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Publications

  • 08/07/2019
    Donor Advised Funds – by the Numbers

    According to a recent Fidelity Investments report, a relatively low percentage (36%) of donors understand the fundamental principles of donor advised funds (“DAFs”). That’s an astounding statistic given the accelerated rate at which donor advised funds have grown in terms of contributions made and grants paid. DAFs accounted for 4.4% of...

  • 07/30/2019
    The Tenant Protection Act: Changes for Landlords and Owners in the Future of Affordable Housing

    The unparalleled state Senate and Assembly’s “Housing Stability and Tenant Protection Act” marks the onset of sweeping changes to New York City’s residential rental market. While the agreement concludes months of speculation, the deal – affecting nearly a million housing units and 2.4 million people in New York City –...

  • 07/25/2019
    CyZen Blog: Prioritizing Cybersecurity in Your Real Estate Business

    As owners, managers and developers rapidly digitize their transactions and implement building automation systems ("BAS") to stay ahead of evolving consumer demands, many are uncovering major gaps in their approach to data protection. Whether you’re now considering cybersecurity or submerged in new challenges to your existing plan, these techniques will keep...

  • 07/24/2019
    The Wayfair Decision: One Year Later and Still a Work in Progress
    By Alan Goldenberg, JD, MBA, LL.M., Principal

    Last year’s US Supreme Court ruling in South Dakota v Wayfair was the most significant development in state and local taxation in decades – with implications reaching across state lines. In its decision, the Court provided that states can impose sales tax requirements on remote sellers so long as those...

  • 07/24/2019
    Economic Nexus and Market-Based Sourcing: How to Stay Ahead in an Evolving Tax Landscape
    By Tom Corrie, JD, LL.M., Principal

    As states continue to move forward, adopting varying approaches to market-based sourcing and economic nexus, taxpayers must understand how these two methodologies relate in order to avoid costly tax consequences. In some instances, differences in sourcing rules can lead to double taxation or “no-where” income. That’s why it’s crucial to...

  • 07/24/2019
    Withholding Considerations for Nonresident Employees
    By Alan Goldenberg, JD, MBA, LL.M., Principal

    One of the more difficult aspects of tax compliance for employers is dealing with employees who travel outside of their state of residence for business purposes. The challenge is that states have varying standards and obligations for employers to withhold income taxes on employees traveling to nonresident states for temporary...

  • 06/07/2019
    Unraveling the Layers of 163(j): Insights for Your Real Estate Business

    For more than a year, owners of real estate businesses have debated whether it’s beneficial, or not, to elect out of the proposed rules for interest expense limitations under section 163(j) of the Tax Cuts & Jobs Act (“TCJA”). Under this provision, a taxpayer may not deduct business interest expense for...

  • 06/07/2019
    Philadelphia Use and Occupancy Tax
    By Stuart A Katz, CPA, MST

    Since the financial crises of the late 2000s, out-of-town developers and institutional funds have flooded Philadelphia to capitalize on real estate opportunities. However, few out-of-state developers knew about the city’s hefty and rather confusing School District Business Use and Occupancy tax—also known as “U&O.” This article takes a closer look...

  • 06/07/2019
    “Strong Island” City Perseveres Without Amazon
    By Michael Stoler

    Last Valentine’s Day, Amazon broke a few hearts after announcing that they would no longer establish their headquarters in Long Island City. Many falsely believed this announcement would have a deleterious effect on this otherwise thriving neighborhood, just a short subway ride from Manhattan. However, to quote Mark Twain, “The...

  • 05/31/2019
    Potholes in the Qualified Parking Expense

    Internal Revenue Code Section §274(a)(4), is one of the many provisions that were amended under the Tax Cuts & Jobs Act ("TCJA"). Notably, this revision created a cavity in the dispensation for employers to deduct “qualified parking.” The IRS has since released Notice 2018-99 to help employers determine the extent...

