Recent News & Insights

Qualified Opportunity Funds
March 16, 2018
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 +

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


By Curtis Best
April 6, 2018

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.

Embracing New Business Opportunities with Foreign Real Estate Investors


By William H. Jennings
March 22, 2018

With the corporate tax rate slashed in the new tax reform bill, the U.S. real estate market is anticipating an even greater influx of foreign capital in the months and years ahead. Chinese investors will undoubtedly play a large role in this trend. Not only is the country already among the top investors in U.S. real estate, but the tax reform bill also brings the U.S. corporate tax rate (now 21 percent) to even lower than their own country’s rate of 25%.

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


By Dawn Rhodes
March 20, 2018

The Tax Cuts and Jobs Act was signed into law by President Trump on December 22, 2017. Although it’s hard to miss the glaring headlines surrounding some of the major new provisions, other changes that impact more limited groups of taxpayers are not receiving the same level of attention. Many of these lesser known or misunderstood provisions will significantly affect high-net-worth individuals and their New Jersey 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.

Qualified Opportunity Funds


By Michael W. Hurwitz
March 16, 2018

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.

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 |  Frances McKenna
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.

Valuable Tax Deduction Renewed for Film, TV & Theater Industry


By Christopher A. Cacace
February 23, 2018

Film, television and theater producers can breathe a sigh of relief – Section 181 has just been renewed through December 31, 2017.

MARK BARAN PRESENTS ON TAX REFORM TO BUSINESS COUNCIL OF WESTCHESTER


Feb 22, 2018

Don’t risk facing AML/BSA violations in the U.S.


By Sareena M. Sawhney
February 5, 2018

Sareena Sawhney was recently published in the H1 2018 issue of Global Opportunities Bulletin. Her article addresses the importance of complying with Anti-Money Laundering/ Bank Secrecy Act rules. 

How much is artificial intelligence worth?


By Angela Sadang
February 5, 2018

Angela Sadang was recently published in the H1 2018 issue of Global Opportunities Bulletin. Her article addresses the growing artificial intelligence industry. 

Tax Reform: A New Reality for Exempt Organizations


By Frances McKenna
February 2, 2018

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.

Recognizing the Symptoms of Fraud in Your Nonprofit Organization


By John D'Amico
February 2, 2018

“Where there is a will, there’s a way.” The old saying holds true even with employees bent on embezzling funds from their employer – whether directly or indirectly.

Protecting Your Nonprofit from a Cyberattack


By Richard Nathan
February 2, 2018

2017 was predicted to be the “year of cyber warfare” by Forbes.com. Sure enough, by mid-year, cyberattacks had already doubled the previous year’s totals. Given that an estimated 63% of nonprofits experienced a data breach in 20161, we are likely facing even more devastating statistics for the industry as the results of 2017 are realized.

Using Form 990 as a Marketing Tool


By Frances McKenna |  Robert Lyons
February 2, 2018

Unlike a tax return, Form 990 is a public document open for inspection. Currently, the only part not available to the public is Schedule B, which shows contributor information. The rest stands out in all of its glory – which can be good or bad, depending on the organization.

Four Components of Meaningful Internal Financial Statements for Nonprofits


February 2, 2018

At many nonprofits, audited financial statements draw a lot of attention. These are often made publicly available and are scrutinized by management, external auditors, Boards and public stakeholders – such as funding agencies and donors.

The Nonprofit Audit Committee’s Evolving Role


By Joseph J. Kanjamala
February 2, 2018

The Audit Committee is an indispensable part of any nonprofit organization’s governance structure. The roles and responsibilities of an audit committee vary from organization to organization. However, as the financial, operational and regulatory complexities of the environment in which nonprofits operate evolve, so must the roles and responsibilities of the Audit Committee. 

The Nonprofit & Government Times, Q1 2018


February 2, 2018

The new year brings a new look to the Marks Paneth nonprofit industry newsletter! This edition of Nonprofit & Government Times provides practical and timely insights from our nonprofit professionals on some of the industry’s biggest issues, such as: the impact of tax reform, recognizing fraud, the audit committee’s evolving role and cybersecurity.

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


By Mark R. Baran
January 30, 2018

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."

How Will the New Tax Legislation Affect Your Business: A Guest Spot Perspective


Jan 26, 2018

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