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  • 04/20/2016
    Communication Gap: The Kovel Letter and Client to Accountant Communication
    By Scott B. Ehrenpreis, Principal

    The client-accountant communication has limited privilege under the current Tax Code. In non-criminal tax matters, privilege applies to any communication that would be considered privilege if it were between the taxpayer and an attorney. In criminal tax matters, no privilege applies to communication between the client and their accountant. Due to...

  • 04/20/2016
    5 retirement account tax traps to avoid

    If you’re like most people, a large portion of your wealth is set aside in individual retirement accounts (IRAs) or qualified retirement plans, such as 401(k) or profit-sharing plans. These accounts offer substantial tax advantages, but they’re also fraught with traps for the unwary. Here are five common mistakes to...

  • 04/20/2016
    Property dividends: Handle with care

    Corporate shareholders sometimes receive distributions in the form of property rather than cash. And while there’s nothing wrong with this practice, it’s important to understand the tax implications. Tax treatment of distributions The tax rules surrounding corporate distributions are complicated, and a full discussion of them is beyond the scope of this...

  • 04/20/2016
    The Section 1031 exchange

    Why it’s such a great estate planning tool

  • 04/20/2016
    Tax Tips

    Are your employees classified correctly?

  • 04/05/2016
    GuideStar Nonprofit Webinar Presented by Friedman: How a Performance Dashboard Can Engage and Inform Your Board

    Friedman’s Amish Mehta, Not-for-Profit Practice Leader, and Peter Manzetti, Director of Governance, Risk, and Compliance Services, presented this Guidestar webinar for nonprofit board members and senior management. This program is geared towards not-for-profits who are thinking about implementing a dashboard or just starting down the path. Our professionals give an...

  • 04/05/2016
    Nonprofits Performance Dashboard Checklist

    For nonprofit board members and senior managers, creating a performance dashboard is a beneficial tool to help their organization meet its mission and enhance its overall operations. As a helpful resource for nonprofit organizations that are thinking about implementing a dashboard or just starting down the path, Friedman LLP has...

  • 03/30/2016
    Survey Finds Business Leaders Are Concerned With Proposed Tax Changes as Election Approaches, Revealing 6 Key Insights

    New York – March 30, 2016 – A survey* undertaken by Friedman LLP Accountants and Advisors reveals senior business leaders’ concerns continue to heighten over proposed tax changes. The research confirms that while senior business leaders would like to take advantage of state, local and international tax savings, there is...

  • 03/24/2016
    Allocation of Functional Expenses: Why the Increased Scrutiny?
    By Amish Mehta 

    The allocation of functional expenses continues to receive scrutiny from donors, board members, regulators (e.g. the Internal Revenue Service), watchdog groups (e.g. Charity Navigator and Guidestar) and the general public. Some governmental agencies have been modifying their audit protocols to focus on the cost allocations reported to them each year....

  • 03/21/2016
    Women's Development Network at Friedman LLP

    Harriet Greenberg, co-managing partner, sits down with Accounting Today to discuss the Women’s Development Network at Friedman LLP. Listen in as they discuss the importance of mentorship, career advancement and continuing education. To listen to the full podcast, click here....

  • 03/21/2016
    You May Be Paying More in Taxes Than You Actually Owe

    Ever felt like you’re paying too much in taxes? You might be. Bob Charron, partner in Friedman LLP’s tax practice, sits down with Grow Magazine to discuss tax credits that you may not know exist. To read the full article, click here....

  • 03/21/2016
    Sales Tax Collection By Out of State Vendors May End Up At Supreme Court Again

    Tom Corrie, State and Local Tax practice leader, discusses how direct marketing and internet sales connect to state and local tax. He sat down with Peter J. Reilly of Forbes to discuss this topic and more. To read the full article, click here. ...

