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  • 05/03/2017
    Survey Reveals Businesses Using Independent Contractors May be at Risk for Taxes and Penalties
    By David Shuster, JD, LLM

    Clients frequently ask, "What are my chances of being audited?” The answer varies by taxpayer type (business or individual), income level, and positions taken on returns, among many other factors. One thing clients can be sure of, however, is that the overall likelihood of an IRS audit is down more...

  • 04/25/2017
    UBIT: What Your Organization Should Know
    By Michael F. Sutter, CPA, Partner

    Most organizations exempt from tax under Internal Revenue Code (“IRC”) Section 501(a), including charitable, religious, scientific, and other organizations described in IRC Section 501(c), may be subject to tax on unrelated business income (UBIT), depending on the nature of the activities producing that income. It is important for an organization...

  • 04/25/2017
    Timing Compensation in a Changing Tax Climate

    All eyes on Sec. 409A

  • 04/25/2017
    Tax Tips

    Standard mileage rates can lead to inaccurate reimbursements

  • 04/19/2017
    Retail Checklist: 10 Keys to Survive in the Rapidly Changing Environment
    By Michael Sacco, CPA, Partner

    The recent demise of many familiar retailers has signaled the end of an era for retail as we know it. Though the retail sector is not going away anytime soon, the old model is changing, and changing fast. It is evident that the retail industry is in need of a...

  • 04/18/2017
    What Is Considered a “Business”— and Why Does it Matter?
    By Christopher Smith, CPA, Partner

    The change to the Financial Accounting Standards Board’s (FASB) definition of a business, made earlier this year in an Accounting Standards Update (ASU),* will likely lead to more acquisitions being accounted for as asset acquisitions rather than business combinations. This is significant, since the definition of a business affects many...

  • 04/18/2017
    Majority of Businesses Would Offer the Same or More Health Benefits if ACA Repealed, Survey Finds
    By Michael Greenwald, MPPM, CPA, Partner

    A recent survey* of business leaders conducted by Friedman LLP, showed some counterintuitive results when it came to the proposed repeal of the Affordable Care Act (“ACA”). A majority of respondents who were subject to the employer mandate of the ACA indicated they would offer either the same level of health...

  • 04/12/2017
    Survey Finds Business Leaders Favor Sweeping Tax Reform Proposals
    By Kim Dula, CPA, Partner and Dave McKelvey, CPA, Partner

    With Some Hesitancy Towards International Proposals

  • 04/04/2017
    Five Tips to Choosing a Financial Expert
    By Danielle C. Bellomo, CPA/ABV

    Choosing the right financial expert can be the most important decision an attorney makes. A financial expert can have a significant impact on a case and could potentially determine settlement or trial outcomes.  When it comes to selecting an expert, the attorney must evaluate the competence and experience of the...

  • 04/01/2017
    Special Tax Reform Series

    Insights from Survey of Business Leaders on Their Views of Proposed Tax Changes

  • 03/31/2017
    The Rehabilitation Tax Credit – What Developers Need to Know
    By Stuart A. Katz, CPA MST

    Many developers of real estate projects involving the rehabilitation of older buildings or historic structures may be overlooking a valuable federal income tax credit that could help defray some of the costs of construction by offering tax credits to the investors. What is the rehabilitation tax credit and which buildings qualify? The...

  • 03/31/2017
    The Rise of Alternative Lending in Commercial Real Estate
    By Michael Stoler, The Stoler Report

    Since the great recession of 2008, commercial banks, insurance companies and other traditional lenders for commercial real estate have become much more conservative in their underwriting of financing for commercial real estate.  Banks, the traditional source of construction financing, have recoiled from lending under the impact of regulations including Tier...

  • 03/31/2017
    Why the IRS Hates Bottom Dollar Guarantees and What It’s Doing About It
    By Michael J. Greenwald, MPPM, CPA, Partner

    Bottom dollar. It conjures up images of orphans dancing across the stage in “Annie” or characters from a Damon Runyon novel. And also of bottom dollar guarantees – perhaps the last way to obtain basis in real estate and partnerships without real exposure to economic loss. The IRS believes that...

  • 03/31/2017
    The Top Five Ways Nonprofits Can Increase Millennial Involvement
    By Matthew Blank, Business Development Officer

    Every nonprofit board in America has had a conversation similar to this at least once: -Board Member #1 – “We have to get more young people involved in our organization.” -Board Member #2 – “I agree; their money is important to our future.” -Board Member #3 – “My neighbor is a millennial and...

  • 02/23/2017
    Understanding the Differences between Lobbying, Grassroots Lobbying, and Advocacy
    By Sarah Avery, Director, CPA

    The current political climate has landed tax advisors in an unpleasant quandary, forcing them to be the bearer of both good and bad news. The good news is most taxpayers are expected to benefit from the current administration’s plans to lower tax rates. The bad news, for tax-exempt, 501(c)(3), charitable...

