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  • 07/31/2019
    New IRS Enforcement Programs
    By Lizabeth McGrath, Director - International Tax & David Shuster, Principal - International Tax

    U.S. Persons Face Greater Risks for Noncompliance Associated with Foreign Bank Account Reporting

  • 06/18/2019
    IRS Bars SALT Deduction Workarounds

    As expected, the IRS on Tuesday put the kibosh on state programs designed to help taxpayers circumvent the newly imposed $10,000 federal limitation on the state and local tax (“SALT”) deduction. The final regulations come after the Treasury Department issued proposed regulations on the topic last August. Under the new federal...

  • 06/14/2019
    International Tax Alert: Withholding Tax on Sales of Partnership Interests by Foreign Person(s)

    The Tax Cuts and Jobs Act (“TCJA”) imposed tax on gains derived from the disposition of interests in partnerships carrying on a US trade or business. To enforce this new regime against foreign partners, the TCJA also introduced a new withholding tax regime, Section 1446(f). Under this withholding regime, the purchaser...

  • 06/04/2019
    Tax Protocol for New York Marketplace Providers and Sellers

    Marketplace providers (i.e., Amazon and EBay) with taxable sales into New York must collect and remit sales tax once they meet the same sales thresholds as remote sellers, the state tax department said in newly issued guidance. In a May 31 technical memorandum, the Department of Taxation and Finance stated that...

  • 05/08/2019
    IRS Campaign Shifts the Focus to Transfer Pricing

    The IRS Large Business & International (“LB&I”) division recently announced three new compliance campaigns affecting transfer pricing. The goal of LB&I’s new campaigns is to improve return selection, identify issues representing non-compliance risks and ensure the efficient use of limited resources. The compliance campaigns are:  Captive Services Provider Campaign – This campaign concerns arm’s length...

  • 02/18/2019
    Friedman Announces Rollout of SafeSend Tax Returns

    A new, automated tax return system for our clients

  • 01/25/2019
    Proposed Changes in Assessed Valuation Threshold for TC309 to Impact NYC Real Estate
    By John Tax, CPA, Partner 

    On January 24, 2019, the Tax Commission of the City of New York approved legislation to raise the threshold for accountants’ certification of the Form TC201, Income and Expense Schedule for Rent-Producing Property on Form TC-309. The threshold would be raised from an assessed value of $1 million to $5...

  • 01/14/2019
    Proposed changes to the hardship distribution regulations for 401(k) & 403(b) plans
    By David Waddington, CPA, Partner

    On November 9, 2018, the IRS released proposed amendments to the hardship distribution regulationsapplicable to 401(k) plans (“Proposed Regulations”) that permit such distributions.. These amendments reflect changes in the law under the Tax Cuts and Jobs Act of 2017 (“Tax Act”) and the Bipartisan Budget Act of 2018 (“Budget Act”). Although...

  • 12/11/2018
    IRS Issues Proposed Regulations on Business Interest Expense Deductions
    By Michael J. Greenwald, MPPM, CPA, Partner

    As 2018 comes to a close and with the holidays upon us, the IRS has given us a gift in the form of extensive regulations. Specifically, we now have more guidance on the regulations governing the new limitation on business interest deductibility. In April 2018, the IRS released temporary guidance on...

  • 12/11/2018
    Tax Structuring and Planning Considerations for International Businesses
    By Adnan Islam, JD, MBA, LL.M., CPA, Partner

    With 2019 around the corner, international businesses still have an opportunity to restructure ownership and operations to exploit the dramatic changes made by the Tax Cuts and Jobs Act (TCJA or the Act). Prior ownership and operational structures may be outdated and inefficient and must be reviewed to assess the benefits...

  • 11/27/2018
    Clarity From Capitol Hill:

    How you can benefit from the 199A Pass Through Deduction

  • 11/13/2018
    New Jersey Tax Amnesty
    By Alan Goldenberg, JD, LL.M., Principal

    New Jersey will be offering a tax amnesty program to encourage taxpayers with outstanding taxes to pay the taxes they owe. Beginning on November 15, 2018, New Jersey will provide a 60-day tax amnesty program giving taxpayers an opportunity to file and pay past due-taxes with reduced interest and no...

  • 11/02/2018
    IRS Announces 2019 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"). Illustrated below are the differences from last year to this year. If you have any questions about this alert, please contact David Waddington or your...

  • 10/15/2018
    Further guidance on business meal expense deductions under the TCJA

    The IRS recently clarified that the business meal deduction remains allowable in certain circumstances under the Tax Cuts and Jobs Act “TCJA.” As a taxpayer, you can generally continue to deduct 50% of food and beverage expenses if they are related to operating your trade or business. This exclusive Tax...

