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Alerts

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  • 08/31/2020
    Treasury Issues Guidance on Payroll Tax Withholding Deferral
    By Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader

    With four days to spare before the effective date of Tuesday, September 1, Treasury finally released guidance implementing the President’s August 8 Executive Order allowing taxpayers to defer withholding of the employee’s portion of Social Security taxes. At two and a half pages, (double spaced with wide borders) the guidance...

  • 08/27/2020
    The SBA’s Latest Guidance Analyzed
    By Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader

    Why Borrowers May Have to Rethink Their Approach to Loan Forgiveness

  • 08/12/2020
    Sailing Through Uncharted Waters: Working Remotely During the Pandemic and New York’s “Convenience of the Employer Rule”

    As taxpayers continue to wrestle with the challenges brought about by the COVID-19 pandemic, one important question remains, how will working from home affect them from a state and local tax perspective? Their concern generally centers around the possibility of being taxed on the same income by more than one...

  • 08/10/2020
    IRS Publishes Final Regulations on SALT Cap Workarounds

    Last week, the Treasury and IRS announced final regulations limiting the effectiveness of certain State and Local Tax (“SALT”) cap workarounds. Following the December 2017 enactment of the Tax Cuts and Jobs Act (“TCJA”), which limited individuals’ itemized deductions for state and local taxes to $10,000 ($5,000 for married persons filing separately),...

  • 08/07/2020
    SBA Issues Yet Another PPP Loan Forgiveness FAQ

    As the Small Business Administration (SBA) gets ready to accept lenders’ Paycheck Protection Program (PPP) loan forgiveness applications on August 10, the Administration and Treasury issued guidance in the form of 10 pages of Frequently Asked Questions (“FAQ”) designed to further aid borrowers and lenders with the forgiveness process. Click here...

  • 07/31/2020
    IRS Clears Up Some Confusion on Business Interest Deductions
    By Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader

    The Tax Cuts and Jobs Act (“TCJA”) was the most sweeping overhaul of the Internal Revenue Code since President Reagan’s Tax Reform Act of 1986. Given the fact that there were no hearings on TCJA and little advance legislative planning, many of the law’s provisions required regulatory clarification. However, the...

  • 07/28/2020
    IRS Finally Releases Business Interest Expense Regulations

    On July 28, the Internal Revenue Service finally released its guidance on the deductibility of business interest. We expected this release in March. However, the pandemic put the IRS on hold and then Congress made changes to the law in the Coronavirus Aid, Relief and Economic Security (“CARES”) Act. The new...

  • 06/25/2020
    The SBA Issues Yet Another PPP Loan Forgiveness Application Update
    By By Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader and Jeffrey Resnick, CPA, Partner

    In a departure from its previous practice, the Small Business Administration (“SBA”) chose to release its latest update – clarifications to the Interim and Final Rules on forgiveness application timelines, owner compensation and other aspects of the forgiveness process – on a Monday night (June 22). The release provides revisions...

  • 06/19/2020
    SBA Updates PPP Loan Forgiveness Process for PPPFA Changes
    By Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader and Jeffrey Resnick, CPA, Partner

    It’s been a busy week for those of us involved with the Paycheck Protection Program (“PPP”). Late Tuesday evening, the Small Business Administration (“SBA”) and Treasury released an updated PPP Loan Forgiveness Application, a simplified Application, and instructions for both to account for the changes to PPP in the new...

  • 06/11/2020
    Do States CARES [Act]?

    The COVID-19 pandemic has caused a monumental fiscal crisis not seen in the U.S. since the Great Depression. In response, the federal government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a tax and spending bill intended to provide much-needed economic relief. To date, the CARES Act is...

  • 06/11/2020
    Taxing Nonresidents in the Time of a Pandemic: New York vs. New Jersey

    Conceptually, state income taxes imposed on nonresidents is straightforward. Under the Due Process and Commerce Clauses of the U.S. Constitution, states may levy taxes on nonresidents’ income earned within the state boundaries. Said differently, if one works, carries on business, or engages in professional activities within a state, he is...

  • 06/04/2020
    Congress Passes the Paycheck Protection Program Flexibility Act

    The Paycheck Protection Program (“PPP”) enacted in late March was intended to be a lifeline for small businesses. Experience showed that in its rush to be helpful, Congress left some gaps and traps for the unwary. Treasury and the Small Business Administration (“SBA”), in efforts to fill the gaps, created...

