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  • 02/05/2016
    6 Retirement Strategies to Minimize Taxes and Preserve Your Nest Egg

    You’ve spent decades planning and saving for retirement and the time has come. Now what? David McKelvey, Partner, shares that there are tax optimization strategies to preserve the value of your nest egg. Read the full article on Bankrate.com by clicking here. ...

  • 02/05/2016
    Financial Factors to Consider

    South Jersey’s financial leaders take a look at 2015’s success and challenges, while looking ahead to what’s to come in 2016. Carl Bagell shares what he sees coming around the pike when it comes to accounting in 2016. To read the full article excerpt, click here. ...

  • 02/05/2016
    “Rooms” for Growth

    Despite challenges, U.S. hotels make sense to cautious long-term investors. Frederick Berk, Co-Managing Partner of Friedman LLP and co-leader of the firm’s Real Estate practice, wrote an article that appeared in Real Estate Finance & Investment sharing how foreign investors are turning to the U.S. hotel industry. To read the...

  • 02/02/2016
    Friedman LLP Promotes Five to Partner

    Friedman LLP announced today the promotion of five outstanding professionals to partner effective January 1, 2016. The promoted individuals are located in the New York and New Jersey offices and include: John M. Bono, promoted from principal to partner in the Tax Services department Brian Kristiansen, promoted from principal to partner in...

  • 02/01/2016
    5 Ways to Get Ahead of Next Year’s Taxes

    When it comes to taxes, it’s never too early to start planning. Jo Anna M. Fellon, Senior Tax Manager, sat down with DailyWorth to discuss how you can get ahead of next year’s taxes and tips you can use to get organized for the year ahead. To read the full...

  • 01/28/2016
    Here’s How Upcoming Revenue Recognition Changes May Impact Nonprofits
    By Sylvia Mazur

    Financial Accounting Standards Board issues simplified revenue recognition guidance effective for annual reporting periods after December 15, 2018. How will this standard affect your nonprofit organization?In May 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) issued new guidance on revenue recognition, with the goal of developing...

  • 01/28/2016
    Google’s Tax Practices Come Under Fire in Europe

    The EU tax crackdown may be of concern for U.S. companies doing business in Europe. Ryan Dudley, Partner and International Tax practice leader, sits down with CBS MoneyWatch to discuss how policy changes may impact U.S. companies operating overseas and pursuing profit shifting strategies. To read the full article, click...

  • 01/26/2016
    2016 Research and Development Tax Tips for Apparel Companies
    By David McKelvey

    A word to the wise for apparel companies: Don’t miss out on tax savings you’re entitled to. As we neared the 2015 December holiday season, Congress was busy working on its annual gift package of new U.S. tax incentives and extenders of tax incentives that expired at the end of...

  • 01/20/2016
    5 Ways to Build an Emergency Fund Throughout the Year

    An emergency savings account can be important to have on hand for stressful life events. Kimberly Dula, Partner, discusses this topic with MoneyRates.com and shares how savings strategies can be applied by individuals at all income levels. To read the full article, click here. ...

  • 01/19/2016
    4 Things Every Small Business Owner Should Know About Taxes

    Blood pressures are rising at many small businesses now that tax season is underway. Michael Greenwald, partner with Friedman LLP, sat down with The Associated Press to discuss what small businesses should know when it comes to taxes in 2016 and beyond. To read the full article, click here. ...

  • 01/19/2016
    Surviving Tax Fraud

    You may be just getting around to gathering forms and receipts and filing taxes, but that doesn't mean someone else hasn't filed a fraudulent return in your name yet. Scott Ehrenpreis, principal with Friedman LLP, sat down with The Street to discuss what taxpayers should be aware of when it...

  • 01/19/2016
    Partnerships Revisit Agreements to Prep for New Audits

    A new regime for auditing partnerships will greatly change how the IRS will examine the entities, so partners are beginning to revisit their agreements so sort out how the entity plans to handle an audit. The new regime, unveiled in October and set to take effect in 2018, makes it...

