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Publications

  • 06/05/2014
    Crowdfunding: Opportunity or Risk for Individual Investors?
    By Michael Stoler

    Would you like the opportunity to own a piece of residential or commercial real estate or make an investment in a mortgage loan? Today, investors around the country are receiving e-mails and other solicitations, as well as hearing from the media, about the opportunities to invest in the booming real estate market.

  • 06/05/2014
    Conversion of Real Estate for Alternative Use Throughout New York City
    By Michael Stoler

    The real estate market in New York City has recovered from the recession of 2008. The improvement has marked a rapid conversion of office buildings, hospitals, parking garages and other asset classes into luxury rental and condominium residences, hotels and in certain instances specialty office space. The conversion of properties is taking place in each and every borough especially in Manhattan, Brooklyn and Queens.

  • 06/05/2014
    Grow NJ Credit: An Aggressive Campaign by New Jersey to Retain and Attract New Businesses
    By Andrew Cohen

    New Jersey has committed in a big way to attracting new businesses to the state, and retaining those that are already there. In fact, the mere threat by a New Jersey business to leave the state can reap a large tax credit. The program at the forefront of this effort is, appropriately, called Grow NJ, or the Grow New Jersey Assistance Program.

  • 05/30/2014
    NYC Real Property Income & Expense Statements
    By Alan Goldenberg

    The New York City Department of Finance requires owners of income-producing property in New York City, that have an assessed property value of more than $40,000, to file an annual Real Property Income and Expense (RPIE) statement. A net lessee, responsible for all the real estate taxes on a New York City property, may file in lieu of the owner. By law, 2013 RPIE statements must be filed electronically by June 2nd. Statements for 2014 will be due June 1, 2015.

  • 05/29/2014
    Proposed Tax Reform: What to expect from the EXPIRE Act and Tax Reform Act of 2014
    By Sarah Avery

    Encompassed in sweeping tax reform changes proposed by the Committee on Ways and Means and the Senate Committee on Finance are many provisions that, if passed, would significantly impact nonprofits and other tax-exempt organizations. As of mid-May 2014, the proposed tax code extenders included in the Senate Committee on Finance's EXPIRE...

  • 05/19/2014
    Why Defined Benefit Plans are Best
    By Michael Ibrahim

    The defined benefit plan was the way corporate America first met retirement needs of employees over the age of 65. For more than seven decades, it has been used to provide working-life income during an employee's retirement years. However, changes to employee demographics, federal law and more detailed and complex...

  • 05/15/2014
    Fashion Sense - May 2014
    By Harriet Greenberg

    If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.  In This Issue  How to Capture the Benefits of Captive InsuranceSource: Friedman LLP NYCEDC and Capital Business Credit Launch NYC Fashion Production FundSource: Capital Business Credit   Business Has Been...

  • 05/12/2014
    Here is one for the good guys
    By Tom Corrie

    A recent unanimous decision by the New York State Court of Appeals with respect to the application of the state’s statutory residency law demonstrates that it is still possible for a lone taxpayer to challenge the Department of Taxation and Finance (the “Department”) regarding one of its favorite audit darlings, and prevail.

  • 05/12/2014
    IRS Combatting Tax-Related Identity Theft
    By Alan Goldberg

    Although the dreaded tax day deadline has passed, for a number of taxpayers the difficulty may just have begun. Millions of Americans, who have waited the better part of a year to receive tax refunds, are in for a big shock when they learn that their refunds were sent to someone else as a result of tax-related identity theft. The legitimate refund will now take considerable time to be received by the taxpayer.

  • 05/12/2014
    Capturing the benefits of captive insurance

    For years, large corporations have used captive insurance companies to control insurance costs. Today, even small, closely held businesses are taking advantage of the many financial, tax and estate planning benefits captives have to offer. What it is A captive insurance company is a private insurer owned and controlled by the business...

  • 05/12/2014
    How defined-value gifts can help limit your tax exposure

    Making large gifts can be a challenge if they consist of illiquid, difficult-to-value assets, such as interests in a business or family limited partnership (FLP). They must be supported by a business valuation, and there’s a risk that the IRS will claim, years later, that a gift was undervalued for...

  • 05/12/2014
    Undisclosed foreign accounts: Handle with care

    Do you own or control any foreign financial accounts — such as bank accounts, brokerage accounts, mutual funds or trusts? If so, it’s critical to understand your reporting obligations.

  • 05/12/2014
    Tax Tips: May/June 2014

    If you hire your children, they’re under 18 and your business is unincorporated, neither the business nor the kids have to pay Social Security or Medicare taxes on their wages. Shifting income to your children this way can also reduce your family’s income tax bill because your kids are likely in a lower tax bracket.

