News & Insights

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Jay Brower featured in Bloomberg Law

Featured: James (Jay) M. Brower, Jr.  |  August 30, 2021

A Bloomberg Law article on a recent guidance from the New York Department of Taxation about a workaround for the New York SALT cap includes observations from James Brower, Partner, State and Local Tax Leader.

Pamela Cianciotta Recognized As One Of Top 50 Women In Business By Long Island Business News

Featured: Pamela Cianciotta  |  August 30, 2021

Pamela Cianciotta, CPA, a Partner in the Commercial Business Group and based in our Woodbury, NY office, has been chosen as one of Long Island Business News’ Top 50 Women in Business.

Updated Guidance: The Pass-through Entity Tax in New York State: Overview and FAQ

By James (Jay) M. Brower, Jr. |  Jennifer Prendamano  |  August 26, 2021

On Wednesday, August 25, 2021, the New York Department of Taxation and Finance issued its first round of guidance on the new Pass-Through Entity Tax.  Read our updated guide and find answers to frequently asked questions for the latest on the PTE tax.

Marks Paneth Named as a Top Business Accounting Firm by the Legal Intelligencer

August 24, 2021

Marks Paneth LLP, has been recognized as a top Accounting Firm in Philadelphia by The Legal Intelligencer in its “Best Of” awards.

The Stoler Report: Real Estate and Business Leaders View of the Market: Summer 2021

August 23, 2021

Abe Schlisselfeld, Marks Paneth Co-Managing Partner, appeared on The Stoler Report to discuss the return of the Real Estate industry in New York.

Real Estate Perspectives, August 2021

August 23, 2021

New York City Commercial Rent Tax – Don’t Be Caught Unaware

By Jennifer Prendamano  |  August 20, 2021

Commercial tenants in Manhattan may not know that they are subject to New York City’s Commercial Rent Tax (“CRT”) law. But they should inform themselves – and examine their lease agreements – or risk being hit with unexpected penalties. 

The American Families Plan: Tax Impacts the Real Estate Industry Should Look Out For

August 20, 2021

When President Joe Biden’s administration announced the American Families Plan (AFP) in April, it was clear that if the plan became law, the real estate industry would be significantly impacted. We look at four provisions that would affect the industry most.

Business Meals Temporarily Qualify for 100% Tax Deduction

By Dannell R. Lyne  |  August 17, 2021

Expenses for business related meals are currently deductible at a full 100% tax as a temporary measure intended to help the restaurant industry, which has suffered severe economic damage during the COVID-19 pandemic. 

Julio Jimenez featured in Bloomberg

Featured: Julio M. Jimenez  |  August 9, 2021

A recent article in Bloomberg Wealth about the U.S. tax consequences posed by cryptocurrency gains features insights from Julio M. Jimenez, a Principal in the Tax Services Group.

Nonprofit & Government Times, July 2021

August 6, 2021

Crypto and Digital Asset Reporting in Proposed Legislation

By Julio M. Jimenez  |  August 5, 2021

Until now, digital assets – including cryptocurrency – have enjoyed a certain amount of freedom from reporting. That may be changing. A digital asset tax reporting regime contained in the recently announced bipartisan proposal on infrastructure may subject broker-dealers who deal in cryptocurrency to new reporting requirements if enacted.

Real Estate Perspectives, July 2021

August 2, 2021

New Rules Benefit Foreign Investors in U.S. QOFs, But There’s a Catch

By Alan M. Blecher  |  July 30, 2021

Foreign investors in U.S. Qualified Opportunity Funds (QOFs) may soon be able to reduce or eliminate withholding requirements. However, a short window of opportunity to apply for the waiver could discourage all but those with the most substantial gains. 

721 Exchange – or UPREIT – an Alternative for Investors if Biden Tax Proposals Limit 1031 ‘Like-Kind’ Exchanges

July 30, 2021

While President Biden has stated that his tax proposals would increase taxes for high-net worth taxpayers, a recent report from the Treasury Department provides details that show a significant impact on real estate investors. This impact stems primarily from limitations on 1031 like-kind exchanges coupled with increased taxes on long-term capital gains.

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

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.
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