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Publications

  • 09/17/2020
    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...

  • 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...

  • 10/28/2019
    Closing Thoughts: October 2019

    Welcome to the inaugural edition of Closing Thoughts, Friedman’s dedicated look at news and trends in the mortgage sector. Like many of you, we have watched in rapt attention as reports filter out that Fannie Mae and Freddie Mac will both be privatized, allowing the GSEs to retain profits that...

  • 10/09/2019
    Analyzing a Major Audit Victory From the Accountant and Attorney Perspective
    By Sarah Avery, CPA, Director

    This edition of Nonprofit Advisor delivers an attorney’s insights on representing clients whose revenue streams have come under Internal Revenue Service (“IRS”) scrutiny and the importance of planning ahead to ensure that revenue generating practices are compliant with the regulations affecting nonprofit organizations. In the case analyzed, an IRS audit...

  • 10/04/2019
    Top Strategies to Tackle Tariff Increases

    As recorded by the American Apparel and Footwear, 91.6% of apparel, 68.4% of home textiles and 52.5% of footwear imports from China were affected by the 15% tariff that began September 1. Companies are continuing to face supply-chain disruptions and increased margin concerns, making it glaringly apparent that tariffs with...

  • 09/10/2019
    How New Standards Will Affect Your Company's Future Audit Reports
    By Thomas Cantwell, CPA, Senior Audit Manager

    There are significant changes coming to the audit reports of most public business entities. The new auditor reporting standard adopted by the Public Company Accounting Oversight Board (“PCAOB”) in June 2017 will make the auditor's report more useful to users of financial statements by requiring additional disclosures about the audit....

  • 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
    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
    “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...