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  • 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...

  • 10/10/2016
    Major Presidential Candidates: What Are Their Tax Proposals?
    By Robert Charron, CPA and Andrew Cohen, JD, LL.M

    Our next president may have the opportunity to enact significant federal tax reform. This begs the question: How do Donald Trump and Hillary Clinton differ on proposed tax changes? Not surprisingly, the differences are significant, particularly as to who would benefit, who would be harmed, and the effect on our...

  • 10/10/2016
    Statutory Residency – The Whys and Wherefores
    By Tom Corrie, JD, LLM, Principal

    The scenario is generally the same. I receive a call from a taxpayer who has just been informed by the New York State Department of Taxation and Finance (the “Department”) that they have been selected to undergo a personal income tax audit. The individual is commonly a non-resident of New...

  • 10/10/2016
    Professional Profiles: David McKelvey

    As seen in New York Real Estate Journal Name: David McKelvey Title: Tax Partner- Long Island Tax Group Leader Company: Friedman LLP Location: 50 Charles Lindbergh Blvd., Suite 510, Uniondale, NY 11553 Birthplace: Keene, NH Education: Western Connecticut State University First Job Outside of Real Estate: Always in public accounting servicing real estate companies First Job in...

  • 10/10/2016
    IRS Rules Largely End Use of Leverage in Partnership Deals

    As seen in Bloomberg BNA The Internal Revenue Service released three pieces of guidance for partnerships, addressing disguised sales and allocation of liabilities that ease off some previously proposed provisions and introduce new restrictions on leveraged partnership transactions. The new rules take a multi-faceted approach, with final regulations addressing some of the accepted provisions and withdrawing and reproposing...

  • 10/10/2016
    Ask the CPA
    By Mark A. Nicastro, CPA, MST, Partner

    Q: Is there any way to exclude minimum distributions (RMD) income?

  • 10/07/2016
    The 2016 Election Looms Near

    How local business leaders are reacting to proposed tax changes

  • 10/07/2016
    John J. O’Donnell Joins Friedman as Partner

    John J. O’Donnell recently joined Friedman as a partner in the Forensic Accounting, Litigation Support & Valuation Services (FLVS) group. He was featured in Accounting Today, Inside Public Accounting and Philly Biz on joining the firm....

  • 10/03/2016
    New Lease Standard - Guidelines for Implementation
    By Justin Van Fleet, CPA, Partner

    The Financial Accounting Standards Board’s (FASB) much anticipated standard on lease accounting (Leases – ASC 842) was finally issued on February 25, 2016. It’s now time to prepare to implement the new rules, which will take effect for public companies for fiscal years beginning after December 15, 2018. Although it...

  • 09/30/2016
    Friedman LLP Named One of Crain’s Best Places to Work in New York City

    Friedman LLP is proud to be named one of 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. For more information on this award, click here....

  • 09/27/2016
    Preference Actions in Bankruptcy: Defense Strategies for Creditors
    By Karl Knechtel, CPA, CFF, CIRA, Director

    In a previous article on reclamation claims, we discussed the options available to creditors to maximize recoveries on unpaid claims resulting from the number of high-profile retailers recently filing for bankruptcy protection. As a creditor, just when you thought nothing can be worse than receiving little to nothing on your...

  • 09/27/2016
    Friedman LLP Ranked Top 20 Largest Accounting Firms in New York by Crain’s

    Friedman LLP is proud to have ranked among the top 20 accounting firms in the New York area by Crain’s for the 16th consecutive year. Crain’s New York ranks the 30 largest accounting firms in the New York City area by the number of professionals in practice areas including audit...

  • 09/27/2016
    Cash Flows to Accountants
    By Gerald Schifman 

    Excerpt from Crain's New York Business- September 26, 2016 Crain's top 20 accounting firms enjoyed substantial growth last year. The firms collectively topped $31 billion in revenue--2.9% greater than in 2014--and their total professional employment rose by 17.7% to nearly 45,000 positions.  Real estate has been a catalyst... New York deals are always notable for...

  • 09/27/2016
    New Financial Reporting Rules for Nonprofits
    By Amish Mehta, CPA

    In August of 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-14, “Presentation of Financial Statements of Not-for-Profit Entities (Topic 958)”. The issuance of this update represents the most significant change to not-for-profit financial statement reporting rules since 1993, when the FASB issued Financial Accounting...

