News & Insights

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Real Estate Perspectives, March 2021

March 29, 2021

This issue of Real Estate Perspectives provides you with timely and insightful information.

Final Regulations on Exempt Organization Excess Renumeration

By Magdalena M. Czerniawski | March 26, 2021

An overview of the final IRS regulations on the taxation of excess executive compensation for tax-exempt organizations.

Single Audit Six-month Extension

March 25, 2021

On March 19, 2021, the Office of Management and Budget (OMB) issued OMB Memo M-21-20 which instructs federal agencies to allow for an automatic 6-month extension for all Single Audits that have not yet been filed with the Federal Audit Clearinghouse as of 3/19/21.

Spotlight on Marks Paneth Partners in New York Real Estate Journal

Featured: Vivian Jin | Darya Shneyder | Deana L. Wetzel | March 24, 2021

Real Estate Group partners Vivian Martinez (Jin), Darya Shneyder and Deana Wetzel were recently featured in the New York Real Estate Journal “Women in Professional Services” spotlight.

Planning Considerations to Maximize the Benefit of Employee Retention Credits

March 24, 2021

The American Rescue Plan Act has extended the availability of the Employee Retention Credit (ERC). Employers should consider all planning opportunities that can help them qualify for the ERC and maximize potential credits.

Private Client Insights, March 2021

March 24, 2021

This issue of Private Client Insights provides you with timely and insightful information.

Energy Tax Incentives Available for the Real Estate and Construction Industries

By Lisa Minniti-Soska | March 23, 2021

At the end of 2020, and after years of lobbying, the energy tax incentive industry secured several big wins. These came in the form of the §45L Residential Tax Credit receiving a one-year extension, extending the credit through the end of 2021, and the energy efficient commercial building tax deduction §179D being made permanent.

American Rescue Plan Act: Relief for Nonprofits

March 22, 2021

On March 11, 2021, President Biden signed the American Rescue Plan Act (ARPA) into law providing an additional $1.9 trillion in COVID-19 relief. ARPA includes several relief provisions for nonprofits.

Despite Struggles, the Hotel Industry is Preparing for a Renaissance

By Elizabeth Mueller | March 19, 2021

As we continue to see the easing of government-imposed closures and travel restrictions, the summer months will be a true indicator of the pace of recovery and the path forward. The hotel and lodging industry is well prepared to welcome back the travelers that keep the sector humming.

A Primer on Nonprofit Formation, Governance, Accounting and Regulation

Featured: Magdalena M. Czerniawski | Matthew Estersohn | March 18, 2021

Magdalena Czerniawski and Matthew Estersohn, Partners in Marks Paneth’s Nonprofit, Government & Healthcare Group, provided an in-depth look at federal and state regulations and governance issues for nonprofit organizations in a recent webinar hosted by Marks Paneth and Tannenbaum Helpern Syracuse & Hirschtritt LLP.

Protecting Your Wealth - Estate Planning Strategies to Consider Following the Elimination of the Stretch IRA

By Michele A. Lazzara | March 16, 2021

The Secure Act introduced a number of changes to the existing retirement plan contribution and distribution rules. One of the most notable was the elimination of the “stretch IRA,” an often-employed strategy that helped to limit required distributions on an inherited IRA and, in many cases, avoid a sizable tax bill in the process.

President Biden Signs into Law the American Rescue Plan Act of 2021

March 11, 2021

A $1.9 trillion COVID-19 relief package was signed into law by President Biden on Thursday, March 11, 2021.

Reshma Ghouri Featured in Financial Advisor

By Reshma Ghouri | March 1, 2021

Reshma Ghouri, Director in the Private Client Services Group, authored an article on the New York State budget proposals that was published by Financial Advisor magazine.

Complying With Federal Requirements for COVID-19 Funding in Your Single Audit

By John D'Amico | February 25, 2021

Nonprofits and state and local governments are subject to a federal Single Audit if they expend $750,000 of federal financial assistance or more in their fiscal year. This includes COVID-19 assistance either in grants or loans and all their other non-COVID-19 federal financial assistance expended in their fiscal year.

Resiliency During Uncertain Times: What’s Next for Technology Operations and Investments?

By Hassan Khan | February 25, 2021

As COVID-19’s ramifications ripple through the global economy, one thing is certain: technology will be among the most powerful weapons in every organization’s arsenal for responding effectively and decisively to this challenge. Nonprofits and higher education institutions will not be an exception to the norm.