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  • 12/07/2017
    Tax Reform: The Home Stretch

    As 2017 draws to a close, important differences remain between the Senate's and the House's approach to Tax Reform. While certain outcomes seem likely, such as suspension in whole or in part of the deduction for State and Local taxes, until a bill emerges from the conference committee it is...

  • 12/04/2017
    New Jersey – Important Tax Changes for 2018

    Sales and Use Tax: Effective January 1, 2018, New Jersey’s general 6.875% sales and use tax will be reduced to 6.625%. In addition, other specific state sales and use tax rates will also be decreased. The new rates are as follows: Atlantic City luxury tax: 12.625% – on sales other than alcoholic beverages by...

  • 11/09/2017
    House Tax Reform Bill: Digging Below the Surface to Reveal Critical Analysis

    By now, you’ve seen media headlines covering the House Tax Reform Bill introduced on November 2. What you may not be aware of is how potential problems with the general tax provisions can directly impact you and your business. This Tax Alert addresses the questions you want answers to, suggests...

  • 10/23/2017
    IRS Announces 2018 Limits Affecting Qualified Plans

    Each year, the IRS announces tax inflation adjustments for the following year. The adjustments are based on changes to the Consumer Price Index ("CPI"). Illustrated below are the differences from 2017 to 2018. If you have any questions about this alert, please contact David Waddington or your Friedman engagement partner. View 2018 IRS Limits...

  • 10/03/2017
    Highlighting the Unspoken in the September Tax Reform Framework
    By Michael J. Greenwald, MPPM, CPA, Partner

    This exclusive Tax Alert provides expert insights on critical areas not mentioned in the President's recently released tax reform framework. This analysis highlights areas which may either complicate the reform process, represent potential sources of revenue to offset the cost of tax reform, or reduce the perceived benefits of reform.  Capital...

  • 09/28/2017
    White House Tax Reform Framework Released
    By Michael J. Greenwald, MPPM, CPA, Partner

    The White House released its promised tax reform agenda, known as the “September Framework.” While longer than the previous version, and relying on Congress to fill in much of the detail, it is generally similar to the one-page plan released earlier this year and the House GOP 2016 Blueprint for...

  • 08/17/2017
    State Tax Alert: MTC offers limited-time Voluntary Disclosure for Marketplace Sellers
    By Alan Goldenberg, JD, MBA, LLM

    News for online marketplace sellers in participating states: beginning August 17, 2017 through October 17, 2017, the Multistate Tax Commission (MTC) is offering a limited-time voluntary disclosure initiative. Relief provided under the program applies to sales and use tax and income/franchise tax. Read below for how you can benefit from...

  • 06/01/2017
    U.S. Tax Court Ruling in Employee Misclassification Case

    IRS must reveal workers’ tax return information in misclassification case A recent unanimous ruling by the U.S. Tax Court could make it easier for employers whose workers have been reclassified as “employees” by the IRS to avoid income tax liability for the workers’ earnings. The ruling allowed an employer access to...

  • 04/27/2017
    President Trump’s Proposed Tax Plan— What You Need To Know
    By Robert Charron, CPA, Partner

    On Wednesday, Treasury Secretary Steven Mnuchin and National Economic Council director Gary Cohn unveiled what they termed “the biggest tax cut “ in US history.  WHAT YOU NEED TO KNOW The top corporate tax rate would fall from 35% to 15%. Business owners of pass-through entities would have income taxed at the entity...

  • 01/06/2017
    U.S. Citizenship and Immigration Services Update
    By Bruce Plevinsky, Tax Manager

    New Revised Form I-9 Now Available

  • 12/13/2016
    Changes in 2017 to W-2 and Form 1099-MISC Reporting Requirements

    As part of the Protecting Americans from Tax Hikes Act of 2015 (PATH), the deadline for filing Forms W-2, W-3, and Form 1099 MISC reporting nonemployee compensation will be accelerated to January 31st following the calendar year to which the returns relate. Note that this IRS deadline is one month...

  • 11/29/2016
    DOL’s Overtime Rule Blocked by U.S. District Court

    Just over a week before the U.S. Department of Labor’s (DOL’s) new overtime rule was scheduled to go into effect, a federal judge blocked it. The rule was set to make dramatic changes to the determination of which executive, administrative and professional employees are entitled to overtime pay under the...

  • 10/28/2016
    Client Alert: IRS Announces 2017 Limits Affecting Qualified Plan
    By David Waddington, CPA, Partner

    Each year, the IRS announces tax inflation adjustments for the following year. The tax inflation adjustments are based on changes to the Consumer Price Index ("CPI"). Illustrated below are the differences from last year to this year. If you have any questions about this alert, please contact David Waddington at...

