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    • 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.

    • 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...