  • 05/25/2020
    Further SBA Guidance on PPP Loan Forgiveness as of May 22, 2020

    Acknowledging that all gave some and some gave all, allow us to take a moment to thank those of you who served or had family members who made the ultimate sacrifice in service to our country – whether on the battlefield, or in the battle we now face. On Memorial Day...

  • 05/16/2020
    SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

    Fortunately, borrowers now have official guidance regarding Paycheck Protection Program (“PPP”) loan forgiveness in the form of an application with detailed instructions. The Small Business Administration (“SBA”) said they will also issue regulations and guidance to further assist borrowers as they complete their applications. Lenders will also receive further guidance on...

  • 05/13/2020
    New PPP Guidance: Safe Harbor for Good Faith Certification

    The Small Business Administration (“SBA”) has released additional guidance attempting to clarify how it will view the good faith certification required of the Paycheck Protection Program’s (“PPP”) loan borrowers. The Administration previously advised borrowers that if they did not have a good faith basis for their certification of need they...

  • 05/13/2020
    SBA Publishes Interim Final Rule on PPP Loans and Partner Compensation

    On May 13, the SBA released an Interim Final Rule (“IFR”) which will enable certain partnerships that applied for Paycheck Protection Program (“PPP”) loans but did not include partner income in their loan amount to go back to their lender and get an additional disbursement. If a partnership received a PPP...

  • 05/01/2020
    IRS Releases Guidance on Deductibility of PPP Expenses
    By Michael J. Greenwald, MPPM, CPA, Partner, Barry S. Sziklay, CPA, ABV, CFF, PFS, Partner and Alan Goldenberg, JD, MBA, LL.M., Principal

    Since the CARES Act was passed, taxpayers and their advisors have wondered if expenses paid for with Paycheck Protection Program (“PPP”) loan funds that were ultimately forgiven will still be deductible for income tax purposes. The IRS has just released guidance (Internal Revenue Notice 2020-32) which states that no deduction will...

  • 04/27/2020
    Treasury and SBA Release Guidance on Calculating PPP Loans
    By Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader

    On April 24, the Small Business Administration (“SBA”) and Department of the Treasury published a Q&A outlining how businesses of varying structures can calculate their payroll costs to determine the value of loans they are eligible to receive through the Paycheck Protection Program (“PPP”). Notably, the guidance suggests that the U.S....

  • 04/23/2020
    New Bill Allocates Additional Funding to PPP
    By Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader

    The president signed a $484 billion coronavirus relief bill that will replenish the funds available to small businesses through the Paycheck Protection Program (“PPP”). The SBA announced that new loan applications will be accepted starting at 10:30 AM on Monday, April 27. The bill appropriates $321 billion in new funds to...

  • 04/22/2020
    Track Your PPP Loan Spending to Ensure You Qualify for Forgiveness
    By Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader and Denise McKnight, CPA, Partner

    Following a frantic rush to become familiar with the CARES Act, and the Paycheck Protection Program (“PPP”) it introduced, businesses whose loans have been funded must now focus on carefully tracking how they spend their PPP loan. While the process of calculating and applying for forgiveness of PPP debt is not...

  • 04/22/2020
    COVID-19 and Real Estate: Resources, Legislation and Your Business
    By Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader and Thomas P. Terry, CPA, Partner

    The real estate industry stands to be significantly affected by the economic impact of the COVID-19 pandemic. To help guide property developers, owners and managers, Friedman has compiled information on relief programs you may be able to take advantage of, CARES Act tax provisions that can be leveraged to maximize...

  • 04/22/2020
    Small Business Relief Initiative

    Small business owners across America are struggling to keep their workers employed and their businesses alive. In response, the U.S. Chamber of Commerce launched a new $5,000 grant program known as the “Save Small Business Initiative,” which you may be eligible for. The initiative went live April 21 at noon and...

  • 04/14/2020
    Summary of State Relief Activity

    The chart below, a work in progress, provides a summary of state activity relating to extended tax due dates. States are continually updating their information and the dates listed are subject to change. In addition, we have prepared a summary of small business relief available through state and local programs. Summary of...

  • 04/14/2020
    IRS Clarifies Tax Deferral Option for PPP Borrowers

    Michael Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader

  • 04/14/2020
    Beyond PPP: Other Sources of Relief for NJ Businesses
    By Robert E. Fiorentino, CPA, Partner

    The Paycheck Protection Program (PPP), introduced in the CARES Act, is the Small Business Administration’s (SBA) relief program designed to deliver loans eligible for forgiveness to many small businesses with employee headcounts lower than 500. However, the PPP is not available to many businesses with fewer than 500 employees because entities...

