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  • 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?

  • 07/25/2016
    Small-Cap Industry Experts Commend the Modernized OTC Market and OTCQX Market Tier

    The Companies on the OTCQX are positioning themselves for future excellence by demonstrating their willingness to provide the necessary corporate governance and tone at the top to enhance investor confidence. Partner Neil Levine provided insight to the Huffington Post on how the industry impact of OTC Markets has grown as...

  • 07/21/2016
    5 Tax Policy Developments to Watch in the 2nd Half of 2016

    In the second half of 2016, tax practitioners are anticipating a number of key regulations promised by the IRS affecting partnerships, foreign financial institutions and Native American tribes. Partner and Corporate and Business Tax Practice Leader, Michael Greenwald was quoted in Law360 on tax policy issues to be aware of...

  • 07/18/2016
    Debt-Equity Rules Generate Hottest Tax Talk in Years

    Treasury's proposal to overhaul how intercompany debt is documented and characterized has drawn the most spirited reaction to tax regulations in recent memory, as some lawmakers and business groups try to pare down rules they say would be detrimental. Partner Mike Greenwald provided insight to Bloomberg BNA on tax policy...

  • 07/18/2016
    The Benefits of Outsourcing Your Payroll

    Want to grow your business faster? Start outsourcing your most tedious back-office tasks.

  • 07/18/2016
    The Shift to Online Apparel Sales
    By Harry C. Steinmetz, Partner and Blair Craske, Manager

    What Buyers and Sellers Should Know about Its Impact on Due Diligence

  • 07/18/2016
    I Am Being Audited For Commercial Rent Tax – Will You Help Me?
    By Tom Corrie, JD, LLM, Principal 

    A Common Problem Recently, I received a call from a gentleman who had been doing business in New York City for over 30 years. He had just been contacted by the New York City Department of Finance (the “Department”) about his business’ potential Commercial Rent Tax (“CRT”) obligations. He knew nothing...

  • 07/13/2016
    Friedman Promotes Six to Principal and Three to Director

    Friedman LLP is delighted to announce the promotion of six professionals to principal and three to director, effective July 1, 2016.  Reflective of the depth and breadth of Friedman's services, these accomplished professionals specialize in a wide array of areas. They are based across our New York, New Jersey, and Pennsylvania offices. Promoted...

  • 07/07/2016
    Global Commerce 101: A Primer on the Int’l Tax Issues

    The opportunities for small and midsized businesses to sell overseas comes with a number of pitfalls as well as benefits. Partner Ryan Dudley provided his insight on global commerce, discussing value-added tax, foreign bank account tax compliance, creating nexus in foreign jurisdictions, and more. To read the full article, click...

  • 07/06/2016
    Ask the CPA
    By Stuart A. Katz, Senior Tax Manager

    Q: It has come to my attention that the Pennsylvania Capital Stock Tax was eliminated. Does my business need to file a final return for 2015?

  • 07/06/2016
    Ask the CPA
    By Jerome R. Glickman, Director

    Q: I am approaching full retirement age (66) for claiming Social Security benefits. Is the “file and suspend” Social Security claiming strategy still available and is it worthwhile?

  • 07/06/2016
    Ask the CPA
    By Kirsten Flanagan, Partner

    Q: How can a company prevent losses from fraud?

  • 07/06/2016
    Ask the CPA
    By Denise McKnight, Partner

    Q: Our office is moving and we are purging files. How long do we need to retain our payroll and accounting source documents?

  • 07/06/2016
    Ask the CPA
    By Susanne Spinell-Shuster, Director-in-Charge

    Q: As the business owner of a growing company, when is it the right time to outsource my accounting and other financial matters?

  • 07/06/2016
    Susanne Spinell-Shuster Selected as a Finalist for 2016 Smart CEO Award

  • 07/06/2016
    Ambiguities in IRS Country-By-Country Rules May Cause Woes

    The IRS’ final regulations requiring multinational corporations to report financial data for all jurisdictions they operate in was the topic of a recent Law 360 article. Partner Ryan Dudley commented on companies’ concerns about their information becoming public. To read the full article, click here....

  • 06/30/2016
    SmartCEO Mentorship, Sponsored by Friedman LLP

    SmartCEO and Friedman LLP gathered a group of Philadelphia-area Brava winners to discuss how mentors have shaped their careers. Panelists shared the most valuable advice they have received from mentors. SmartCEO and Friedman LLP also asked the executives to weigh in on how they bridge the communication gaps in a...

  • 06/29/2016
    Form 990: What Are 6 Key Compliance Requirements?
    By Ralph Citino, Director, Stu Katz, Senior Tax Manager and Brooke Karafin, Tax Manager

    To help you better understand the Form 990, and as a follow-up to last month’s Nonprofit Advisor article on marketing considerations, we’ve prepared this Part 2 article that takes an in-depth look into what you should know when it comes to complying with the Form 990. 1. Review the Form 990 Carefully:...

  • 06/29/2016
    Harrod’s to Launch 23 Exclusive Timepieces from Horological Mainstays

    Sharing his expertise in the high-end jewelry space with Luxury Daily, Partner Eric Tunis weighed in on Harrods’s exclusive luxury watch campaign. Eric discussed that the right promotional campaign can help retailers—and the broader industry—and commented on the shift in consumer spending habits post-2008. To read the full article, click here....

  • 06/28/2016
    Don’t Hold Your Breath

    Options for tax reform are legion — the missing ingredient is leadership

  • 06/28/2016
    States Band Together In ABLE Market Experiment

    ABLE plans are a new type of 529 vehicle that help people with disabilities and their families pay qualified expenses. The vehicle became possible thanks to the Achieving a Better Life Experience Act of 2014. David McKelvey sat down with Money Management Intelligence to discuss discrepancies in who can use...

