News & Insights: alerts

How SVOG Grant Recipients Can Get Ready for a Single Audit


By Scott M. Brenner |  John D'Amico  |  August 27, 2021

Some Shuttered Venue Operators Grants (SVOG) recipients may be required to submit a Single Audit. Learn who will be affected and how to prepare for the audit. 

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


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.

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. 

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.

PPP Loan Forgiveness: An Important Window is Closing


June 14, 2021

Private Client Services Senior Manager, Jay Levy reminds business owners to apply for loan forgiveness before the window closes. As of May 24, 2021, the Small Business Administration (SBA) noted that more than 30% of borrowers who received PPP loans in 2020, have not applied for forgiveness.

Cyber Crime 101: Ways to Protect Yourself Online


By Hassan Khan  |  June 7, 2021

Each year, businesses lose hundreds of millions of dollars because of cybercriminal activities, and the annual costs of cybercrime are predicted to reach $10.5 trillion. Here are some steps technology leaders can take to minimize cyber risk and keep cybercriminals at bay.

President Biden’s FY 2022 Budget Request Proposes Significant Revenue Producing Tax Changes


June 1, 2021

On May 28, the Biden Administration released the Fiscal Year 2022 Budget Request alongside the "Green Book", which was released by the U.S. Treasury Department. This includes a spending plan for the FY beginning October 2021, and long-term infrastructure and social spending plans for the American Families Plan and American Jobs Plan which would impact individuals and corporations.

Colonial Pipeline Attack Puts Spotlight On Cybersecurity:
Is Your Business Secure?


May 18, 2021

Following a series of highly publicized cybersecurity incidents in recent months, including the Colonial Pipeline attack, President Joe Biden signed an Executive Order on May 12 to improve the nation’s cybersecurity and to protect federal government networks.

Nonprofit Alert: Additional New York State Filing Required by May 15


May 5, 2021

As a result of changes to Executive Law 172-B, certain organizations registered with the New York State Attorney General are required to file documents with the New York Department of State by May 15.

New York State Decouples from Federal Opportunity Zone Tax Provisions


April 20, 2021

The recently announced New York State fiscal year 2022 budget includes legislation which “decouples” New York from the federal income tax deferral available for investments in Opportunity Zones, beginning generally as of January 1, 2021.

New York State Budget Provides Additional Relief for the Theater Industry


By Christopher A. Cacace  |  April 8, 2021

On April 6, 2021, Governor Andrew Cuomo announced the fiscal year 2022 budget for New York State. Included in the budget is additional COVID relief for small businesses, including those in the theater industry, to help them recover from the pandemic. 

New York State Budget Changes: Tax Increases, SALT Cap Workaround and Additional COVID Relief


April 8, 2021

On April 6, 2021, the New York State Legislature and Governor Andrew Cuomo came to an agreement on the state’s operating budget for the fiscal year that began on April 1, 2021.

President Biden Signs PPP Application Extension into Law


April 1, 2021

On March 30, 2021, President Biden signed into law H.R. 1799, the “PPP Extension Act of 2021,” which extends the Paycheck Protection Program (PPP) application deadline to May 31, 2021.

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.

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.

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. 

Families First Coronavirus Response Act (FFCRA) Still Available and Potentially Valuable


February 24, 2021

Early last year Congress enacted the “Families First Coronavirus Response Act (FFCRA)” as a way to help businesses with employees diagnosed with or exposed to COVID-19 offset some of their payroll costs. 

Employee Retention Credit Extended and Expanded


February 18, 2021

Eligibility for the Employee Retention Credit, which is designed to encourage businesses to keep workers on their payroll and support small businesses and nonprofits through the coronavirus economic emergency, has been expanded to include employers who also received PPP loans. 

IRS Extends COVID-Related Relief for Qualified Opportunity Funds and Their Investors


January 20, 2021

The Internal Revenue Service (IRS) has issued Notice 2021-10, which extends the COVID-related relief for Qualified Opportunity Funds (QOFs) and their investors provided in Notice 2020-39.

Consolidated Appropriations Act: Relief for Nonprofits


January 7, 2021

The Consolidated Appropriations Act of 2021 (the “Act”), signed into law on December 27, 2020, updates several provisions from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, specifically for Paycheck Protection Program (PPP) loans.

Saving Our Stages – Rescue Is in Sight for the Theater Industry


December 29, 2020

On Sunday, December 27, 2020, President Donald Trump signed into law a second stimulus package, officially called the Consolidated Appropriations Act of 2021. The omnibus package includes government funding, COVID relief programs and tax provisions.

President Signs COVID Relief Legislation


December 28, 2020

On December 27, 2020, the President signed into law the Consolidated Appropriations Act of 2021, an omnibus package which includes government funding, COVID relief programs and tax provisions.

Tax Alert: IRS Issues 2021 Cost-of-Living Adjustments


By Avery E. Neumark  |  December 21, 2020

Did you know that the IRS has adjusted the cost-of-living thresholds for 2021?

Final Regulations Issued Defining Real Property Under IRC §1031


December 1, 2020

The IRS recently announced final regulations under IRC §1031. The final regulations amend proposed regulations to address the definition of real property for 1031 purposes considering changes under the Tax Cuts and Jobs Act (TCJA) that limit, as of January 1, 2018, like-kind exchange treatment (LKE) to exchanges of real property held for use in a trade or business or for investment.

Timing of Deductions Related to Payroll Tax Deferral


November 23, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows employers to defer payment on the employer’s share of Social Security taxes (6.2% of eligible wages) that would have otherwise been due between March 27, 2020 and December 31, 2020.

