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  • 07/20/2015
    Real Estate Investors Flocking to Israel to Finance Commercial Investments
    By Michael Stoler

    Hundreds of real estate owners and developers are traveling to Tel Aviv, Israel to meet with investment bankers that source capital. The mission is to launch a bond that will be traded on the Tel Aviv Stock Exchange (TASE) to raise funds for US real estate projects.

  • 07/20/2015
    The Tricks and Traps of Using Qualified Personal Residence Trusts (QPRTs)
    By Scott Testa

    With real estate values on the rise, now may be a good time to transfer your treasured family home to a Qualified Personal Residence Trust (QPRT).  While using QPRTs can help reduce estate taxes, the ins and outs are complex. Here’s a guide to help answer some of the questions that may arise.

  • 07/20/2015
    South Jersey Biz Names Justin Van Fleet '20 Under 40'

    South Jersey Biz recognizes Friedman LLP partner, Justin Van Fleet, on the ’20 under 40’ professionals list. Since joining Friedman more than 10 years ago, Justin Van Fleet has served clients in a variety of industries including manufacturing, telecommunications and technology. He continues to play an integral role in building the...

  • 07/14/2015
    Neil Levine Honored with 2015 Sid Levy Memorial Volunteer of the Year Award

    Neil Levine, a partner with Friedman LLP, received the 2015 Sid Levy Memorial Volunteer of the Year Award.

  • 07/13/2015
    The 2016 Challenge You Can Prepare For: Affordable Care Act Reporting
    By Michael J. Greenwald, MPPM, CPA, Partner

    Dr. Seuss once said that “sometimes the questions are complicated and the answers are simple.” Well, he clearly did not have the employer shared responsibility provisions of the Patient Protection and Affordable Care Act (”ACA”) in mind.

  • 07/13/2015
    Why Are New Yorkers playing the 'Audit Lottery' when it comes to Commercial Rent Tax?
    By Thomas Corrie, JD, LLM, Principal

    New York City Commercial Rent Tax (“CRT”) certainly has a habit of sneaking up on people. In fact, many professionals and non-professionals simply do not know it exists – that is until an audit notice comes their way.

  • 07/13/2015
    Nonqualified options

    The tax treatment of nonqualified stock options (NSOs) is quite simple. Unfortunately, filling out the IRS forms can be complicated — especially since recent rule changes went into effect. Here are four things you should know about NSOs.

  • 07/13/2015
    Should you treat a partner as an employee?

    In today’s competitive environment, offering employees an equity interest in your business can be a powerful tool for attracting, retaining and motivating quality talent. If your business is organized as a partnership, however, there are some tax traps you should avoid.

  • 07/13/2015
    Understanding the pros and cons of a SCIN

    Many estate planning techniques minimize or even eliminate gift and estate taxes when transferring assets to family members. Sometimes, the most powerful techniques will also have a significant drawback: mortality risk. A person must outlive the trust’s term to realize the benefits. Thus, a self-canceling installment note (SCIN) may be appropriate for anyone in poor health who isn’t expecting to reach his or her actuarial life expectancy.

  • 07/13/2015
    Tax Tips

    Until recently, investors had to report details about capital gains and losses on IRS Form 8949. For heavy traders, this potentially meant a lot of work. In 2013, the IRS quietly changed the rules, although many people remain unaware of the change.

  • 07/08/2015
    Danielle Dvorak and Peter Motsch selected for NJ CPA magazine's "30 under 30"

    Tax Senior, Danielle Dvorak, and Senior Auditor, Peter Motsch, were selected for New Jersey CPA magazine’s “30 under 30” list for her continued success in professional accomplishments, NJCPA involvement and community service. Please join us in congratulating them on this recognition and spotlight.Read the full magazine feature by clicking here....

  • 07/06/2015
    Tax implications of SCOTUS same-sex marriage decision

    The U.S. Supreme Court's decision in Obergefell v. Hodges ruled that same-sex couples have a constitutional right to marry, effectively making same-sex marriage legal in all 50 states. The decision has numerous implications for the tax, estate and retirement planning of same-sex couples and will also affect some employers in states that had not previously recognized same-sex marriage. This alert provides a brief overview of the decision and an introduction to the various tax implications.

