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Publications

  • 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.

  • 11/07/2013
    Don't stop giving: Lifetime gifts remain a smart estate planning strategy

    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.

  • 11/07/2013
    Tax Tips: November/December 2013

    Watch out for unscrupulous payroll providers

  • 11/04/2013
    Why Continuing Attacks On In Pari Delicto Will Fail
    By Andrew Morris

    Litigation in the wake of corporate frauds is keeping the in pari delicto defense in the news - and its critics apoplectic.

  • 10/24/2013
    Planned Giving: An Introduction
    By Sarah Avery

    The practice of philanthropy has played an enormous role in the building and promoting of education, religion, social welfare, the arts and charitable institutions.

  • 10/16/2013
    Want to qualify as a real estate professional? Substantiate now
    By Andrew Cohen

    Real estate rental activities are considered passive activities for all taxpayers except qualifying real estate professionals.

  • 10/16/2013
    Fashion Sense - October 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: 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...

  • 10/08/2013
    Going Concern Presumption
    By Bruce Fisher

    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.

  • 09/30/2013
    Services Received from Personnel of an Affiliate
    By Amish Mehta

    Earlier this year, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-06, "Not-for-Profit Entities (Topic 958)...

  • 09/17/2013
    Fashion Sense - September 2013
    By Harriet Greenberg

    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.

  • 09/13/2013
    "Safe Harbor" and Deposit of Employee 401(k) Contributions
    By David Waddington

    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...

  • 09/06/2013
    Received a Letter from the IRS, Now What?
    By Alan Goldenberg

    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.

  • 09/06/2013
    Just How Close Can You Get?
    By Tom Corrie

    A recent ruling issued by the New York State Department of Taxation and Finance (the “Department”) provides some interesting guidance...

  • 09/06/2013
    Play or pay: Are you ready for the new health care rules?

    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