  • 09/23/2016
    Tax Bill Scams: How to Protect Yourself

    The IRS issued an alert yesterday warning taxpayers about a new scam involving emails sent to taxpayers with a fraudulent form attached requesting payment of a non-existent tax liability. Fake Tax Bill Emails: What you need to know Scammers are sending a fraudulent version of CP2000 notices for tax year 2015. The scam...

  • 09/20/2016
    5 Tax Code Changes That Multinational Businesses Want
    By Vidya Kauri

    As Seen in Law 360 U.S. politicians have talked about corporate tax reform for years, and experts say they may finally be spurred to take action following high-profile European investigations that have left companies such as Apple and Starbucks on the hook for billions of dollars collectively in back taxes. Within weeks of the European...

  • 09/16/2016
    Commerce Magazine Best Practices Awards 2016
    By Bruce A. Madnick, CPA, Chief Executive Officer

    As Seen in Commerce Magazine Teamwork and collaboration are essential values to our firm's culture.We operate with an understanding that when we are all working as a team and collaborating for the benefit of the firm, we all have the ability to prosper. Our success is achieved by reaching out to...

  • 09/15/2016
    Friedman LLP has been selected as a 2016 Best Places to Work by the Philadelphia Business Journal

    Friedman LLP is honored to have been selected as one of Philadelphia Business Journal’s Best Places to Work for 2016. Each year, the Business Journal teams with Quantum Workplace to find the very best workplaces in the region. To learn more, click here....

  • 09/15/2016
    Time Savers
    By Bernadette Starzee

    As Seen in Long Island Business News On Dec. 1, about 4.2 million workers who weren’t previously eligible will become entitled to overtime pay. The new rules will primarily affect white-collar workers with modest salaries and the companies that employ them. Affected employers have three months to figure out what strategy they will...

  • 09/15/2016
    Triple Play: What Businesses Must Know About Taxes Before the Election

    With the 2016 election approaching, local businesses should be aware of certain key points when it comes to taxes. Partner and Corporate and Business Tax Practice Leader, Michael Greenwald contributed an article to NJBIZ discussing the three key points he believes businesses should know about in advance of the election....

  • 09/14/2016
    2016 Best of Biz in Actuarial Services

    Friedman LLP is honored to have been selected as South Jersey Biz Best of Biz in Actuarial Services for 2016. South Jersey Biz Best of Biz is comprised of both readers’ and editors’ selections. For more information on this award, click here. ...

  • 09/12/2016
    Financial Quarterback 9-3-16

    Tax planning is vital especially as we approach the end of the year and various deadlines. Partner and tax practice leader Bob Charron was featured in a segment of The Financial Quarterback on WOR 710 AM Radio, discussing tax planning and estate taxes. To listen to the full segment, click...

  • 09/08/2016
    Welcome to Tax Haven, U.S.A.: Apple, Ireland and the American Corporate Tax Giveaway

    Apple’s deal with Ireland to avoid paying the country more than $14 billion includes an offer to provide jobs and the European Union is cracking down on multinational companies to close these tax loopholes. Ryan Dudley was quoted in Salon discussing how the case may lead other multinationals to reevaluate...

  • 09/07/2016
    New Jersey to Withdraw from the Reciprocal Tax Agreement with Pennsylvania
    By Alan Goldenberg, JD, MBA, LLM

    On Friday, September 2, New Jersey Governor Chris Christie announced that a $250 million budget gap has forced him to withdraw from a decades-old agreement that allows New Jersey and Pennsylvania residents who work across state lines to pay income taxes where they live instead of where they work. Under...

  • 09/06/2016
    United Way Event Helps Prepare Children In Need For School Year

    Students in the Philadelphia area are gearing up for back to school but many don’t have the necessary tools to succeed. Marketing manager, Hannah Leese was featured in a news segment on ABC 6 while volunteering for United Way’s Cradles to Crayon’s 10th Annual Ready for School Backpack-a-Thon. The Cradles...

  • 08/30/2016
    Gain A Competitive Edge By Closing The Professional Workforce Gender Gap

    The public accounting industry has historically been male dominated. There has been a shift in the industry with a larger female presence. Lindsay Gaal, Director of Human Resources was featured in CBS Philly discussing recruiting and retaining female talent and the firm’s efforts in developing women within the Friedman network....