  • 10/20/2016
    New IRS Regulations Change the Landscape for Partnerships
    By Michael Greenwald, MPPM, CPA, Partner

    The IRS appears to be trying to advance as many pending regulatory projects as possible before the election. The new partnership audit rules are not out yet but they are expected by year end. In the meantime, following closely on the heels of the final debt/equity regulations, the IRS has...

  • 10/14/2016
    New Jersey Increases Gas Tax, Eliminates Estate Tax
    By Michael Greenwald, MPPM, CPA, Partner

    The State of New Jersey, home of low gas taxes, is increasing that tax to fund the state’s Transportation Trust Fund. As a trade-off, the estate tax is being phased out. But, that’s not the whole story. What is changing: The tax on gasoline sold in the state is increasing by 23...

  • 09/23/2016
    Tax Bill Scams: How to Protect Yourself

    The IRS issued an alert yesterday warning taxpayers about a new scam involving emails sent to taxpayers with a fraudulent form attached requesting payment of a non-existent tax liability. Fake Tax Bill Emails: What you need to know Scammers are sending a fraudulent version of CP2000 notices for tax year 2015. The scam...

  • 09/07/2016
    New Jersey to Withdraw from the Reciprocal Tax Agreement with Pennsylvania
    By Alan Goldenberg, JD, MBA, LLM

    On Friday, September 2, New Jersey Governor Chris Christie announced that a $250 million budget gap has forced him to withdraw from a decades-old agreement that allows New Jersey and Pennsylvania residents who work across state lines to pay income taxes where they live instead of where they work. Under...

  • 08/09/2016
    New Proposed Rules Could Significantly Reduce Valuation Discounts for Estate and Gift Tax
    By Scott Testa, CPA, JD, Partner

    On August 2, the IRS issued proposed regulations that impact a powerful and frequently used estate planning tool -- valuation discounts. These discounts typically apply to valuations of family-controlled entities such as closely-held businesses or family limited partnerships, both upon transfer and at death. Under these new rules, valuation discounts...

  • 07/28/2016
    Tax Alert: Tax Highlights from Pennsylvania’s 2016–2017 Revenue Budget Bill
    By Alan Goldenberg, JD, MBA, LLM

    On July 26, 2016, Pennsylvania’s Department of Revenue (DOR) issued a summary of the recently enacted 2016–2017 budget. Below are highlights of the numerous tax changes. Should you have questions or require additional information regarding this Tax Alert, please contact our State and Local Tax team, Tom Corrie at 212-842-7019...

  • 06/02/2016
    Client Alert: DOL’s Final Overtime Rule Brings Sweeping Changes

    The U.S. Department of Labor (DOL) has released a final rule that makes dramatic changes to the determination of which executive, administrative and professional employees — otherwise known as “white-collar workers” — are entitled to overtime pay under the Fair Labor Standards Act (FLSA). The rule will make it more...

  • 03/07/2016
    Partnership Audit Rules Important Update

    We wrote in late November 2015 about the new partnership audit rules enacted as part of The Bipartisan Budget Act of 2015.   At the time we told you that we were anticipating technical corrections to this law to correct inconsistencies and clarify certain areas.   It now appears that there will...

  • 12/23/2015
    Individuals can save more on taxes in 2015 and beyond, thanks to new “extenders”

    With year end right around the corner, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). The act extended numerous tax breaks which expired on December 31, 2014, and the President signed it into law December 18. The new law is more significant than some...

  • 12/21/2015
    Latest “extenders” law boosts tax benefits for businesses

    On December 18, President Obama signed into law the bipartisan Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”). It makes many popular tax breaks — including some highly valued by businesses — permanent, while extending others through 2016 or 2019. The PATH Act also enhances certain breaks...

  • 12/18/2015
    2015 “Extenders” Legislation Does More Than Just Extend Tax Breaks

    On December 18, the Senate passed the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”), which the House had passed on December 17. Many popular tax breaks had expired on December 31, 2014, so, for them to be available for 2015, Congress had to pass legislation extending them....

  • 11/20/2015
    Tax Alert: Partnership Audit Rules Revised Under 2015 Budget Act

    Partnership Audit Rules Revised Under 2015 Budget Act It is rare these days for Congress and the IRS to see eye to eye on anything.  However, with Congress needing additional revenue to support raising the federal debt ceiling and lifting mandatory spending caps on defense and domestic programs, The Bipartisan Budget...

