News & Insights

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Nonprofit & Government Times, November 2021

November 12, 2021

Employee Retention Credit (ERC) Repealed Retroactively by New Legislation

By James (Jay) M. Brower, Jr.  |  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

Mansion Tax Adds to Array of Transfer Taxes When Buying, Selling Real Property

By Neil A. Sonenberg  |  September 27, 2021

When buying and selling real estate in New York City, transfer taxes are generally expected. However, buyers of valuable real estate in New York City should also be aware of the Mansion Tax, an additional tax of 1% to 3.9% of the sales price over $1 million.

Disaster Relief: What Are the Options for Nonprofits?

By Magdalena M. Czerniawski  |  September 27, 2021

Nonprofits that want to help current or former employees struggling with economic fallout from COVID-19 and natural disasters should evaluate federal and state requirements when deciding how to help.  

What NYC Property Owners Need to Know about Life Sciences Real Estate Tax Incentives

By Eduard Suleymanov |  Deana L. Wetzel  |  September 21, 2021

Real estate owners have the chance to take advantage of prime incentives to enter the market as New York City works to become a premiere life sciences hub.

Rafael Vasquez and Maya Khan Recognized as “2021 Ones to Watch” by NYREJ

Featured: Rafael U. Vasquez |  Maya C. Khan  |  September 21, 2021

Rafael U. Vasquez, CPA, a Director in the Real Estate Group and based in our New York City headquarters office, and Maya C. Khan, CPA, a Director in the Real Estate Group and based in our Woodbury, NY office, have been chosen as “2021 Ones to Watch” by New York Real Estate Journal.

Four Marks Paneth Professionals Recognized Among Crain’s New York Business’ 2021 Notable Women

Featured: Pamela Cianciotta |  Darya Shneyder |  Jessica Strom  |  September 20, 2021

Pamela Cianciotta, Darya Shneyder, Jessica Strom and Katherine Zheng have been recognized among Crain’s NY Business’ 2021 Notable Women in Accounting and Consulting.

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