  • 01/06/2016
    Jonathan Perelman Profiled in NJCPA Magazine

    Jonathan Perelman is a partner based in Friedman’s East Hanover office. He is also the practice leader for the firm’s Healthcare group. Find out more about Jonathan in his recent member profile article in NJCPA magazine. Read the full article by clicking here. ...

  • 01/05/2016
    Friedman LLP’s Growing Team Featured in Accounting Today

    Accounting Today features Friedman LLP’s recent expansion into the Philadelphia market, sharing that effective January 1, 2016, we’ve combined forces with Philadelphia-based accounting firm, Shechtman Marks Devor PC. We are excited to kick-off the new year with our new teammates in Philadelphia. To read the full article, click here....

  • 01/05/2016
    Rising transaction complexity drives need for solid operating agreements

    David McKelvey, partner, discusses operating agreements and the challenges that can arise. One of the primary issues in structuring operating agreements is the difference in breaking down the economic and tax books, according to David McKelvey, partner at Friedman Accountants and Advisors. In a typical deal, two partners come together...

  • 01/05/2016
    Fashion Industry Survives & Prospers in the 21st Century

    On location at Capital One Bank's new branch, Michael Stoler and guests discuss New York's fashion industry, delivering $50-$75 billion in wholesale sales. Michael Sacco, partner, joins the discussion as they cover the consolidation of the industry in the tri-state area and the effect of E-commerce on sales. To view the...

  • 01/05/2016
    Auditing World Braces: More ICFR Attention, Big Rule Changes

    The full-court press on internal controls and related documentation will not let up in 2016, although companies will have to answer those demands while also bracing for other big accounting and auditing changes on the horizon. Friedman LLP partner Chris Smith says he’s expecting no change in the audit approach around...

  • 12/23/2015
    Individuals can save more on taxes in 2015 and beyond, thanks to new “extenders”

    With year end right around the corner, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). The act extended numerous tax breaks which expired on December 31, 2014, and the President signed it into law December 18. The new law is more significant than some...

  • 12/22/2015
    The Overhead Myth: Moving Toward the Solution

    In 2013, Guidestar, BBB Wise Giving and Charity Navigator, three of the leading sources for information on nonprofit organizations, joined forces in a campaign to promote the concept that the “Overhead Myth” was harmful to the operations and sustainability of a charity’s success. In a series of actions over the...

  • 12/21/2015
    Latest “extenders” law boosts tax benefits for businesses

    On December 18, President Obama signed into law the bipartisan Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”). It makes many popular tax breaks — including some highly valued by businesses — permanent, while extending others through 2016 or 2019. The PATH Act also enhances certain breaks...

  • 12/18/2015
    Shechtman Marks Devor PC Joins Friedman LLP

    Friedman LLP, a nationally recognized accounting, tax and business consulting firm, announces today that Philadelphia-based accounting firm, Shechtman Marks Devor PC, will integrate its practice with Friedman LLP effective January 1, 2016. Founded in 1978, Shechtman Marks Devor PC has spent nearly 40 years providing specialty audit and assurance, tax planning...

  • 12/18/2015
    Sometimes, Strategy All Comes Down to Taxes

    Yahoo announced that it would not spin off its stake in Chinese e-commerce giant Alibaba group, citing tax concerns. Instead, it will create a separate company to hold the rest of its assets. It’s a big decision to boil down to taxes. But taxes determine how companies are born, how...

  • 12/18/2015
    2015 “Extenders” Legislation Does More Than Just Extend Tax Breaks

    On December 18, the Senate passed the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”), which the House had passed on December 17. Many popular tax breaks had expired on December 31, 2014, so, for them to be available for 2015, Congress had to pass legislation extending them....

  • 12/16/2015
    De Beers Announces Extension To Its Financial Compliance Requirements Going Into 2016

    De Beers recently began contacting all Sightholders to announce that it has chosen to extend the deadline to demonstrate full compliance with the Financial Compliance Criteria (that is, IFRS Compliance, Unqualified Audit and Maximum Leverage) by one year. Accordingly, relevant Sightholders must be fully compliant with the Financial Compliance Criteria...