  • 11/20/2015
    Tax Alert: Budget Act Eliminates Strategies for Maximizing Social Security Payout

    The Bipartisan Budget Act of 2015 contains a provision that can significantly affect the retirement planning of many Americans. It eliminates two strategies that many married couples have used to maximize Social Security benefits. This article explains how the two strategies worked under previous law and details how the budget...

  • 11/04/2015
    Tax Alert: Rapidly Rising Risks for Offshore Bank Accounts

    Time is running out for US citizens and US residents who have offshore bank and financial accounts and have not yet come forward to disclose them to the Internal Revenue Service (IRS). Immediate action should be taken, as under the provisions of the Foreign Account Tax Compliance Act (FATCA), various...

  • 10/29/2015
    Alert: IRS Announces 2016 Limits Affecting Qualified Plans

    Each year, the IRS announces tax inflation adjustments for the following year. The tax inflation adjustments are based on changes to the Consumer Price Index ("CPI"). However, the changes for 2016 have only affected Adjusted Gross Income ("AGI") for Saver's Credit Eligibility, as the CPI did not increase enough to cause a change...

  • 10/26/2015
    Tax Alert: Year-End Tax Planning Complicated by Uncertainty Over Expired Tax Breaks

    Year-end tax planning this year will be just as complicated as it was last year due to uncertainty surrounding many expired tax breaks for individuals and businesses. Tax legislation signed into law last December extended several expired tax breaks, but only through the end of 2014. While Congress mulls legislation...

  • 09/28/2015
    Tax Alert: Affordable Care Act Reporting: Get Ready, It's Almost Time

    The reporting requirements of the Affordable Care Act ("ACA") are now in effect, with mandatory reporting required for all applicable large employers as well as certain other employers.   The draft instructions for the forms to be filed in early 2016 run about 14 dense pages. The information required to complete...

  • 08/10/2015
    Tax Alert: Highway funding law brings important tax law changes
    By Robert Charron

    As with most legislation, "The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015" is a somewhat misleading name. The new law is about more than just transportation funding and it does nothing to change veterans' health care services. This three-month extension of the Highway Trust Fund was...

  • 08/03/2015
    Michael Sacco Joins Friedman LLP as Partner

    New York – August 3, 2015 – Friedman LLP announced today that Michael Sacco has joined the firm as Partner. Mr. Sacco, who brings more than 15 years of experience, will lend his expertise to privately-held companies in a range of industries including consumer products, apparel, manufacturing, distribution, wholesale, importing, real estate investment funds, and other financial services.

  • 07/06/2015
    Tax implications of SCOTUS same-sex marriage decision

    The U.S. Supreme Court's decision in Obergefell v. Hodges ruled that same-sex couples have a constitutional right to marry, effectively making same-sex marriage legal in all 50 states. The decision has numerous implications for the tax, estate and retirement planning of same-sex couples and will also affect some employers in states that had not previously recognized same-sex marriage. This alert provides a brief overview of the decision and an introduction to the various tax implications.

  • 05/21/2015
    May 29 Deadline Nears for BE-10 Filing for 10% or More Ownership of Foreign Business Interests

    Every five years the U.S. Bureau of Economic Analysis ("BEA"), a bureau within the Department of Commerce, requires U.S. persons with foreign affiliates to file Form BE-10. In the past, these forms were sent to those persons most likely to have such interests, typically large corporations. For 2015, there has...

  • 05/20/2015
    Supreme Court Rules Maryland Tax Law Unconstitutional

    How will this impact your jurisdiction?

  • 12/18/2014
    Tax Alert: Businesses, Individuals Benefit From Latest Tax Relief Extender Law

    On Dec. 16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which the House had passed on Dec. 3. TIPA is the latest "extender" package, a stopgap measure that retroactively extends through Dec. 31, 2014, certain tax relief provisions that expired at the end of 2013. It was drafted after the collapse of negotiations over a bill that would have made some of the provisions permanent, while extending others for two years.

  • 10/29/2014
    Client Alert: IRS Announces 2015 Limits Affecting Qualified Plans
    By David Waddington

    Each year, the IRS announces tax inflation adjustments for the following year.  The tax inflation adjustments are based on changes to the Consumer Price Index ("CPI").  The tax inflation adjustments for 2015 were released by the IRS on October 23, 2014. The highlights of changes to key pension contribution, compensation and benefit limits...