  • 06/22/2016
    Why Father's Day Is a Fine Time to Consider Custody Options

    A will clarifies your intentions and protects your family from both creditors and their own spending habits -- but only if it's in place. Tax practice partner, Kim Dula sat down with The Street to discuss the importance of updating wills over time as financial circumstances change, as well as...

  • 06/22/2016
    Kermit Washington Story Has Lessons For Donors Founders And Boards

    In light of recent fraud allegations against NBA veteran Kermit Washington for activities involving his charity, Friedman partner and not-for-profit service leader Amish Mehta shared insights with Forbes--discussing guidelines on the responsibilities of board members and guidance to donors on performing due diligence before giving to a charity. To read...

  • 06/21/2016
    Why Standard Chartered Shut Down Its Diamond Unit

    Harriet Greenberg, Co-Managing Partner and Eric Tunis, Partner, sat down with National Jeweler to weigh in on Standard Chartered’s recent decision to exit from the diamond business—concluding there is too much risk for too little return in the sector-- and the state of financing in the industry. To read the...

  • 06/21/2016
    Tax Planning Goes On Steroids

    The OECD’s “Base Erosion and Profit Shifting” principles are being incorporated into tax laws in some nations, requiring more transparency from corporate treasury departments. Ryan Dudley, partner for the international tax services group, sat down with Global Finance to discuss tax planning and Base Erosion and Profit Shifting (BEPS). To...

  • 06/21/2016
    Susanne Spinell-Shuster Appeared on Alive Radio Show

    Networking is a powerful marketing tactic for both individuals and businesses. Friedman Director-in-Charge, Susanne Spinell-Shuster sat down with Fatima Peters, host of Alive Radio Show, to discuss creating business opportunities in the Philadelphia area. Click here to listen to the interview....

  • 06/21/2016
    Diane Gitto and Susan Miano Named NJCPA Women of Note

    Join us in congratulating Friedman partners Diane Gitto as a ‘Woman of Note’ finalist by the New Jersey Society of CPAs (NJCPA) and Susan Miano for being named as an honorable mention. The NJCPA recognizes women for displaying strong participation, accounting profession involvement and community service dedication. To learn more, click here....

  • 06/21/2016
    Repurposing Industrial Properties Continues Upward Trend in NYC Outer Boroughs
    By Michael Stoler, The Stoler Report

    Major retrofits and the repurposing of industrial buildings have become leading trends especially in New York City. The majority of the adaptive reuse is taking place in Queens, especially Long Island City; in Sunset Park and other parts of Brooklyn; and in the Bronx. An excellent example of adaptive reuse is...

  • 06/16/2016
    Challenges with Sales Tax Compliance
    By Alan Goldenberg, JD, MBA, LLM

    Some of the biggest compliance challenges facing taxpayers are not found with income taxes, but rather with sales tax. Properly computing, collecting and remitting sales tax in the 45 states that levy such a tax is often highly burdensome and draining on a business’s resources. After income and property taxes,...

  • 06/16/2016
    Sourcing of Service Revenue, Can New York State and City Make It Any Harder?
    By Tom Corrie, JD, LLM, Principal

    Recently, both New York State (the “State”) and New York City (the “City”) have modified the methods prescribed with respect to how service revenue should be sourced. Applicable for tax years beginning on or after January 1, 2015, both the State and City have moved from a cost of performance...

  • 06/16/2016
    Late Adoption of the Tangible Property Regulations
    By Andrew Cohen, JD, LLM and Michael J. Greenwald, MPPM, CPA, Partner

    Oh, no. We’re now halfway through 2016, I haven’t filed my 2015 tax returns (fortunately they are on extension) and I never did anything about the Tangible Property Regulations (“TPR”) that became effective in 2014. Is there anything I can do? As a matter of fact, there are a number of...

  • 06/16/2016
    Utilizing Cost Segregation Studies after the Final Tangible Property Regulations
    By Andrew Cohen, JD, LLM

    The depreciation of assets can provide important tax benefits. Taxpayers prefer to depreciate assets over a shorter rather than longer period of time as this allows for a larger annual tax deduction. Building and structural components have substantially longer depreciable lives (39 years for non-residential real property and 27.5 years...

  • 06/16/2016
    Deduct Now, Donate Later

    Donor-advised funds offer significant benefits

  • 06/16/2016
    Is it Time to Revisit Captive Insurance?

    Many businesses, both large and small, use captive insurance companies to meet their risk management needs while controlling costs and reducing taxes. Recent developments have created new opportunities to take advantage of captives. At the same time, new restrictions designed to curb perceived abuses of “microcaptives” may require some companies...

  • 06/16/2016
    Why You May Need a Prenup

    Prenups usually become relevant when a couple gets divorced. But they also provide several benefits for successful marriages, including protection from liability for your spouse’s separate debts and implementation of estate planning strategies. Most states give a surviving spouse certain rights to a deceased spouse’s property. In community property states, for...

  • 06/16/2016
    Tax Tips

    Take another look at the research credit

  • 06/09/2016
    5 Tips for Complying with Country-by-Country Tax Reporting

    Why are the newly mandated country-by-country tax reporting mechanisms raising “how-to” questions for business leaders? Ryan Dudley, partner for the international tax services group sits down with Law 360 to explore this topic and more to provide tips for meeting the requirements of country-by-country reporting. To read the full article,...

  • 06/03/2016
    How to Use Self-Employment to Cut Your Taxes in Retirement

    Your side hustle will bring in extra income, but it may also allow you to deduct health care premiums and business expenses. Bob Charron, Tax Practice Leader, sits down with U.S. News & World Report to discuss how self-employment allows for deductions like health insurance and the importance of engaging...