  • 07/06/2015
    How Forensic Accountants Become 'Dollar Detectives'

    If you’re involved in litigation that has to do with numbers, get a forensic accountant on your side. Forensic accounting is a career with an increasing demand across the nation. Scott Maier, partner in our forensic accounting practice, sits down with the Long Island Business News to discuss why forensic accountants are ‘dollar detectives.’

  • 07/01/2015
    BEPS implementation in the US - Now comes the hard part

    Do the hard yards still lie ahead for the OECD base erosion and profit shifting (BEPS) project? BEPS implementation relies on engagement from key jurisdictions, including the US; but when it comes to getting key jurisdictions on board, it may be harder than expected. Friedman LLP partner, Ryan Dudley, wrote an article on the topic that was featured in the International Tax Review.

  • 06/30/2015
    Joining Friedman's Alumni Network

    Friedman is creating an alumni network to help alums reconnect with former colleagues, share knowledge, and access valuable resources.  To join, please click here to provide your contact information.  We look forward to reconnecting with you!

  • 06/29/2015
    Fashion Sense - June 2015

    If you have any questions about the contents of this issue, please e-mail Co-Managing Partner of Friedman LLP and Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.   In This Issue: Help! What is New York's "Convenience of the Employer" Rule All About?Source: Friedman LLP  Martha Stewart's Media Empire Sold for Fraction...

  • 06/29/2015
    What Divorced Retirees Should Know About Social Security

    If you are divorced and retired, you may be leaving money on the table when it comes to Social Security. Friedman LLP partner, Michael Greenwald, was recently quoted in an article on the topic published in The Street. Read the full article on TheStreet.com....

  • 06/29/2015
    Serious Implications from the Supreme Court's ACA Decision

    The Supreme Court’s ACA decision may mean a significant increase in reporting requirements. Accounting Today and Friedman LLP partner, Michael Greenwald, discuss how this decision will impact the accounting world in a recent article. Read the full article on AccountingToday.com. ...

  • 06/29/2015
    Step-by-Step Compliance: Get Your Not-for-Profit Retirement Plans in Check
    By Amish Mehta

    When it comes to not-for-profit organizations and their retirement plans, enterprise-wide governance and internal controls are critical considerations for senior executives. The ultimate goal is to create and administer retirement plans that offer employees viable savings opportunities and that comply with Internal Revenue Service and Department of Labor regulations. What factors should be considered as you strive to achieve that goal?

  • 06/25/2015
    Social Security Tips for Divorced Retirees, Partner Michael Greenwald Quoted in The Street

    Divorced retirees should be aware of some very important tips around Social Security and claiming benefits. In a recently published article in The Street, Michael Greenwald, partner and leader of Friedman LLP’s corporate and business tax practice, shares insight around money divorcees may be leaving on the table when it comes...

  • 06/16/2015
    Partner Ryan Dudley Featured in Treasury Insider Q&A

    Ryan Dudley, partner with Friedman LLP’s International Tax practice, was featured in an exclusive interview with Treasury Insider. Dudley shares important insight on BEPS reporting measures in his Q&A with the publication. Click here to read the full article....

  • 06/11/2015
    Friedman LLP Named SmartCEO's 2015 Firm of the Year

    SmartCEO’s CPA & ESQ Awards honor the region’s most enterprising accountants and attorneys for their leadership, accomplishment, innovation and success. Friedman LLP took home two awards. Bruce Madnick, CEO of Friedman LLP, accepted the Firm of the Year Award on behalf of the entire firm. Michael Saccomanno, CPA and Partner, received the Industry Practice award for his continued success and contributions in the forensic accounting and consulting space. Visit the SmartCEO site to learn more.

  • 05/29/2015
    Fashion Sense - May 2015

    If you have any questions about the contents of this issue, please e-mail Co-Managing Partner of Friedman LLP and Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.  

  • 05/29/2015
    Challenges of Reporting Net Assets in Appropriate Classifications
    By Audrey Sherrick

    One of the more difficult reporting issues facing not-for-profit organizations is the classification of net assets between unrestricted, temporarily restricted, and permanently restricted categories.  These categories are based on the existence or absence of donor-imposed restrictions, and are defined in the accounting standards under FASB ASC 958-210-20.  Readers rely on these classifications to determine what assets have external purpose or time restrictions or to put it simply, what assets are spoken for and what assets are available for use.  While this net asset reporting model has been around for quite some time, challenging classification issues and reporting pitfalls still exist. 