U.S. Presidential Election 2020: Competing Tax Policy Agendas


October 26, 2020

In the area of tax policy, both major-party presidential candidates have offered sharply different views on how the tax laws should be changed, preserved or expanded in order to help alleviate the economic consequences resulting from COVID-19, promote policy objectives and turn around a struggling US economy.

New Jersey Enacts Personal and Corporate Tax Rate Increases Retroactive to January 1, 2020


October 1, 2020

On September 29, 2020, New Jersey Governor Phil Murphy signed into law a budget bill that includes tax rate increases for higher-income individuals and corporations, along with tax rebates/cuts for lower-income individuals.

Marks Paneth’s 2020-2021 Tax Planning Guide


September 21, 2020

Marks Paneth is pleased to offer our 2020-2021 Tax Planning Guide, a comprehensive resource capturing the knowledge and guidance necessary to help you confidently approach tax planning during these challenging times.

Importers Immediate Action Needed to Preserve Right to Refund of Chinese Tariffs


September 16, 2020

A complaint was filed with the U.S. Court of International Trade (CIT) contesting the assessment of the List 3 and List 4 tariffs that have been imposed on goods from China under Section 301 of the Trade Act of 1974.

IRS Issues Guidance Related to FICA Tax Deferral


September 1, 2020

On August 8, 2020, President Trump issued an executive order directing the Treasury Department to provide for the deferral of employee FICA taxes for the period beginning September 1, 2020 and ending December 31, 2020. On August 27, 2020, the IRS published guidance on the implementation of the executive order. Following is a summary of the guidance.

SBA Releases Additional Guidance on Loan Forgiveness Requirements


August 27, 2020

On August 24, 2020, the U.S. Small Business Administration (SBA) published a new Interim Final Rule with respect to the amount of expenses borrowers can count towards forgiveness of their Paycheck Protection Program (PPP) loans. Following is a summary of the forgiveness requirements.

RMD Rollbacks Must Be Completed by August 31, 2020


August 18, 2020

The IRS allows anyone who already took an RMD in 2020 from certain retirement accounts to roll those funds back and avoid taxation. This “rollback” must be completed by August 31, 2020.

Congress Passes Bill to Help Nonprofits Stay Afloat During COVID-19 Pandemic


July 13, 2020

The Senate unanimously passed bipartisan legislation, the Protecting Nonprofits from Catastrophic Cash Flow Strain Act, to help nonprofits remain financially viable during the COVID-19 pandemic.

PPP Extension Signed Into Law; Detailed PPP Loan Data Released


July 6, 2020

The President signed into law the Payroll Protection Program Extension Act extending the period for an eligible business to apply for a Paycheck Protection Program (PPP) loan to August 8, 2020.

SBA Releases New Guidance and Revised Loan Forgiveness Applications


June 18, 2020

The SBA and the Treasury Department recently released guidance and new applications implementing the Paycheck Protection Program Flexibility Act (PPPFA) that was signed into law on June 5.

Business SALT Issues Arising From COVID-19 Travel Restrictions


June 12, 2020

Business shutdown orders and travel restrictions due to the COVID-19 pandemic have State and Local Tax (SALT) implications for employers and individuals.

Individual SALT Issues Arising From COVID-19 Travel Restrictions


June 12, 2020

Business shutdown orders and travel restrictions due to the COVID-19 pandemic have State and Local Tax (SALT) implications for employers and individuals.

Internal Revenue Service Issues Final Regulations on Donor Disclosure Requirements


By Magdalena M. Czerniawski |  Robert Lyons  |  June 8, 2020

After much deliberation, on May 26, 2020, the IRS issued Treasury Decision (T.D.) 9898, which includes final regulations on donor disclosure requirements as well as some technical corrections.

President Signs PPP Legislation Into Law


June 5, 2020

On June 5, the President signed into law the Paycheck Protection Program Flexibility Act (H.R. 7010).

Relief Provided for QOFs and Their Investors in Response to COVID-19 Pandemic


June 5, 2020

The IRS has released Notice 2020-39, occasioned by the need to provide relief to qualified opportunity funds (QOFs) and their investors, in response to the ongoing COVID-19 pandemic.

Bipartisan PPP Bill Passes U.S. House of Representatives


May 29, 2020

The U.S. House of Representatives passed the Paycheck Protection Program Flexibility Act (H.R. 7010) with nearly unanimous bipartisan support. H.R. 7010 is stand-alone legislation that specifically addresses Paycheck Protection Program (PPP) borrower concerns.

Three New Payroll Tax Benefits for Businesses


By James (Jay) M. Brower, Jr |  Neil A. Sonenberg  |  May 20, 2020

A deep dive into three new payroll tax benefits designed to alleviate the financial hardship of keeping employees on payroll during the COVID-19 shutdown.

SBA Releases PPP Forgiveness Application and Instructions


May 16, 2020

The SBA released the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application and accompanying instructions. 

SBA Extends PPP Repayment Date


May 14, 2020

The Treasury Department and the SBA released FAQ #47 extending the time to repay a PPP loan from May 14, 2020 to May 18, 2020.

PPP Loan Increases Allowed for Certain Partnerships and Seasonal Employers


May 14, 2020

The Treasury Department and the SBA released an interim final rule allowing Payroll Protection Program (PPP) lenders to increase existing PPP loans to partnerships or seasonal employers who were approved for loans before additional guidance was issued and did not include appropriate amounts in their loan amount calculations.

SBA Provides PPP Borrower "Need" Certification Safe Harbor Relief


May 13, 2020

The Treasury Department and SBA released FAQ #46 providing safe harbor relief and additional clarifications relating to the SBA review of Payroll Protection Program (PPP) borrower “need” certifications.

