News & Insights

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16 Tips for Sales and Use Tax Audits


By Jennifer Prendamano  |  January 5, 2022

Sales and use taxes are a significant revenue source for state budgets. In the wake of COVID-19, states are looking for ways to increase revenues and one approach is to boost the number of sales and use tax audits. Unfortunately for taxpayers, sales and use taxes can present significant exposure.

An Update On Theater Industry Relief From Federal And State Pandemic Programs


By Christopher A. Cacace  |  January 3, 2022

After more than 18 months of venue closures due to COVID-19, the theater industry is reopening. Several key provisions in federal and state relief programs will impact the industry for the 2021 tax year. How can you maximize the tax benefits available to your theater or production?

Marks Paneth Partner Collaborates on New York Law Journal Article


Featured: Eric A. Kreuter  |  December 29, 2021

Eric Kreuter, Partner, Marks Paneth’s Advisory Services Group, was published as a co-author in the December 27 issue of the New York Law Journal.

Howard Hoff Quoted In Crain’s New York Business


Featured: Howard Hoff  |  December 20, 2021

Howard Hoff, CPA and Partner-in-Charge, Commercial Business Group, was recently included in an article in Crain’s New York Business, about first-generation family businesses that received strategic and practical assistance from adult children during the pandemic.

Changes to Donor-Advised Funds Landscape and Private Foundations


By Magdalena M. Czerniawski  |  December 15, 2021

Proposed legislation may impose new requirements and restrictions on the use of Donor-Advised Funds (DAFs) and Private Foundations (PFs). These changes, which would impact the availability and timing of charitable tax deductions related to taxpayers’ DAF and PF contributions, would be enacted on January 1, so the window to prepare is short.

Angela Sadang Featured in Wealth Management


Featured: Angela Sadang  |  December 9, 2021

Angela Sadang, Principal in Marks Paneth’s Advisory Services group, wrote an article, “COVID-19 and Gift and Estate Valuations: One Year Later,” that was published in the November 15 issue of Wealth Management and the December ASA Newsletter. In the article, she notes that many uncertainties...

Real Estate Perspectives, December 2021


December 8, 2021


Vault.com Survey Ranks Marks Paneth’s Internship Program High on Diversity


December 8, 2021

We are proud to have been ranked as a top-10 firm for Racial & Ethnic Diversity and for Diversity for Women by Vault.com.

The Life Sciences Industry Fuels New York City’s Real Estate Reinvention


December 7, 2021

Life sciences is filling a gap in NYC left by changing real estate demand. Entering the industry offers many rewards, once you plan for the challenges. 

New York City Property Tax Assessment: A Deep Dive Into How It’s Done and How to Appeal


By Mendy Schmookler |  Chaim Zeitchik  |  December 6, 2021

The annual property assessment period for New York City – with perhaps the highest real estate valuations in the nation – is almost here. How does the city value real estate, and what can you do to appeal an assessment? First, prepare to file a lot of forms and meet many deadlines. And work with professionals who know the system.

Neil Sonenberg Is Guest on The Stoler Report


Featured: Neil A. Sonenberg  |  November 29, 2021

Mark Paneth’s Neil Sonenberg, Co-Partner-in-Charge, Real Estate Group, was a guest on The Stoler Report: NY Business Report.

Private Client Insights, November 2021


November 18, 2021


Year-end Tax Planning: Guesswork and Defensive Maneuvers for 2021


By Reshma Ghouri |  Sara Rabi  |  November 17, 2021

Year-end tax planning in 2021 will be an exercise in guesswork and defensive maneuvers for many taxpayers, as Congress – once again – is negotiating major tax legislation that, if enacted, will make major changes to the tax code less than two months from now.

Emerging Regulations and Consumer Expectations Require Solid Data Privacy Protocols


By Hassan R. Khan  |  November 17, 2021

A wave of new regional data privacy regulations has washed over the landscape since 2018 aimed at making our digital experiences safer and more secure. The evolving regulatory environment and increasing consumer demand require organizations to create strong data privacy protocols.

Alert: Executive Law 172-B Repealed, Ending Redundant Filings for Nonprofits


By Magdalena M. Czerniawski  |  November 15, 2021

On Friday, November 12, Gov. Kathy Hochul of New York signed S4817a/A1141a to repeal Executive Law 172-B, which had required certain organizations – including charitable and nonprofit organizations – registered with the New York State Attorney General (AG) to also file documents with the New York Department of State (DOS). 

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.

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