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  • 09/29/2017
    Download Tax Reform White Paper Now!

    As Washington takes up the mantle of tax reform, Friedman LLP proudly releases a timely study featuring insights gleaned from a broad-based web survey of more than 480 business leaders on their reactions to proposed tax changes.  This exclusive report, developed by Friedman, breaks down the survey results into 6 key...

  • 09/29/2017
    Emerging Trends in Residential Rental Apartments: The Advent of the Lifestyle Building
    By Michael Stoler, The Stoler Report

    An influx of new co-living and residential shared housing rental apartments throughout the metropolitan area are transforming the marketplace. This influx is in response to a desire among city dwellers to cultivate an all-inclusive in-house experience that champions community building and optimizes efficiency in tight living quarters. This issue of...

  • 09/29/2017
    New Jersey Bulk Sales Rules: For the Protection of Buyers and the State
    By Alan Goldenberg, JD, MBA, LL.M

    States are often concerned that sellers of assets, particularly those from out-of-state, will disappear with the sales proceeds without satisfying their state tax obligations. To prevent this, many states require the filing of a bulk sales notice with the taxing authority notifying it of the pending sale. This allows the...

  • 09/29/2017
    Reverse 1031 Exchanges: Stay Within the Safe Harbor or Be Prepared for Uncharted Waters
    By Andrew Cohen, JD, LL.M

    Key Takeaways from the Bartell Case

  • 09/27/2017
    Essential Guidance for Navigating Impactful Disaster Relief Assistance Opportunities

    Knowing your options for providing assistance is the first step toward making a big impact on communities that have been devastated by disaster. Even the most seasoned donors or nonprofits can fall victim to opportunistic entities that divert funds from charitable causes to pad their own pockets. In the wake...

  • 09/25/2017
    VIDEO: Succession Planning

    Don't Wait Until it's Too Late

  • 09/06/2017
    Protect Your Company Against High Credit Risk Customers:

    5 Must-Know Tips for C-Suite Personnel and Shareholders

  • 08/29/2017
    The Future of Charitable Giving, Part II
    By Sarah Avery, CPA, Director

    Incorporating donor-advised funds and other giving vehicles in your fundraising toolkit

  • 08/23/2017
    Tax Tips: Home Sale Exclusion and Tax-Free IRA for Kids

    These brief tips discuss how the IRS now views the unexpected birth of a child an "unforeseen circumstance" when it applies to the home sale exclusion and also explains how children can take advantage of a tax-free Roth IRA. Home sale exclusion: Unexpected birth is “unforeseen circumstance” The unexpected birth of a...

  • 08/23/2017
    Cash vs. Accrual: Are You Using the Right Accounting Method?

    Which accounting method should your business be using for tax purposes? Many business owners are surprised to learn that they have a choice. True, certain businesses are required to use the accrual method, but you’d be surprised how many businesses are eligible for the cash method. If you have the...

  • 08/23/2017
    What’s New in Tax Reform?
    By Michael J. Greenwald, MPPM, CPA, Partner

    With the last major tax overhaul taking place more than thirty years ago, it’s time to modernize the tax code so it works for businesses and individuals in the 21st Century. However, the tax code is complex and reform is a tricky subject for Congress — the slightest change is...

  • 08/23/2017
    For Surviving Spouses: It’s Not Too Late to Elect Portability
    By Scott Testa CPA, JD, Partner 

    If you missed the filing deadline to elect portability and increase your federal gift and estate tax exclusion, there's still time. A recent Internal Revenue Services (“IRS”) Revenue Procedure, Rev. Proc. 2017-34, provides a simplified, less expensive way to get an extension, make the election and reap substantial tax savings. This...

  • 08/07/2017
    The Future of Charitable Giving:
    By Audrey Sherrick, CPA, Partner

    A Pulse Check on Tax Reform Proposals

  • 08/01/2017
    What You Need to Know - ASU 2017-11
    By Christopher Smith, CPA, Partner

    The Financial Accounting Standards Board (“FASB”) recently announced an important Accounting Standards Update that affects all entities that issue equity-linked financial instruments with “down round” features. The Update simplifies the accounting for financial instruments with these features. What is a Down Round? A “down round” is a financing in which a company...

