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  • 01/26/2021
    COVID-19 Resources for You

    In times of great uncertainty, there is power in knowledge and preparation. In response to the coronavirus (COVID-19) outbreak throughout the United States and beyond, we’ve assembled industry experts to give you guidance and solutions to combat the ramifications on your business. Continue to visit the Friedman COVID-19 Resource Center for breaking...

  • 01/13/2021
    5 Challenges E-Commerce Companies Can Expect in 2021
    By Michael Sacco, CPA, Partner

    While companies in the travel and hospitality sector continue to face the brunt of the impact from the COVID-19 pandemic, e-commerce companies have flourished. Consumers are spending more time at home and retail trends continue to shift away from brick and mortar stores towards online shopping. The Census Bureau of the...

  • 01/12/2021
    Post-Economic Shutdown: Cybersecurity Debrief
    By Michael J. Schenck | Friedman CyZen LLC

    In February 2020, safety and legal decrees forced many businesses to shut down their offices as part of a greater effort to minimize and contain the spread of COVID-19. Now, nearly a year later, we are left to wonder: in our response, have we effectively utilized our security frameworks? The changes...

  • 01/06/2021
    COVID-19, the Public Support Test and your Nonprofit’s Status
    By Marie DeCicco, Denise McKnight and Sarah Avery

    COVID-19 has had a vast and varied impact on our economy. Unfortunately, in many ways nonprofits are bearing the brunt of a post-COVID economy characterized by tightening of wallets and reduced cash flow. Among the many unexpected challenges it has introduced, a post-pandemic economy could contribute to an unanticipated change...

  • 12/17/2020
    FireEye Hacked! What this means for the rest of us.

    Everyone is susceptible to successful cyber-attack, even one of the world’s best cybersecurity firms: FireEye. You may have heard the name prior to the recent reports of a breach, as people from FireEye are frequently guests on national news shows or quoted in national and international publications. Let’s take a closer look at...

  • 12/15/2020
    FireEye Breach: Three Key Lessons

    On December 8, 2020 FireEye, a respected global cybersecurity firm, announced that it had been breached by a sophisticated hacking group using novel tools. That makes FireEye the latest cybersecurity company to suffer from an attack, with past victims including Symantec, Kaspersky and RSA, among others. Read the full article,...

  • 11/30/2020
    What Public Companies Need to Know About CAMs
    By Amber Czulada, Audit Manager and Brian Kearns, CPA, Partner

    Three years after the Public Company Accounting Oversight Board’s (PCAOB) new auditing standard on the auditor’s reporting model became effective for large accelerated filers on December 15, 2017, auditors are now preparing to communicate critical audit matters (“CAMs”) for non-large accelerated filers. Communication of CAMs for audits of non-large accelerated...

  • 11/12/2020
    What You Need to Know about State vs. State Telecommuting Rules During the Pandemic
    By Tom Corrie JD, LL.M., Principal

    As employees continue to work remotely through the COVID-19 pandemic, some states are concerned about potential lost tax revenue with respect to non-residents who normally live in a neighboring state, but work in the subject states. Since my previous article about the state tax issues created by the extended period of...

  • 11/12/2020
    How Current Tax Laws, the CARES Act and an Election Year Have Made 2020 an Ideal Time to Give.
    By Jo Anna M. Fellon, CPA, Co-Lead Partner, Private Client Services

    Individual and corporate taxpayers historically look to the fourth quarter to solidify charitable giving opportunities and crystalize tax-efficient strategies. Although 2020 has been unprecedented in many ways, and even with ever-present socioeconomic unrest which has given many Americans great pause, there has been an unexpected uptick in year-to-date charitable giving....

  • 11/12/2020
    Substantially every DC Plan Document will require restatement by July 31, 2022
    By David I. Waddington CPA, Partner

    Approximately every six years, the Internal Revenue Service (“IRS”) requires significantly all company-sponsored, pre-approved DC (“defined contribution”) retirement plans to update their documents through a “restatement” process. DC plans include 401(k), Profit Sharing and Money Purchase, among others. This current restatement is commonly referred to as “Cycle 3 Restatement.” The IRS...

  • 11/05/2020
    Client Alert: IRS Announces 2021 Limits Affecting Qualified Plans

    Dear Clients and Friends, 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...

  • 11/05/2020
    Mergers and Acquisitions During COVID-19: Challenges and Opportunities

    Experts from Friedman LLP, HSBC, MMG Advisors and Morrison Cohen recently came together for a special webinar, Mergers and Acquisitions: Business Growth in a Time of Upheaval. Panelists explored the state of mergers and acquisitions amid COVID-19 – laying out a strategic roadmap for navigating today’s ‘new normal.’ Attendees were invited...