  • 04/13/2020
    Federal Reserve Publishes Terms for New Business Loan Programs
    By Michael Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader

    Two Federal Reserve programs, the Main Street New Loan Facility and Main Street Expanded Loan Facility, which together will make up to $600 billion available to small and medium-sized businesses, were the subject of term sheets published by the agency on April 9. These terms sheets clarify the mechanisms by which...

  • 04/10/2020
    IRS Issues New Guidance on COVID-19 Relief
    By Michael J. Greenwald MPPM, CPA, Partner

    In a flurry of activity on Thursday, the IRS issued a News Release, two Notices and two Revenue Procedures providing guidance to taxpayers on how to apply for relief offered by the CARES Act — as well as administrative relief granted by the IRS under its existing authority. The IRS previously...

  • 04/07/2020
    [UPDATED] Paycheck Protection Program Update

    Following the signing of the CARES Act, the Small Business Administration (SBA) and Treasury Department announced today that they have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.  Treasury Secretary Steve Mnunchin stated that he expects the Treasury and...

  • 04/06/2020
    How the CARES Act Impacts Accounting for Income Taxes in Financial Statements
    By Brian Kearns, CPA, Partner

    The CARES Act was designed to offer relief to business owners, keep businesses open and support their ability to meet payroll obligations. Even if your business doesn’t qualify for the loans offered under the act, it will have implications for your business from an income tax perspective. Here are highlights...

  • 04/03/2020
    Interim Final Guidance For Implementing the Paycheck Protection Program

    Last night (April 2nd), the Treasury Department issued Interim Final Guidance implementing the Paycheck Protection Program. While the rules do clarify some of the questions we had about the program, they contain some new inconsistencies. As we attempt to resolve these issues as best we can, recognize that these new...

  • 04/02/2020
    [UPDATED] Key Aspects of the Coronavirus Aid, Relief and Economic Security (CARES) Act
    By By Michael J. Greenwald MPPM, CPA, Partner

    [NEW] Relief for Workers Affected By Coronavirus Act Flowchart On March 27 the President signed the CARES Act, or coronavirus stimulus bill. The key aspects of the bill are summarized below. Paycheck Protection Program Small businesses with 500 or fewer employees during the “covered period” – February 15 through June 30, 2020 are eligible....

  • 03/31/2020
    Friedman’s Remote Work Arrangement

    While we are in the midst of a very uncertain time, Friedman’s commitment to the health and safety of our clients, colleagues and communities remains our utmost concern. On March 17th, in compliance with nationwide guidelines, Friedman enacted a mandatory work from home arrangement. As the situation evolves, we will continue...

  • 03/31/2020
    SEC Amendments and Updates Relating to COVID-19
    By By Sviatlana Tsiaptseyeva, CPA, Partner

    This short summary provides a recap of some additional U.S. Securities and Exchange Commission (SEC) announcements during the month of March. Earlier in the month, the SEC announced: Shareholder annual meetings should be postponed or held virtually U.S. companies with filing deadlines have an additional 45 days to file reports (applies to...

  • 03/30/2020
    Understanding The Paycheck Protection Program
    By Michael Sacco, CPA, Partner

    The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocates $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. The Small Business Administration (“SBA”) will be releasing more...

  • 03/27/2020
    At a Glance: How COVID-19 is Affecting the Life Sciences Industry
    By By Robert E. Fiorentino, CPA, Partner

    “Researchers at America’s biopharmaceutical companies are working around the clock to contain the spread of the novel coronavirus and deliver treatments to those impacted by this deadly disease. Today, we renew our commitment as an industry to help those in need, protect our workforce and ensure any treatments we develop...

  • 03/26/2020
    IRS People First Initiative
    By David Shuster, JD, LL.M., Principal

    To assist taxpayers facing issues related to COVID-19, the IRS yesterday announced its People First Initiative, which, beginning on or about April 1 and continuing through at least July 15, will temporarily adjust certain IRS compliance programs. During this period, the IRS will: Allow taxpayers to suspend payments due under existing...

  • 03/25/2020
    Be First in Line for Relief: Preparing Your Claims for Recovery
    By Randall M. Paulikens, CPA, ABV, CFF, CITP, Partner

    While many companies hold Business Interruption insurance, most policies have endorsements that specifically exclude coverage for virus and bacteria issues and/or require physical damage to property. However, a few state legislatures are seeking to retroactively compel the insurance companies, who wrote business interruption policies in their respective states, to provide...

