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Alerts

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  • 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....

  • 04/01/2020
    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...

  • 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

    In just a few weeks, the outbreak of coronavirus has slowed many businesses, put people out of work, and forced many businesses to cease functioning altogether. The Federal Reserve, Congress, and the President are all proposing relief measures, but few have been fully passed into law or put into action...

  • 03/25/2020
    UPDATED: Relief for Taxpayers Affected By Coronavirus
    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...

  • 11/07/2019
    Client Alert: IRS Announces 2020 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 at DWaddington@FriedmanLLP.com...

  • 10/15/2019
    IRS Releases First Cryptocurrency Tax Guidance in Five Years

    On October 9th, the Internal Revenue Service (IRS) issued the first cryptocurrency tax guidance since 2014, advising digital currency holders on how to pay taxes on investments. The new Revenue Ruling provides FAQs covering basis, gain or loss on the sale or exchange of digital currency, and ways to determine...

  • 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...