare Group, has been named one of The Responsible 100 by City & State.
Understanding the Safe Harbor Rule for Rental Real Estate Enterprises
By Anthony DelValle | November 22, 2019
Taxpayers who do not meet the safe harbor requirements still have the opportunity to prove that their rental real estate qualifies as a trade or business for purposes of the 199A deduction.
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