  • 10/28/2020
    Tax Planning Guide 2020 - 2021

    Tax planning in unprecedented times

  • 10/22/2020
    If You Incentivize Them, They Will Come: How Urban Landlords are Offering Perks to Fill Units
    By Michael Stoler, Real Estate Expert

    Landlords of residential apartment buildings across New York City’s five boroughs are offering “friends and family discounts” to incentivize prospective tenants to sign a one- or two-year lease. During the early days of the pandemic, it was impossible for a tenant to personally visit an apartment. With in-personal tours and open...

  • 10/12/2020
    Careful What You LEASE for: Knowing when IRC Sec. 467 applies to your leasing agreement

    The current economic downturn caused by the COVID-19 pandemic has greatly impacted the commercial real estate industry. Even the most seasoned experts are left scratching their heads, trying to determine which direction the real estate market is heading. Taking matters into their own hands, tenants and landlords are modifying leases...

  • 09/16/2020
    SPACs, IPOs – What to Know About Going Public
    By Maggie Chiang, CPA, Senior Audit Manager

    Special Purpose Acquisition Companies ("SPAC") are companies created solely for the purpose of raising capital via Initial Public Offerings (“IPO”) and in pursuit of transactions. These entities have grown in popularity, particularly over the past two years. Statistics show that 62 SPACs went public in 2019, collectively raising approximately $11.2...

  • 09/01/2020
    Are Your Internal Controls Strong Enough to Withstand the Impact of COVID?
    By Marie DeCicco, CPA, Partner and Denise McKnight, CPA, Partner

    Beyond business closures, widespread unemployment and entire industries staggered by depressed spending, savvy boards and owners are carefully tracking an unheralded but insidious threat to their reputation and financial standing. Like the film cliché of the call that’s coming from inside the house, fraud is a haunting reminder that those...

  • 08/06/2020
    How COVID-19 is Impacting Life Science Real Estate in the Greater New York City Area
    By by: Michael Stoler, President, New York Real Estate TV, LLC

    The tremendous growth of the global life sciences sector, and its real estate property needs (including construction, leasing activity and funding for new projects), has garnered significant attention from commercial real estate investors. Currently, between 800,000 and 900,000 square feet of lab space is in demand throughout New York City. According...

  • 07/20/2020
    SEC Staff Provides Guidance on COVID-19-Related Disclosures
    By Willem van der Berg, CPA, Partner

    While you are busy working on your filings, remember that the Securities and Exchange Commission (SEC) staff provided new guidance on COVID-19-related disclosures for companies like yours to consider. In June 2020, the staff in the Division of Corporation Finance (Corp Fin) of the SEC released “CF Disclosure Guidance Topic: COVID-19...

  • 06/25/2020
    The Impact of COVID-19 on Financial Reporting Trends
    By James Reynolds, CPA, Audit Senior Manager and Editor-in-Chief Michael Cohen, CPA, CGMA, Partner 

    The COVID-19 pandemic has rapidly impacted companies in unprecedented ways and given rise to extraordinary economic and commercial uncertainty. Given this environment, and the likelihood that such uncertainty will remain for the foreseeable future, companies need to be proactive in assessing risks to their businesses and changes to their financial...

  • 06/24/2020
    Uncovering Cryptocurrency Investments during Divorce
    By Susan Miano, CPA, ABV, CFF, Partner, Danielle Bellomo, CPA/ABV, FLVS Manager.

    “Cryptocurrency” has become a part of our vocabulary and plays an increasingly important role in our economy year after year. In 2020, the asset class is still considered relatively new and the term is often misunderstood. In this article, we hope to offer clarity by presenting some basic crypto facts,...

  • 06/22/2020
    [Update June 2020] Accessing Disaster Assistance Opportunities and Tax Relief

    Disaster relief provisions are traditionally triggered when forces of nature are unleashed-- such as, a severe storm causing flooding, landslides or mudslides; hurricanes; wildfires; tornadoes or earthquakes. A global pandemic, of course, qualifies as a disaster. This exclusive Nonprofit Advisor will help you to identify powerful assistance options for disaster victims—ensuring...

  • 06/22/2020
    The Wayfair Decision: Two Years Later and More Important Than Ever

    It’s hard to believe that we are approaching the second anniversary of the U.S. Supreme Court’s ruling in South Dakota v Wayfair, the most significant development in state and local taxation in decades. Since its release on June 28, 2018, the decision has had far-reaching implications across state lines. To...