  • 12/10/2015
    What We Can Learn from the 2015 Customer Deductions Benchmark Study

    In a perfect world, product deliveries would never arrive late, contain shortages, or be mislabeled. But we do not live in a perfect world. Customer deductions continue to be a problem across many industries for companies of all sizes. Discounts, late deliveries, mislabeled products, shortages and other chargebacks continue to...

  • 12/04/2015
    Crain’s Best Places to Work Ranks Friedman LLP for 2nd Consecutive Year

    Friedman LLP was ranked #45 in Crain's Best Places to Work in New York City. Crain’s New York Business recognizes and honors the best employers in New York City, benefiting the city’s economy, workforce and businesses. Friedman LLP was ranked in 2011 and 2014, as well....

  • 12/02/2015
    Last-Minute Tax-Planning Strategies

    End-of-year tax planning provides an opportunity to review the past year’s finances, and generate an approach for going into the next. As 2016 draws near, Jo Anna Fellon, Senior Manager with Friedman LLP, sits down with Accounting Today to discuss last-minute tax-planning strategies and how you can take advantage before...

  • 12/01/2015
    Small Businesses Cope with 'Taxing' Situations

    The Garden State is home to 200,000 small businesses with fewer than 500 employees – along with some 600,000 self-employed workers – who are responsible for navigating the state’s array of taxes. And they are facing mounting changes across the Affordable Care Act, reporting requirements and more.  Jo Anna Fellon,...

  • 11/24/2015
    Giving Tuesday and Beyond: Holiday Generosity Doesn't Have to Wait

    Is reviewing charitable giving part of your annual tax planning practices? As the holidays draw near, Kim Dula, Partner with Friedman LLP, sits down with The Street to discuss "Giving Tuesday" and how you can plan donations for the year ahead. Read the full article here....

  • 11/24/2015
    FASB Ideas on Materiality Reform Draw Heat, Questions

    Recent FASB reform is sparking fierce debate among corporate accounting circles, as the effort to align the accounting and legal definition of materiality may lead to financial reporting consequences. Michele Amato, Partner with Friedman LLP, sat down with Compliance Week to share her take on the FASB's revision of materiality...

  • 11/24/2015
    Social Insecurity

    The Bipartisan Budget Act of 2015 will bring impactful changes to Social Security regulations. The question is, how will these changes impact the public? David Waddington, Partner with Friedman LLP, discusses this topic and more with Long Island Business news in an article titled, "Social Insecurity". Read the full article...

  • 11/20/2015
    Tax Alert: Partnership Audit Rules Revised Under 2015 Budget Act

    Partnership Audit Rules Revised Under 2015 Budget Act It is rare these days for Congress and the IRS to see eye to eye on anything.  However, with Congress needing additional revenue to support raising the federal debt ceiling and lifting mandatory spending caps on defense and domestic programs, The Bipartisan Budget...

  • 11/20/2015
    Tax Alert: Budget Act Eliminates Strategies for Maximizing Social Security Payout

    The Bipartisan Budget Act of 2015 contains a provision that can significantly affect the retirement planning of many Americans. It eliminates two strategies that many married couples have used to maximize Social Security benefits. This article explains how the two strategies worked under previous law and details how the budget...

  • 11/19/2015
    Six Steps to Engage Your Board Using a Performance Dashboard
    By Peter Manzetti

    For busy nonprofit business leaders and board members, a seemingly endless stream of reports, meetings, emails, phone calls and text messages can create a strain on their time, limiting their ability to focus on critical business information and interactions. This begs the question: “What can be done to make every interaction...

  • 11/18/2015
    Fashion Sense - November 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: Tax Alert: Rapidly Rising Risks for Offshore Bank Accounts Source: Friedman LLP Use Tax Increasingly Important for Tax Payers Source: Friedman LLP Higher...