  • 03/18/2016
    Important Information Creditors Should Know When Customers File For Chapter 11 Bankruptcy Protection
    By Karl Knechtel, CPA, CFF, CIRA, Director

    Over the past year and a half a number of high profile retailers filed for bankruptcy protection. These retailers include Sports Authority, Joyce Leslie, Wet Seal, RadioShack, American Apparel, Deb Stores, Quiksilver, City Sports and Hancock Fabrics, many of which left creditors with unpaid accounts and scrambling for answers.  Receiving...

  • 03/16/2016
    Recent Tax Extenders and Guidance Affecting Real Property Owners
    By Andrew Cohen, JD, LL.M

    Over the past several months, Congress and the IRS promulgated tax provisions extending tax savings opportunities that benefit real property owners and clarifying new rules regarding the Foreign Investment Real Property Tax Act (“FIRPTA”). Some of these provisions allow taxpayers to accelerate deductions or claim tax credits. Most of the...

  • 03/16/2016
    Owner/Developers Entering the Market for Mortgage Financing
    By Michael Stoler, The Stoler Report

    With the price of commercial real estate reaching record levels, a number of prominent real estate owners and developers are joining the ranks of entities providing commercial real estate financing. Brian Cohen, a partner at Goulston & Storr’s New York Real Estate Practice, said “This market finds sophisticated real estate owners/operators...

  • 03/11/2016
    The Art of Engaging Clients in Asia

    Each country is different when it comes to client relationships. Eddie Wong, Partner and Asia Practice leader, sat down with East West Magazine to discuss his experiences working with clients in the U.S. and Asia. “The Hong Kong and the U.S. systems are very similar,” said Eddie Wong, a partner...

  • 03/11/2016
    Partnership Audit Comment Request Could Show IRS Priorities

    If you're looking for clues about how the IRS will approach regulations for the new regime for partnership audits, you might want to look at how the agency ordered questions in a recent notice. The Internal Revenue Service asked for comments in the March 4 notice about the new rules...

  • 03/11/2016
    How Much Can You Save by Moving to a Low-Tax State?

    Think you've escaped a huge tax bill by heading to a tax-free state or another country? It all depends what your old state considers your domicile. Tom Corrie, principal with Friedman LLP, sat down with The Street to discuss change of domicile and what does and does not constitute it...

  • 03/11/2016
    WOR Financial Quarterback with Kim Dula

    Kim Dula, partner with Friedman LLP, sits down with WOR radio and the Financial Quarterback radio show to discuss shared responsibility payments and potential tax penalties in 2016. To listen to the full radio show, click here....

  • 03/07/2016
    Partnership Audit Rules Important Update

    We wrote in late November 2015 about the new partnership audit rules enacted as part of The Bipartisan Budget Act of 2015.   At the time we told you that we were anticipating technical corrections to this law to correct inconsistencies and clarify certain areas.   It now appears that there will...

  • 03/04/2016
    Friedman LLP Ranked Among Top 25 Accounting Firms in Philadelphia

    We are proud to announce that Friedman LLP was ranked among the top 25 accounting firms in Philadelphia by the Philadelphia Business Journal. Our firm was ranked 22 of 25 on the list....

  • 02/29/2016
    Susanne Spinell-Shuster Elected to the Forum of Executive Women

    The Forum of Executive Women is a membership organization of over 425 women of influence in the Greater Philadelphia region, whose members hold top positions in every major segment of the community. The Forum selects and recognizes female leaders in their designated fields that have been established as influencers. Join...

  • 02/29/2016
    Denise McKnight Recognized as One of Philly Biz’s 25 Women to Watch

    A partner at Friedman LLP, with nearly 20 years of experience in public accounting, we are proud to announce our very own Denise McKnight has been recognized as a Philly Biz Woman to Watch in 2016. Please join us in congratulating Denise on this honor! To read the full article,...

  • 02/23/2016
    Google Gives Nonprofits a Break on Advertising

    At a time when digital and social marketing is becoming an essential component of overall advertising strategy, nonprofit organizations often struggle to convey their message and benefits due to lack of funds.  Many nonprofits are unaware of a program implemented by Google that allows nonprofits to overcome this challenge by...