Are the SBA Loans Provided Under the CARES ACT Subject to Single Audit?


May 6, 2020

In response to the COVID-19 pandemic, the SBA has been providing loans to for-profit and nonprofit entities.

SBA Extends FAQ #31 Loan Repayment Date to May 14 


May 5, 2020

The Treasury Department and SBA released FAQ #43 extending the Paycheck Protection Program (PPP) safe-harbor repayment date from May 7 to May 14.

IRS Announces Expenses Paid with Forgiven PPP Funds Are Not Deductible


May 1, 2020

The IRS Released Notice 2020-32 which provides guidance on the deductibility of expenses paid with Paycheck Protection Program (PPP) loan proceeds that are partially or completely forgiven and excluded from a taxpayer’s income.

Guidance for Applying ‘Silo’ Rules to Unrelated Business Taxable Income


By Magdalena M. Czerniawski |  Robert Lyons  |  April 28, 2020

On April 23, 2020, the Treasury Department issued proposed regulations for applying UBTI "silo" rules for tax-exempt organizations.

SBA Updates FAQs on Paycheck Protection Program: Borrower Good Faith Certifications


April 23, 2020

On April 23, the Treasury Department and the Small Business Administration (SBA) updated an FAQ document addressing borrower and lender questions concerning implementation of the Paycheck Protection Program (PPP).

New IRS Guidance Addresses Bonus Depreciation and Related Issues for Qualified Improvement Property


April 21, 2020

On April 17, the IRS released Revenue Procedure 2020-25 in response to the retroactive assignment of a 15-year recovery period for qualified improvement property (QIP) and the bonus depreciation “glitch-fix.”

IRS Provides Procedural Relief on Elections Related to Interest Expenses Under Section 163(j)


April 15, 2020

On April 10, the IRS released Revenue Procedure 2020-22 in response to consequential changes made to Internal Revenue Code Section 163(j) under the CARES Act.

Guidance on Self-Employment Income from Form 1040 Schedule C Businesses, Partners and Partnerships


April 14, 2020

The SBA released interim guidance on additional aspects of the PPP loan program.

IRS Extends Tax Deadlines for Nonprofits


April 13, 2020

On April 9, the IRS issued Notice 2020-23 providing an automatic extension for Forms 990, 990-PF and 990-T.

Tax Authorities Expand Tax Filing and Payment Due Dates


April 12, 2020

The IRS recently provided broad relief to taxpayers with tax filing and payment deadlines that fall between April 1 and July 15, 2020.

IRS Issues Tentative Refund Notice 2020-26 Providing Guidance for Taxpayers Claiming NOL Carrybacks


April 11, 2020

The IRS has issued guidance providing tax relief under the CARES Act for taxpayers filing a net operating loss (NOL) carryback claim. Notice 2020-26 grants a six-month extension to file such a claim for taxable years arising during calendar year 2018 and ending on or before June 30, 2019.

Alert: Partnerships Can Now File Amended Returns to Receive CARES Act Benefits


April 9, 2020

The IRS has recently addressed serious concerns with certain consequences of the CARES Act affecting partnerships. 

FAQs on Paycheck Protection Program Released


April 7, 2020

On April 6, the Treasury Department and the Small Business Administration (SBA) issued an FAQ document, which will be updated on a regular basis, to address borrower and lender questions concerning implementation of the Paycheck Protection Program (PPP).

When is My 990 Form Due?


April 3, 2020

Does the extension of income tax return deadlines and related payments until July 15, 2020 apply to nonprofit tax filings?

SBA Paycheck Protection Program: Interim Final Rules Released


April 2, 2020

On April 2, the SBA released interim final guidance on key provisions of the Paycheck Protection Program (PPP).

Paycheck Protection Program: SBA Application and Treasury Information Sheet Released


April 1, 2020

The SBA released a loan application for the Paycheck Protection Program.

New SBA Loan Options: Paycheck Protection Program and Economic Injury Disaster Loans


March 31, 2020

The CARES Act includes changes to SBA lending programs that eligible businesses and non-profits may apply for.

How Does Your Nonprofit Prioritize During a Crisis?


By Hope Goldstein  |  March 30, 2020

During these unprecedented times, what are the priorities for nonprofit organizations already operating with scarce resources? Hope Goldstein, Co-Partner-in-Charge of the Nonprofit, Government & Healthcare Group, discusses how nonprofits should prioritize.

CARES Act: Individual and Business Relief Provisions


March 27, 2020

We provide a summary of the individual and business relief provisions included in the CARES Act.

IRS Q&A Provides Further Details on Filing and Payment Deadline


March 27, 2020

On March 24, 2020, the IRS issued a Q&A related to Notice 2020-18, which extended the deadline for filing income tax returns and making income tax payments from April 15, 2020 to July 15, 2020 due to the COVID-19 pandemic.

NY State Agencies Extend Deadline to Submit CFR Forms


March 24, 2020

As usual, annual year-end New York State Consolidated Fiscal Reporting (CFR) forms must be submitted no later than five months after the end of the fiscal reporting period (approximately 150 days).

Federal Economic Injury Disaster Loans for Small Businesses


March 24, 2020

The federal government has expanded funding options for business owners severely impacted by COVID-19.

New York City Loan and Grant Programs Available to Small Businesses Impacted by Coronavirus Pandemic


March 24, 2020

New York City is providing sources of capital and employee retention grants for eligible business owners impacted by COVID-19.

Emergency Congressional Measures in Response to the Coronavirus Pandemic


March 22, 2020

During the past several weeks, important legislation related to the pandemic has been enacted or is currently in negotiation.