  • 08/30/2016
    Who's Who in Women Professional Services

    As seen in Long Island Business News Noelene Sheridan is a tax principal at Friedman LLP in Uniondale. Sheridan has more than 25 years of experience in public accounting. She specializes in providing tax services for commercial and residential real estate owners, high net-worth individuals, trusts and estates. Sheridan has expertise in reviewing...

  • 08/30/2016
    How to Choose a Forensic Accountant
    By Barry S. Sziklay, CPA, ABV, CFF, PFS

    As seen in NJ Law Journal  Excerpted from G. Jack Bologna's Fraud Auditing and Forensic Accounting, the term forensic in the accounting profession indicates the relation and application of financial facts to legal problems. Forensic accounting evidence is oriented to a court of law, whether that court is criminal or civil....

  • 08/29/2016
    Friedman LLP is Honored in New York SmartCEO’s Corporate Culture Awards Program

    Friedman LLP is pleased to be honored as a SmartCEO Corporate Culture Award Winner. The Corporate Culture Awards celebrate 50 companies in Greater New York that have successfully championed a positive, productive and performance-driven culture, and have worked with their employees to develop successful cultural practices. For more information on...

  • 08/24/2016
    FinCEN Expands Real Estate Owner Identification Mandate
    By Alan Goldenberg, JD, MBA, LL.M

    Back in January, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders (GTOs) requiring title insurance companies, subsidiaries and agents to identify the true owners of shell companies that purchase residential real estate in Manhattan for cash exceeding $3 million, and in Miami-Dade County...

  • 08/24/2016
    Shifting Consumer Habits Drive Restaurant Sector to Next Generation of Food Halls
    By Michael Stoler, The Stoler Report

    The economic recovery and shifting consumer habits have driven significant gains in the restaurant sector, aiding in the leasing of retail space around the nation. According to the CBRE research report “Restaurants: Now Serving Retail Growth,” which explores emerging trends in the restaurant sector, restaurants accounted for approximately 15% of...

  • 08/24/2016
    6 Strategies for Challenging an IRS Deficiency Notice

    IRS deficiency notices have the potential to carry errors, leaving taxpayers on the hook for penalties. David Shuster weighed in with Law360 to discuss how to challenge IRS deficiencies and the importance of maintaining thorough documentation to prove a claim. To read the full article, click here....

  • 08/24/2016
    New York Transfer Taxes: A Cautionary Tale
    By

    Alan Goldenberg, JD, MBA, LL.M

    Readers of this publication know that I have written extensively on the New York State Real Estate Transfer Tax (RETT) and the New York City Real Property Transfer Tax (RPTT). For those less avid readers, articles can be found here and here. A recent case winding its way through the New...

  • 08/24/2016
    Breaking Barriers: Client Success Stories

    Navigating the Complexities of NYC Commercial Rent Tax

  • 08/23/2016
    Recent Litigation Affecting Not-for-Profit Pension Plan Fiduciaries

    It was recently reported that the Schlichter Bogard law firm filed lawsuits against NYU, MIT, Yale, Duke, Vanderbilt, Johns Hopkins, Emory and Penn on behalf of numerous participants in retirement plans sponsored by the universities. The suits allege, among other things, that the participants were charged excessive fees. Many similar...

  • 08/10/2016
    New Audit Rule Limits Tax Discharges By Partnerships

    A new rule forcing partnerships to declare they won’t voluntarily file for bankruptcy as a prerequisite for electing a revamped tax audit regime has been implemented by the IRS. Partner and Corporate Tax Practice Leader, Michael Greenwald sat down with Law360 to discuss the IRS’ motivations in this case and...

  • 08/09/2016
    New Proposed Rules Could Significantly Reduce Valuation Discounts for Estate and Gift Tax
    By Scott Testa, CPA, JD, Partner

    On August 2, the IRS issued proposed regulations that impact a powerful and frequently used estate planning tool -- valuation discounts. These discounts typically apply to valuations of family-controlled entities such as closely-held businesses or family limited partnerships, both upon transfer and at death. Under these new rules, valuation discounts...

