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  • 01/21/2015
    Fashion Sense - January 2015

    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: Bitcoins: The Reality of Taxing Virtual Reality Source: Friedman LLP Tax Matters NYS Sales Tax Laws are Far Reaching When it Comes to Responsible Persons Source: Friedman LLP...

  • 01/08/2015
    Bitcoins: The Reality of Taxing Virtual Reality
    By Alan Goldenberg

    Anyone craving emerging technology has surely seen the enormous interest generated by and surrounding Bitcoins. In just five years the little-known virtual currency has gone from being worth pennies to thousands of dollars apiece. And many speculators have been cashing in on them.

  • 01/08/2015
    NYS Sales Tax Laws Are Far Reaching When It Comes to Responsible Persons
    By Andrew Cohen

    Most investors feel confident investing in a Limited Liability Company (“LLC”) because they are, for the most part, free from liabilities. This confidence stems from the LLC laws which explicitly state that a member of an LLC cannot be held personally liable for the LLC’s obligations solely based on their status as a member. Yet, in a recent case, In The Matter of The Petitions of Eugene Boissiere and Jason Krystal, decided by the New York State Division of Tax Appeals, two members of an LLC were held responsible to pay for a portion of assessed sales tax that was not remitted by the LLC to the State even though they were just minor investors in the LLC.

  • 01/07/2015
    Friedman LLP Names Harriet Greenberg and Frederick Berk Co-Managing Partners

    Friedman LLP, a regional accounting, tax and advisory firm, announced today that Harriet Greenberg and Frederick Berk have been appointed as the firm’s co-managing partners. Bruce Madnick, who served as Friedman’s managing partner for over 25 years, has been appointed chief executive officer. Jeff Agranoff has also been named chief operating officer. In addition, the firm announced today the naming of four new partners.

  • 12/18/2014
    Tax Alert: Businesses, Individuals Benefit From Latest Tax Relief Extender Law

    On Dec. 16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which the House had passed on Dec. 3. TIPA is the latest "extender" package, a stopgap measure that retroactively extends through Dec. 31, 2014, certain tax relief provisions that expired at the end of 2013. It was drafted after the collapse of negotiations over a bill that would have made some of the provisions permanent, while extending others for two years.

  • 12/18/2014
    Fashion Sense - December 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:   Tax Tips: November/December 2014  Source: Friedman LLP   Women in Business Q&A: Harriet Greenberg, Partner at Friedman LLP  Source: Huffington Post Consumer Spending Gains Steam, Boosted by Lower Gas Prices  Source: Daily Finance    Snap...

  • 12/01/2014
    Eric Tunis Joins Friedman LLP as Partner

    Friedman LLP is pleased to announce that Eric Tunis has joined the firm as a Partner in the Diamond and Jewelry Group. He will work out of the New York City office.

  • 11/25/2014
    Governance by Design
    By Sylvia Mazur

    This past October, the Friedman LLP team was a first-time sponsor at the 2014 BoardSource Leadership Forum (BLF) held in Washington, D.C. The annual two-day conference was attended by BLF members from around the United States, which included nonprofits' board members, chief executives, staff and professionals. BoardSource's mission is dedicated to the advancement of the public good by building exceptional nonprofit boards who will aspire to quality board service.

  • 11/25/2014
    Friedman in the News: November 2014

    In the news: The Wall Street Journal- Bob Charron quoted regarding assets of inherited IRAs and whether they can be shielded from taxes in bankruptcy; the article was also published in the Weekend Investor section of the October 18 print edition. The Wall Street Journal - Kevin Hyams quoted regarding COSO implementation. Politico Pro...

  • 11/20/2014
    Fashion Sense: November 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:   It's not business, it's personal Source: Friedman LLP How Crowdfunding Is Changing the Fashion Business Source: Entrepreneur    When Fashion Sponsorship Works Source: Business of Fashion Target...

  • 11/17/2014
    Satisfying the Compliance Requirements for a Plan to Maintain its Tax-Qualified Status
    By James Williams

    All members of a controlled group are treated as a single employer and the plan must satisfy the following compliance requirements for a plan to maintain its tax-qualified status.

  • 11/17/2014
    Controlled Groups' Effect on Retirement Plans for Family Owned Businesses
    By James T. Williams

    Most business owners make the decision to start up a retirement plan for a specific company and employees in mind. When establishing this plan, owners should be aware of the effects being part of a controlled group of trades or businesses can have on the company. Joint ownership in other business ventures must also be taken into consideration to ensure the retirement plan is compliant with Internal Revenue Service and Department of Labor regulations, as well as addresses minimum coverage, nondiscrimination and plan documentation requirements.