  • 10/11/2018
    Tips on How to Avoid the Cyber Security Pitfalls of Big Companies in 2018

    As companies grow, there is a much greater possibility for cyber attacks. 2018 has proven that even the biggest companies aren't immune to these attacks. Read Jake Lehmann's tips on how you can avoid cyber security pitfalls and keep your information safe! Click here, to learn more....

  • 08/24/2018
    [Tax Alert] IRS proposes regulations on the pass-through business income deduction
    By Michael J. Greenwald, MPPM, CPA, Partner | Robert Charron, CPA, Partner

    Insights to help you maximize your tax position

  • 08/15/2018
    Prepare your company for the new revenue recognition standard
    By Patrick Dugan, CPA, Director, Director

    The clock is ticking. With the January 1, 2019 deadline for the implementation of Accounting Standards Codification Topic 606 fast approaching, now is the time to act. This deadline applies to calendar year-end private companies. Issued on May 28, 2014 by the Financial Accounting Standards Board ("FASB"), Accounting Standards Update No....

  • 07/10/2018
    New Guidance from New York on Employer Compensation Expense Program
    By Tom Corrie, JD, LL.M, Principal and Alan Goldenberg, JD, LL.M.

    The New York Department of Taxation and Finance has issued a much anticipated tax memorandum clarifying how its new, optional employer payroll tax will function. New York’s recent budget contained various provisions aimed at mitigating some of the adverse effects of the Tax Cuts and Jobs Act (P.L. 115-97), particularly...

  • 07/02/2018
    New Jersey’s Budget Deal: Major Impact on State Taxes
    By Tom Corrie, JD, LL.M, Principal and Alan Goldenberg, JD, LL.M.

    Over the weekend, New Jersey Governor Phil Murphy and state lawmakers reached a budget deal and became the last state to pass a budget before the commencement of the July 1 fiscal year. The $37.4 billion budget will raise taxes on New Jersey’s multimillionaires and businesses.  What Taxes are Increasing? Under the...

  • 06/28/2018
    South Dakota v. Wayfair: The New Way of State Taxation
    By Tom Corrie, JD, LLM, Principal and Alan Goldenberg, JD, LL.M. 

    As a follow up to our recent Tax Alert covering the June 21, 2018 U.S. Supreme Court decision in the South Dakota v. Wayfair case, this exclusive feature elaborates on the impact this ruling will have on sales and use taxes related to “economic nexus.” Read on for further background information...

  • 06/21/2018
    U.S. Supreme Court Upholds South Dakota’s Sales Tax Nexus Statute

    Today, the Supreme Court ruled in favor of a South Dakota law that requires remote sellers to collect and remit sales tax if they have over $100,000 of sales to, or engage in 200 or more transactions with, South Dakota customers. This applies even if the remote seller has no...

  • 06/07/2018
    What Employers Should Know About New Jersey’s New Sick Pay Law
    By Bruce Plevinsky, Tax Manager

    On May 2, 2018, Governor Phil Murphy signed the Earned Sick and Safe Days Act, which will allow specified employees to accrue sick leave at one hour per thirty hours worked, up to a maximum of 40 hours per year. The State of New Jersey is only the 10th state...

  • 05/29/2018
    The F.B.I. Urges You to Reboot Your Router
    By William Mendez and William Keppler| Friedman CyZen LLC

    How This and Other Steps May Be Vital in Fighting Malware

  • 04/03/2018
    New York Legislature Passes Tax Overhaul
    By Alan Goldenberg, JD, MBA, LL.M & Tom Corrie, JD, LLM, Principal

    On March 30, the New York Legislature passed a $168.3 billion budget bill containing a variety of changes aimed at mitigating the effects of the new federal tax law. Governor Andrew Cuomo is expected to sign the bill within the coming days. One key element of the legislation is the optional employer...

  • 03/06/2018
    Avoid Costly Consequences with Must-Know Information on the Transition Tax Toll-Charge
    By Ryan Dudley, CPA, CA, CTA, MIT, Edward Ajodah, CPA, J.D., & Erasmo Bruno, CPA, LL.M., JD, 

    Enacted on December 22, 2017 the Tax Cuts and Jobs Act introduced a one-time toll-charge or transition tax on accumulated undistributed earnings of foreign corporations that have not been previously taxed by the United States. With fast approaching tax deadlines, we are sharing this timely alert to begin this process...

  • 03/02/2018
    Good News for Home Equity Borrowers from the IRS
    By Michael J. Greenwald, MPPM, CPA, Partner

    When Congress passed the law formerly known as the Tax Cuts and Jobs Act (“TCJA”) in December 2017, most commentators thought that home equity loan interest was no longer deductible under any circumstances. However, a recent IRS notice clarified that in certain situations, the interest on home equity loans, home...

