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  • 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...

  • 10/07/2015
    Directors and Officers in the Firing Line

    The Yates Memo: Individual Accountability for Corporate Wrongdoing

  • 10/01/2015
    Are corporate tax inversions 'unpatriotic'?

    Moving overseas to cut the tax burden remains a viable option for some firms, though the presidential candidates may have other plans. Ryan Dudley, partner and practice leader of the International Tax Practice, sits down with Crain’s New York to discuss treasury rules and corporate tax rates in the U.S....

  • 10/01/2015
    Aiming for an IPO? Hire a female CEO

    Harriet Greenberg, Co-Managing Partner, wrote an article that appeared in Crain’s New York, bringing to light how putting women in senior executive positions may help get companies to IPO faster. To read the full article, click here. ...

  • 10/01/2015
    Friedman LLP Ranked Among Crain’s Top 20 Accounting Firms in NYC

    We are proud to be ranked among Crain’s 2015 list of New York Area’s Largest Accounting Firms. 2015 marks our 15th consecutive year of being ranked among the Top 20 firms in the New York Area. For more information, visit the Crain’s website by clicking here....

  • 09/28/2015
    Tax Alert: Affordable Care Act Reporting: Get Ready, It's Almost Time

    The reporting requirements of the Affordable Care Act ("ACA") are now in effect, with mandatory reporting required for all applicable large employers as well as certain other employers.   The draft instructions for the forms to be filed in early 2016 run about 14 dense pages. The information required to complete...

  • 09/21/2015
    Being a Good Board Member: Beyond the Basics

    If you have ever served as a board member to a nonprofit organization, you probably know the rewards, as well as the frustrations that come with the territory. And if you are part of the management of a nonprofit organization, you too know the benefits, as well as the frustrations, of...

  • 09/17/2015
    COMMERCE Magazine Selects Bruce Madnick for the 2015 Best Practices Award

    On Thursday, September 17, Friedman LLP CEO Bruce Madnick was awarded the 2015 Best Practices Award by CIANJ’s Commerce Magazine. We are thrilled and honored to have received this recognition, and congratulate Bruce on this great achievement....

  • 09/16/2015
    Fashion Sense - September 2015
    By Harriet Greenberg

    The September issue of Fashion Sense is available now. Find recent headlines in fashion news below. 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:    WEBINAR: Giving Your...

  • 09/16/2015
    Luxury Brands Seeking Out Innovative Design

    Harriet Greenberg, Co-Managing Partner and leader of Friedman’s Fashion practice, was quoted by South China Morning Post in an article discussing the increased focus luxury brands have on innovation and design instead of where their products are manufactured. Read the full article here....

  • 09/15/2015
    Gift Cards Present Liquidating Retailers With a New Dilemma

    Gift cards are popping up as a topic of conversations among bankruptcy practitioners in part because so many well-known retailers have opted to liquidate in the past year; and in part because the value of unredeemed cards has grown to a staggering amount. Karl Knechtel, Director in the Corporate Recovery...

  • 09/11/2015
    Linda Heaney Selected for LIBN Who’s Who in Professional Women

    Long Island Business News (LIBN) selects Linda Heaney, Partner-in-Charge of Friedman’s Long Island office, for the Who’s Who in Professional Women. Join us in congratulating Linda on this well-deserved recognition! Click here to view the article....

  • 09/10/2015
    Jeb Bush and The Spirit of 1986

    Scott Ehrenpreis, principal and leader of Friedman’s Tax Controversy group, speaks with Forbes about Jeb Bush’s tax plan and plan details to emerge in the presidential race so far. Read the full article here....

  • 09/09/2015
    Safe Harbor for Routine Service Contracts Expense
    By Michael J. Greenwald, Partner, Friedman LLP

    Vincent van Gogh is quoted as saying that, “great things are done by a series of small things brought together.” Apparently the IRS thinks so too. A recent revenue procedure offers a safe harbor to accrual basis taxpayers – allowing them to ratably deduct the cost of regular and routine...