Business Continuity and Disaster Recovery Preparedness Checklist


March 21, 2020

Download our Business Continuity Checklist for guidance as you identify and address key pandemic planning considerations.

IRS Extends Tax Filing Deadline to July 15, with Unlimited Tax Payment Deferral


March 21, 2020

The IRS has postponed federal tax filing deadlines from April 15 to July 15 for taxpayers affected by the COVID-19 pandemic, aligning the due date with the tax payment deferral.

Treasury Secretary Mnuchin Announces Extension of Federal Tax Filing Deadline to July 15


March 20, 2020

U.S. Treasury Secretary Steven Mnuchin announced that the federal tax filing deadline would be extended from April 15 to July 15. New York State announced that it would be extending its tax filing deadline to July 15 as well.

Alert: Taxpayers Can Postpone Federal Payments Until July 15


March 19, 2020

In response to the coronavirus pandemic, the Treasury Department has issued guidance (IRS Notice 2020-17) allowing taxpayers to delay making certain federal income tax payments until July 15, 2020 without interest, penalties or additions to tax.

COVID-19 Preparedness - A Message From Our Managing Partner


By Harry Moehringer  |  March 16, 2020

We have been closely monitoring the uncertainly caused by the coronavirus (COVID-19) and have taken multiple steps to protect the well-being of our employees, clients and colleagues, while also ensuring that we will continue to meet our clients’ business needs.

Alert: Financial Assistance for Small Businesses Affected by the Coronavirus


By Howard Hoff  |  March 16, 2020

A program is being implemented by the NYC Department of Small Business Services to provide financial support to businesses impacted by the coronavirus (COVID-19).

Alert: Checklist for SHIELD Act Compliance


March 10, 2020

As of March 21, 2020, organizations that do business in New York State must be in compliance with the Stop Hacks and Improve Electronic Data Security (SHIELD) Act. We have developed a checklist to help clients achieve compliance.

Preparing for the Coronavirus: Business Survival Planning


March 3, 2020

Organizations need to incorporate pandemic planning into their business continuity efforts to address situations like the coronavirus, especially key components involving people, process and technology.

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. 

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.

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.”

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 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.

President Trump Signs Further Consolidated Appropriations Act Into Law


By Magdalena M. Czerniawski |  Robert Lyons  |  December 23, 2019

As expected, President Trump signed into law H.R. 1865 (The Further Consolidated Appropriations Act, 2020) on Friday, December 20, 2019. Two of the law’s provisions have a significant impact on nonprofit organizations.

Bipartisan Support for Repeal of Tax on Nonprofit Transportation Benefits


By Magdalena M. Czerniawski |  Robert Lyons  |  December 18, 2019

A bipartisan tax relief proposal, which includes the repeal of the tax on transportation benefits, passed the U.S. House of Representatives on December 17, 2019 and is expected to be passed by the Senate and signed by the President shortly.

Organizations Must Prepare for the Imminent Implementation of the SHIELD Act


December 16, 2019

The Stop Hacks and Improve Electronic Data Security Act (SHIELD Act) has been passed and will go into effect on March 21, 2020 with the intent to improve data security in the State of New York. 

New Draft Federal Forms Issued in Response to Heightened Scrutiny Of QOZ Program


November 19, 2019

The Qualified Opportunity Zones (QOZs) tax-incentive program has recently come under heightened scrutiny by the national media due to alleged abuses. 

Nonprofit Alert: Change to Nondiscrimination Reporting Policy for Schools


By Magdalena M. Czerniawski |  Robert Lyons  |  May 23, 2019

After forty-four years, one of the Internal Revenue Service’s oldest requirements has passed into history, in favor of an update that recognizes how much more efficiently today’s technology allows us to communicate.

Tax Alert: IRS Issues New Proposed Regulations on Qualified Opportunity Funds


By Alan M. Blecher |  Abe Schlisselfeld  |  April 18, 2019

The IRS has released a second round of proposed regulations regarding investments in Qualified Opportunity Funds, addressing a number of the critical issues and providing long-awaited clarity for investors seeking to take advantage of the opportunity zone tax benefits.

Tax Alert: IRS Issues 2019 Cost-of-Living Adjustments


By Avery E. Neumark  |  February 19, 2019

The 2019 cost-of-living adjustment amounts trend higher than 2018 amounts, but only slightly.

NYC Makes it Easier to Challenge Property Assessments


By Darya Shneyder  |  January 29, 2019

Many real estate owners who just received their property value assessments from the NYC Department of Finance may find it easier to challenge those assessments this year.

IRS Issues Interim Guidance on Excise Taxes for Nonprofit Executive Compensation


By Magdalena M. Czerniawski  |  January 9, 2019

On Monday, December 31, 2018, the Internal Revenue Service issued Notice 2019-09 offering interim guidance for nonprofit executive compensation under Section 4960 of the Internal Revenue Code, which imposes an excise tax of 21 percent (or current rate) on remuneration in excess of $1 million and any excess parachute payments paid by an applicable tax-exempt organization to a covered employee.

Nonprofit Alert: Cuomo Signs Bill Exempting Nonprofits from NY Transportation Tax


By Robert Lyons |  Magdalena M. Czerniawski  |  December 13, 2018

On Friday, December 7, 2018, Governor Cuomo signed into New York law the much-anticipated bill exempting nonprofits who provide pre-tax transportation and parking benefits from the New York State level transportation tax. 

