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  • 12/15/2016
    Friedman Completes Its Transition Plan

    Friedman LLP is pleased to announce that effective January 1, 2017, its Co-Managing Partners Fred Berk and Harriet Greenberg will run the day-to-day operations of the firm. After 35 years as Managing Partner and Chief Executive Officer, Bruce Madnick will become Chief Executive Officer Emeritus. He will continue to be...

  • 12/14/2016
    How new CPAs can build a book of business

    Building strong, genuine relationships is one of the best ways to drive business.

  • 12/13/2016
    Changes in 2017 to W-2 and Form 1099-MISC Reporting Requirements

    As part of the Protecting Americans from Tax Hikes Act of 2015 (PATH), the deadline for filing Forms W-2, W-3, and Form 1099 MISC reporting nonemployee compensation will be accelerated to January 31st following the calendar year to which the returns relate. Note that this IRS deadline is one month...

  • 12/13/2016
    Ask the CPA
    By Kimberly Iaconelli, CPA, MT, Senior Tax Manager

    Q: Tax professionals are often asked by their clients, "What is a Crummey letter and how does it work?"

  • 12/13/2016
    Financial Quarterback 11/26/2016

    With the end of the year approaching, there are still many last minute tax moves that can be done in preparation for tax season. Partner and Tax Practice Leader Bob Charron, was featured in a segment of the Financial Quarterback on WOR discussing tax tips and planning for the 2017...

  • 12/12/2016
    Tax Tips

    These brief tips cover how the IRS has made it easier for taxpayers to obtain an extension for retirement plan rollovers, ways to protect taxpayers from charity scams and how to make a partial disposition election for disposed property. Late rollover relief just got easier It’s possible to withdraw funds from an...

  • 12/12/2016
    Breaking Barriers: Client Success Stories

    Taxpayer Granted "Real Estate Professional Status" under Audit Reconsideration

  • 12/12/2016
    Business Tax? But I’m Unincorporated!
    By Alan Goldenberg, JD, MBA, LL.M

    Businesses are often surprised to learn of the New York City Unincorporated Business Tax (UBT), an entity-level tax imposed on unincorporated businesses operating within the City. Many businesses presume that as pass-through entities, such as limited liability companies, taxes are never due by the entity. Rather, the tax liabilities are...

  • 12/12/2016
    The Top Tax Cases Of 2016: Year In Review
    By Vidya Kauri, Law360

    As Seen in Law360

  • 12/08/2016
    What to Know Before Giving and Accepting Money From Relatives

    Before gifting or receiving money from loved ones, consider these questions.

  • 12/08/2016
    Many Happier Returns?
    By Claude Solnik

    Excerpt from LIBN Featuring Michael Greenwald, MPPM, CPA Benjamin Franklin is revered for his sayings including in “this world nothing can be said to be certain, except death and taxes.” Although no-one is sure exactly what Donald Trump, House Speaker Paul Ryan and a Republican-controlled Congress will do, most expect dramatic change to...

  • 12/08/2016
    Friedman LLP the Highest Ranked Accounting Firm in Crain’s Best Places to Work in New York City

    Friedman LLP is proud to be the Highest Ranked Accounting Firm in Crain’s Best Places to Work in New York City. The survey and recognition program identifies and recognizes New York City’s best employers throughout a wide array of industries. To see the full list, click here....

  • 12/07/2016
    From There to Here – Sales Tax and Economic Nexus in an On-line World
    By Tom Corrie, JD, LLM, Principal

    Defining the Issue It is no secret that the annual growth rate of internet retail sales is far outpacing the yearly hike in sales generated by standard “bricks and mortar” retail establishments. A recent study tabbed United States on-line retail sales at approximately $350 billion for 2015 and predicted that number...

  • 12/02/2016
    The Last Word: 'Know your clients' concerns before they do'

    “Every day I do work that I truly enjoy. I am the luckiest person in the world!” Harriet Greenberg, Co-Managing Partner and leader of the Fashion, Diamond and Jewelry practices, was featured in the Journal of Accountancy sharing insights with the young generation of CPAs on how to grow their...

  • 12/02/2016
    Tax Smart Strategies for Investors as 2016 Nears its End

    With the stock market surging to new highs, many investors will end the year with capital gains, which means a heftier tax bill come April. For tax smart investors, though, higher payments don’t have to be a foregone conclusion if they engage in strategies before Dec. 31. Senior tax manager...

  • 12/02/2016
    How Trump Could Shake Up Real Estate Finance

    With many of president-elect Donald Trump’s proposed economic policies, many changes are underway. His plans could especially transform real estate finance. Partner and Corporate and Business Tax Practice Leader, Michael Greenwald was quoted in the Real Deal discussing how Trump’s tax proposals could impact the real estate industry. To read...

  • 11/29/2016
    DOL’s Overtime Rule Blocked by U.S. District Court

    Just over a week before the U.S. Department of Labor’s (DOL’s) new overtime rule was scheduled to go into effect, a federal judge blocked it. The rule was set to make dramatic changes to the determination of which executive, administrative and professional employees are entitled to overtime pay under the...

