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Publications

  • 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. Miss our webinar recording?...

  • 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...

  • 05/31/2018
    New IRS Initiatives Target Nonresidents
    By Liz McGrath, Director and Ryan Dudley, CPA, CA, CTA, MIT, Partner, International Tax Practice

    In a May 21, 2018 statement, the IRS’s Large Business and International Division (LB&I) announced it will be launching campaigns focused on nonresident individuals. These initiatives aim to improve compliance in reporting effectively connected income, tax credits and deductible expenses, and withholding tax. The complex U.S. international tax rules include denial of...

  • 05/08/2018
    The Unrealized Potential of Nonprofit Mergers and Collaborations:
    By Denise McKnight, CPA

    A powerfully strategic move toward achieving your mission

  • 04/27/2018
    Countdown to GDPR: Is your cyber security plan up to speed?

    On May 25, 2018, the European Union launched the General Data Protection Regulation (GDPR), the most important change in data privacy regulation in decades. Ensure your business is compliant with the new rules, here....

  • 04/17/2018
    A Look at GDPR Through a Legal Lens

    CyZen's Managing Director, Jake Lehmann, sat down with Co-Founder and Managing Partner of XPAN Law Group, Jordan Fischer, to dive into the details of the EU General Data Protection Regulation (GDPR). Read on to ensure your company stays complaint with the big changes being made. Click here to learn more....

  • 04/05/2018
    Lock It Up:

    Tips to Safeguard Your Private Information on Facebook

  • 03/30/2018
    DROP THE “BAS” PROTECTING BUILDING FACILITIES AND INHABITANTS FROM CYBER ATTACKS
    By William Mendez, CISSP, Director | Friedman CyZen LLC

    Building automation systems ("BAS") ease property managers’ daily operations — from reducing energy consumption to cutting maintenance costs — but the very aspects that make BAS attractive can be a gateway to cyber attacks. Understanding BAS cybersecurity can help you protect your facility and your inhabitants’ wellbeing. Click here to learn...

  • 03/30/2018
    Must-know Trends in Real Estate Tech and the Investors Moving the Industry Forward
    By Michael Stoler

    Recently, technology has transformed industries by streamlining processes, increasing accessibility and in many instances propelling civilization forward. Therefore, it stands to reason why real estate technology has become a burgeoning space that is metamorphosing the way we live. New enterprises surface around the world daily—especially within the continental United States....

  • 03/30/2018
    Leaseholds and the Applicability of New York State Real Estate Transfer Taxes
    By Alan Goldenberg, JD, MBA, LL.M

    New York’s transfer taxes contain many nuances that impact their applicability, tax base and computations. Here, we examine how the imposition of New York State Real Estate Transfer Tax (RETT) and New York City Real Property Transfer Tax (RPTT) can be substantially lower when it comes to leaseholds. Read on to learn...

  • 03/28/2018
    Tax Tips

    These brief tips explain the pros and cons of using a calendar tax year vs. a fiscal tax year, how a donor-advised fund operates, and the tax advantages of using solar power. Calendar tax year or fiscal tax year? Many businesses use the calendar year for tax-filing purposes, but in some cases...

  • 03/28/2018
    Breathe New Life Into a Trust By “Decanting” It

    The term “decanting” typically is associated with wine. But, in regard to an irrevocable trust, decanting allows a trustee to use his or her distribution powers to “pour” funds from one trust into another with different terms. Doing so provides the trustee with additional flexibility in light of changing tax...

  • 03/28/2018
    Seven Ways to Move Your Tax Planning Forward
    By Michael J. Greenwald, MPPM, CPA, Partner

    There is still considerable uncertainty as to how to interpret many aspects of the new tax law, which results from outright drafting errors and the delegation to the IRS of significant latitude to issue regulations clarifying the law. While our tax advisors remain cautious about suggesting any major tax moves...

  • 03/28/2018
    Tax Cuts and Jobs Act
    By Tom Corrie, JD, LLM, Principal

    Connecticut’s Governor Aims to Ease Burden with Proposed Pass-Through Entity Tax

  • 03/21/2018
    Tax Cuts and Jobs Act: What Your Nonprofit’s Donors Need to Know
    By Sarah Avery, CPA, Director

    Donors want to know how the Tax Cuts and Jobs Act will impact their taxes and affect their donations to nonprofit organizations. The best way to secure your donor base is to inform them about the changes that matter most to them. Read on for key information that will promote...

  • 03/21/2018
    K-12 Cybersecurity: Helping Schools Pass the Test
    By Sean Johnstone and William Mendez | Friedman CyZen LLC

    Since January 2016, cyber security incidents in Kindergarten through 12th grade public schools across the United States are up 223% year-over-year. In this time, 300 reported incidents resulted in leaked faculty, students’ and parents’ personal information, lost taxpayer dollars and wasted class time due to systems and networks shutdowns. Read...

  • 03/01/2018
    Must-Know Social Media Tips to Safeguard your Nonprofit’s Reputation
    By Amish Mehta, CPA, Partner and Not-for-Profit Practice Leader                       Editor: Gabrielle Too-A-Foo, Marketing Writer/Communications Specialist

    Living in the peak of digital existence makes Warren Buffet’s timeless quote more appropriate than ever, "It takes 20 years to build a reputation and five minutes to ruin it.” Social media is an incredible tool to raise brand awareness about your nonprofit’s mission, fundraise and generate leads; however, it...

  • 01/26/2018
    Unpacking the Pros and Cons of Fulfillment by Amazon
    By By Michael Sacco, CPA, Partner

    For your apparel or consumer product company to grow and succeed in a competitive global marketplace, a strong Amazon presence and a clear understanding of key services — especially Fulfillment by Amazon (FBA)— could be vital. This Fashion Sense issue unpacks the pros and cons of the FBA program to determine if...

  • 01/24/2018
    How the Tax Cuts and Jobs Act will Impact your Tax-Exempt Organizations and Charitable Giving Strategy
    By Ralph Citino, CPA, Director & Yana Fishman, CPA, Manager 

    The “Tax Cuts and Jobs Act,” signed by President Trump on December 22, 2017 includes three sweeping tax law changes that will directly impact the nonprofit sector. This Nonprofit Advisor identifies important changes to reporting rules, unrelated business income tax and excise tax that will greatly affect your tax-exempt organization...