SALT Alert: Amazon Puts FBA Sellers on Notice of Possible Sales Tax Nexus


By Steven P. Bryde  |  December 11, 2018

In October 2018, Amazon advised its Fulfillment by Amazon (FBA) sellers that it intended to provide the California Department of Tax and Fee Administration (the Department) with the FBA sellers’ contact information (name, address, and email) and U.S. Taxpayer identification numbers, by November 6, 2018.

Tax Alert: IRS Releases Proposed Regulations on Qualified Opportunity Funds


By Alan M. Blecher  |  October 23, 2018

The IRS has issued proposed regulations relating to the deferral of gain under Code Section 1400Z-2, for investments in qualified opportunity funds (QOFs). Enacted late last year, the QOF provisions, while enticing, left many questions unanswered.

Nonprofit Alert: New IRS Guidance on UBTI Silos


By Magdalena M. Czerniawski |  Robert Lyons  |  September 4, 2018

On August 21, 2018, the IRS issued a Notice about new Code section 512(a)(6), which changes the way exempt organizations calculate unrelated business taxable income (UBTI). Each line of business must now be recognized separately, resulting in significant accounting changes and unanswered questions for many exempt organizations, specifically in the areas of partnership interests and net operating losses (NOLs).

IRS Releases 199A Passthrough Deduction Guidance


By Mark R. Baran  |  August 13, 2018

The much-anticipated guidance from the IRS regarding implementation of the so-called 20% passthrough deduction under new Internal Revenue Code Section 199A (199A) has been released.

New Procurement Thresholds under U.S. OMB’s Uniform Guidance


By John D'Amico  |  August 2, 2018

The OMB recently issued Memorandum M-18-18 that raised the procurement thresholds for micro-purchases to $10,000 and the simplified acquisition threshold to $250,000. 

SALT Alert: U.S. Supreme Court Overturns Physical Presence Rule for Out-of-State Sellers


By Steven P. Bryde |  James (Jay) M. Brower, Jr  |  June 27, 2018

On June 21, 2018, the U.S. Supreme Court overturned a longstanding court precedent that applied to the collection of sales tax from online and other remote retailers. In South Dakota v. Wayfair, Inc. et al, the Court replaced the “physical presence” rule with a new standard for determining when states can impose a sales tax collection responsibility on out-of-state sellers of taxable goods and services.

Nonprofit Alert: Improved Guidance on Grant and Contribution Accounting


By Sibi B. Thomas  |  June 22, 2018

The Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) number 2018-08 on June 21, 2018 that clarifies the current accounting guidance on contributions made and received by nonprofit organizations and businesses.

IRS Announces Termination of 2014 Offshore Voluntary Disclosure Program


By Paul Bercovici  |  March 19, 2018

On March 13, 2018, the IRS announced that the 2014 Offshore Voluntary Disclosure Program (OVDP) will close on September 28, 2018. This program allows U.S. taxpayers who failed to report certain offshore assets - and/or the income derived from such assets - to voluntarily come into compliance with U.S. tax laws and generally avoid criminal prosecution in exchange for payment of an offshore penalty.

Tax Alert: IRS Issues 2018 Cost-of-Living Adjustments


By Avery E. Neumark  |  March 2, 2018

The 2018 cost-of-living adjustment amounts trend higher than 2017 amounts, but only slightly. Read more. 

NY Charities Win Big in Charitable Gaming Act of 2017


By Robert Lyons  |  March 2, 2018

Like charitable organizations across the nation, charities in New York are constantly reaching out to find new sources of income. These efforts often include raffles and other gaming incentives. In New York, the potential to raise funds through raffles has been extremely limited by a very antiquated set of gaming laws, but that is soon to change.

New Repatriation Tax on Foreign Corporate Shareholders


January 2, 2018

The tax reform bill signed into law last week could signal a significant one-time deemed repatriation tax on owners of foreign corporations. For a calendar-year foreign corporation with a calendar-year shareholder, the tax would apply to 2017. For others, it would apply to the last year of the foreign corporation that begins before 2018.

Tax Reform’s Impact on the Theater and Film Industry


By Christopher A. Cacace  |  December 27, 2017

While individuals and businesses in the theater and film industry were watching and listening to news of the Tax Cuts and Jobs Act (H.R. 1) bill unfold, the Marks Paneth Theater, Media & Entertainment Group was working with government and industry groups on provisions in the bill specific to the industry, as well as monitoring the broader legislation.

Trump Signs Tax Reform Bill Into Law


By Mark R. Baran  |  December 22, 2017

After an impressive display of speed and discipline, both chambers of Congress passed the final reconciled version of the Tax Cuts and Jobs Act (H.R. 1) and it was signed into law by President Trump this week.

Real Estate Alert: Tax Bill Creates New Deduction on Qualifying Pass-Through Income


By William H. Jennings  |  December 20, 2017

The Tax Cuts and Jobs Act (H.R. 1) was passed by Congress today and sent to the President to be signed into law. The final reconciled bill creates a new deduction for qualifying pass-through income, subject to certain limitations. Generally, any trade or business is eligible for the deduction, except specified service businesses.

Employee Benefit Plan Alert: Minimum Distributions for Missing Participants


By Rita Piazza  |  December 13, 2017

The Internal Revenue Service’s (IRS) Employee Plans Examinations division issued a field directive to all exam agents on missing participants, beneficiaries and the required minimum distribution (RMD) standards under Internal Revenue Code Section 401(a)(9).

Tax Reform: Closing in on the Finish Line


By Mark R. Baran  |  December 11, 2017

A conference committee consisting of both House and Senate negotiators will begin work this week to reconcile differences between their respective tax measures. Among the many provisions that differ between the two plans, we have outlined the ones we feel will have the broadest impact on all of our clients and industry groups.