  • 08/09/2016
    Friedman LLP Ranked as an IPA 100 Firm by INSIDE Public Accounting

    Friedman LLP is proud to once again be honored as an IPA 100 firm by INSIDE Public Accounting for 2016. IPA 100 firms are ranked by U.S. net revenues as well as being analyzed by nearly 550 responses to IPA’s Survey and Analysis of Firms. For more information on IPA...

  • 08/04/2016
    Breaking Barriers: Client Success Stories

    Reconstructing Capital Improvement Records to Drastically Reduce Tax Liability

  • 08/03/2016
    The Work Opportunity Tax Credit: Don’t Overlook as Your Workforce Expands
    By By: Andrew S. Cohen, JD, LL.M

    Do you plan to expand your work force? If so, the Work Opportunity Tax Credit (WOTC) is a federal nonrefundable tax credit that provides an incentive for hiring individuals that have faced certain barriers to employment. The Protecting Americans from Tax Hikes Act (PATH) recently extended the availability of the...

  • 08/03/2016
    Partnerships: Get ready for new audit rules

    For partnerships, including limited liability companies taxed as partnerships, new audit rules are a game changer. The rules apply to returns for partnership tax years that begin after December 31, 2017, including amended returns. The changes aren’t merely procedural; they substantially alter the taxation of partnerships, effectively imposing entity-level taxes...

  • 08/03/2016
    Tax Tips: Capital Gains; Bad Debt; Net, Net Gifts

    This issue’s “Tax Tips” article details why taxpayers should consider giving appreciated stock to their children to minimize capital gains taxes, explains how to deduct bad debt and covers why “net, net gifts” are now a more viable strategy. Shift capital gains to your children Giving appreciated stock or other investments to...

  • 08/02/2016
    SEP, Simple or Traditional Pension Plan: An Employer's Best Option?
    By James T. Williams, Pension Administrator

    When an employer considers establishing a retirement plan for their organization, there are numerous factors to consider. How much will the Company contribute and what will the employee cost be? What is involved in plan administration? Can the employer assume the responsibility for plan administration or should a professional service...

  • 08/02/2016
    Charles Shechtman Selected as a Finalist for the 2016 SmartCEO Philadelphia Circle of Excellence Awards

    Join us in congratulating Philadelphia Managing Partner Charles Shechtman who has been selected as a finalist for Smart CEO’s Philadelphia Circle of Excellence Awards. The Circle of Excellence Awards program recognizes the most accomplished CEOs for business excellence in distinct categories. Finalists are selected based on their industry impact and...

  • 08/01/2016
    G-III’s New Trophy Brand: DKNY Premium

    G-III Apparel Group has recently acquired Donna Karan International in a deal that G-III chairman calls a “transformative event.” Co-Managing partner, Harriet Greenberg sat down with Women’s Wear Daily to discuss the acquisition and to provide insight on the similar trends in the fashion industry. To read the full article,...

  • 07/28/2016
    Tax Alert: Tax Highlights from Pennsylvania’s 2016–2017 Revenue Budget Bill
    By Alan Goldenberg, JD, MBA, LLM

    On July 26, 2016, Pennsylvania’s Department of Revenue (DOR) issued a summary of the recently enacted 2016–2017 budget. Below are highlights of the numerous tax changes. Should you have questions or require additional information regarding this Tax Alert, please contact our State and Local Tax team, Tom Corrie at 212-842-7019...

  • 07/28/2016
    Culture Meets Strategy

    “A happy employee provides good service to clients. At the end of the day, our company culture is the reason for our growth.” CEO Bruce Madnick was featured in a spread in SOLVE Magazine on CEOs, discussing Friedman’s culture and how it helps us achieve our goals. He discusses the...

  • 07/25/2016
    How the DOL Overtime Rules Apply to Nonprofits
    By Sarah Avery, Director

    On May 18, 2016, the Department of Labor (DOL) announced the Overtime Final Rule. Since then, volumes have been written about the ramifications of the final rule, which is effective December 1, 2016. While you may be aware of the new salary thresholds required by the final rule, what you...

  • 07/25/2016
    Ask the CPA
    By Kimberly A. Dula, CPA, Partner

    Q: During the summer months, we find ourselves attending many weddings. What should married couples be looking at in order to ensure that they are okay from a tax perspective?