Marks Paneth

Philanthropy Isn’t Dead – An Update on Charitable Giving Post Tax Reform

People are willing to donate and not just because of the tax benefits. Magdalena M. Czerniawski, Tax Director in our Nonprofit, Government & Healthcare Group examines the impact of the 2017 Tax Cuts and Jobs Acts on charitable contributions. READ MORE +

President Trump Signs Further Consolidated Appropriations Act Into Law

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. READ MORE +

Bipartisan Support for Repeal of Tax on Nonprofit Transportation Benefits

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. READ MORE +

Is it Time to Update Your Form 990 Compensation Study?

Considering both the “old” Form 990 and the new tax law, it’s time for organizations to review their policies for establishing compensation and also ensure that the basis for that compensation is still relevant. READ MORE +

Will IRC Section 181 Come Back To Life … Again? And Why Would It Matter?

A renewal of Section 181 can only be looked at as a positive development for the entertainment industry because it gives production companies another alternative. As with any tax position, it’s important to have a good understanding of each available option. READ MORE +

The Impact of the Tax Cuts and Jobs Act on Trusts and Estates

Among the many provisions in the Tax Cuts and Jobs Act of 2017 (TCJA) were some significant changes to the taxation of trusts and estates. Tax Partner Laura LaForgia helps high-net-worth individuals and their advisors understand the temporary and permanent effects on their trust and estate tax planning strategies. READ MORE +

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

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. READ MORE +

Everyone Loves Talking About Qualified Opportunity Zones

By now, most real estate professionals have heard about the Qualified Opportunity Zone (“QOZ”) program created by the Tax Cuts and Jobs Act of 2017. READ MORE +

IRS Issues Interim Guidance on Excise Taxes for Nonprofit Executive Compensation

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. READ MORE +

Tax Reform's Impact on Charitable Contributions

Almost a year ago, the Tax Cuts and Jobs Act (TCJA) brought major tax reform to individuals, for-profit businesses and not-for-profit entities. READ MORE +

IRS Issues Guidance for Determining Nondeductible Parking Fringe Benefits

While two sections of the Tax Cuts and Jobs Act (“the Act”) - Code section 512(a)(6) and Code section 512(a)(7) - have a direct and significant bearing on tax-exempt organizations, very little guidance has been forthcoming since the law was passed almost a year ago. READ MORE +

Marks Paneth's 2018-2019 Tax Planning Guide

To provide you with convenient access to current tax laws and regulations and prepare you for the 2019 tax season, Marks Paneth has launched its 2018-2019 Tax Planning Guide. READ MORE +

2018 Year-End Tax Planning: A Whole New World

With the passing of the TCJA almost a year ago, changes like the new 20 percent deduction and qualified opportunity zones make year-end tax planning seem like a whole new world for the real estate industry. READ MORE +

Tax Alert: IRS Releases Proposed Regulations on Qualified Opportunity Funds

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. READ MORE +

Nonprofit Alert: New IRS Guidance on UBTI Silos

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). READ MORE +

IRS Releases 199A Passthrough Deduction Guidance

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. READ MORE +

Nonprofit Employers Subject to New Tax Requirements for Transportation Benefits

As nonprofit employers await final guidance from the IRS on the new 21% UBIT on transportation fringe benefits, the best preventative measure to take is in the form of quarterly estimated tax payments, starting on June 15, 2018. Our nonprofit tax directors provide guidance for organizations that are currently subject, or anticipate being subject, to the corporate level tax on transportation benefits. READ MORE +

Nonprofit Alert: IRS Guidance on New Rules for UBIT

Our nonprofit tax professionals have been monitoring comments coming out of the IRS on the new Unrelated Business Income Tax rules created by the Tax Cuts and Jobs Act. Read more on what not-for-profits can expect in the forthcoming guidance. READ MORE +