Real Estate Alert: Tax Reform Measures You Might Have Missed


By Michael Siino |  Alan M. Blecher  |  December 10, 2017

While there are many provisions in the House and Senate tax reform bills that would affect the real estate industry, there are quite a few that are not making the headlines. Real estate business owners should take careful note of these easily overlooked changes.

Nonprofit Alert: International Fraud Awareness Week and 10 Signs of Nonprofit Fraud


By Michael McNee |  John D'Amico  |  November 16, 2017

It's International Fraud Awareness Week and Marks Paneth is doing its part to drive awareness!

Tax Alert: New Reporting Rules Require Foreign-Owned Disregarded Entities to File Form 5472


November 8, 2017

New regulations, finalized this year, will require foreign-owned disregarded entities to file Form 5472, effective for tax years starting on or after January 1, 2017 and ending on or after December 13, 2017.  The purpose of Form 5472 is to disclose foreign owners and certain related party transactions during the tax year in which the reportable transactions occurred.

Nonprofit Alert: New FAQs on Uniform Guidance for Federal Awards


By John D'Amico  |  August 28, 2017


Nonprofit Alert: FASB Proposes Improvements to Nonprofit Grant and Contribution Accounting


By John D'Amico  |  August 21, 2017

There has always been some “gray area” in determining whether a grant is an exchange transaction or a contribution – depending on whether the contributor/grantor (the resource provider) received something of approximate equal value in exchange for the resources transferred. This has resulted in difficulties and diverse reporting practices among nonprofit organizations.

Nonprofit Alert: Changes to New York State June 30, 2017 CFR Filing


By Joseph J. Kanjamala |  John D'Amico  |  July 31, 2017

The New York State Consolidated Fiscal Reporting (CFR) and Claiming Manual for the reporting period from July 1, 2016 to June 30, 2017 is now available.

Tax Alert: Trump Administration’s Tax Plan Explained


By Steven Eliach  |  May 17, 2017

On Wednesday, April 26, 2017, the Trump Administration unveiled a tax plan that proposes significant reductions to individual and corporate tax rates, reduces the number of individual tax brackets to three – 10 percent, 25 percent and 35 percent – and repeals the estate tax – among other proposals. While the plan has been presented as a broad outline, rather than in legislative text, the proposal represents a significant overhaul of the US tax system.

SALT Alert: New York State 2017-2018 Budget


By Steven P. Bryde  |  April 21, 2017

New York State Governor Andrew M. Cuomo signed the 2017-2018 State Budget. The bill contains a variety of corporate franchise, personal income, and sales/use tax changes. 

This year’s budget proposal contains a number of extenders and measures focused on compliance. The final budget may, however, be more notable for the original January proposals that were removed from the final budget, as opposed to what remained. Next, State legislatures, including New York’s, will likely be focused on addressing the effects of foreseeable federal tax law changes.

  

Nonprofit Alert: New Filing Requirements for New Jersey Charitable Registrations


By John D'Amico  |  April 10, 2017

New Jersey-based nonprofit organizations are required to file either Form CRI-300R or CRI-200, along with their IRS Form 990 annually. These forms are due to the State of New Jersey on the last day of the sixth month following the close of the organization’s fiscal year.

Tax Alert: IRS issues 2017 cost-of-living adjustments


By Avery E. Neumark  |  March 13, 2017

Did you know that the IRS has adjusted cost of living thresholds? The 2017 cost-of-living adjustment amounts trend higher than 2016 amounts, but only slightly. How might these amounts affect your year-end tax planning or retirement planning? 

Real Estate Alert: Proposed Significant Change to NYS Real Estate Transfer Tax Law


By William H. Jennings  |  February 3, 2017

New York State Governor Andrew Cuomo recently released his FY 17-18 Executive Budget, which suggests a number of changes to the tax law. Among those changes is a proposal to greatly expand the reach of the New York State Real Estate Transfer Tax with respect to transfers of entities holding New York State real estate. 

TAX ALERT: 2017 FILINGS-WHAT YOU NEED TO KNOW


By John N. Evans  |  January 9, 2017

Due dates for filing of certain tax returns and information returns have been changed - see chart below for more information. 

Tax Alert: Deadline Extended for ACA Information Reporting to Employees


By Mark R. Baran  |  December 16, 2016

The IRS has again extended the deadline for employers who are subject to the Affordable Care Act’s (ACA’s) information reporting requirements to meet their obligations to employees. Last year the IRS extended the 2016 deadlines for reporting 2015 information, which gave employers an additional two months to provide Form 1095-B, “Health Coverage” and Form 1095-C, “Employer-Provided Health Insurance Offer and Coverage” to their employees.  

Tax Alert: IRS Issues Its 2017 Cost-of-Living Adjustments


By Mark R. Baran  |  December 14, 2016

The IRS recently issued its 2017 cost-of-living adjustments. Mark Baran, Principal in the Tax Practice, explains the adjustments that have been made so that you can take them into account as you implement your 2016 year-end tax planning strategies. 

Tax Alert: New IRS Regulations Target Earnings Stripping


December 14, 2016

The IRS has issued much-anticipated final regulations intended to keep multinational companies from moving their profits offshore to avoid paying U.S. income taxes. The regs are part of a larger Obama administration campaign against corporate inversions, whereby a U.S. company merges with a foreign firm and then changes its tax address (domicile) to the foreign country. In particular, the regs address earnings stripping, a practice commonly used to minimize taxes after an inversion.

Tax Alert: Implementing Last Minute 2016 Tax Saving Tips


By Mark R. Baran  |  December 14, 2016

Mark Baran, Principal in the Tax Practice, lays out six simple steps that you should take into consideration to reduce your 2016 tax liability. Act fast, because you only have until December 31st, 2016. 

