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News & Insights

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Is it a Grant or a Contribution? FASB Has Now Made It Clearer

By John D'Amico  |  Jan 3, 2019

There has been a long-standing diversity in practice on how nonprofits accounted for grants, especially government grants. FASB has now effectively ended this diversity and clarified its guidance with the issuance of Accounting Standards Update (ASU) 2018-08, “Clarifying the Scope and Accounting Guidance for Contributions Received and Made.”

Government Update: Effects of Tax Reform on Local Government

December 20, 2018

The Tax Cuts and Jobs Act of 2017 (Public Law 115-97) (“TCJA”) is the most sweeping tax reform measure in more than 30 years. 

The Overhead Myth: Finding Better Ways to Measure Nonprofit Performance

By John D'Amico  |  December 20, 2018

The Overhead Myth campaign, started in 2013 by Better Business Bureau’s Wise Giving Alliance, Charity Navigator and GuideStar®, aims to eradicate the practice of judging a nonprofit’s performance primarily on its overhead ratio.

Tax Reform's Impact on Charitable Contributions

By Magdalena M. Czerniawski |  Robert Lyons  |  December 20, 2018

Almost a year ago, the Tax Cuts and Jobs Act (TCJA) brought major tax reform to individuals, for-profit businesses and not-for-profit entities. 

Incorporating Data Analytics Into Your Internal Controls

December 20, 2018

The evolution of technology has demanded that organizations more deeply understand the businesses they operate but has also allowed management to gain this understanding with greater ease and efficiency than ever before.

IRS Issues Guidance for Determining Nondeductible Parking Fringe Benefits

By Magdalena M. Czerniawski |  Robert Lyons  |  December 20, 2018

While two sections of the Tax Cuts and Jobs Act (“the Act”) - Code section 512(a)(6) and Code section 512(a)(7) - have a direct and significant bearing on tax-exempt organizations, very little guidance has been forthcoming since the law was passed almost a year ago.

Nonprofit & Government Times, Fourth Quarter 2018

December 19, 2018

This year has marked many substantial changes to tax law and accounting guidance for the nonprofit and government industries. At the same time, technology and operational issues continue to evolve rapidly. 

Everyone Loves Talking About Qualified Opportunity Zones

By Michael W. Hurwitz  |  December 18, 2018

By now, most real estate professionals have heard about the Qualified Opportunity Zone (“QOZ”) program created by the Tax Cuts and Jobs Act of 2017. 

Nonprofit Alert: Cuomo Signs Bill Exempting Nonprofits from NY Transportation Tax

By Robert Lyons |  Magdalena M. Czerniawski  |  December 13, 2018

On Friday, December 7, 2018, Governor Cuomo signed into New York law the much-anticipated bill exempting nonprofits who provide pre-tax transportation and parking benefits from the New York State level transportation tax. 

SALT Alert: Amazon Puts FBA Sellers on Notice of Possible Sales Tax Nexus

By Steven P. Bryde  |  December 11, 2018

In October 2018, Amazon advised its Fulfillment by Amazon (FBA) sellers that it intended to provide the California Department of Tax and Fee Administration (the Department) with the FBA sellers’ contact information (name, address, and email) and U.S. Taxpayer identification numbers, by November 6, 2018.

Taxation of Cryptocurrency: Virtual Transactions Bring Real-life Tax Implications

By Mordecai Lerer  |  Dec 11, 2018

Cryptocurrency is digital currency using encryption techniques, rather than a central bank, to generate, exchange and transfer units of currency. Unlike cash transactions, no bank or government authority verifies the transfer of funds.

What You Need to Know About FIRPTA

By Paul Bercovici  |  Dec 10, 2018

The Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”) was enacted to combat perceived abuses whereby foreign investors were able to avoid, with relative ease, otherwise applicable US taxes on the disposition of interests in US real property. FIRPTA imposes a tax on gains derived by foreign persons from the disposition of US real property interests.

Marks Paneth Professionals Featured in NYSSCPA - Nassau Newsletter

By Mark Cuccia  |  Dec 6, 2018

Three professionals from Marks Paneth’s Long Island office were highlighted in the December issue of the NYSSCPA - Nassau Chapter newsletter.

Marks Paneth's 2018-2019 Tax Planning Guide

December 4, 2018

To provide you with convenient access to current tax laws and regulations and prepare you for the 2019 tax season, Marks Paneth has launched its 2018-2019 Tax Planning Guide.

2018 Year-End Tax Planning: A Whole New World

By Abe Schlisselfeld  |  November 16, 2018

With the passing of the TCJA almost a year ago, changes like the new 20 percent deduction and qualified opportunity zones make year-end tax planning seem like a whole new world for the real estate industry. 

Real Estate Tax Certiorari: Challenging the Assessments

By Darya Shneyder  |  November 16, 2018

The New York City Department of Finance determines the property value assessment for all New York City properties. The notice of property value is provided to the real estate owners in the middle of January every year. 

Landlord Considerations: Creative Workspace Designs

By Michael Siino  |  November 16, 2018

As competition to attract and retain high-quality commercial tenants has intensified, and with a generation of millennials graduating into roles as decision makers in today’s business world, it has and will continue to become more important for landlords to adapt and enhance their office and common spaces to suit the desire of employees to work in environments that are collaborative and stimulating. 

Preparing for the Year-End Audit: Don’t Overlook These Key Planning Areas

November 16, 2018

As companies gear up for their year-end audits, many of them focus on locking in their auditor’s fieldwork start date, performing account reconciliation and discussing deliverables. However, there are some frequently overlooked areas that have a direct impact on the overall audit, financial statement presentation and disclosures.

Disputes in Real Estate Partnerships: How to Excavate Adequate Business Records

By Eric A. Kreuter  |  November 16, 2018

Consider this scenario: A partner in a real estate deal determines that there may have been wrongdoing with respect to the operations of a real estate partnership. Monies are missing, and expenses appear to be excessive and unsupported. He further suspects that the alleged miscreant has been “cooking the books” for years. 

Real Estate Perspectives, Fall 2018

November 16, 2018

As we approach year-end, members of our Real Estate Group provide updates on tax planning, property assessments, audit preparation and more.

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