  • 05/31/2019
    Steer Clear of Allocation Traps Created by the GST Tax

    The Tax Cuts and Jobs Act ("TCJA") doubled the generation-skipping transfer ("GST") tax exemption to $10 million beginning last year. The exemption is adjusted annually for inflation (for 2019, the exemption amount is $11.4 million). While most families won’t be affected by the tax, beginning in 2026 the GST tax...

  • 05/31/2019
    A Guide to the IRS’ Recent Proposed Regulations for Qualified Opportunity Funds

    Under the Tax Cuts and Jobs Act ("TCJA"), Congress sanctioned qualified opportunity zones ("QOZs") as a tax incentive to promote investment in low-income communities. Specifically, when investors put capital into a QOZ they may defer, reduce or remove taxes on certain capital gains. The IRS released its first round of guidance on...

  • 05/31/2019
    Is Your Partnership Ready for the New Audit Rules?

    The Bipartisan Budget Act of 2015 established a new “centralized audit” regime for partnerships, including LLCs taxed as partnerships. Although the new audit rules apply to partnership tax returns for tax years beginning after 2017, the IRS didn’t finalize regulations on these rules until December 2018. However, there’s good news....

  • 05/29/2019
    U.S. Issues Regulations on Base Erosion and Anti-Abuse Tax
    By David Slemmer, Director of Transfer Pricing

    On December 13, 2018, the Internal Revenue Service (the “IRS”) and the Treasury Department issued proposed regulations (the “Proposed Regulations”) on the Base Erosion and Anti-Abuse Tax (“BEAT”) under section 59A of the Internal Revenue Code. BEAT is a new minimum tax imposed on large corporations that make deductible payments...

  • 05/24/2019
    Toolkit for New Nonprofit Reporting Standards: Keys to Drive Your Mission's Success

    Your nonprofit's mission is too valuable to be impeded by speed bumps in the new accounting pronouncements. Our nonprofit tax and accounting experts have compiled leading resources to help your organization prepare and thrive in this ever-changing and complex environment. Tune into our recent May 21 webinar above, or download for on-the-go reference. Include...

  • 05/23/2019
    Nonprofits and Cybersecurity: Recognize the Risks and Leverage the Resources

    Equifax. Yahoo. Marriott. Large scale data breaches only affect large, well-known, for-profit organizations, right? Unfortunately, as The Utah Food Bank and Save the Children can attest, malicious actors can and will target nonprofits. You may expect that nonprofit status would deter cybercriminals, but, like the “sticky bandits” of the Home Alone...

  • 05/16/2019
    Cybersecurity Techniques to Keep Your Grounded Against the Winds of Change

    Like any living environment, your cybersecurity ecosystem must evolve and adapt to defy emerging threats. Read CyZen's four powerful techniques to protect your valuable assets for the long haul.  Read On!...

  • 03/29/2019
    Tax Cuts & Jobs Act: Changes to the Kiddie Tax
    By By Jonathan Curry-Edwards, CPA, Principal

    The Tax Cuts and Jobs Act (“TCJA”), passed in December 2017, changed how certain children are taxed on their unearned income -- also known as the "Kiddie Tax." Prior to TCJA, a child who had not turned 18 years old or a child whose earned income did not exceed half of...

  • 03/28/2019
    Exploring the Four Categories of Non-business Interest

    The Tax Cuts and Jobs Act has made a significant impact — both directly and indirectly — on the deductibility of interest expense. This article explores four categories of nonbusiness interest: qualified residence interest, investment interest, qualified student loan interest and personal interest.  Matters of interestWhen are interest payments deductible? The Tax...

  • 03/21/2019
    How to Make the Most of Your Deduction Under the New Tax Code
    By Sharon Yang and Kimberly Dula

    As an individual taxpayer, due to the large scale changes triggered by the Tax Cuts and Jobs Act ("TCJA"), you'll need to plan more carefully to ensure you reap all possible tax benefits. While the TCJA's individual tax provisions increase the tax benefits for some taxpayers, limitations to itemized deductions could...