Tax Alert: DOL's Overtime Rule Blocked by US District Court


By Avery E. Neumark  |  November 29, 2016

On November 22 - just before the US Department of Labor’s (DOL’s) new overtime rule was scheduled to go into effect on December 1, 2016 - a federal judge issued an injunction and temporarily blocked it. The rule was set to make dramatic changes to the rules determining overtime for certain executive, administrative and professional employees under the Fair Labor Standards Act (FLSA).

The final rule, issued last May, would have doubled (to $47,500) the maximum salary an executive, administrative or professional worker could earn and remain eligible for mandatory overtime pay, making it more difficult for employers to classify employees as exempt from overtime requirements.

Tax Alert: Tax IRS proposed regulations target gift and estate tax planning strategies


September 7, 2016

The IRS has released proposed regulations that would close so-called tax loopholes that many wealthy taxpayers have used to minimize gift and estate taxes when transferring interests in a closely-held family business to relatives. If finalized, the regulations would significantly limit the effectiveness of certain tax-saving vehicles, including family limited partnerships, for reducing the value of transferred interests for tax purposes. This article details the proposed regulations. 

Tax Alert: DOL’s final overtime rule brings sweeping changes


By Mark R. Baran  |  June 14, 2016

The DOL has released a final rule that makes dramatic changes to the rules for determining overtime for certain executive, administrative and professional employees under the Fair Labor Standards Act (FLSA). The final rule will make it more difficult for employers to classify employees as exempt from overtime requirements. This article details the changes under the new rule and provides compliance options. 

Tax Alert: IRS offers guidance to employers who plan to claim the WOTC


By Mark R. Baran  |  April 8, 2016

The IRS has recently granted “transitional relief” to eligible employers who are planning to claim the Work Opportunity Tax Credit (WOTC). The relief outlined in IRS Notice 2016-22 comes in the form of an extended deadline — until June 29, 2016 — to file a form necessary to claim the credit for certain eligible workers. This article explains the WOTC and describes this recent transitional guidance.  

Tax Alert: IRS issues deadline extensions for ACA information reporting


By Mark R. Baran  |  February 17, 2016

In an effort to help employers who are subject to the Affordable Care Act's (ACA’s) information reporting requirements meet those obligations, the IRS has extended two important deadlines. Employers now have an additional two months to provide employees the necessary forms and three months to report the information to the IRS. This article explains the ACA’s information reporting requirements and details the penalties for noncompliance.

Tax Alert: Budget act eliminates strategies for maximizing Social Security payout


By Mark R. Baran  |  February 3, 2016

The Bipartisan Budget Act of 2015 contains provisions that may significantly affect retirement planning for many Americans. It eliminates two strategies that many married couples have used to maximize Social Security retirement benefits. This article explains how the two strategies worked under previous law and describes how the budget act has changed them.

Tax Alert: Partnership audit rules revised under 2015 budget act


By Mark R. Baran  |  January 25, 2016

The Bipartisan Budget Act of 2015, signed into law on November 2, 2015, raises the federal debt ceiling and lifts mandatory spending caps on defense and domestic programs. The law also makes sweeping changes to the rules for auditing partnerships. The end result of the revised rules is that audits of master limited partnerships, investment funds and other business entities organized as partnerships are likely to increase. More importantly, given the significant operational impact of the new audit rules, many partnership agreements will need to be reviewed and amended. The new rules are generally effective for partnership tax years beginning after December 31, 2017 but partnerships may elect to be governed by the new audit rules for any tax year on or after November 2, 2015. 

Tax Alert: 2016 cost-of-living adjustments: Minimal changes from 2015


By Steven Eliach  |  January 11, 2016

The IRS has issued its cost-of-living adjustments (“COLAs”) for 2016. Since inflation remains low, many COLA amounts remain the same as last year or were increased modestly. This article provides an overview of 2016 amounts related to individual income taxes, the alternative minimum tax, education- and child-related tax breaks, retirement plans, and gift and estate taxes.

SALT Alert - NYC to Require Employers to Offer Pre-tax Transit Benefits


By Steven P. Bryde  |  November 19, 2015

The Affordable Transit Act (Intro 295-A) requires New York City employers to offer pre-tax transit benefits in 2016. Employers that do not already offer these benefits will need to have a qualified transportation benefit program in place when the new law takes effect on January 1, 2016.  This alert describes who is covered and exempt under the law and provides information about the penalties for non-compliance.

Tax Alert: New Trade Law Hikes Penalties for Tax Information Reporting Failures, Errors and Omission


By Steven Eliach  |  August 3, 2015

Tucked into new trade legislation is a tax revenue raiser that increases by as much as 150% the potential penalties for taxpayers who fail to file correct tax information returns and to provide payee statements. This article details Sec. 806 of the TPEA and explains how taxpayers can reduce their risk of penalties.

SALT Alert - US Supreme Court Decision in Wynne May Impact Taxpayers in Other States


By Steven P. Bryde  |  June 11, 2015

The United States Supreme Court, in a 5-4 decision, recently issued its decision in Comptroller of the Treasury of Maryland v. Wynne et ux. According to the Court, Maryland’s personal income tax scheme violates the dormant Commerce Clause of the Constitution of the United States.

