As a leading provider of accounting, tax and consulting services to hotels, restaurants and the businesses that support them, Marks Paneth & Shron LLP (MP&S) is committed to providing insight and answers to the issues facing the hospitality industry today.
Look at our menu of videos and articles below and decide which ones you want to chew on. If you would like a really robust meal. we will be happy to send all of them to you.
Please select the content you would like to receive in the form to the right. Descriptions of the items can be found below.
Avoid Becoming “The Dog That Caught The Car” When You Acquire A Distressed Hotel
By Lawrence Cohen, Hospitality Group Leader at Marks Paneth & Shron LLP
A distressed hotel isn’t an acquisition you can make and then forget. It won’t run on its own. It requires daily, hands-on, operational management – a specialized, knowledgeable kind of management sensitive to the particular realities of a hotel in turnaround, a management that is able to work with the hotel’s people and its physical plant and set the property back on the road to success. This article reviews how an effective turnaround
A Key to Managing Your Hotel Through Troubled Times: Keeping Lenders Happy
By Lawrence Cohen, Hospitality Group Leader at Marks Paneth & Shron LLP
Managing hotel property has many challenges that can arise after strategically planning your buy. Learning how to deal with situations such as competitors, distressed property and creating a contingency plan are discussed in this article from the perspective of a hotel owner, one Lawrence Cohen is familiar with from past experience.
Watchdogs for Your New Hotel: Why a Hotel Owner Needs a Friend(s) to Keep on Top of Managers and Franchisors
By Lawrence Cohen, Hospitality Group Leader at Marks Paneth & Shron LLP
Hotel owners and investors make sure you understand the pitfalls of handing your business, your vision over to a third-party management company. While this may make fiscal sense in the early days, there is another way. This article will give you the answers you need to ensure a successful management of your hotel business.
plan will anticipate, and help you avoid a worst-case outcome.
To Succeed with Your New Restaurant, Take a Businesslike Approach
By Lawrence Cohen, Hospitality Group Leader at Marks Paneth & Shron LLP
The restaurant business can be a wonderful, rewarding pursuit. It can also be a trap. The industry is one of the most challenging in existence. It demands a mix of creativity, inspiration and hard business sense. And like any industry, it imposes its own very specific, very demanding business conditions. As in any other field, experience counts and systematic planning is rewarded.
A Major Challenge for Hotel Owners: Managing Employees and Labor Issues
By Lawrence Cohen, Hospitality Group Leader at Marks Paneth & Shron LLP
This brief commentary highlights one of the biggest challenges a hotel owner or operator can face and introduces two articles (see below) that will show you: how to identify problems before they happen and how to implement an economic model for accurately estimating lost wages.
An Alternative Approach to a Critical Issue in Employment: Identifying and Correcting Potential Disparities in Employee Selection Before They Happen
By Dr. Josefina V. Tranfa-Abboud, Director at Marks Paneth & Shron LLP
Sound and legitimate business decisions may result in potentially lengthy, complex and expensive litigation because they have adverse effects on different groups of employees. This article will help you identify and correct potential disparities in employee selections before they happen.
(Employee Relations Law Journal)
Model for Estimating Lost Wages May be Incomplete
By Dr. Josefina V. Tranfa-Abboud, Director at Marks Paneth & Shron LLP
Learn how the model for estimating lost wages may be incomplete and what to do to fix it.
(Human Resources Management Ideas & Trends)
Doing Business In The Cloud Is Great, Except For Tax Traps
By Steven P. Bryde, JD, Principal at Marks Paneth & Shron LLP
New York State, along with other states, is zeroing in on services that haven't been taxed before, and cloud computing is right up there on the list. In this short video, Steven Bryde discusses the complications of taxation on companies using the Internet to do business
Facing up to the State and Local Tax Headache the Internet Era Serves up to the Hospitality Industry
By Steven P. Bryde, JD, Principal at Marks Paneth & Shron LLP
The Internet era has introduced sites like Expedia and cloud-based software solutions which – yes – have improved operations in the hospitality industry. In the meantime, they also create confusion about state and local taxes. This article will help you understand what the Internet means for your business when it comes to tax time and what to do about it.