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.
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...
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?
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.
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.
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...
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.
It’s not very often that state taxing officials present taxpayers with bona fide refund opportunities.
The 3.8% net investment income tax (NIIT), which went into effect in 2013 under the Affordable Care Act, continues to create confusion.
Affluent families looking for ways to reduce their gift and estate tax exposure should consider private annuities.
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.
The IRS has expanded its Fast Track Settlement (FTS) program to small businesses and self-employed individuals.
GuideStar, a public charity that provides unbiased information about nonprofits, is one of the nation's most visible advocates for advancing nonprofit transparency.
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.
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...
It is January, a time when leading economists provide their predictions for the next twelve months.
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.
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.
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.
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"...
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.
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.
Heads up to those who have outstanding New York tax liabilities; the state is getting tougher than ever in pursuing collection of these funds.
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”).
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?
Is your business entitled to a post-DOMA tax refund?
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.
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...
The Committee of Sponsoring Organizations (COSO) is a joint initiative of five private sector organizations that is dedicated to improving organizational governance...
According to the IRS, tens of thousands of nonprofit organizations have their tax-exempt status revoked every year.
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...
In many instances, professionals in the early years of developing their practices will delay putting funds aside for retirement.
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.
With state governments facing sharp declines in tax revenue and increases in fiscal spending, more and more states are searching for additional revenue streams.
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.
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.
Now that lawmakers have made high gift and estate tax exemptions “permanent,” you may feel less pressure to make lifetime gifts to reduce the size of your taxable estate.
Watch out for unscrupulous payroll providers
Litigation in the wake of corporate frauds is keeping the in pari delicto defense in the news - and its critics apoplectic.
The practice of philanthropy has played an enormous role in the building and promoting of education, religion, social welfare, the arts and charitable institutions.
Real estate rental activities are considered passive activities for all taxpayers except qualifying real estate professionals.
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: Pay or play: are you ready for the new health care rules?Source: Friedman LLP Whose Brand is it Anyway? Ensuring Tour Brand is Paramount in a BPO...
Under accounting principles generally accepted in the United States of America (U.S. GAAP), financial statements are prepared under the presumption that the reporting entity will be able to continue as a going concern.
Earlier this year, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-06, "Not-for-Profit Entities (Topic 958)...
As you begin to prepare for the end of 2013, there are many things that are on your mind. One is most likely the upcoming healthcare reform due to the Affordable Care Act.
Although The Department of Labor (DOL) published final regulations on January 14, 2010 (and effective on that date) providing "safe harbor" rules governing timely deposit of employee 401(k) contributions...
Every taxpayer at one time or another will get some type of correspondence from the IRS, but many are unaware of the proper steps to take in responding to it.
A recent ruling issued by the New York State Department of Taxation and Finance (the “Department”) provides some interesting guidance...
Beginning on Jan. 1, 2015, the health care act requires “large” employers to either: 1) provide “minimum essential” health care coverage to full-time employees