  • 11/10/2014
    Staten Island and the Bronx: Undergoing Major Developments
    By Michael Stoler

    New York City’s first discount outlet center,the world’s tallest observation wheel, the first new shopping mall built in New York City in the past 40 years, and a 750,000 square-foot building that will house nine ice skating rinks, are just a few of the commercial developments taking place in the boroughs of Staten Island and the Bronx.

  • 11/10/2014
    The Lottery of Finding an Affordable Apartment in New York City
    By Michael Stoler

    The City of New York’s recently issued Housing New York: A Five Borough, Ten-Year Plan reported that New York City’s shortage of affordable housing has reached a crisis point. Most New Yorkers now have limited options for housing and have to spend an unacceptably high share of their income just...

  • 11/10/2014
    An Overview on New York State Real Property Tax Credits Available to Business Entities
    By Andrew Cohen

    Tax credits are valuable to taxpayers as they provide dollar- for- dollar reductions in taxes which in turn can generate large tax savings and often cash back. New York State has enacted several real property tax credits that affect commercial properties which warrant consideration.

  • 11/05/2014
    Second Homes In New York May Have Severe Tax Consequences
    By Alan Goldenberg

    The New York State and New York City tax laws have numerous traps for unwary nonresidents. To avoid one of the biggest tax hazards, nonresidents owning or renting homes within New York must be aware of the applicable residency tests and what records they should maintain to avoid a dual residency determination. Nonresidents of New York State are only taxed on income earned in or sourced to the state. New York City only taxes city residents. However, if a nonresident is not attentive to the residency tests, the tax consequences can have New York State, and possibly New York City, seeking to impose tax on all income, including interest, dividends, and capital gains, regardless of its source.

  • 11/05/2014
    Commercial Rent Tax – Did You Know?
    By Tom Corrie

    As a state and local tax practitioner located in New York City, one of the questions I hear most often from potential clients is "What is Commercial Rent Tax?" Usually, that inquiry is immediately followed by the exclamation "I didn’t even know such a tax existed!" After I start explaining the nature of the Commercial Rent Tax ("the CRT") to them, they generally find it difficult to believe that New York City (the "City") imposes a tax on the very expensive rent already being paid by them. Guess what, it does!

  • 11/05/2014
    It’s not business, it’s personal

    Parties to merger and acquisition (M&A) transactions involving closely held corporations may enjoy certain tax benefits if they can allocate a portion of the purchase price to individual shareholders’ personal goodwill. Although the IRS doesn’t much like personal goodwill, a recent Tax Court case (see the sidebar "Personal goodwill is alive and well") confirms that it remains a viable tax-planning tool under the right circumstances.

  • 11/05/2014
    Why substantiating your charitable gifts is so important

    The United States tax code recognizes the need for qualified organizations to reach out to taxpayers to help fund their nonprofit activities. And in return, these patrons receive the right to deduct such charitable gifts on their tax returns.

  • 11/05/2014
    International estate planning: Handle with care

    If you or your spouse is a non-U.S. citizen, different rules apply to your estate plan. One misstep can lead to unpleasant tax surprises, so make sure you understand the differences.

  • 11/05/2014
    Tax Tips: November/December 2014

    As tax season approaches, be on the alert for tax fraud. Every year, the IRS publishes its list of "Dirty Dozen" tax scams. Here are two of the most common:

  • 10/30/2014
    Fashion Sense: October 2014

    In This Issue:   Client Alert: IRS Announces 2015 Limits Affecting Qualified Plans Source: Friedman LLP   Los Angeles Port Congestion Threatens Retailers' Holiday Shipments Source: Sourcing Journal   Weakness abroad, volatile rumblings at home Source: Wilmington Trust   In a time when lending is tight, alternatives abound (Harriet Interviewed)  Source: National Jeweler   Industry Focus Finance: The Opportunities and Challenges of International Sales Source:...

  • 10/29/2014
    Client Alert: IRS Announces 2015 Limits Affecting Qualified Plans
    By David Waddington

    Each year, the IRS announces tax inflation adjustments for the following year.  The tax inflation adjustments are based on changes to the Consumer Price Index ("CPI").  The tax inflation adjustments for 2015 were released by the IRS on October 23, 2014. The highlights of changes to key pension contribution, compensation and benefit limits...

  • 10/22/2014
    Accounting and Disclosures for Planned Gifts
    By Sarah Avery

    Recent issues of the Nonprofit Advisor have focused on developing a planned giving program (see October 2013 and July 2014). Implementing a planned giving program in-house or by using outsourced providers is considered a best practice and essential to accomplishing your organization's charitable mission.