Christopher Cacace Featured in Forbes

As Broadway producers continue to consider tax reform’s impact on their taxes and cash flow, Partner Christopher Cacace provides his perspective to Forbes. READ MORE +

International Tax Provisions in the U.S. Tax Reform Bill

In a move to a territorial tax regime, the new U.S. tax reform bill that was passed into law late last year makes significant changes to the taxation of foreign income. All shareholders of foreign corporations – both U.S. and non-U.S. individuals – should take careful note of the new provisions that affect their income, tax deductions, and accounting procedures. READ MORE +

Misunderstood Provisions of the New Tax Law Affecting High-Net-Worth Business Owners

The complexity and uncertainty of the new tax bill have left taxpayers with many questions and misunderstandings. Partner Dawn Rhodes provides some clarification in NJBIZ. READ MORE +

Qualified Opportunity Funds

As part of the extensive Tax Cuts and Jobs Act of 2017 (TCJA), Congress created a little known but beneficial tax program to incentivize the inflow of capital investments into qualified low-income communities. The Qualified Opportunity Zone program offers significant tax benefits that are designed to reward taxpayers who reinvest capital gains from certain property sales into a Qualified Opportunity Fund. READ MORE +

Tax Reform: A New Reality for Exempt Organizations

With the 2017 charitable giving season behind us, many exempt organizations (“EO”s) are concerned that their funding may start to decrease this year and in the foreseeable future as a result of the new Tax Cuts and Jobs Act (hereafter, “the Act”) passed into law on December 22, 2017. READ MORE +

What the New Tax Reform Means for You and Your Firm: Four Experts Weigh In

Mark Baran, Principal in our Tax Group, participated in a Crain's roundtable discussion entitled, "What the New Tax Reform Means for You and Your Firm: Four Experts Weigh In." READ MORE +

Tax Reform Dilemma: Uncertainty Surrounds Business Interest Deduction

Real Estate Partner Alan M. Blecher authored an article entitled “Tax Reform Dilemma: Uncertainty Surrounds Business Interest Deduction” which was featured in the Commercial Observer. READ MORE +

New Repatriation Tax on Foreign Corporate Shareholders

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. READ MORE +

Tax Reform’s Impact on the Theater and Film Industry

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. READ MORE +

Trump Signs Tax Reform Bill Into Law

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. READ MORE +

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

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. READ MORE +

Tax Reform: Closing in on the Finish Line

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. READ MORE +

Real Estate Alert: Tax Reform Measures You Might Have Missed

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. READ MORE +

House and Senate Tax Reform Bills: Where are we now?

The House and Senate released their respective versions of the Tax Cuts and Jobs Act this November. The Marks Paneth tax team provides a detailed analysis of both tax reform bills and how their provisions would affect individual taxpayers and businesses. READ MORE +

GOP's Proposed Tax Plan Changes the Rules for Businesses and Individuals

After months of speculation, President Trump and Republican congressional leaders have released an outline of their tax reform plan. “Unified Framework for Fixing Our Broken Tax Code” is intended to serve as a template for congressional committees to draft legislation aimed at cutting tax rates, simplifying the tax code and providing a more competitive environment for businesses. The framework addresses tax issues that affect both businesses and individuals. READ MORE +

Border-Adjustment Tax Eliminated from Tax Reform Plan

While much of the Trump administration’s tax reform plan remains uncertain, we now know one thing for sure: it will not include a border-adjustment tax. READ MORE +

Tax Alert: Trump Administration’s Tax Plan Explained

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. READ MORE +

Where is US Corporate Tax Headed Under the New Administration?

It is contemplated that US Congress will soon revise corporate tax policy. Among the proposals coming to the fore, and being highly-debated in business and tax journals, is “destination-based cash-flow tax,” or “DBCFT.” It is important to recognize that a DBCFT tax regime differs greatly from our current income tax system, and incorporates two distinct elements: a destination-based tax system, and a cash flow tax system. READ MORE +

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