  • 03/25/2020
    UPDATED: IRS Tax Filing Guidance on Extensions
    By Michael J. Greenwald MPPM, CPA, Partner

    On March 20, the IRS released a notice providing guidance for taxpayers with respect to the extension of time to file tax returns and to make certain tax payments. The details are as follows: The due date for filing federal income tax returns and making federal income tax payments due April...

  • 03/25/2020
    Families First Coronavirus Response Act Key Takeaways
    By Michael J. Greenwald MPPM, CPA, Partner

    UPDATE:  On March 20th, the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor announced plans to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave.  To learn more, click here. On March 18th, the...

  • 03/21/2020
    NYC Delays the Deadline to File Tax Appeal

    On the evening of March 20th, New York City's Mayor, Bill de Blasio, signed an executive order delaying the deadline to file a tax appeal to no earlier than 30 days after the State of Emergency is lifted. Download the PDF above for the details. ...

  • 03/20/2020
    NYC to Waive Excise Tax Penalties for Late Filers
    By Alan Goldenberg, JD, LL.M., Principal

    On March 19, the Commissioner of New York City’s Department of Finance, Jacques Jiha, announced that New York City will allow for a waiver of penalties for business and excise taxes due between March 16, 2020 and April 25, 2020. Taxpayers may request to have penalties waived on late filed...

  • 03/19/2020
    Treasury Proposes Coronavirus Relief Package Valued at More Than $1 Trillion
    By Michael J. Greenwald MPPM, CPA, Partner

    The Treasury’s latest proposal for dealing with the economic dislocation caused by the coronavirus pandemic allocates more than $1 trillion in spending, including secured loans or loan guarantees for certain hard-hit industries. The plan includes both direct payments to individual households, as well as financial support to allow small businesses to...

  • 03/17/2020
    COVID-19 Response Measure: Send Data Digitally to Ensure Uninterrupted Service

    While the outbreak of COVID-19 continues to impede commercial travel in the regions affected, Friedman has measures in place that will ensure our work continues uninterrupted. In anticipation of any potential restrictions on commuting or office access, we encourage clients to submit their tax data digitally through our Friedman portal system,...

  • 03/17/2020
    Developing: Mnuchin Proposes 90-Day Extension on Tax Payments
    By Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader

    According to comments at a press conference and throughout the day, Treasury Secretary Steven Mnuchin says the Treasury intends to provide an automatic 90-day extension on tax payments--allowing taxpayers until July 14 to pay any taxes they owe. At the press conference, Mnuchin proposed that individuals could defer up to $1...

  • 03/13/2020
    HOW IS COVID-19 AFFECTING YOUR BUSINESS?

        

  • 03/09/2020
    Health and Operational Measures in Response to COVID-19

    With the COVID-19 outbreak throughout the United States and beyond, the health and safety of our clients, colleagues and families is our utmost concern. Rest assured that Friedman has taken a number of precautionary measures and has designed a response plan in accordance with the CDC’s guidance to help mitigate...

  • 01/17/2020
    Tax on Transportation Fringe Benefits Repealed

    President Trump recently signed into law a government funding bill that repeals Sec. 512(a)(7). Prior law required that tax-exempt organizations pay unrelated business income tax on transportation fringe benefits on behalf of their employees. The repeal of Sec. 512(a)(7) will be retroactive to the date it came into effect and...

  • 01/15/2020
    The SECURE Act – How Substantial Changes to Retirement Plans and IRAs May Impact You

    The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE” or the “Act”) was signed into law by President Trump on December 20, 2019 in addition to other key retirement and savings provisions in the year-end spending bills. The Act makes significant changes to IRAs and Qualified Plans....

  • 01/15/2020
    Unraveling the Details of NJ's Pass-Through Business Alternative Income Tax Act

    Bob Charron sat with State & Local Tax Experts, Tom Corrie and Alan Goldenberg to find out everything you need to know about the recently signed legislation that gives small businesses in New Jersey a workaround for the $10,000 cap on state and local tax deductions under the Tax Cuts...

  • 01/09/2020
    Tax Extenders Legislation and Its Impact on You in 2020

    Just before Christmas, the President signed the fiscal year 2020 appropriations bill which extended a number of tax benefits that either expired in 2018 or were set to expire at the end of 2019. Most provisions were only extended through 2020. However, "favorites" like the biodiesel tax credit and a railroad...