  • 06/03/2020
    Hong Kong COVID-19 Subsidy for Employers to Fund Wages of Employees

    On May 18, 2020, the Hong Kong Government announced an updated version of the implementation plan for the Employment Support Scheme (“ESS”), with an approved fund of HKD 80 billion, which provides wage subsidies to eligible employers to retain their employees, with the goal of avoiding lay-offs. Parts of the...

  • 05/13/2020
    New Information on SBA Stimulus Funding and the Uniform Guidance

    Due to the far-reaching economic impact of the COVID-19 pandemic, many nonprofit organizations have turned to the emergency funding streams issued by the U.S. Small Business Administration (SBA). These streams include, the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program Loans (PPP). Shortly after these relief opportunities became available, the...

  • 05/01/2020
    When Asset Values Fall, Tax Opportunities Arise

    [This article was updated on April 29 to reflect the IRS’ §7520 for May 2020] While it is worrisome to watch the value of securities, real estate and businesses dramatically decline, those with long-term assets that are expected to appreciate beyond their current valuations should know that the present climate does...

  • 03/31/2020
    Your Nonprofit and COVID-19: Adapting Practices, Qualifying for Credits and Embracing Extensions
    By By Partners: Amish Mehta, Marie DeCicco and Denise McKnight; and Directors: Sarah Avery and Ralph Citino

    Industries across the world are being forced to alter operations, adopt new policies or apply for relief programs following the outbreak of COVID-19.  Unfortunately, nonprofits are no exception. The professionals leading Friedman’s nonprofit group have compiled an overview of the issues, legislative statutes and practical considerations you should be aware...

  • 03/28/2020
    How COVID-19 and the CARES Act Will Affect Divorces
    By By Randall M. Paulikens, CPA/ABV/CFF/CITP, Partner

    As the global pandemic reshapes our world introducing unexpected economic and social challenges - divorces, and other family law matters will continue. There are a myriad of predictions of what will happen and when it will happen. While time will tell the accuracy of these predications, COVID-19 is already having...

  • 03/17/2020
    Tying Loose Threads: Fortifying Your Consumer Goods Business Against the Ramifications of COVID-19
    By Raelyn Davis, CPA, Audit Senior Manager and Michael Sacco, CPA, Partner 

    Gaining PerspectiveOn March 4, U.N. economists announced that, once the dust has settled, global manufacturing exports will have dropped by $50 Billion in February alone, precipitated by COVID-19.(1) This caps off a short month mired by: The stock market experiencing one of its worst weeks since the 2008 recession with the...

  • 03/13/2020
    Is Your Company at Risk of a Security Breach?

    It is not a question of if you should brace for potential security breaches, but how? To survive in the 21st century digital era, you need to amplify your IT department’s efforts. From Q4 2019 to Q1 2020, the average cost of managing the aftermath of ransomware attacks has doubled. To give...

  • 03/11/2020
    SEC Order Offers 45-Day Extension for Companies Affected by Coronavirus

    On March 4, 2020, the SEC announced the availability of conditional relief for publicly traded companies, including U.S. companies, with filing deadlines complicated by the emergence of the COVID-19 coronavirus. The Commission will offer affected companies an additional 45 days to file reports with original due dates falling between March 1...

  • 02/21/2020
    Which Four Issues Frequently Trigger SEC Comment Letters?
    By Johnathan Culbreath, CPA, Senior and Michael Cohen, CPA, CGMA, Partner

    SEC Filing Review Process / Background The SEC Division of Corporation Finance selectively reviews public filings by SEC registrants to monitor and evaluate compliance with applicable disclosure and accounting requirements. Each reporting entity is reviewed, in some respect, at least once every three years. SEC reviews focus on critical disclosures...

  • 02/14/2020
    Post Tax Reform Rules for Deducting Business Travel, Job Relocation, Meals and Entertainment: What can I expense?
    By Michael Pace, CPA,Senior Manager and Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader 

    The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the entertainment deduction but kept the deduction for travel expenses generally intact. Major changes to business meal expense deductions were initially introduced by the IRS without providing clear and comprehensive guidance, leaving business owners uncertain about what can be deducted...

  • 02/14/2020
    Qualified Opportunity Zones: Final Regulations Explained

    Qualified Opportunity Zones (QOZ) were first introduced as part of the Tax Cuts and Jobs Act and provide significant tax breaks for those real estate investors and businesses who invest in economically distressed areas. On December 19th, 2019, the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury)...