  • 09/09/2015
    Protecting the Innocent: Spousal Relief
    By Alan Goldenberg, J.D., M.B.A., LL.M.

    When it comes to federal tax returns, the Internal Revenue Service (“IRS”) currently offers three types of spousal relief. What is spousal relief, you might ask, and what exactly does it do to “protect the innocent?” Friedman LLP’s Alan Goldenberg takes a look at the three types available and why...

  • 09/09/2015
    The PAL rules and estate planning — Can you reduce your trust’s tax bill?
    By Friedman LLP Staff

    Trusts can accomplish a variety of estate planning goals, including wealth distribution, asset protection, estate and gift tax reduction, and probate avoidance. But don’t overlook their income tax treatment. By reducing a trust’s income tax bill, you can preserve more wealth for your heirs. Last year, in Frank Aragona Trust v....

  • 09/09/2015
    Pumping up retirement contributions — Cash balance plans
    By Friedman LLP staff

    Cash balance plans With individual income tax rates at their highest levels in years, maximizing contributions to tax-deferred retirement vehicles is an important strategy. For business owners who got a late start saving for retirement, a cash balance plan can help turbocharge their contributions while they enjoy substantial current tax deductions. Defined...

  • 09/09/2015
    The ins and outs of tax breaks for getting to and from work
    By Friedman LLP Staff

    As you’re probably already aware, you generally can’t deduct costs related to commuting between home and work. The IRS considers commuting to be a nondeductible “personal expense” instead. But there are some instances when commuting costs are considered deductible “transportation” expenses. And you might be eligible for tax-advantaged transportation fringe...

  • 09/09/2015
    Tax Tips
    By Friedman LLP Staff

    Supreme Court decision may open door for refund claims If you earn income in multiple states, a recent U.S. Supreme Court decision may provide an opportunity for a tax refund. Comptroller of the Treasury of Maryland v. Wynne involved Maryland taxpayers who owned stock in an S corporation that did business...

  • 08/25/2015
    Compliance Week and Ryan Dudley Discuss Patent Boxes and Tax Compliance

    Ryan Dudley, partner in charge of the International Tax practice, was quoted in Compliance Week in an article titled, “Unpacking the Reporting Challenge in Patent Boxes.” Here’s an excerpt from the article where Ryan discusses transfer pricing rules and tax liability. Tax payments are another concern. “The IRS is heavily focused...

  • 08/24/2015
    Investors, Hackers and Idealists: Understanding Millennial Donors
    By Robert Evans

    What’s the secret to unlocking the philanthropic spirit of the millennial generation? Robert Evans, president of nonprofit advisory firm, Evans Consulting Group, shares why for many not-for-profit leaders this is an important, top of mind question. For many nonprofit leaders, this may be the million dollar – or perhaps billion dollar...

  • 08/18/2015
    When to Start Taking Social Security and Some Strategies for Maximizing Benefits
    By David Waddington

    If you’re like most people, you are probably looking forward to retiring and living as long and as comfortably as possible. As you plan for retirement, however, concern can creep in regarding how long your money will last. That’s why Social Security may be a bigger piece of your retirement...

  • 08/18/2015
    Fashion Sense - August 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. 

  • 08/11/2015
    Ayanna N. Coleman Elected Chairperson of NYSSCPAS NextGen Committee

    Senior associate and CPA, Ayanna N. Coleman, was elected the Chairperson of the NexGen Committee of the New York State Society of CPAs (NYSSCPAS).  Join us in congratulating Ayanna on this great accomplishment. Read the full announcement here. ...

  • 08/10/2015
    Tax Alert: Highway funding law brings important tax law changes
    By Robert Charron

    As with most legislation, "The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015" is a somewhat misleading name. The new law is about more than just transportation funding and it does nothing to change veterans' health care services. This three-month extension of the Highway Trust Fund was...