  • 10/09/2014
    Karl Knechtel Joins Friedman as Director in Corporate Recovery Group

    Karl Knechtel has joined Friedman LLP's New York office as a Director in the Corporate Recovery Group as of September 29.

  • 10/06/2014
    Friedman in the News: October 2014

    Press Mentions and Announcements:   Wall Street Journal, Dow Jones Newswire and Law360 : Partner Ryan Dudley was interviewed and quoted in several publications on the OECD's recommendations for base erosion and profit sharing.    Marketplace, LA Times , International Business Times : Ryan was also interviewed by several top publications on proposed Treasury rule changes.   Operation...

  • 10/01/2014
    The Devil's in the Details

    Public companies are increasingly using social media outlets, such as Facebook, LinkedIn and Twitter, to make important announcements. But these relatively new communication channels raise questions about compliance with Regulation FD, the SEC's "fair disclosure" regulation.

  • 09/29/2014
    New York Nonprofit Revitalization Act: Implementation Tips from The Charities Bureau
    By Amish Mehta

    Earlier this month, the New York State Society of CPAs' Not-for-Profit Organizations Committee hosted a presentation and webinar on The Charities Bureau and the New York Nonprofit Revitalization Act (the "Act") during which James G. Sheehan, Chief of the Charities Bureau, explained the reasons behind the Act, as well as best practices for implementation. The Charities Bureau, run out of Attorney General Eric Schneiderman's office, provides regulation, guidance and support to the over 80,000 registered nonprofit organizations throughout New York State.

  • 09/29/2014
    Senior Tax Manager Jo Anna M. Fellon Named a NJBIZ "Forty Under 40"

    Friedman LLP is pleased to announce that Jo Anna M. Fellon, senior tax manager out of the firm's East Hanover office, has been named a NJBIZ "Forty Under 40".

  • 09/23/2014
    Tax Alert: New Jersey Offers Tax Resolution For Individuals and Businesses

    On September 17, 2014, the New Jersey Division of Taxation announced a limited tax initiative for individuals and businesses who have unpaid New Jersey tax liabilities. The years covered under the program are tax periods 2005 through 2013.

  • 09/17/2014
    Fashion Sense: September 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: Sales Tax Laws Still Struggling to Keep Up Source: Friedman LLP   Kohl's (KSS) Launches Juicy Couture  Source: Zacks   Sears Turns to Its Chief for a Loan Source: Dealbook   Startup lets consumers reserve fashion...

  • 09/15/2014
    Sales Tax Laws Still Struggling to Keep Up
    By Alan Goldenberg

    In recent years, the big sales tax topic has been the emergence of the so-called "Amazon" laws, whereby an out-of-state Internet retailer who has a "click-through" arrangement with a local vendor must collect sales tax in that state, even if it has no physical presence there.

  • 09/15/2014
    Unclaimed Property - What You Don't Know Can Hurt You
    By Tom Corrie

    Often, when I am meeting with clients, I will bring up the subject of "unclaimed property." Many respond by saying that they don’t have any. Still others really haven’t a clue about the subject, and don’t appear overly interested in discussing it. My experience has been that just about all companies have unclaimed property. In the world of unclaimed property, such companies are referred to as "holders."

  • 09/15/2014
    Shifting Gears: Tax Law Changes Turn Estate Planning on its Head

    Recent tax law changes demand new approaches to estate planning. For many taxpayers, traditional strategies, which focus on minimizing estate taxes, may no longer be relevant. In fact, they may result in unnecessary income taxes.

  • 09/15/2014
    Can You Defer Taxes on Advance Payments?

    Many businesses receive payment in advance for goods and services. Examples include magazine subscriptions, long-term supply contracts, organization memberships, computer software licenses and gift cards.

  • 09/15/2014
    How to Protect Your Retirement Future in an Up-and-Down Economy

    To ensure your retirement nest egg doesn’t crack, it’s critical to abide by several retirement plan fundamentals — especially in today’s uncertain economy. Doing so can mean the difference between a comfortable retirement and a retirement filled with regrets.

  • 09/15/2014
    Tax Tips

    According to the Treasury Inspector General for Tax Administration (an IRS watchdog), there’s a big discrepancy between deductions claimed by ex-spouses paying alimony and the alimony income reported by recipients. Generally, alimony is deductible by the payer and taxable to the recipient. But property settlements and child support payments are neither deductible nor includable in income.