  • 05/05/2014
    SEC Impact: Development Stage Entities
    By Sviatlana Tsiaptseyeva, Michele Amato

    The Financial Accounting Standards Board (FASB) is drafting an Accounting Standards Update (ASU) which would eliminate the concept of a development stage entity along with the special disclosures required for such entities under accounting principles generally accepted in the United States of America (U.S. GAAP). The final ASU is expected to be voted on by written ballot later this year.

  • 04/28/2014
    Fashion Sense: April 2014
    By Harriet Greenberg

    If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.  In This Issue 2014-2015 New York State Budget Contains Many Lower Manhattan Tax IncentivesSource: Friedman LLP Dude, Where's My Home Screen? The Importance of a User-Friendly InterfaceSource: Computer Generated Solutions  US...

  • 04/28/2014
    Fundraising Consultants: A Good Idea for Your Organization?
    By Audrey Sherrick

    Given the challenging economic times we find ourselves in, many nonprofit organizations are questioning whether to hire a professional fundraiser to supplement their own fundraising efforts. Often the perception is that professional or paid fundraising campaigns are expensive and only for the larger nonprofit organizations. So, does size really matter, and when does it make sense for a charity to work with a professional fundraiser?

  • 03/25/2014
    Perspectives: New York Nonprofit Revitalization Act - What You Need to Know Now
    By Amish Mehta

    Friedman LLP Partner and Director of Not-for-Profit Services Amish Mehta, CPA, and Nixon Peabody Partner Michael J. Cooney, recently hosted a seminar for nonprofit leaders at Friedman LLP's office in New York City on the new requirements surrounding the New York Nonprofit Revitalization Act.

  • 03/24/2014
    Maintaining Effective Internal Control over Financial Reporting- It's the Law!
    By Keivn Hyams

    Since the enactment of the Foreign Corrupt Practices Act in 1977, federal laws have required public companies to maintain sufficient "internal accounting controls." The Sarbanes-Oxley Act of 2002 (the "Act") further requires company management to annually assess and report on the effectiveness of internal control over financial reporting ("ICFR"). For larger registrants, the Act also requires independent auditors to attest to management's assessment of the effectiveness of the company's internal control.

  • 03/20/2014
    Fashion Sense - March 2014
    By Harriet Greenberg

    If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.  In This Issue: Acquiring Assets of a Business? Don't Forget About Sales TaxSource: Friedman LLP Industry Voices: How to Use Free-Trade Zones to Save When Importing ApparelSource: Apparel News FTC Revises Textile...

  • 03/06/2014
    Acquiring the Assets of a Business? Don’t Forget About Sales Tax
    By Alan Goldbenberg

    The purchase of an existing business is generally structured in one of two alternative ways: purchase the entity outright, or purchase only the assets of the business.

  • 03/06/2014
    Pennies From Heaven
    By Tom Corrie

    It’s not very often that state taxing officials present taxpayers with bona fide refund opportunities.

  • 03/05/2014
    Could the NIIT apply to the sale of your home?

    The 3.8% net investment income tax (NIIT), which went into effect in 2013 under the Affordable Care Act, continues to create confusion.

  • 03/05/2014
    Why a private annuity is a powerful estate planning tool

    Affluent families looking for ways to reduce their gift and estate tax exposure should consider private annuities.

  • 03/05/2014
    Material participation key to deducting LLC and LLP losses

    If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages.

  • 03/05/2014
    Tax Tips - March/April 2014

    The IRS has expanded its Fast Track Settlement (FTS) program to small businesses and self-employed individuals.

  • 02/28/2014
    The Next Level of Transparency: GuideStar Exchange
    By Sarah Avery

    GuideStar, a public charity that provides unbiased information about nonprofits, is one of the nation's most visible advocates for advancing nonprofit transparency.

  • 02/24/2014
    What is a New Comparability Plan?
    By Carol Musanti

    In previous years, choosing a profit sharing allocation method was simple. Pro-rata, percentage of compensation or a formula utilizing the social security wage base just to name a few.

  • 02/20/2014
    Fashion Sense: February 2014
    By Harriet Greenberg

    If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.  The Tax Ins and Outs of Employee Fringe BenefitsSource: Friedman LLP Student Spotlight: Alexis CasamassimaSource: Friedman LLP Fashion Trend: Bigger Showrooms and Smaller OfficesSource: New York Times 10 Tips to Take...

  • 01/23/2014
    Real Estate Leaders Bullish for 2014
    By Michael Stoler

    It is January, a time when leading economists provide their predictions for the next twelve months.

  • 01/23/2014
    Retail: One of the Most Sought Out Assets to Own in New York City
    By Michael Stoler

    New York City saw 54.3 million visitors in 2013, an all-time tourism high for the five boroughs, and a 54% increase since Mayor Bloomberg took office twelve years ago.

  • 01/23/2014
    Final Repair Regulations and Leasehold Properties - An Overview
    By Andrew Cohen

    The final tangible property regulations published by the Internal Revenue Service on September 19, 2013, provide important guidance on the tax treatment of repairs made to tangible property.