  • 06/28/2017
    10 Key Considerations in Selecting the Right Third Party Logistics Supplier

    In today’s retail environment, speed to market is critical. Fashion products have short lifecycles, as the consumer demand of millennial shoppers is rapidly changing. Companies must focus on methods for keeping up with customer service, yet still control costs. Outsourcing the supply chain management to a third party logistics supplier...

  • 06/27/2017
    Capacity Building: Is Your Organization Ready?
    By Sylvia Mazur, Audit Manager

    “Capacity building” is a broad term which is in vogue among non-profit organizations. In a nutshell, capacity building refers to any effort to improve an organization by implementing internal strategies that will enhance the organization’s effectiveness and take it to the next level. These strategies encompass development of leadership/staff, strategic...

  • 06/26/2017
    Tax Tips

    These brief tips explain why it’s important to obtain a contemporaneous written acknowledgment when substantiating a charitable deduction; detail a court case involving the mortgage interest deduction; and cover why a cash balance plan may be the answer for business owners who have fallen behind on retirement plan contributions. Charitable deductions:...

  • 06/26/2017
    You can’t take it with you

    Making the most of tax carryovers

  • 06/26/2017
    What Is This Thing Called “Use Tax”?
    By Tom Corrie, JD, LLM, Principal

    Perhaps one of the most misunderstood areas in the state and local tax field is that of “use tax.” Most people comprehend the concept of sales tax— that when taxable property or a taxable service is purchased, forty-five of the fifty states impose a tax upon the retail sale of...

  • 06/26/2017
    Business Traveling Tax Wisely
    By Liz McGrath, International Tax Director 

    Did you know that employers can deduct employees’ travel expenses, including amounts for meals and lodging, if both the employer and the employee carefully follow the tax rules? Conversely, if the rules are not followed, the expenses will be taxable to the employee and fully subject to FICA and payroll...

  • 06/21/2017
    Dealer vs. Investor: What Factors Are Considered and Why It Matters
    By Andrew Cohen, JD LL.M

    When real property is sold for a gain or loss, an important question to ask is whether the seller is a dealer or investor in real property. The ultimate resolution of the dealer versus investor question has significant tax implications given the current differences between the capital gain and ordinary...

  • 06/21/2017
    Meeting the Housing Needs of the Aging Baby Boomer Population
    By Michael Stoler, The Stoler Report

    Baby boomers, those born between 1946 and 1965, have brought both challenges and opportunities to the U.S. economy, infrastructure, and institutions as they have passed through each major stage of life. According to The Population Reference Bureau, the current growth of the population ages 65 and older is one of...

  • 06/21/2017
    Unintended Consequences of Trump Tax Proposal
    By Michael Lawrence, Tax Manager

    Throughout the contentious 2016 presidential race, then-candidate Donald Trump promised an overhaul of the United States tax system. He articulated a streamlined tax code with fewer income tax brackets, reduced rates, and a purge of several taxes altogether. At first glance, these campaign pledges seem to promise a boon to...

  • 06/08/2017
    Webinar Recording | Tax Reform in the Trump Era

    Concerned how tax proposals may impact you and your business? Learn how other business leaders would react to tax reform and get prepared for the changing landscape ahead! This timely webinar presented by Friedman LLP features insights gleaned from our recent survey examining business leaders' reactions to various tax proposals. During...

  • 05/25/2017
    A Year After OMB Uniform Guidance Implementation: What We Learned
    By Marie DeCicco, CPA, Principal

    It’s a year after implementation of the Uniform Guidance, which was effective for all federal awards provided after December 26, 2014, and we have now completed the initial cycle of single audits under the new guidance. The experience and knowledge gained will help as we prepare and plan for upcoming...

  • 05/24/2017
    Decoding State Tax Nexus for Foreign Companies
    By Alan Goldenberg, JD, MBA, LLM

    In order for a state to legally impose its taxes upon an out-of-state entity, nexus – a connection between the income producing company and the state – must exist. Nexus laws, which may vary from state to state, can be particularly troublesome for foreign companies who often overlook these complex...

