Search Results

Your search for “all” returned the following results:

All Insights

  • 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 &...

  • 10/29/2015
    Alert: IRS Announces 2016 Limits Affecting Qualified Plans

    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"). However, the changes for 2016 have only affected Adjusted Gross Income ("AGI") for Saver's Credit Eligibility, as the CPI did not increase enough to cause a change...

  • 10/27/2015
    Fashion Sense - October 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: Year-End Tax Planning Complicated by Uncertainty Over Expired Tax Breaks Source: Friedman LLP    UBS House View: CIO...

  • 10/26/2015
    The Particulars of the 1031 Exchange
    By Andrew Cohen, Michael Stoler

    With billions of dollars of commercial real estate expected to be sold in 2015, more and more real estate owners and investors have utilized the 1031 tax free exchange to reinvest sale proceeds for like-kind property, therefore deferring the capital gains tax due. An Internal Revenue Code Section 1031 (“Section...

  • 10/26/2015
    What are the top tax impacts of owning an office condo?
    By Karl Neulinger

    When asked about the tax impacts of owning an office condo, it usually depends on the specific circumstances of the case at hand. However, it is important to be aware that in many cases it is more advantageous over time to own, rather than lease, an office condo. In a simplified...

  • 10/26/2015
    The Benefits of Office Condominiums in Manhattan
    By Michael Stoler

    With real estate prices at an all-time high in Manhattan, city occupants are looking to a different type of asset class: office condominiums. As demand continues to rise for these petite office locales, the price is on its way upward as well, with the average price per square foot at...

  • 10/26/2015
    Q&A: I filed a Form 3115 but discover that I need to make changes to it, now what?
    By Andrew Cohen, JD, LL.M

    With the September 15, 2015 filing season now behind us, one thing that stands out is how proper implementation of the final Tangible Property Regulations yielded large benefits – allowing taxpayers to deduct assets that were previously capitalized and/or to correct prior year mistakes in depreciation. Taxpayers who went through...

  • 10/26/2015
    Why It’s Not Too Early to Start Planning Your Tax Strategy

    Welcome to the third quarter, when it's time to start thinking of 2015 as a tax year rather than the buffer between yourself and your next filing. Michael Greenwald, Partner with Friedman LLP, was quoted in an article that appeared in The Street sharing expertise on year-end tax moves that...

  • 10/26/2015
    Tax Alert: Year-End Tax Planning Complicated by Uncertainty Over Expired Tax Breaks

    Year-end tax planning this year will be just as complicated as it was last year due to uncertainty surrounding many expired tax breaks for individuals and businesses. Tax legislation signed into law last December extended several expired tax breaks, but only through the end of 2014. While Congress mulls legislation...

  • 10/26/2015
    Do Unto Others: Conduct Risk Management Defined

    Recent action by the New York State Department of Financial Services is the latest in a mounting regulatory crackdown on behavioral infractions by employees of financial firms. Kevin Hyams, Partner-in-Charge of Friedman LLP’s Governance, Risk and Compliance practice, sits down with GARP to discuss how ‘conduct risk’ is effecting organization’s...

  • 10/21/2015
    Filling out the 990: How to use it and why it’s important
    By Sarah Avery

    Charitable organizations continue to be subjected to increasing scrutiny by the public and by the Internal Revenue Service (“IRS”). In recent speeches, the IRS Exempt Organizations Director has reported that IRS priorities include improving data analysis capabilities for analyzing Form 990. The IRS plans to use the data to identify...

  • 10/19/2015
    Harriet Greenberg appears on The Stoler Report

    Volatility in world events and in business can be upsetting and unpleasant - even disastrous. It can also provide opportunities for greater success as analyzed by members of leading corporate institutions. Michael Stoler invites Harriet Greenberg to discuss her take as a female leader in the business world. To read...

  • 10/16/2015
    Five Compliance Oversight Lessons From the VW Scandal

    Volkswagen’s emissions scandal illustrates the ill effects of weak compliance oversight, boardroom groupthink and the win-at-all-costs attitude that permeated the company’s culture, experts say. Kevin Hyams, partner in charge of Friedman’s Governance, Risk and Compliance practice, sits down with Agenda to discuss how boards need to assess risk tolerance as...

  • 10/13/2015
    California’s Minimum Tax and LLC Fee: What Businesses Should Know
    By Alan Goldenberg

    California’s 38.5 million residents represent the ninth largest economy in the world. Yet, when it comes to tax regimes, California’s is consistently ranked among the least taxpayer-friendly in terms of rates, complexity and economic hardship. Alan Goldenberg, Senior Manager, discusses how the California minimum tax and LLC fee make the...