  • 05/21/2015
    May 29 Deadline Nears for BE-10 Filing for 10% or More Ownership of Foreign Business Interests

    Every five years the U.S. Bureau of Economic Analysis ("BEA"), a bureau within the Department of Commerce, requires U.S. persons with foreign affiliates to file Form BE-10. In the past, these forms were sent to those persons most likely to have such interests, typically large corporations. For 2015, there has...

  • 05/20/2015
    Supreme Court Rules Maryland Tax Law Unconstitutional

    How will this impact your jurisdiction?

  • 05/18/2015
    Defined Benefit Plans Versus Defined Contribution Plans
    By Michael G. Ibrahim, FSPA, FCA, MAAA, EA, Director

    Retirement plans may be categorized as either defined benefit or defined contribution plans.  The so-called hybrid plans, such as cash balance plans, contain characteristics of both plans but fall under the defined benefit plan category.  The characteristics of each type of plan as well as the pros and cons of...

  • 05/14/2015
    Help! What is New York's "Convenience of the Employer" Rule All About?
    By Tom Corrie

    The sourcing of wages has become a major concern for non-resident employees of New York businesses given the number of them now seeking to telecommute at least on a part-time basis. New York’s “convenience of the employer” rule (the “Rule”) is targeted directly at such situations, and can operate as a trap for the unwary in many cases.

  • 05/14/2015
    State Tax Issues Caused By Federal Tax Audits
    By Alan Goldenberg

    For most businesses, the likelihood of being audited by the Internal Revenue Service (IRS) is less than 2%, but ask those who have been through one and the response is always the same – it is a long, gut-wrenching process, no matter how good your records are.

  • 05/14/2015
    Roth or traditional: Which is better?

    Roth IRAs allow you to withdraw contributions and earnings tax-free, if you meet certain requirements, so it’s no surprise that their popularity has soared in recent years. But don’t write off traditional IRAs and 401(k) accounts just yet. Under certain circumstances, traditional accounts may generate more retirement income than their Roth counterparts.

  • 05/14/2015
    How you can avoid a huge tax trap

    As you plan your estate, don’t overlook the generation-skipping transfer (GST) tax. Despite a generous, $5.43 million GST exemption, complexities surrounding its allocation create several tax traps for the unwary.

  • 05/14/2015
    The IRS is watching ...

    It’s an age-old conundrum: determining whether a worker is an employee or an independent contractor. While it might seem like a simple question, it’s not. And the IRS is hot on the heels of any contractor who doesn’t understand the difference.

  • 05/11/2015
    Co-working Office Space Growing by Leaps and Bounds
    By Michael Stoler

     

  • 05/11/2015
    International Investment in the U.S. Commercial Real Estate Market
    By Michael Stoler

    The U.S. commercial real estate property market has been expanding since 2010 following the recession, and it’s safe to say that the market has officially returned.  The combination of the positive fundamentals in the U.S. commercial real estate market coupled with foreign investors’ interest in investing their capital in the...

  • 05/11/2015
    Real Property Dealer v. Investor: An Overview
    By Andrew Cohen, JD, LL.M

    A taxpayer’s activities and intentions when purchasing and selling real property are important in determining whether that taxpayer is a dealer or investor in real property. This distinction is relevant, since it determines the tax treatment of the gain on the sale of real property. If the taxpayer is a...

  • 05/05/2015
    Friedman LLP Named Sixth Best Place to Work by NJBIZ

    Friedman LLP ranks as the sixth "Best Place to Work in New Jersey", by New Jersey-based weekly business journal NJBIZ. Companies from across the state competed in a two-part process to determine the 100 Best Places to Work in New Jersey for 2015. Representatives from Friedman LLP learned about the firm's ranking among the state's large companies, those companies with 250 employees or more, during an awards ceremony on April 30th at the Hilton East Brunswick The awards are primarily based on survey feedback from our employees and cited Friedman's Employee Development, Social Events and Business Development Training as key areas where we stood out among our competitors.  

  • 04/29/2015
    Fashion Sense - April 2015

    If you have any questions about the contents of this issue, please e-mail Co-Managing Partner of Friedman LLP and Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.     In This Issue: Friedman LLP Australian Client Blundstone Launches Fall 2015 Collection & Collaboration with Ducati ScramblerSource: Friedman LLP Partner David McKelvey to...