  • 11/12/2015
    Take Extra Care When Attempting Tax-Free IRA Rollovers
    By David A. Shuster, JD, LLM, Director, Tax Controversy Services

    For approximately 20 years prior to 2015, an individual could roll over a distribution from an IRA free of tax as long as that IRA wasn’t involved with a tax-free rollover distribution within the preceding one-year period. For example, suppose an individual with three IRAs took a distribution from IRA-1...

  • 11/11/2015
    5 last-minute tax-planning ideas

    Tax planning is a year-round endeavor, but several year end strategies might reduce your 2015 tax bill.Here are five to consider: 1. Defer income, accelerate deductions. You may be able to lower your 2015 income taxes by deferring income to 2016 or accelerating deductions into 2015. To defer income, for example,...

  • 11/11/2015
    Need a financial backup plan?

    Why you should consider a SLAT

  • 11/11/2015
    Solving the play-or-pay conundrum

    For 2015 and after, employers retaining at least a certain number of employees (generally 50 full-time employees or a combination of full-time and part-time employees) will be subject to the employer shared-responsibility provisions under Section 498OH of the Internal Revenue Code — added to the Code by the Affordable Care...

  • 11/11/2015
    Tax Tips

    Beware the passive foreign investment company Have you considered investing into an investment partnership that invests in PFICs? If so, think twice. The rules for such investments are very onerous, and apply to many foreign investments. A foreign corporation is a PFIC if 1) 75% or more of its gross income is...

  • 11/10/2015
    Use Tax Increasingly Important for Taxpayers
    By Alan Goldenberg, JD, MBA, LLM

    Ignorance is bliss is a mantra for many taxpayers when it comes to compliance and tax obligations. When contacted by taxing authorities, taxpayers often respond with stories, no matter how unreasonable, that they had no knowledge of the particular tax or that any tax was due. Much of the time...

  • 11/10/2015
    Uncovering the Importance of Responsible Person Liability
    By Tom Corrie, JD, LLM, Principal, Director of State and Local Tax

    Perhaps there is no area of state and local tax law that is more perplexing to businesses than sales and use tax. Forty-five states, plus the District of Columbia, impose sales and use tax. Moreover, many of those jurisdictions authorize localities within their borders to impose their own sales and...

  • 11/09/2015
    IRS may look for complexity, rather than size, when selecting partnerships to audit
    By Laura Davison

    New audit regime easier for IRS to enforce and for practitioners to advise clients about.

  • 11/09/2015
    Who’s Winning the Tax War: NJ, NY or PA?

    When it comes to taxes, is there a state that is winning the ‘tax battle?’ NJCPA Magazine asked Friedman LLP for our take. Partners Kimberly Dula and Mike Greenwald teamed up with Senior Tax Manager Jo Anna Fellon to share what each state – Pennsylvania, New York and New Jersey...

  • 11/09/2015
    Work-Life Balance Takes a Leap Forward

    Harriet Greenberg, Co-Managing Partner of Friedman LLP, sits down with Crain’s New York to discuss why work-life balance is taking a leap forward in the accounting industry. Read the full article here....

  • 11/09/2015
    Estate Planning Over Thanksgiving? Time to Talk Turkey

    With Thanksgiving and the winter holidays coming up, there are at least two prime opportunities to get families all under one roof and talking. The Street and Friedman LLP discuss why it might be a good time to bring up estate planning as part of that conversation. To read more,...

  • 11/09/2015
    Seth Marin Selected for LIBN Who’s Who in Accounting

    Seth Marin, partner with Friedman LLP, was selected for the Long Island Business News Who’s Who in Accounting issue. Congratulations, Seth! Read the full article below. Seth Marin is a partner at Friedman LLP and a member of the firm’s real estate group. Marin advises on complex accounting, auditing, compliance and...

  • 11/04/2015
    Tax Alert: Rapidly Rising Risks for Offshore Bank Accounts

    Time is running out for US citizens and US residents who have offshore bank and financial accounts and have not yet come forward to disclose them to the Internal Revenue Service (IRS). Immediate action should be taken, as under the provisions of the Foreign Account Tax Compliance Act (FATCA), various...

  • 11/02/2015
    Tax Guide 2015-2016

    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 &...