  • 02/10/2020
    Closing Thoughts: February 2020

    The burgeoning coronavirus health crisis emanating from China is steering rates lower

  • 02/06/2020
    Impact of Wayfair Laws on Your Wholesale Business

    By now, most businesses have heard of, or even experienced firsthand, the implications of the US Supreme Court’s ruling in South Dakota v Wayfair. The challenge for many businesses in trying to comply with these Wayfair laws is understanding the varying state provisions. This lack of uniformity creates confusion for...

  • 02/04/2020
    Which New IRS Rules Introduce Refund Opportunities or New Requirements for Tax Exempt Organizations?

    The Internal Revenue Service (“IRS”) recently introduced several changes that could have a material impact on not-for-profit organizations in 2020 and beyond. This article will highlight a few of these new developments and offer insight into how your nonprofit can adapt. Repeal of the Tax on Transportation Fringe Benefits Under Internal Revenue...

  • 01/24/2020
    The Wayfair Decision: Issues on the Horizon and the Impact on States and Sellers
    By Alan Goldenberg, JD, MBA, LL.M., Principal

    The 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 requirements do...

  • 01/15/2020
    Philadelphia Use and Occupancy Tax

    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...

  • 01/14/2020
    Closing Thoughts: January 2020

    The hottest 2020 markets are in the South, forcing lenders to reexamine their priorities

  • 01/01/2020
    How Changes to New York State Transfer Taxes Impact New York City

    Just when you thought we’ve covered all there is to know about New York real estate transfer taxes, including the basics, gifts and leaseholds, the state gave us another reason to bring our attention back to these taxes. New York lawmakers included a provision in the fiscal-year 2020 budget that increased transfer...

  • 01/01/2020
    2019-2020 Tax Guide

    The elimination of familiar tax planning strategies under the Tax Cuts & Jobs Act (TCJA) in addition to potential changes due to the 2020 elections may be weighing heavily on your mind. Fortunately, this online guide is designed to help you prepare for your particular situation and maximize your tax...

  • 12/20/2019
    The Taxpayer First Act and What it Means for Your Nonprofit

    The passage of the Taxpayer First Act (“TFA”) in 2019 redefines some of the IRS’ processes and structure, with the stated aim of “expanding and strengthening taxpayer rights” and “reforming the IRS into a more taxpayer friendly agency.” The TFA introduces changes to the way nonprofits file information returns with the...

  • 12/17/2019
    Closing Thoughts: December 2019

    Avoid the Temptation of "The Future is Now"

  • 11/19/2019
    Closing Thoughts: November 2019

    Welcome to the second edition of Closing Thoughts, Friedman’s dedicated look at news and trends in the mortgage sector. The Wall Street Journal reports that Zillow will rake in more than a billion dollars this year from its home-flipping business. The company now not only lists homes for sale but buys...

  • 11/13/2019
    Recently Issued Accounting Standards: Staying Current and Ensuring Accurate Disclosures

    As year-end approaches, calendar-year public companies are gearing up to prepare annual financial statements that will be included in their Form 10-K filings. Keeping up to date with the current reporting standards is essential for all filers. While some standards are widely covered because they have onerous requirements and apply to...

  • 11/05/2019
    Adaptive Reuse, the Process of Repurposing a Shopping Mall
    By Michael Stoler

    Adapt or fail. That is the reality for retail malls operating in the U.S. and around the world. In September, the CCIM Institute published “Retail e-Volution: Predictions for 2025,” a special report authored by K.C. Conway, CCIM’s Chief Economist and director of research and corporate engagement for the Alabama Center for...

  • 11/04/2019
    CyZen Blog: 5 Techniques to Get You Ransomware-Ready

    Most of us have heard of “ransomware,” but what is it? Who does it impact? How can you protect your business? Think of ransomware as the smoke and mirrors of cyberattacks; the last ditch effort to take as much loot and valuable intel as possible before heading to the next victim....

  • 11/01/2019
    Eight Ways to Jumpstart Your 2019 Year-End Planning
    By Andrew Cohen, JD, LL.M

    The leaves are changing, the kids are off to school and 2020 is right around the corner — what better time to consider your year-end tax planning? We know that the elimination of familiar tax planning strategies under the Tax Cuts & Jobs Act (TCJA) as well as additional changes that...

  • 11/01/2019
    SALT Deduction Workarounds: Where are We Now?
    By Alan Goldenberg, JD MBA, LL.M., Principal

    More and more taxpayers are beginning to feel the impact of the Tax Cuts and Jobs Act’s $10,000 cap on the federal income tax deduction for state and local taxes (SALT). As taxpayers start finalizing their tax returns previously on extension, many are seeing their federal taxes rise with the...