  • 01/31/2018
    5 Tips to Keep Cryptocurrency in your Wallet and out of Thieves’ Pockets
    By Jake Lehmann and Eric M. Freeman| Friedman CyZen LLC

    If you own digital currency or are ready to invest in the space, it pays to know best practices to secure your digital assets rather than relying blindly on vendors such as Coinbase and exchanges Bittrex, Poloniex, Binance, etc., to do the job for you. Take cyber security into your own hands with...

  • 01/30/2018
    Key Tax Season Tips to Prepare You for Pennsylvania’s New 1099-MISC Withholding Tax Requirements
    By Stuart A. Katz,CPA,MST, Senior Tax Manager

    If you own or operate a business in Pennsylvania, as you gear up for tax filing, know that the Pennsylvania Department of Revenue just released guidance on new withholding and 1099 filing obligations, beginning in 2018. Payers of the 1099-MISC income who are subject to the withholding provisions will not be...

  • 01/25/2018
    Pennsylvania Alert: Contributions Threshold Changes for Charitable Organizations
    By Ralph Citino, CPA, Director & Yana Fishman, CPA, Manager

    Pennsylvania Act 71, signed by Governor Tom Wolf into law on December 22, 2017, raises the contribution thresholds at which a charitable organization is required to file financial statements with its annual registration renewal. Charitable organizations registering with Pennsylvania will now be facing these higher thresholds effective for returns due...

  • 12/26/2017
    Governor Andrew Cuomo Signs Executive Order Allowing Taxpayers to Prepay 2018 Property Taxes
    By Robert H. Charron, CPA, Partner and Tom Corrie, JD, MA, LLM, Principal

    On December 22, 2017, Governor Cuomo executed an emergency Executive Order that allows New Yorkers to prepay their 2018 property taxes in 2017, prior to the effective date of the new federal tax law that imposes limits on the amount of the state and local tax deduction.

  • 12/22/2017
    2017 Tax Reform: International Tax Provisions in the Conference Report
    By Ryan Dudley, CPA, CA, CTA, MIT, Partner & Erasmo Bruno, CPA, JD, Principal

    As a follow up to our December 20 Tax Alert covering domestic tax provisions included in the Conference Report, this alert provides a comprehensive overview of the Report’s international tax provisions. Read on for highlights on the ways you and your business may be directly impacted.

  • 12/20/2017
    2017 Tax Reform: Domestic Tax Provisions in the Conference Report
    By Michael J. Greenwald, MPPM, CPA, Partner 

    Last Friday, December 15, the Conference Report reconciling the House and Senate versions of tax reform was released. Both the House and Senate have passed the legislation. We expect President Trump to sign the bill, though it is unclear whether the signing ceremony will take place in December or in...

  • 12/07/2017
    Tax Reform: The Home Stretch

    As 2017 draws to a close, important differences remain between the Senate's and the House's approach to Tax Reform. While certain outcomes seem likely, such as suspension in whole or in part of the deduction for State and Local taxes, until a bill emerges from the conference committee it is...

  • 12/04/2017
    New Jersey – Important Tax Changes for 2018

    Sales and Use Tax: Effective January 1, 2018, New Jersey’s general 6.875% sales and use tax will be reduced to 6.625%. In addition, other specific state sales and use tax rates will also be decreased. The new rates are as follows: Atlantic City luxury tax: 12.625% – on sales other than alcoholic beverages by...

  • 11/09/2017
    House Tax Reform Bill: Digging Below the Surface to Reveal Critical Analysis

    By now, you’ve seen media headlines covering the House Tax Reform Bill introduced on November 2. What you may not be aware of is how potential problems with the general tax provisions can directly impact you and your business. This Tax Alert addresses the questions you want answers to, suggests...

  • 10/23/2017
    IRS Announces 2018 Limits Affecting Qualified Plans

    Each year, the IRS announces tax inflation adjustments for the following year. The adjustments are based on changes to the Consumer Price Index ("CPI"). Illustrated below are the differences from 2017 to 2018. If you have any questions about this alert, please contact David Waddington or your Friedman engagement partner. View 2018 IRS Limits...

  • 10/03/2017
    Highlighting the Unspoken in the September Tax Reform Framework
    By Michael J. Greenwald, MPPM, CPA, Partner

    This exclusive Tax Alert provides expert insights on critical areas not mentioned in the President's recently released tax reform framework. This analysis highlights areas which may either complicate the reform process, represent potential sources of revenue to offset the cost of tax reform, or reduce the perceived benefits of reform.  Capital...