  • 08/25/2014
    Tax Alert: Changes to the Metropolitan Commuter Transportation Mobility Tax
    By Alan Goldenberg

    Recent amendments to the New York Tax Law have changed the payment and filing due dates of the Metropolitan Commuter Transportation Mobility Tax (MCTMT) for self-employed individuals. Individuals with net earnings from self-employment are required to make estimated MCTMT payments and to file annual MCTMT returns for the tax year. The new MCTMT payment and filing due dates now conform to the personal income tax payment and filing due dates. Effective for tax years beginning on or after January 1, 2015, estimated MCTMT payments are due on April 15, June 15, September 15, and January 15, and annual MCTMT returns must be filed by April 15. It should be noted that the payment and filing due dates for employers have not changed.

  • 08/25/2014
    Enhancing Governance Structure - Interview with Center Against Domestic Violence
    By Amish Mehta

    John L. Miscione, Chairman of the Board of Directors, and Judith Kahan, Chief Executive Officer, spoke to Friedman LLP Partner Amish Mehta about the governance challenges their organization, Center Against Domestic Violence (www.cadvny.org), faces.

  • 08/18/2014
    All Qualified Plan Documents Must Be Restated
    By David Waddington

    If you sponsor a 401(k) or other type of defined contribution retirement plan for your employees and use a "pre-approved" type of plan (i.e., prototype and volume submitter), you will be required to restate the plan within the next two years. Failure to complete this restatement before April 30, 2016...

  • 08/18/2014
    Fashion Sense: August 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:     One Thing States Can Agree on is Sales Tax Source: Friedman LLP   Denim is in Real Danger of Going Out of Style  Source: NBC News   J.C. Penney: Out of Intensive...

  • 08/11/2014
    Friedman in the News - August 2014

    Press Mentions and Announcements: CCTV: Partner Harriet Greenberg appeared in a segment about the effects of the financial crisis on Generation X. Huffington Post: Harriet also contributed to an article on Juicy Couture's comeback The Stoler Report: Partner Fred Berk was a guest on the latest episode of The Stoler Report, and spoke...

  • 08/04/2014
    It's Finally Here: The New Revenue Recognition Standard
    By Justin Van Fleet

    On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued its standard on revenue recognition, No. 2014-09, "Revenue from Contracts with Customers". The new standard will ultimately affect all industries, some more significantly than others, by establishing a single comprehensive model that will eventually exist in the FASB's Accounting Standard Codification Topic 606. The standard, among other things, is expected to remove inconsistencies in current revenue requirements, improve comparability across entities and industries and provide more useful information to users of financial statements.

  • 07/31/2014
    Kenneth Gibbons Joins Friedman LLP as a New Principal

    Kenneth Gibbons has joined Friedman LLP's East Hanover office as a Principal.

  • 07/24/2014
    Seven Action Steps That Will Transform Your Nonprofit Organization
    By Bob Evans

    It was a very good year, Frank Sinatra once crooned. And after seeing how charitable giving increased in 2013, those of us concerned about strengthening nonprofits and propelling more philanthropy should be singing, too. The Giving USA annual report on philanthropy - released last month by the Giving Institute and Indiana University's Lilly School of Philanthropy - showed that total giving grew by 4.4 percent in 2013, reaching $335 billion.

  • 07/21/2014
    These prices are insane: How high can the market go?
    By Michael Stoler

    One thing is certain: the current pricing for commercial real estate assets have reached an all-time high. Few real estate leaders who have experienced the ups and downs of recessions and cycles have ever seen these record levels for all forms of real estate properties.  In my conversations with real estate leaders, many are embracing the former television commercial pitch of radio DJ Jerry Carroll, when he represented the Crazy Eddie electronic stores, stating “these prices are insane”. Surprisingly while these prices may be insane, few real estate leaders believe that pricing will drop in the foreseeable future.

  • 07/14/2014
    Public Company Alert: The 2013 COSO Framework & SOX Compliance
    By Kevin Hyams

    The Committee of Sponsoring Organizations of the Treadway Commission ("COSO") issued its new Internal Control - Integrated Framework in May 2013, updating the original Internal Control - Integrated Framework first published in 1992. The 2013 COSO Framework ("COSO 2013") sets forth the requirements for an effective system of internal control.

  • 07/09/2014
    Tax Tips: July/August 2014

    Generally, withdrawals from a traditional IRA are taxable, but there’s an exception for “rollovers.” You can withdraw IRA funds tax-free, so long as you reinvest them in the same or another IRA within 60 days. You’re allowed one such rollover in any one-year period.

  • 07/09/2014
    Buying or selling a business? Here’s what you need to know to get the best deal

    Thinking of buying a company? Good for you! But be sure you know what you’re getting into. For example, you’ll need to research a number of business and financial issues as well as certain legal issues. And, of course, there are numerous tax issues that you simply can’t ignore. Here are just a few.