Tax Alert: Deadline Reminder for IRS Penalty Relief Program


By Steven Eliach  |  May 12, 2015

June 2 deadline looming on IRS penalty relief program for late retirement plan returns

Tax Alert: New IRS Guidance on the Work Opportunity Tax Credit and Tangible Property Regulations


By John N. Evans  |  March 11, 2015


TAX ALERT: BUSINESSES, INDIVIDUALS BENEFIT FROM LATEST TAX RELIEF EXTENDER LAW


December 19, 2014

On Dec. 16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), the latest “extender” package, a stopgap measure that retroactively extends through Dec. 31, 2014, certain tax relief provisions that expired at the end of the previous year. It now goes to President Barack Obama and he is expected to sign it. This article provides an overview of important tax-saving provisions for businesses and individuals.

TAX ALERT: MANY COST-OF-LIVING ADJUSTMENTS RISE MODESTLY FOR 2015


By Robert J. Hughes  |  December 10, 2014

On Oct. 30, the IRS issued its cost-of-living adjustments for 2015. In a nutshell, with inflation remaining in check, many amounts increased only slightly, and some stayed at 2014 levels. This article provides an overview of important 2015 amounts related to individual income taxes, the alternative minimum tax, education- and child-related tax breaks, retirement plans, and gift and estate taxes. 

TAX ALERT: BUSINESS-TRAVEL PER DIEM RATES UPDATED FOR 2015


By John N. Evans  |  November 12, 2014

Effective Oct. 1, IRS Notice 2014-57, 2014–2015 Special Per Diem Rates, updates the per diem rates that can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away from home. It also revises the list of high-cost localities for use in the high-low substantiation method. The per diem rates, which are established by the General Services Administration (GSA), are updated before the end of the federal government’s fiscal year. Some employers elect to use these rates to simplify recordkeeping.

Marks Paneth Tax Alert: Rules Surrounding IRA Rollovers Become Less Friendly to Taxpayers


By Robert J. Hughes  |  July 9, 2014

Earlier this year, the US Tax Court made a controversial ruling regarding IRA (Individual Retirement Account) rollovers that contradicted an IRS publication designed to explain the law to taxpayers. Soon after, the IRS announced that it would adopt the court’s less taxpayer-friendly interpretation of the rollover rules. Taxpayers with multiple IRAs will have to be much more careful when making rollovers to ensure they don’t violate the aggregate rules and generate unnecessary tax liability — and possibly interest and penalties. This alert provides a brief overview of the Tax Court case, the IRS response and some other rules surrounding IRA rollovers that taxpayers should be aware of.

Marks Paneth Tax Alert U.S. Treasury & IRS release amended final rules on foreign account reporting


March 20, 2014

The US Department of the Treasury and the IRS have issued what is expected to be their final significant package of regulations implementing the Foreign Account Tax Compliance Act (FATCA). FATCA requires foreign financial institutions (FFIs) — including foreign banks, brokers, insurance companies and investment funds — to disclose to the IRS certain information about their US -owned accounts. This article reviews the major provisions of the amended final regulations and the potential impact on individual taxpayers with foreign accounts. 

Accounting and Auditing Alert: FASB Private Companies Have Options on Accounting for Goodwill


By William M. Stocker III  |  February 24, 2014

The Financial Accounting Standards Board {FASB) has issued two updates to Generally Accepted Accounting Principles (GAAP) that offer alternatives to private companies: Accounting Standards Update (ASU) 2014-02, Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill, and ASU 2014-03, Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps—Simplified Hedge Accounting Approach. The alternative standards streamline the method for goodwill impairment and make it easier for certain interest rate swaps to qualify for hedge accounting. This alert details each ASU.

Marks Paneth Tax Alert: Year-End Tax Planning for Businesses and Individuals


By Steven Eliach  |  December 3, 2013

Although tax legislation signed into law this past January made a wide variety of tax breaks permanent, it extended several valuable breaks for businesses only through Dec. 31, 2013. It’s possible that some, or even all, of them could be extended again. But with the battle in Washington over tax reform, it’s difficult to predict what will happen with expiring breaks. So taxpayers may want to take steps now to lock in any breaks that can benefit their businesses while these breaks are still available. But they shouldn’t ignore traditional year end strategies for their businesses — or themselves.

Tax Alert: IRS Issues Sweeping Rules That Affect Businesses Owning Tangible Property


By Steven Eliach  |  November 25, 2013

The IRS has released its final regulations on the tax treatment of expenditures related to tangible property. The regulations provide guidance on how to comply with Sections 162 and 263 of the Internal Revenue Code, which require the capitalization of amounts paid to acquire, produce or improve tangible property but allow amounts for incidental repairs and maintenance of property to be deducted. The regulations explain how to distinguish between capital expenditures and deductible business expenses.

The regulations (IRS T.D. 9636) generally will apply to tax years beginning on or after Jan. 1,2014. They affect all businesses that own or lease tangible property, including buildings, machinery, vehicles, furniture and equipment.

Tax Alert: How The IRS Ruling Impacts Tax and Estate Planning for Same-Sex Married Couples


By Steven Eliach  |  September 26, 2013

In Revenue Ruling 2013-17, the IRS clarified that a same-sex couple’s marital status for federal tax purposes is determined by the laws of the state where they got married — not the state where they reside. This article details Revenue Ruling 2013-17 and explains its impact on tax and estate planning.

Accounting and Auditing Alert: Private Companies Get Possible New Option for Financial Reporting


By William M. Stocker III  |  August 6, 2013

The AICPA has announced a new option for small business financial reporting. The “Financial Reporting Framework for Small- and Medium-Sized Entities” is intended to ease reporting for smaller, privately held, owner-managed businesses that aren’t required to abide by Generally Accepted Accounting Principles (GAAP). This alert details the framework and provides an overview of three FASB-endorsed proposals from the Private Company Council that would ease accounting requirements for privately held companies.


SUCCESS IS PERSONAL Click here to learn more about our brand