  • 04/13/2015
    Partner Michael Greenwald Featured on Fox 5 News

    Partner Michael Greenwald was recently featured on Fox 5 News discussing the pitfalls of leaving money on the table during tax season and safeguarding against unclaimed funds. ...

  • 03/25/2015
    OMB Revisions Governing the Management and Audit of Federal Programs
    By Amish Mehta

    OMB Circular A-133 requires higher education and nonprofit institutions that expend a specific threshold of federal funds to annually undergo a detailed, organization-wide audit that complies with the criteria established under its provisions.  The Office of Management & Budget (OMB) has revised OMB Circular A-133 in the Federal Register entitled "Uniform...

  • 03/24/2015
    Real Estate Transfer Taxes in New York
    By Alan Goldenberg

    Real estate transfer tax is a tax imposed by states, counties and municipalities for the privilege of transferring real property within a jurisdiction. The tax is sometimes referred to as real estate conveyance tax, mortgage transfer tax or documentary stamp tax, among other terms.

  • 03/23/2015
    Fashion Sense - March 2015
    By Harriet Greenberg

    If you have any questions about the contents of this issue, please e-mail Co-Managing Partner of Friedman LLP and Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.    In This Issue: Global Economic Outlook and Strategy Source: Citi Jewelers in India Jump Online for $22 Billion E-Commerce Pie Source: Business of Fashion Op-Ed:...

  • 03/08/2015
    Susanne Spinell-Shuster Addresses Women's Group for International Women's Day 2015

    Susanne Spinell-Shuster was honored to address the Women of the Macquarie Group for International Women's Day 2015. She discussed how we must commit to incorporating the "Pledge to Parity" within both our professional and personal lives. Friedman LLP, embraces and supports gender balanced leadership and provides opportunities for women to achieve...

  • 03/04/2015
    Audrey J. Sherrick named SJ BIZ Women to Watch

    Audrey Sherrick, a Friedman LLP partner with over 30 years of experience in public accounting, was recently named one of SJ BIZ Women to Watch. This years 25 Women to Watch in South Jersey, includes leaders in philanthropy, finance, marketing, health care and beyond, all whom have their own unique success stories,...

  • 02/28/2015
    A Summary of New Jersey Sales Tax Exemptions Available to Exempt Non-Governmental Entities
    By Andrew Cohen, J.D., LL.M

    In a previous article in the Non-Profit Advisor (see Tax Exempt Organizations: Don't Forget About New York State Sales Tax), the author reviewed the rules regarding New York State sales tax. Because these rules "are" so complex...

  • 02/23/2015
    Fashion Sense - February 2015
    By Harriet Greenberg

    If you have any questions about the contents of this issue, please e-mail Co-Managing Partner of Friedman LLP and Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.     In This Issue: Friedman LLP Names Harriet Greenberg and Frederick Berk Co-Managing Partners Source: Friedman LLP    Retailers Facing $7 Billion Pricetag Over West Coast Port...

  • 02/19/2015
    February 2015: Pension Insights
    By Carol Musanti, Pension Administrator

    A 401(k) plan permits employees to contribute (an “elective deferral”) and invest funds under a company-sponsored plan before federal incomes taxes are deducted. Like all qualified retirement plans, 401(k) plans cannot discriminate in favor of highly compensated employees. In order to prove that it is not discriminatory, a 401(k) plan...

  • 02/16/2015
    401(k) Employer Contribution Safe Harbor Options
    By Carol Musanti, Pension Administrator

    A 401(k) plan permits employees to contribute (an “elective deferral”) and invest funds under a company-sponsored plan before federal incomes taxes are deducted.  Like all qualified retirement plans, 401(k) plans cannot discriminate in favor of highly compensated employees. In order to prove that it is not discriminatory, a 401(k) plan...

  • 01/28/2015
    Challenges Faced By Private Foundations Today
    By Kimberly Dula

    As the world continues to get smaller and as more and more taxpayers want to see the instant benefit that their charitable giving provides, private foundations are faced with some unique challenges.  Traditional giving to qualifying charities continues to be the norm; however, grants to foreign charitable organizations and scholarship giving...

  • 01/21/2015
    Real Estate Leaders are Once Again Bullish for the New Year
    By Michael Stoler

    As we enter the New Year, real estate and business leaders, as well as economists, are asked to provide their prediction for the next 12 months. This is indeed a difficult task especially when many unexpected events took place in 2014.