  • 11/28/2016
    Transit Oriented Developments (TOD) growing in the metropolitan area
    By Michael Stoler, The Stoler Report

    Transit Oriented Development (TOD) is rapidly sweeping the nation, especially in the tri-state area, with the creation of exciting and desirable places to live, work, shop, and dine, as well as affording recreational and cultural activities. TOD, as defined by the Transit Oriented Development Institute, is an exciting and fast growing...

  • 11/28/2016
    Compliance Considerations for 403(b) Plans
    By Marie DeCicco, CPA, Principal

    Since the reporting requirements for 403(b) plans changed in 2009, our audits have uncovered certain common deficiencies. In this article, we will take a look at these deficiencies, the questions your organization should be asking, and compliance areas you should be aware of. Make Sure You Know What The Reporting Requirements...

  • 11/28/2016
    Thomas Miranda Chosen as one of LIBN’s 40 Under 40 Honorees

    Congratulations to Senior Audit Manager Thomas Miranda for being honored in Long Island Business News’ 19th Annual 40 Under 40 Awards Program. This award program recognizes outstanding members of the business community on Long Island who are 40 or under and have already begun to distinguish themselves in business, government,...

  • 11/23/2016
    Navigating the risks of individual accountability for corporate wrongdoing

    As Seen in Compliance Week Individuals who serve on the boards of directors and officers of corporations and non-profit institutions face a new and frightening reality: They may no longer be insulated by the corporate structure against personal liability for an organization’s wrongdoing. This new reality dawned just over a year ago,...

  • 11/22/2016
    For Real Estate and Construction Owners, Time to Start Thinking About The Future
    By David P. McKelvey, CPA, PFS, Partner

    Running a business in real estate and construction rarely corresponds neatly with the calendar. Shifts in seasons, economic conditions, and even policy decisions affect business profitability and what an owner needs to consider as they plan ahead. With the end of the year around the corner and tax season ahead, we...

  • 11/21/2016
    Ask the CPA
    By Brian Duffy, CPA, CFF

    Q: What is a “forensic accountant” and when might one be needed?

  • 11/17/2016
    Partnership Audit Pushout May Be ‘All or Nothing’ Affair
    By Laura Davison

    As Seen in Bloomberg BNA All the investors may need to be on board if a partnership wants to “push out” to its partners the responsibility to pay tax after an audit, an Internal Revenue Service official said. Within the agency “there are some who think it is all or nothing,” Drita Tonuzi,...

  • 11/17/2016
    How to Preserve Family-Run Real Estate Companies

    These third- and fourth-generation-led real estate companies shared the challenges and benefits of working with family members to run successful businesses.

  • 11/16/2016
    Ways for Real Estate Investors to Reduce Taxes

    There are numerous ways for property investors to shrink their tax bill. In an article published by The Real Deal, co-managing partner Fred Berk commented on complex way that developers may use to turn income into capital gains, while partner Kim Dula discussed using valuation discounts as an estate planning...

  • 11/16/2016
    People on the Move

    Philadelphia Principal, Marie DeCicco was featured in the Philadelphia Enquirer’s People on the Move section on her recent promotion. To read, click here....

  • 11/15/2016
    Friedman Ranked 3rd Among Large Firms in Accounting Today’s Best Firms to Work For

    Friedman LLP is pleased to announce that the firm has been ranked 3rd in large firms in Accounting Today’s Best Firms to Work For. The annual survey and awards program, which is conducted in partnership with Best Companies Group, is designed to identify, recognize and honor the best employers in...

  • 11/15/2016
    Susanne Spinell-Shuster Awarded as Centers of Influence Honoree

    Susanne Spinell-Shuster was honored as one of Philadelphia's top advisors at SmartCEO's 2016 Centers of Influence Awards, which took place on Oct. 27, 2016 at Union Trust. The Centers of Influence Awards program honors the leadership, innovation, impact and success of the Philadelphia region’s most enterprising accountants, attorneys, bankers and...

  • 11/15/2016
    Controlled Foreign Corp. Rules Could Deter Joint Ventures

    As Seen in Law360 New Treasury regulations aimed at curbing the use of certain partnership transactions with respect to U.S. property held by controlled foreign corporations are not crystal clear on when the transactions will be deemed as possible tax avoidance measures and could discourage joint ventures between large multinational groups,...

  • 11/15/2016
    For Real Estate and Construction Owners, It Is Time to Start Thinking About the Future

    With the end of the year around the corner and tax season ahead, we recommend that those who have founded or built a successful real estate or construction business create (or review) their estate and succession planning. In particular, there are three major issues to consider: Planning for now, for...

  • 11/15/2016
    Chuck Shechtman Named SmartCEO 2016 Circle of Excellence Award Winner

    Philadelphia Managing Partner Chuck Shechtman was honored to win the SmartCEO 2016 Circle of Excellence Award in the Professional Services—Medium/Large Category. The event celebrated Philadelphia’s most accomplished business leaders for their industry impact and market leadership. A celebration was held on November 9, 2016 at Vie to honor the 2016...