  • 09/23/2014
    Tax Alert: New Jersey Offers Tax Resolution For Individuals and Businesses

    On September 17, 2014, the New Jersey Division of Taxation announced a limited tax initiative for individuals and businesses who have unpaid New Jersey tax liabilities. The years covered under the program are tax periods 2005 through 2013.

  • 08/25/2014
    Tax Alert: Changes to the Metropolitan Commuter Transportation Mobility Tax
    By Alan Goldenberg

    Recent amendments to the New York Tax Law have changed the payment and filing due dates of the Metropolitan Commuter Transportation Mobility Tax (MCTMT) for self-employed individuals. Individuals with net earnings from self-employment are required to make estimated MCTMT payments and to file annual MCTMT returns for the tax year. The new MCTMT payment and filing due dates now conform to the personal income tax payment and filing due dates. Effective for tax years beginning on or after January 1, 2015, estimated MCTMT payments are due on April 15, June 15, September 15, and January 15, and annual MCTMT returns must be filed by April 15. It should be noted that the payment and filing due dates for employers have not changed.

  • 07/14/2014
    Public Company Alert: The 2013 COSO Framework & SOX Compliance
    By Kevin Hyams

    The Committee of Sponsoring Organizations of the Treadway Commission ("COSO") issued its new Internal Control - Integrated Framework in May 2013, updating the original Internal Control - Integrated Framework first published in 1992. The 2013 COSO Framework ("COSO 2013") sets forth the requirements for an effective system of internal control.

  • 06/30/2014
    Tax Alert: Rules Surrounding IRA Rollovers Become Less Friendly to Taxpayers
    By David Waddington

    Earlier this year, the U.S. Tax Court made a controversial ruling regarding IRA rollovers that contradicted an IRS publication designed to explain the law to taxpayers. In Bobrow v. Commissioner, the court ruled that the one-rollover-per-year rule applies to all of a taxpayer's IRAs in aggregate, rather than on an account-by-account basis.

  • 06/23/2014
    International Tax Alert: Offshore Voluntary Disclosure Program Changes - Reduced Penalties for Some, Increased Penalties for Others
    By Ryan Dudley

    The offshore voluntary disclosure program ("OVDP"), available in various forms since 2009, allows taxpayers who have not properly filed their offshore bank account reports ("FBARs") to rectify these delinquencies. The biggest hurdle for many taxpayers entering the program has been the severe offshore penalty, which is currently 27.5% of the...

  • 06/05/2014
    Tax Alert: Research Tax Credit for Prior Years Will be Easier to Obtain
    By Michael Greenwald

    The research tax credit may, in many cases, save taxpayers substantial tax dollars.

  • 05/09/2014
    Tax Alert: New York State Estate and Gift Tax Updates

    This alert comes from the attorneys at Roberts and Holland LLP. The following PDF highlights the recent changes to the New York estate tax law, including the increased exemption amount, the "cliff" effect of the phase-out of the exemption for estates greater than 105% of the exemption amount, and the new...

  • 04/07/2014
    Tax Alert: 2014-2015 New York State Budget Contains Many Lower Manhattan Tax Incentives
    By Tom Corrie

    Earlier this month, the 2014-2015 NYS budget passed with an extension of all Lower Manhattan incentive programs.

  • 03/27/2014
    Client Alert: NYC Council Expands Sick Time Law

    The Earned Sick Time Act was initially enacted by the New York City Council on June 26, 2013, when it overrode Mayor Michael Bloomberg's veto.

  • 03/04/2014
    Tax Alert: New Jersey's "Grow NJ" Business Incentive Draws the Interest of National and Global Real Estate Site Selectors

    New Jersey has a powerful new financial incentive program for retaining and attracting jobs.

  • 02/28/2014
    Tax Alert: U.S. Treasury and IRS Release Amended Final Rules on Foreign Account Reporting
    By Ryan Dudley

    The U.S. Department of the Treasury and the IRS have issued what is expected to be their final significant package of regulations implementing the Foreign Account Tax Compliance Act (FATCA).

  • 02/10/2014
    Tax Alert: Affordable Care Act Mandates Delayed for Small and Large Businesses

    The federal government announced today that companies employing between 50-99 full-time workers have until 2016 to comply with the mandate to offer health insurance as part of the Affordable Care Act (or "Obamacare").

  • 02/03/2014
    Tax Alert: Governor Cuomo proposes big changes to New York Gift and Estate Tax
    By Scott Testa

    As part of his executive budget, Governor Cuomo proposed a law change that would "unify" the New York estate and gift taxes so that taxable gifts made by a New York resident after March 31, 2014 will be included in the donor's taxable estate.