  • 03/05/2019
    Examining the New Guidance on Accounting for Nonemployee Compensation
    By Shaji Varghese, CPA, Partner

    How will the Financial Accounting Standards Board’s (FASB) new guidance, Accounting Standards Update (ASU) 2018-07, impact share-based payments to nonemployees? Your company will now benefit from a more cost effective and simplified approach to recognizing costs pertaining to nonemployee share-based compensation. This article will help you stay ahead of the curve...

  • 02/27/2019
    Tax Reform Resource Center

    Expert Insights on Sweeping Tax Changes Affecting You and Your Business

  • 02/20/2019
    What Every Nonprofit Needs to Consider Before Accepting Crypto Currency Donations
    By Steven J. Baum, CPA, Principal & Amish Mehta, CPA, Partner, Nonprofit Practice Leader

    With the growing popularity of digital currency, many nonprofits have begun accepting such currency as a form of contribution. However, nonprofits which are currently accepting or contemplating accepting digital currency may not be fully aware of the best ways to receive payments or the compelling information needed to educate donors...

  • 02/18/2019
    Blockchain, the Answer to Quality Assurance in the Pressure-Filled Diamond Industry
    By Brian Nuzio, CPA, Principal

    Today’s diamond industry is fraught with ever-growing challenges, including those associated with transparency, privacy, traceability, compliance and trust. Compliance costs and issues associated with the Kimberly Process, which is used to track diamonds from mine to consumer using a paper trail, contribute to low visibility and control of origin. In...

  • 01/31/2019
    For Partnerships, the Time to Act is Now: Key Insights for Selecting Your Partnership Representative
    By Michael J. Greenwald, MPPM, CPA, Partner

    Friedman’s tax experts have stayed on the pulse of changes surrounding the Centralized Partnership Audit Regime (CPAR), enacted as part of the Bipartisan Budget Act of 2015 (BBA). Many of you have sought guidance on how and when to act in response to the CPAR, effective for tax years beginning...

  • 01/31/2019
    Tax Tips: Business Deductibility

    Tax Tips Are your business interest expenses deductible? Before Congress passed the Tax Cuts and Jobs Act (TCJA), most business-related interest expense was deductible, although corporations couldn’t deduct interest paid to or guaranteed by a related party under certain circumstances. But for tax years beginning after 2017, the TCJA imposes a limit...

  • 01/31/2019
    All Roads Lead Home: What You Need to Know About Your Domicile for Tax Purposes

    In the state personal income tax area, perhaps no subject is less understood than the concept of “domicile,” or what is commonly referred to as a taxpayer’s “home state.” A person can have many residences, but in a tax sense, an individual can only have one domicile. A taxpayer’s domicile...

  • 01/23/2019
    From the 20th Century to the Present Day: The Evolution of Co-Living Spaces

    The start of the 20th century was met with an influx of immigrants from around the world who traveled to New York City and other metropolitan centers in search of financial opportunities and to escape the hardships they endured. Many turned to co-living in order to reduce their operating expenses,...

  • 01/22/2019
    The Real Estate Exemption Under the TCJA's Business Interest Expense Limitation
    By Michael J. Greenwald, MPPM, CPA, Partner

    One significant element of the Tax Cuts and Jobs Act of 2017 (“TCJA”) was the new limit on deductibility of business interest expense. The IRS has since published proposed regulations, which taxpayers can rely on as they await the release of final regulations. However, these proposed regulations provide complex rules...

  • 01/22/2019
    Setting up Non-grantor Trusts for Income Tax Savings Under TCJA
    By Scott Testa, CPA, JD, Partner

    Estate and income tax planning changed dramatically under the Tax Cuts and Jobs Act of 2017 (TCJA). For estate and gift tax, TCJA doubled the federal exemption to over $11 million ($22 million per couple). For income tax, TCJA added a 20% deduction on certain pass-through income – but only...