  • 11/07/2016
    Ask the CPA
    By Russell Gordon, CPA, CVA, Partner

    Q: What is your business worth?

  • 11/07/2016
    Who's Who in Accounting

    As seen in Long Island Business News John Bono, CPA is a partner at Friedman LLP in Uniondale. Bono has more than 20 years of experience in public and private accounting and performs a variety of tax services for a range of clients in various industries including commercial and residential real estate, engineering,...

  • 11/03/2016
    Tax Guide 2016-2017

    To help you make the most of the tax-saving opportunities available to you, we’re pleased to introduce our online Tax Planning Guide. It offers a wide variety of strategies for minimizing your taxes. The guide covers: Tax Planning Basics Investing Real Estate Business & Executive Comp Family & Education Charitable Giving Retirement Estate Planning You’ll want to familiarize yourself...

  • 11/02/2016
    5 Concerns Philly Business Leaders Have About the 2016 Election

    A week out, local business leaders weigh in on possible changes to the tax code.

  • 11/01/2016
    New York Times Analysis of Trump’s Tax Position

    Mike Greenwald gave his take to Forbes on the complexity of evaluating Trump’s tax history based on information provided in the New York Times’ October analysis. Read the full article here....

  • 10/28/2016
    Client Alert: IRS Announces 2017 Limits Affecting Qualified Plan
    By David Waddington, CPA, Partner

    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"). Illustrated below are the differences from last year to this year. If you have any questions about this alert, please contact David Waddington at...

  • 10/26/2016
    5 Key Governance Practices for Nonprofits
    By Audrey J. Sherrick, CPA Partner

    Amid mounting concerns over cybersecurity, social media scrutiny and reputational risk, it is crucial that not-for-profit organizations (“NFP’s”) have good governance practices documented and in place. Good governance consists of a framework of rules and practices to ensure accountability, transparency, and ethical conduct. Governance and risk management policies and procedures can...

  • 10/24/2016
    If I Knew Then…

    “In developing the internal structure in terms of managing our accounting practice, one of the things that myself and the other people who had started the office realized was that suddenly we needed to worry more than just about being good accountants. We also needed to be really good at...

  • 10/24/2016
    Friedman Named Among the Best Places to Work Across Regions in 2016

    Friedman is pleased to announce that the firm has been named among the best places to work across regions where we operate as well as across the accounting industry. These awards include: Crain’s Best Places to Work in New York City Accounting Today Best Accounting Firms to Work For NJBIZ Best Places to...

  • 10/20/2016
    New IRS Regulations Change the Landscape for Partnerships
    By Michael Greenwald, MPPM, CPA, Partner

    The IRS appears to be trying to advance as many pending regulatory projects as possible before the election. The new partnership audit rules are not out yet but they are expected by year end. In the meantime, following closely on the heels of the final debt/equity regulations, the IRS has...

  • 10/18/2016
    All You Need to Know About Mandatory Withdrawals From Retirement Funds
    By Carol Musanti, Pension Administrator

    Most of us are years away from having to seriously consider withdrawing funds from retirement savings to finance our “golden years”. However, for many baby boomers that time is now. As retirement approaches, it is important to remember that at age 70-1/2, you are required to begin taking required minimum...

  • 10/14/2016
    Breaking Barriers: Client Success Stories

    Hotel Sales Tax Exemption for Foreign Missions

  • 10/14/2016
    New Jersey Increases Gas Tax, Eliminates Estate Tax
    By Michael Greenwald, MPPM, CPA, Partner

    The State of New Jersey, home of low gas taxes, is increasing that tax to fund the state’s Transportation Trust Fund. As a trade-off, the estate tax is being phased out. But, that’s not the whole story. What is changing: The tax on gasoline sold in the state is increasing by 23...

  • 10/11/2016
    SmartCEO’s Centers of Influence Awards Honoring A CEO’s Top Advisors

    Susanne Spinell-Shuster was featured in the Philadelphia Smart CEO magazine on her recent award for SmartCEO’s Centers of Influence. Susanne discusses assisting her clients in building profitability and continuity and acting as a relationship “connector” for her clients and her firm. To read the full feature. click here. ...

  • 10/11/2016
    What Every Creditor Should Know About Preference Actions in Bankruptcy

    The Bankruptcy Code permits a trustee (or a debtor in possession) to demand that a creditor return to a debtor certain payments made before the debtor filed for bankruptcy. Friedman director Karl Knechtel's article on defense strategies for creditors receiving preference claims was published in the Sourcing Journal. To read...

  • 10/10/2016
    Year-end tips for reducing NIIT

    As 2016 winds down, it’s time for many people to begin thinking about taxes. One tax you may want to focus on is the net investment income tax (NIIT). This tax adds 3.8% to individual income tax rates. Here are several year-end planning strategies to consider that can reduce or...

  • 10/10/2016
    Is it time to revisit the research credit?

    If your business hasn’t been claiming the research credit (often referred to as the “research and development,” “R&D” or “research and experimentation” credit), now may be a good time to revisit this valuable tax break. Last year’s Protecting Americans from Tax Hikes (PATH) Act made the credit permanent after 34...