  • 01/21/2014
    2013 AICPA National Conference on Current SEC and PCAOB Developments
    By Neil Ehrenkrantz

    The Center for Audit Quality (CAQ) kicked off the 2013 AICPA National Conference by indicating public company audits are stronger and the severity of restatements is trending downward.

  • 01/15/2014
    Fashion Sense - January 2014
    By Harriet Greenberg

    If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.   In This Issue: New York Getting Tough on Tax ScofflawsSource: Friedman LLP AAFA unveils US apparel statistical reportSource: fibe2fashion.com Groupon Accelerates Its Fashion Presence with Acquisition of IdeeliSource: Business Wire JCP "Pleased"...

  • 01/15/2014
    New York Real Estate: The Next 10 Years

    Friedman LLP's Real Estate Practice held its annual New York Real Estate Forum, featuring a look at "The Next 10 Years." Michael Stoler, President of New York Real Estate TV LLC and is a Managing Director at Madison Realty Capital moderated discussions with top industry experts.

  • 01/09/2014
    The Double Tax No Credit Dilemma
    By Alan Goldberg

    As you probably have heard from the news coverage of the budget debates, New York, like most states, is in the midst of a financial shortfall.

  • 01/09/2014
    New York Getting Tough on Tax Scofflaws
    By Alan Goldenberg

    Heads up to those who have outstanding New York tax liabilities; the state is getting tougher than ever in pursuing collection of these funds.

  • 01/09/2014
    Does the ACA’s Individual Mandate Affect You?

    Starting Jan. 1, 2014, the Affordable Care Act (ACA) requires most people to have a certain level of health care coverage or else pay a tax penalty (known as a “shared responsibility payment”).

  • 01/09/2014
    Provide for your Spouse, then your Kids, with a QTIP Trust

    Do you want to provide for your spouse after your death but ensure that your children ultimately receive the inheritance you desire? Do you have concerns about transferring assets to your spouse outright?

  • 01/09/2014
    Tax Tips: Jan/Feb Tax Matters

    Is your business entitled to a post-DOMA tax refund?

  • 12/19/2013
    The New Internal Control Framework - For Nonprofits
    By AMish Mehta

    The Committee of Sponsoring Organizations (COSO) is a joint initiative of five private sector organizations that is dedicated to improving organizational governance through the development of frameworks and guidance on risk management, internal control and fraud deterrence.

  • 12/18/2013
    Fashion Sense: December 2013
    By Harriet Greenberg

    If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.  In This Issue: Perspectives: Healthcare Reform - Are You in Compliance?Source: Friedman LLP Rethinking Enterprise Software to Deliver on the Promise of Product Lifecycle ManagementSource: Computer Generated Solutions Making the right...

  • 12/02/2013
    The New Internal Control Framework
    By Michael Cohen

    The Committee of Sponsoring Organizations (COSO) is a joint initiative of five private sector organizations that is dedicated to improving organizational governance...

  • 11/25/2013
    Increasing Challenges to Tax-Exempt Status of Nonprofits
    By Audrey Sherrick

    According to the IRS, tens of thousands of nonprofit organizations have their tax-exempt status revoked every year.

  • 11/22/2013
    Fashion Sense: November 2013
    By Harriet Greenberg

    In This Issue: Five Financial Lessons from Retirees (Harriet quoted!)Source: Fox Business News Sales Tax: Two for the Price of OneSource: Friedman LLP Low Rates Spur More Borrowing to Get Deals DoneSource: Wall Street Journal, CFO Journal Michael Kors: Building a Brand, or Cashing in on a Fad?Source: Sourcing Journal Walmart Commits to Reshoring, Will...

  • 11/12/2013
    Cash Balance Plans: A perfect fit for seasoned professionals in the services industry
    By James Williams

    In many instances, professionals in the early years of developing their practices will delay putting funds aside for retirement.

  • 11/07/2013
    Sales Tax: Two for the Price of One
    By Tom Corrie

    Normally, if a transaction is subject to sales tax, the tax is imposed upon the price charged the retail customer with respect to the sale of taxable tangible personal property or the provision of taxable services.

  • 11/07/2013
    Nexus? But I Never Set Foot There!
    By Alan Goldenberg

    With state governments facing sharp declines in tax revenue and increases in fiscal spending, more and more states are searching for additional revenue streams.

  • 11/07/2013
    Making the right entity choice in today's tax environment

    From a tax perspective, pass-through structures — such as limited liability companies (LLCs), S corporations and partnerships — have been the preferred business entity choice in recent years.

  • 11/07/2013
    The AMT: Treacherous waters are waiting to trap you

    or years, like a worn-out record, Congress repeatedly went through the motions of temporarily patching the alternative minimum tax (AMT), with the goal of limiting the number of taxpayers who were liable to pay it.