  • 11/19/2018
    [Checklist] New Financial Reporting Standards, New Game Plan

    With December a few weeks away, the countdown to implementing the New Financial Reporting Standards is on. We compiled a simple checklist to give you step-by-step guidance to keep you prepared and compliant, so you can set the gears in motion now to avoid unwanted surprises tomorrow. Click download PDF above...

  • 11/13/2018
    Tax Guide 2018-2019

    Concerned how the latest tax developments may impact your 2018 tax strategies? As you head into your 2018 tax planning, this online guide will help you prepare for your particular situation and reap the most benefits under Tax Cuts & Jobs Act (“TCJA”). Whether you are filing as an individual or business, we...

  • 11/12/2018
    New Nonprofit Liquidity Disclosure – Tips to prepare you for changes to come
    By Marie DeCicco, CPA, Partner

    Of all the changes in the new nonprofit financial reporting standard (ASU 2016-14), the Nonprofit Liquidity Disclosure has drawn the most attention and questions. The new standard requires that your nonprofit highlight its liquid assets and add a narrative angle on how it manages liquidity. Specifically, you will need to demonstrate that...

  • 10/26/2018
    How Brick and Mortar Businesses are Adapting to Compete with E-Commerce
    By Michael Stoler, The Stoler Report

    Contrary to popular belief, the rise of e-commerce hasn’t meant the decline of brick and mortar businesses. Savvy businesses across the nation are successfully adapting their approach to meet the widespread consumer demand for unique, luxury in-house retail experiences. Even the most iconic brands understand a name will only take...

  • 10/26/2018
    Deconstructing Pass-through Business Income: Planning Opportunity For Rental Property Owners

    Eight months into the tax year, practitioners and taxpayers anticipated that the Section 199A deduction rules, released recently by the Internal Revenue Service ("IRS"), would provide clarity—especially for rental property owners. Unfortunately, this hasn’t been the case. Many questions are still unanswered. Based on the existing information, our tax advisors identified...

  • 10/26/2018
    Deferring Capital Gains When Selling Real Estate: Qualified Opportunity Zones vs. 1031 Exchanges
    By Steven Bokiess, CPA, Partner

    Opportunity Zone Funds, a feature of the 2017 Tax Cuts and Jobs Act (“TCJA”), allow investors significant tax breaks on capital gains by incentivizing investments in qualified low-income communities known as “opportunity zones.” When selling real estate, it’s important to weigh the benefits of investing in a qualified opportunity zone...

  • 10/15/2018
    Are you Personally Liable for Your Company's Payroll Taxes?

    When a business fails to remit payroll taxes, the IRS has the authority to collect those taxes from “responsible persons,” including certain shareholders, partners, officers and employees. The IRS takes an expansive view of who constitutes a responsible person. Definition of a responsible person In this context, a “responsible person” includes anyone...

  • 10/15/2018
    Tax Tips

    Tax Tips Alimony deduction is coming to an end The Tax Cuts and Jobs Act (TCJA) eliminates the tax deduction for qualified alimony payments, effective for divorce decrees or separation agreements issued or executed after December 31, 2018. It won’t affect existing arrangements or arrangements finalized before the end of 2018. Currently, alimony...

  • 10/15/2018
    For Partnerships, The Time to Act is Now: Key Insights for Selecting Your Partnership Representative

    Friedman’s tax experts have stayed on the pulse of changes surrounding the Centralized Partnership Audit Regime (“CPAR”), enacted as part of the Bipartisan Budget Act of 2015 (“BBA”). Many of you have sought guidance on how and when to act in response to the CPAR, effective for tax years beginning...

  • 09/24/2018
    Is your nonprofit ready for new revenue recognition changes?
    By Sylvia Mazur, Manager

    The new revenue recognition guidance, issued by the Financial Accounting Standards Board, takes effect for fiscal years beginning December 15, 2018. This exclusive Nonprofit Advisor provides critical background information and actionable steps to prepare your organization for the steadily approaching deadline.  In May 2014, FASB and the International Accounting Standards Board (“IASB”)...

