News & Insights

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Nonprofit Alert: Proposed Changes to Reporting of Gifts-in-Kind

By Joseph J. Kanjamala  |  February 18, 2020

On February 10, 2020, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) intended to improve transparency around how not-for-profit organizations present and disclose contributed nonfinancial assets, also known as gifts-in-kind. 

The Future of Family Office Technology

By Dean Nelson  |  February 11, 2020

Dean Nelson, Principal-in-Charge of Advisory Services, describes how new back-office technology has the power to innovate and improve family office processes and align technology with key business objectives.

Did You Make a Taxable Gift in 2019? Don’t Overlook Gift Tax Filing Requirements When Funding Trusts

By Christopher D. Wright  |  February 11, 2020

While cash gifts of are fairly straightforward (as are their impact on tax filings), there is an often-overlooked instance of the gift tax that has the potential to generate quite a headache come April—funding a trust.

Maximize Your Charitable Contributions to Minimize Your Tax Liability

By Jennifer Leelaviwatana  |  February 11, 2020

Since the enactment of the Tax Cuts and Jobs Act of 2017, taxpayers are limited to a deduction of up to $10,000 of state and local income taxes. However, donating to charity is still a powerful tool to minimize tax liability.

Succession Planning: Tax Considerations When Exiting Your Business

By Dannell R. Lyne  |  February 11, 2020

There comes a time when business owners begin to contemplate retirement and an exit from the company they own and/or are operating. It’s important to begin succession planning in advance, because how you approach exiting your business will produce different tax outcomes.

The Fallout From the New Tax Law

By Joseph M. Giampapa |  Russell S. Ephraim  |  February 11, 2020

In preparation for the coming tax season, Joseph Giampapa and Russel Ephraim examine who reaped the benefits of the new tax law in 2018 and which changes had the most dramatic impact on high-net-worth and high-profile individuals.

Navigating Change and Uncertainty in the Middle Market

Featured: Pamela Cianciotta  |  Feb 10, 2020

Pamela Cianciotta, Partner in the Commercial Business Group, represented Marks Paneth in the Crain's New York Business Middle Market roundtable discussion.

Private Client Insights, Issue #1 2020

February 10, 2020

Marks Paneth’s new Private Client Insights newsletter is designed to to help high-net-worth and high-profile individuals address tax planning, trusts & estates and multigenerational needs.

Alert: How the SECURE Act of 2019 Will Impact Individuals and Businesses

By Avery E. Neumark  |  February 10, 2020

The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law by President Trump on December 20, 2019. Affecting individual taxpayers, employers and plan administrators, it is considered to be the most significant retirement reform legislation signed into law in the past decade.

To Report or Not to Report, That Is the Question

February 7, 2020

By: Anthony Delfiner and Hal Margolit 

Anthony Delfiner and Hal Margolit, Tax Partner and Manager in Marks Paneth’s Commercial Business Group, respectively, examine the foreign informational reporting forms that taxpayers may need to consider as part of their tax filing requirements. 

Abe Schlisselfeld Shares His Insights on Technology and Commercial Real Estate Trends in NYC

Featured: Abe Schlisselfeld  |  Feb 6, 2020

Abe Schlisselfeld, Partner-in-Charge of Real Estate, moderated a panel of real estate leaders at Commercial Observer’s inaugural Innovators Forum and shared his insights on how technology is shaping commercial real estate trends in New York City.

Ask the Data Scientist - Who is Accountable for Personal Healthcare Information?

Featured: Dean Boyer  |  Feb 4, 2020

Dean Boyer, Director and data scientist in the firm’s Technology Services Group, discusses who is accountable for Personal Healthcare Information and why it is necessary to build data strategies around patients and the care they need in Philadelphia Business Journal’s “Ask the Data Scientist” feature.

What New Yorkʼs Corporate and Individual Taxpayers Need to Know in 2020

Featured: Dannell R. Lyne  |  Jan 27, 2020

Partner Dannell R. Lyne participated in Crain’s New York Business roundtable discussion, “What New Yorkʼs Corporate and Individual Taxpayers Need to Know in 2020.”

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

By: Philip Marciano

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

By: Ben Jonas

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.

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