  • 05/24/2017
    Sales and Use Tax when Purchasing Art
    By Tom Corrie, JD, LLM, Principal

    Sales and use tax considerations can be quite complex, and when applied to the purchase of high-end art, these taxes can add up to a hefty sum. During the course of our everyday practice, our clients regularly ask us to address tax issues regarding the purchase and sale of artwork....

  • 05/24/2017
    Proposed Tax Reform Creates Decisive Willingness to Adjust Structure Among Businesses, According to Survey
    By Jo Anna M. Fellon, CPA, Principal and Brian Kristiansen, CPA, Partner

    In May, as the last of the cherry blossoms fall in our nation’s capital, Congress will begin its final session before recessing in early August and retreating to the open waters of Nantucket Sound. Charting much of their course this summer— while eliciting serious discussion and debate among senior business...

  • 05/18/2017
    Survey Finds Businesses with Online Sales May Not Be Prepared for States’ Broader Interpretations of Nexus Rules
    By Tom Corrie, JD, LLM, Principal

    The demise of many of the larger traditional “bricks and mortar” retailers, coupled with the remarkable growth of mega online superstar Amazon, has encouraged many budding retail entrepreneurs to consider following an online sales format when establishing their business models. While the online model is still highly viable in many...

  • 05/12/2017
    Survey Says: Mixed Reaction to International Tax Reforms, Impact Remains Uncertain
    By Ryan Dudley, CPA, CA, CTA, MIT, Partner

    As President Trump and Congress tackle comprehensive tax reform, one of the most critical and controversial challenges is to effectively enact change on the international tax front. In today’s highly connected, information driven economy, the U.S.’s existing international tax rules are antiquated and generally uncompetitive by global standards, and these rules...

  • 05/03/2017
    Survey Reveals Businesses Using Independent Contractors May be at Risk for Taxes and Penalties
    By David Shuster, JD, LLM

    Clients frequently ask, "What are my chances of being audited?” The answer varies by taxpayer type (business or individual), income level, and positions taken on returns, among many other factors. One thing clients can be sure of, however, is that the overall likelihood of an IRS audit is down more...

  • 04/25/2017
    UBIT: What Your Organization Should Know
    By Michael F. Sutter, CPA, Partner

    Most organizations exempt from tax under Internal Revenue Code (“IRC”) Section 501(a), including charitable, religious, scientific, and other organizations described in IRC Section 501(c), may be subject to tax on unrelated business income (UBIT), depending on the nature of the activities producing that income. It is important for an organization...

  • 04/25/2017
    Timing Compensation in a Changing Tax Climate

    All eyes on Sec. 409A

  • 04/25/2017
    Tax Tips

    Standard mileage rates can lead to inaccurate reimbursements

  • 04/19/2017
    Retail Checklist: 10 Keys to Survive in the Rapidly Changing Environment
    By Michael Sacco, CPA, Partner

    The recent demise of many familiar retailers has signaled the end of an era for retail as we know it. Though the retail sector is not going away anytime soon, the old model is changing, and changing fast. It is evident that the retail industry is in need of a...

  • 04/18/2017
    What Is Considered a “Business”— and Why Does it Matter?
    By Christopher Smith, CPA, Partner

    The change to the Financial Accounting Standards Board’s (FASB) definition of a business, made earlier this year in an Accounting Standards Update (ASU),* will likely lead to more acquisitions being accounted for as asset acquisitions rather than business combinations. This is significant, since the definition of a business affects many...

  • 04/18/2017
    Majority of Businesses Would Offer the Same or More Health Benefits if ACA Repealed, Survey Finds
    By Michael Greenwald, MPPM, CPA, Partner

    A recent survey* of business leaders conducted by Friedman LLP, showed some counterintuitive results when it came to the proposed repeal of the Affordable Care Act (“ACA”). A majority of respondents who were subject to the employer mandate of the ACA indicated they would offer either the same level of health...