  • 08/06/2015
    Accounting Method Switches Allowed for Partnership Changes
    By Diane Freda

    July 31 — Internal Revenue Service final rules on determining a partner's distributive shares allow partnerships greater flexibility in how they account for variations.The final rules (T.D. 9728), issued July 31, say that the partnership may select a new method each time a variation occurs, moving back and forth between the interim closing method and the proration method when accounting for changes, such as when a new partner joins, or a partner sells a partnership interest.

  • 08/06/2015
    Hillary Clinton’s tax plan according to critics

    Scott Ehrenpreis, principal in Friedman LLP’s tax controversy group, shared the accounting perspective in a recent article in the New York Post.

  • 08/04/2015
    Companies Flocking to OTC Markets Group, Bulletin Board Falling Behind
    By Neil Levine

    Companies involved in over-the-counter (“OTC”) exchange trading face a choice – which exchange do I pick? If your company is not trading on a major exchange like NASDAQ or NYSE, there are a few options at play in OTC trading, with some more popular than others.

  • 08/03/2015
    7 Ways to Reduce the Cost of a Data Breach
    By Kevin M. Hyams, CPA, FCA, CFE

    Experiencing the loss or theft of protected personal data and then having to notify breach victims in the manner prescribed by law can be a costly and stressful experience for any organization. Fortunately, there are steps that can be taken to reduce the cost and contribute to the mitigation of the risks resulting from this type of cyber-attack.

  • 08/03/2015
    4 Big Questions and Answers on Accounting Standards Update 2015-03
    By Michael Cohen

    In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-03 for the stated purpose of simplifying the presentation of debt issuance costs. Updates to standards often bring about questions – how will this impact my business? How quickly can I get up-to-date?

  • 08/03/2015
    Michael Sacco Joins Friedman LLP as Partner

    New York – August 3, 2015 – Friedman LLP announced today that Michael Sacco has joined the firm as Partner. Mr. Sacco, who brings more than 15 years of experience, will lend his expertise to privately-held companies in a range of industries including consumer products, apparel, manufacturing, distribution, wholesale, importing, real estate investment funds, and other financial services.

  • 07/30/2015
    How Do You Know Your Favorite Charity Isn't A Scam?

    Amish Mehta, Friedman LLP partner and not-for-profit practice leader, sat down with The Street to discuss charity fraud.

  • 07/27/2015
    Financial Accounting Standards Board Proposes Overhaul to Not-for-Profit Financial Reporting
    By Sarah Avery

    The Financial Accounting Standards Board ("FASB") issued an exposure draft on April 22, 2015 proposing sweeping changes to the not-for-profit financial reporting model encompassing liquidity, cash flows, operating results, expense reporting and other disclosures intended to enhance comparability between nonprofits. But changing a model that professionals, management, and other users have become accustomed to may shake up the not-for-profit reporting world for financial professionals.

  • 07/27/2015
    US Firms In For Long Ride In China

    Partner Eddie Wong quoted in the Wall Street Journal on the impact of the Chinese stock market plunge on US-Chinese joint ventures

  • 07/23/2015
    Is Fast Fashion Disrupting the Fashion World?

    The fashion industry is undergoing substantial change and fast fashion is the latest disruption to the status quo.

  • 07/22/2015
    Medical Center Merger Moves Ahead in NYC – Do Financial Implications Exist?

    New York City medical center, NYU Langone, moves ahead with Lutheran Medical Center merger.

  • 07/22/2015
    Same-Sex Marriage and Social Security – What You Should Know

    Michael Greenwald, Friedman LLP partner, sat down with The Street to discuss the same-sex marriage ruling and what it means for couples’ social security.

  • 07/20/2015
    Q&A: When is mortgage interest NOT deductible?
    By Karl Neulinger

    When is mortgage interest NOT deductible? Friedman LLP’s Karl Neulinger focuses on this question, which many home owners don’t even know they should be asking. The following transcribes a recent conversation Karl had with a client concerning mortgage interest and how it can impact tax returns.