News & Insights

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Current Legislative Proposals Have Broad Implications for Gift and Estate Tax Valuations


By Angela Sadang  |  June 24, 2021

There are two legislative proposals in progress which are cause for concern for tax advisors and estate planners. Both issues were highlighted during the 2021 Heckerling Institute, the largest national conference on estate and wealth planning, and one of the key takeaways is the importance of obtaining a qualified valuation of your business.

Tax Implications of Terminating Grantor Trust Status


By Christopher D. Wright  |  June 24, 2021

Grantor trusts, a planning tool often used by high-net-worth individuals, are a frequent topic at the annual Heckerling Institute, a week-long gathering of estate planning professionals. Current legislature proposals have made this discussion more relevant - if enacted, they could significantly change how grantor trusts are utilized.

Nonprofit & Government Times, June 2021


June 23, 2021


For Nonprofits, E-filing Required for Most Tax and Information Returns


By Magdalena M. Czerniawski  |  June 18, 2021

As the IRS requires increasingly more tax and information returns to be filed electronically, nonprofits are finding that E-filing is faster, more accurate and results in faster refunds when they are due. However, smaller nonprofits accustomed to filing paper returns are sometimes challenged
by e-filing.

Practical Guidance for Implementing the New Lease Standard


By Sibi B. Thomas  |  June 18, 2021

The joint project between the FASB and the International Accounting Standards Board to enhance financial reporting standards for leasing activities has been underway since back in 2006. The time is now for organizations to adopt the reporting practices they will need to comply with
the new lease standard.

Resiliency During Uncertain Times: Resilient Leaders Will Lead Societal Change by Reimagining the Future of Work


By Hassan Khan  |  June 18, 2021

Technology leaders today are in a unique position to help their organizations reimagine the future of work. It is time now to pivot, to take the lessons learned during this pandemic and use them to reimagine the future. By pivoting successfully, resilient leaders will create resilient organizations.

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.

Proposed Boost in Capital Gains Tax and Curtailment of 1031 ‘Like-Kind’ Exchanges Could Shift Real Estate Investment to Opportunity Zones


By Alan M. Blecher |  Steve Brodsky  |  June 4, 2021

Opportunity zones offer advantages and disadvantages but may yield greater tax savings in the long run for some investors.

Does Income from a Triple Net Lease Qualify for the Qualified Business Income Deduction?


June 4, 2021

A triple net lease changes the nature of a real estate investor’s rental property holding from business ownership to passive investment, making the taxpayer ineligible for the popular Qualified Business Income – or 199a – deduction. But active management of the property can change that.

Real Estate Perspectives, May 2021


June 4, 2021


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.

Private Client Insights, May 2021


June 1, 2021


The Challenges of State Residency During COVID-19 and How A Family Office Can Provide Guidance


By Joseph M. Giampapa |  Pamela A. Mosiello  |  May 28, 2021

One of the many issues for high-net-worth clients arising during the COVID-19 pandemic is state domicile and the related tax implications. As taxpayers who lived in major cities began to take up residence out of state due to safety concerns, many were unaware that spending time in their out-of-state residence could affect their tax liability.

Diane Paoletta Named Crain’s Notable in Marketing and PR


Featured: Diane Paoletta  |  May 25, 2021

Diane Paoletta, Chief Marketing Officer at Marks Paneth LLP, was recognized amongst Crain’s New York Business’ Notable in Marketing and PR list.

The Stoler Report: New York Adapts SALT Cap Workaround


Featured: James (Jay) M. Brower, Jr  |  May 24, 2021

Jay Brower, Partner and leader of Marks Paneth’s State and Local Tax Practice, appeared on an episode of The Stoler Report dedicated to the SALT Cap Workaround.

Sibi Thomas Featured in CPA Practice Advisor


By Sibi B. Thomas  |  May 21, 2021

Nonprofit Group Partner Sibi Thomas authored an article “AICPA Proposes New Quality Management Standards for Firms” which recently published by CPA Practice Advisor.

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 & Government Times, April 2021


May 7, 2021


A New Spirit Emerges in Today’s Resilient Nonprofits


By Hope Goldstein  |  May 6, 2021

As they emerge from the COVID-19 crisis, nonprofit leadership teams are putting resilience into practice through smart strategies that reflect an optimistic outlook for the future.

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