  • 09/24/2018
    Post Wayfair Supreme Court Decision: New State of Mind for Businesses

    In light of the U.S. Supreme Court’s pivotal Wayfair decision, Friedman’s Michael Sacco, Partner, sat with Alan Goldenberg, Principal in the firm's State and Local Tax Group, to discuss the decision's far-reaching impact in regard to e-commerce and wholesalers. Michael Sacco: Can you share some historical background on this Supreme Court ruling? Alan...

  • 08/22/2018
    Safe Travels: Cyber Security Tips for Your Next Journey
    By Author: Jacob Lehmann and William Mendez | Friedman CyZen LLC

    Whether traveling for business or pleasure, the risk of a cyber attack soars as soon as you hit the road. Attackers are getting increasingly smarter and know how to exploit public networks and wifi to steal your valuable information. Read these tips by CyZen's Jake Lehmann and William Mendez to...

  • 07/30/2018
    Tax Cuts and Jobs Act: UBIT Changes Nonprofits’ Decision-Makers Must Know
    By Michael F. Sutter, CPA, Partner

    Prevent unwelcome surprises when filing 2018 returns with must-know details on the changes impacting the Unrelated Business Income Tax ("UBIT") Under the Tax Cuts and Jobs Act ("TCJA"). Read on to learn how unrelated business activities will be taxed to stay compliant and maximize your nonprofit's tax position.  What are the four major changes...

  • 06/28/2018
    New Restrictions to 1031 Exchanges Under the New Tax Law
    By Steven Bokiess, CPA, Partner

    Under the Tax Cuts & Jobs Act (“TCJA”), new restrictions to 1031 like-kind exchanges limit property owners' ability to defer capital gains taxes on personal property. For exchanges completed after December 31, 2017, only real property (i.e., land and buildings) remains eligible for like-kind exchange treatment. Personal property can no...

  • 06/28/2018
    Big Tax Changes for the Big Apple: How the Amended Commercial Rent Tax May Impact You
    By Tom Corrie, JD, LLM, Principal

    On June 1, 2018, significant NYC Commercial Rent Tax (“CRT”) changes took effect in an effort to provide tax relief for certain smaller businesses. Find out how these major changes to the CRT, which accounted for over $800 million in revenues in 2017 alone, may impact you. The CRT is imposed at an...

  • 06/28/2018
    How the Ecommerce Boom is Spurring Continued Growth in the Industrial Market
    By Michael Stoler

    The value of industrial real estate and warehouse space continues to rise as ecommerce companies like Amazon support speedy deliveries to urban centers. Commanding 37% of the digital retail market, Amazon is projected to generate half of all online sales by 2021.1 According to Moody Analytics data, an anticipated 782...

  • 06/14/2018
    The Price of Convenience: How to protect your e-commerce business from cyber attacks
    By By: Sean Johnstone, Senior Security Specialist | Friedman CyZen

    With over 230.5 million online shoppers anticipated by 2021, it is no wonder that e-commerce is a large target for cyber-attackers. According to the 2018 Data Breach Investigations Report (DBIR) by Verizon, 58% of cyber attacks targeted small businesses. These companies often lack the financial means of much larger organizations,...

  • 05/31/2018
    The Price of Giving

    Tax Reform's Impact on Charitable Donations

  • 05/31/2018
    Get in the Opportunity Zone:
    By Steven Bokiess, CPA, Partner and Andrew S. Cohen JD, LL.M, Senior Tax Manager

    How investing can enhance your tax position and spur economic growth

  • 05/31/2018
    Gross Receipts Tax: The Other State Tax
    By Alan Goldenberg, JD, MBA, LL.M., Principal

    While most states employ some type of a net income tax to raise revenue from businesses, some states impose a gross receipts tax instead of, or as a supplement to, a business income tax. Under a net income tax approach, tax regimes follow a methodology in which federal taxable income...