  • 02/23/2016
    That’s Material?
    By Michele B. Amato, CPA

    This year may see a new definition for an old concept: Materiality. The parameters around what constitutes a material disclosure in financial statements will be impacted, and some onlookers say the new meaning will give more discretion to companies, which may lead to less information being provided. It was 1976 when...

  • 02/23/2016
    Upcoming Changes to Licensing Revenue Recognition
    By Robert Graham and Brian Kearns

    Standards for revenue recognition, historically, have varied among industries. The FASB has undertaken the enormous task of simplifying the standards so all industries can follow the same guidance. Friedman LLP’s Robert Graham and Brian Kearns take a look at what the recent standards update will mean for businesses and how...

  • 02/23/2016
    Critical Deadline Looming, All Qualified Plan Documents Must Be Restated

    This is an update to an article published in August 2014 If you sponsored a 401(k) or other type of defined contribution retirement plan for your employees and used a "pre-approved" type of plan (i.e., prototype and volume submitter), you were required to restate the plan before April 30, 2016. If...

  • 02/18/2016
    Friedman LLP Honored As One of NJBIZ 2016 Best Places to Work

    We are proud to share Friedman LLP has been ranked among the NJBIZ Best Places to Work for another consecutive year in 2016! We are ranked among other large companies throughout New Jersey. For more information, click here....

  • 02/17/2016
    Banking on Exports

    Financing your exporting can pay for itself, but only if you choose countries where the export climate is favorable. In some countries, the economics currently work against U.S. exporters. Eddie Wong sits down with Global Trade Magazine to discuss manufacturers in China and the U.S. To read the full article,...

  • 02/11/2016
    The Financial Quarterback Talks Taxes

    WOR radio’s Financial Quarterback show sat down with Friedman LLP partner, David McKelvey, to discuss tax tips and write-offs that many taxpayers may not be aware of. Listen in here as David shares some relevant tax tips....

  • 02/11/2016
    The Taxability of Oscars Gift Bags

    Did you know that when celebrities take home a swanky gift bag, they also get a tax bill from the IRS? Robert Charron, Friedman LLP partner, sat down with U.S. News & World Report and Newsweek to discuss the tax implications that exist for stars taking home these award ‘giveaways.’...

  • 02/09/2016
    Nonresident Pass-Through Withholding

    When it comes to taxes, residency may have a bigger impact than you think. Taxpayers are generally acquainted with the tax withholding requirements imposed on their wage income, but are less familiar with the ways in which states impose withholding on pass-through entity income. While states typically tax their residents’...

  • 02/09/2016
    Employee or Independent Contractor – An Old Question Revisited

    Perhaps nothing causes more consternation among small and mid-sized business owners than the employee versus independent contractor problem. Generally, the issue surfaces when an audit notice from the State Department of Labor arrives in the mail, as the result of an individual applying for unemployment benefits. The company’s position is...

  • 02/09/2016
    Designing a tax-wise bonus plan

    An annual bonus plan can be a great way to attract, retain and motivate employees. And if the plan is designed carefully, you can deduct bonuses earned this year even if you don’t pay them until next year. Sound interesting? Read on. The 2½ month rule Many employers assume they can deduct...

  • 02/09/2016
    The Net Investment Income Tax

    Planning opportunities for small business owners

  • 02/09/2016
    Need to protect your assets? Consider a BDIT

    A BDIT, also known as the “Beneficiary Defective Inheritor’s Trust,” is one of the most powerful estate tax and asset protection strategies available to taxpayers. Essentially, it’s a third-party settled trust designed to give the taxpayer (who is both a trustee and the initial primary beneficiary of the trust) control...

  • 02/09/2016
    Tax Tips

    Thinking about expatriation? Watch out for the “exit tax”

  • 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...