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Recent News & Insights

Nonprofit Alert: IRS Guidance on New Rules for UBIT
May 21, 2018
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 +

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Marks Paneth Sponsors Philadelphia’s Top Lawyers Awards Program


July 16, 2018

Marks Paneth is proud to celebrate the Philadelphia-area legal community through its renewed Presenting Sponsorship of the Philadelphia Business Journal’s annual Best of the Bar: Philadelphia’s Top Lawyers awards program. 

Wayfair Ruling: Will Foreign Corporations be Required to Collect Sales Tax?


By Solomon Packer
July 13, 2018

Will the Wayfair case, which holds that U.S. corporations can be required to collect sales tax from out-of-state customers, also have application to international commerce?

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.

Nonprofit Budgeting: Key Board Roles and Responsibilities and Questions to Ask Prior to Approval


By Hope Goldstein
May 29, 2018

The roles different people play in the budgeting process generally depend on the nonprofit’s size, structure, revenue sources and expenditure expectations.

Understanding the Updated Lease Accounting Rules


By Alan Becker
May 29, 2018

Updated lease accounting rules have been the subject of numerous exposure drafts, comment periods and rounds of debate by the Financial Accounting Standards Board (FASB) and the accounting industry over the past decade.

Using Effective Ratio Analysis at Nonprofits


By Sibi B. Thomas
May 29, 2018

Analyzing key ratios in your nonprofit’s financial statements can be a very useful tool for gaining deeper insight into the organization’s financial condition and evaluating its overall performance, even at the programmatic level. Effective ratio analysis can be used to analyze trends over a period of time, plan for future strategies and measure current financial health.

Compensation Considerations for Attracting and Retaining Not-for-Profit Executives


By Frances McKenna
May 29, 2018

Recruitment efforts in the not-for-profit sector can be especially challenging in today’s near record-low unemployment economy, where professional opportunities abound for competent business executives and limited not-for-profit budgets can make it difficult to compete with the for-profit world.

Introduction to GASB 87 Leases


By Warren Ruppel
May 29, 2018

The Financial Accounting Standards Board (FASB) is not the only standard-setting body to address updates to lease accounting procedures. State and local governments and governmental entities need to be aware of a similar standard that was issued by the Governmental Accounting Standards Board (GASB). Similar in concept to the FASB standard (discussed on page 4), GASB 87 Leases contains some significant differences.

GASB’s Guidance for Irrevocable Split-Interest Agreements is Now in Effect


By John D'Amico
May 29, 2018

The Governmental Accounting Standards Board (“GASB”) Statement No. 81 Irrevocable Split-Interest Agreements is now in effect for financial statement periods beginning after December 15, 2016 (December 31, 2017 year-ends and thereafter) and should be applied retroactively.

NONPROFIT & GOVERNMENT TIMES, Q2 2018


May 25, 2018

In the latest issue of the Nonprofit & Government Times newsletter, our industry experts provide guidance on the budget process, compensation considerations, FASB and GASB updates and more.

Nonprofit Employers Subject to New Tax Requirements for Transportation Benefits


By Robert Lyons |  Frances McKenna
May 25, 2018

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.

Nonprofit Alert: IRS Guidance on New Rules for UBIT


By Robert Lyons |  Frances McKenna
May 21, 2018

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.

Christopher Cacace Featured in Forbes


April 24, 2018

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

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

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. 

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