  • 04/12/2017
    Survey Finds Business Leaders Favor Sweeping Tax Reform Proposals
    By Kim Dula, CPA, Partner and Dave McKelvey, CPA, Partner

    With Some Hesitancy Towards International Proposals

  • 04/04/2017
    Five Tips to Choosing a Financial Expert
    By Danielle C. Bellomo, CPA/ABV

    Choosing the right financial expert can be the most important decision an attorney makes. A financial expert can have a significant impact on a case and could potentially determine settlement or trial outcomes.  When it comes to selecting an expert, the attorney must evaluate the competence and experience of the...

  • 04/01/2017
    Special Tax Reform Series

    Insights from Survey of Business Leaders on Their Views of Proposed Tax Changes

  • 03/31/2017
    The Rehabilitation Tax Credit – What Developers Need to Know
    By Stuart A. Katz, CPA MST

    Many developers of real estate projects involving the rehabilitation of older buildings or historic structures may be overlooking a valuable federal income tax credit that could help defray some of the costs of construction by offering tax credits to the investors. What is the rehabilitation tax credit and which buildings qualify? The...

  • 03/31/2017
    The Rise of Alternative Lending in Commercial Real Estate
    By Michael Stoler, The Stoler Report

    Since the great recession of 2008, commercial banks, insurance companies and other traditional lenders for commercial real estate have become much more conservative in their underwriting of financing for commercial real estate.  Banks, the traditional source of construction financing, have recoiled from lending under the impact of regulations including Tier...

  • 03/31/2017
    Why the IRS Hates Bottom Dollar Guarantees and What It’s Doing About It
    By Michael J. Greenwald, MPPM, CPA, Partner

    Bottom dollar. It conjures up images of orphans dancing across the stage in “Annie” or characters from a Damon Runyon novel. And also of bottom dollar guarantees – perhaps the last way to obtain basis in real estate and partnerships without real exposure to economic loss. The IRS believes that...

  • 03/31/2017
    The Top Five Ways Nonprofits Can Increase Millennial Involvement
    By Matthew Blank, Business Development Officer

    Every nonprofit board in America has had a conversation similar to this at least once: -Board Member #1 – “We have to get more young people involved in our organization.” -Board Member #2 – “I agree; their money is important to our future.” -Board Member #3 – “My neighbor is a millennial and...

  • 02/23/2017
    Understanding the Differences between Lobbying, Grassroots Lobbying, and Advocacy
    By Sarah Avery, Director, CPA

    The current political climate has landed tax advisors in an unpleasant quandary, forcing them to be the bearer of both good and bad news. The good news is most taxpayers are expected to benefit from the current administration’s plans to lower tax rates. The bad news, for tax-exempt, 501(c)(3), charitable...

  • 02/21/2017
    Foreign Companies: Federal Tax Treaties and State Tax Obligations
    By Alan Goldenberg, JD, MBA, LL.M.

    For many foreign companies expanding their business operations into the United States, the focus of their tax planning usually centers on the federal income tax laws. While doing business in the U.S. can be a substantial boon, many of these companies express concern about the current 35% federal corporate tax...

  • 02/21/2017
    A Truly Laden Cross to Bear: The Crushing Tax Burdens of New York

    It comes as no surprise to New Yorkers that year after year, numerous tax studies conclude that they face some of the highest tax burdens in the United States. Multiple reports released in 2016 found that on a regular basis almost 13% of a New York City resident’s income is...

  • 02/21/2017
    Tax Tips: Avoiding Tax Scams, Using Charitable Trust for College Expenses

    These brief tips cover scams to be aware of during tax season, how to check your IRS account online and the benefits of using a charitable trust to cover college expenses. Watch out for tax scams With tax season in full swing, criminals posing as IRS officials are stepping up their efforts...

  • 02/21/2017
    VIDEO: Navigating Difficult Decisions

    Tax Partner, Kim Dula discusses the psychological and emotional aspects of transitioning the family business. ...

  • 02/07/2017
    Key Issues to Consider When Negotiating a Licensing Deal
    By Michael Sacco, CPA, Partner

    Brand licensing in the fashion industry is a trend that continues to rise - with both brand owners and licensees benefiting from intensified consumer demand of top brands, specifically social media-savvy brands that are connecting with teenagers and millennials. Licensing has opened the doors for companies to expand their brands into...