News & Insights

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Under new IRS guidelines, certain partnerships may request 30-year depreciation recovery period for residential rental property

By Steve Brodsky  |  July 30, 2021

New IRS procedures enable taxpayers to change their methods of computing depreciation for certain residential rental property. The options to make these changes are available to partnerships that have residential rental property placed in service prior to 2018 and that have elected to be treated as ERTBs.

Everyone Should Pay Attention to This GASB Project

By Warren Ruppel  |  July 30, 2021

The GASB is in the process of changing the title of the “Comprehensive Annual Financial Report.” But everyone should stop using the acronym by which the report is commonly referred right now.

Decoding Fundraising and
Schedule G

By Magdalena M. Czerniawski  |  July 30, 2021

With a year of virtual galas behind us we are starting to see them reported on financial statements and tax returns. There were quite few nuances and differences between these two financial documents pre Covid-19, and now with fundraising events being virtual we see even more differences.

Private Client Insights, July 2021

July 29, 2021

C Corp or Pass-Through? Tax Advantages of Selling C Corporation Qualified Small Business Stock May Settle the Question

By Mordecai Lerer  |  July 28, 2021

When tax rates were 35% for corporations and 39.6% for individuals it was straightforward to decide whether to set up a business as a C Corporation or as a pass-through Subchapter S or LLC. But the tax advantages of selling C Corp Qualified Small Business Stock (QSBS) change the equation.

What to Do When Your Data is Held Hostage? To Pay or Not to Pay?

By Hassan Khan  |  July 28, 2021

What should you do if your organization is the victim of ransomware? Learn how your organization can protect itself against the 100,000 new variants of ransomware that are released every day.

Qualifying for Home Office Deduction in Current Times

By Jennifer Prendamano |  Laura E. LaForgia  |  July 28, 2021

The home office deduction is a good news/bad news story. It’s good for self-employed individuals, who may take the deduction on federal tax returns. It’s bad for W2 employees, who may not take the federal deduction. However, some states have expanded the deduction since COVID-19 sent millions of workers home.

How President Biden’s Tax Proposals Would Affect Individuals

By Dannell R. Lyne  |  July 28, 2021

The Biden administration’s proposed changes to the tax code would raise the top individual tax rate and taxes on certain capital gains, as well as minimize or eliminate some tax breaks utilized by high-net-worth taxpayers. These tax changes would fund proposed programs for low- and middle-income families.

John D’Amico Featured in The CPA Journal

By John D'Amico  |  July 27, 2021

John D’Amico, a Partner within the Professional Standards Group, recently authored an article published in The CPA Journal on “Complying with Federal Requirements for COVID-19 Funding in a Single Audit.”

Jessica Strom Selected as an Emerging Leader Under 40 By NYSSCPA

Featured: Jessica Strom  |  July 22, 2021

Jessica Strom, CPA, Director in Marks Paneth’s Commercial Business Group, has been recognized as an Emerging Leader Under 40 by the NYSSCPA.

Magdalena Czerniawski Recognized as an NYSSCPA Emerging Leader Under 40

Featured: Magdalena M. Czerniawski  |  July 21, 2021

Magdalena Czerniawski, CPA, MBA, a Partner in Marks Paneth’s Nonprofit, Government & Healthcare Group, has been recognized as an Emerging Leader Under 40 by NYSSCPA.

Mark Cuccia featured in Long Island Business News

Featured: Mark Cuccia  |  July 19, 2021

Mark Cuccia, Partner in the firm's Commercial Business Group was featured in the Long Island Business News 'What's Next in Accounting' special section.

Paul Bercovici Featured in Thomson Reuters Taxes & Wealth Management Newsletter

By Paul Bercovici  |  July 13, 2021

Paul Bercovici, Principal at Marks Paneth specializing in international tax matters, authored an article Thinking of Becoming a “Tax Expatriate” – What You Need to Know, published by Thomson Reuters within their Taxes & Wealth Management newsletter.

Richard Jania Named to NJBIZ Accounting Power 50 List

Featured: Ryszard Jania  |  June 30, 2021

Richard Jania, Partner-in-charge of the New Jersey Office and member of the Commercial Business Group at Marks Paneth LLP is named to the 2021 NJBIZ Accounting Power 50 list.

Current Legislative Proposals Have Broad Implications for Gift and Estate Tax Valuations

By Angela Sadang  |  June 28, 2021

There are two legislative proposals in progress which are cause for concern for tax advisors and estate planners. Both issues were highlighted during the 2021 Heckerling Institute, the largest national conference on estate and wealth planning, and one of the key takeaways is the importance of obtaining a qualified valuation of your business.

Tax Implications of Terminating Grantor Trust Status

By Christopher D. Wright  |  June 28, 2021

Grantor trusts, a planning tool often used by high-net-worth individuals, are a frequent topic at the annual Heckerling Institute, a week-long gathering of estate planning professionals. Current legislature proposals have made this discussion more relevant - if enacted, they could significantly change how grantor trusts are utilized.

Private Client Insights, June 2021

June 28, 2021

Nonprofit & Government Times, June 2021

June 23, 2021

For Nonprofits, E-filing Required for Most Tax and Information Returns

By Magdalena M. Czerniawski  |  June 18, 2021

As the IRS requires increasingly more tax and information returns to be filed electronically, nonprofits are finding that E-filing is faster, more accurate and results in faster refunds when they are due. However, smaller nonprofits accustomed to filing paper returns are sometimes challenged
by e-filing.

Practical Guidance for Implementing the New Lease Standard

By Sibi B. Thomas  |  June 18, 2021

The joint project between the FASB and the International Accounting Standards Board to enhance financial reporting standards for leasing activities has been underway since back in 2006. The time is now for organizations to adopt the reporting practices they will need to comply with
the new lease standard.

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