  • 09/28/2017
    White House Tax Reform Framework Released
    By Michael J. Greenwald, MPPM, CPA, Partner

    The White House released its promised tax reform agenda, known as the “September Framework.” While longer than the previous version, and relying on Congress to fill in much of the detail, it is generally similar to the one-page plan released earlier this year and the House GOP 2016 Blueprint for...

  • 08/17/2017
    State Tax Alert: MTC offers limited-time Voluntary Disclosure for Marketplace Sellers
    By Alan Goldenberg, JD, MBA, LLM

    News for online marketplace sellers in participating states: beginning August 17, 2017 through October 17, 2017, the Multistate Tax Commission (MTC) is offering a limited-time voluntary disclosure initiative. Relief provided under the program applies to sales and use tax and income/franchise tax. Read below for how you can benefit from...

  • 06/01/2017
    U.S. Tax Court Ruling in Employee Misclassification Case

    IRS must reveal workers’ tax return information in misclassification case A recent unanimous ruling by the U.S. Tax Court could make it easier for employers whose workers have been reclassified as “employees” by the IRS to avoid income tax liability for the workers’ earnings. The ruling allowed an employer access to...

  • 04/27/2017
    President Trump’s Proposed Tax Plan— What You Need To Know
    By Robert Charron, CPA, Partner

    On Wednesday, Treasury Secretary Steven Mnuchin and National Economic Council director Gary Cohn unveiled what they termed “the biggest tax cut “ in US history.  WHAT YOU NEED TO KNOW The top corporate tax rate would fall from 35% to 15%. Business owners of pass-through entities would have income taxed at the entity...

  • 01/06/2017
    U.S. Citizenship and Immigration Services Update
    By Bruce Plevinsky, Tax Manager

    New Revised Form I-9 Now Available

  • 12/13/2016
    Changes in 2017 to W-2 and Form 1099-MISC Reporting Requirements

    As part of the Protecting Americans from Tax Hikes Act of 2015 (PATH), the deadline for filing Forms W-2, W-3, and Form 1099 MISC reporting nonemployee compensation will be accelerated to January 31st following the calendar year to which the returns relate. Note that this IRS deadline is one month...

  • 11/29/2016
    DOL’s Overtime Rule Blocked by U.S. District Court

    Just over a week before the U.S. Department of Labor’s (DOL’s) new overtime rule was scheduled to go into effect, a federal judge blocked it. The rule was set to make dramatic changes to the determination of which executive, administrative and professional employees are entitled to overtime pay under the...

  • 10/28/2016
    Client Alert: IRS Announces 2017 Limits Affecting Qualified Plan
    By David Waddington, CPA, Partner

    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"). Illustrated below are the differences from last year to this year. If you have any questions about this alert, please contact David Waddington at...

  • 10/20/2016
    New IRS Regulations Change the Landscape for Partnerships
    By Michael Greenwald, MPPM, CPA, Partner

    The IRS appears to be trying to advance as many pending regulatory projects as possible before the election. The new partnership audit rules are not out yet but they are expected by year end. In the meantime, following closely on the heels of the final debt/equity regulations, the IRS has...

  • 10/14/2016
    New Jersey Increases Gas Tax, Eliminates Estate Tax
    By Michael Greenwald, MPPM, CPA, Partner

    The State of New Jersey, home of low gas taxes, is increasing that tax to fund the state’s Transportation Trust Fund. As a trade-off, the estate tax is being phased out. But, that’s not the whole story. What is changing: The tax on gasoline sold in the state is increasing by 23...

  • 09/23/2016
    Tax Bill Scams: How to Protect Yourself

    The IRS issued an alert yesterday warning taxpayers about a new scam involving emails sent to taxpayers with a fraudulent form attached requesting payment of a non-existent tax liability. Fake Tax Bill Emails: What you need to know Scammers are sending a fraudulent version of CP2000 notices for tax year 2015. The scam...

  • 09/07/2016
    New Jersey to Withdraw from the Reciprocal Tax Agreement with Pennsylvania
    By Alan Goldenberg, JD, MBA, LLM

    On Friday, September 2, New Jersey Governor Chris Christie announced that a $250 million budget gap has forced him to withdraw from a decades-old agreement that allows New Jersey and Pennsylvania residents who work across state lines to pay income taxes where they live instead of where they work. Under...

  • 08/09/2016
    New Proposed Rules Could Significantly Reduce Valuation Discounts for Estate and Gift Tax
    By Scott Testa, CPA, JD, Partner

    On August 2, the IRS issued proposed regulations that impact a powerful and frequently used estate planning tool -- valuation discounts. These discounts typically apply to valuations of family-controlled entities such as closely-held businesses or family limited partnerships, both upon transfer and at death. Under these new rules, valuation discounts...