  • 02/21/2017
    Foreign Companies: Federal Tax Treaties and State Tax Obligations
    By Alan Goldenberg, JD, MBA, LL.M.

    For many foreign companies expanding their business operations into the United States, the focus of their tax planning usually centers on the federal income tax laws. While doing business in the U.S. can be a substantial boon, many of these companies express concern about the current 35% federal corporate tax...

  • 02/21/2017
    A Truly Laden Cross to Bear: The Crushing Tax Burdens of New York

    It comes as no surprise to New Yorkers that year after year, numerous tax studies conclude that they face some of the highest tax burdens in the United States. Multiple reports released in 2016 found that on a regular basis almost 13% of a New York City resident’s income is...

  • 02/21/2017
    Tax Tips: Avoiding Tax Scams, Using Charitable Trust for College Expenses

    These brief tips cover scams to be aware of during tax season, how to check your IRS account online and the benefits of using a charitable trust to cover college expenses. Watch out for tax scams With tax season in full swing, criminals posing as IRS officials are stepping up their efforts...

  • 02/21/2017
    VIDEO: Navigating Difficult Decisions

    Tax Partner, Kim Dula discusses the psychological and emotional aspects of transitioning the family business. ...

  • 02/07/2017
    Key Issues to Consider When Negotiating a Licensing Deal
    By Michael Sacco, CPA, Partner

    Brand licensing in the fashion industry is a trend that continues to rise - with both brand owners and licensees benefiting from intensified consumer demand of top brands, specifically social media-savvy brands that are connecting with teenagers and millennials. Licensing has opened the doors for companies to expand their brands into...

  • 01/27/2017
    Restoring Financial Health to the Diamond & Jewelry Industry
    By Eric Tunis, CPA, Partner

    Diminishing profits, tightened lending and the sometimes burdensome demands for governance and transparency continue to be key challenges affecting the financial health of the diamond and jewelry industry in the U.S. Earlier this month, senior officers from De Beers' global sightholder sales reached out to Friedman LLP to discuss these critical...

  • 01/26/2017
    Retirement Plan Distributions: Quick Guide on Annuity or Lump Sum Withdrawals
    By Michael Ibrahim, FSPA, FCA, EA, Director

    Should I take the annuity or lump sum? A question retirees and older workers likely will be asking as U.S. companies move to de-risk their defined benefit plans by removing expensive pension obligations. Employers may purchase annuities for their pensioners, while others offer cash or a single lump sum payment...

  • 01/17/2017
    Video: What’s the Trump Impact on Real Estate?

    Real Estate leaders from around the New York metropolitan area recently gathered with Friedman LLP for a lively and insightful industry forum. With the buzz around the presidential election, the discussion among participants turned to the effect that Trump will have on real estate locally, nationally and internationally. Comments ranged from...

  • 01/12/2017
    How Can Your Expert Maintain Credibility in the Face of an Error?
    By Michael A. Saccomanno, CPA/ABV/CFF, CVA, CDFA

    It’s no secret that to properly help you and your clients win your cases, the experts you hire must be credible. An expert’s credibility is based upon many factors, including how honestly they react when confronted with their own errors. An expert’s reaction to their error will determine whether or...

  • 01/11/2017
    How bright is the outlook inside New York’s real estate community?

    2017: The end of real estate growth, or more of the same?

  • 01/11/2017
    Do your numbers tell the story?
    By Denise McKnight, CPA

    As we begin 2017, many non-profits are entering the year with a level of uncertainty about how the upcoming changes in our government’s leaders will affect the funding that they receive. Non-profits will look to individual and corporate donors to provide those valuable charitable donations to sustain or enhance their...

  • 01/10/2017
    Video Highlights from Friedman's Real Estate Forum

    All In The Family: Friedman Real Estate Forum focuses on generational succession.

  • 01/04/2017
    Going Concern Assessments – Implementation Requirements are Rapidly Approaching
    By Robert Graham, CPA, Partner 

    Should you be concerned with your “Going Concern” assessment? As a new accounting standards update takes effect, now is the time to ask that question. Background: U.S. auditing standards and federal securities law require an auditor to consider the possible financial statement effects of a company’s ability to continue as a going...

  • 12/21/2016
    The New Administration’s Proposed Tax Plan’s Impact on Nonprofit Organizations
    By Amish Mehta, CPA, Partner, Not-for-Profit Practice Leader

    With the President-elect now officially confirmed through the Electoral College vote and expected to take office on January 20, 2017, there is cause for concern among nonprofit organizations as to what impact the administration’s proposed tax plan will have on charitable giving. Specifically, the tax plan proposes to place limits...

  • 12/12/2016
    Tax Tips

    These brief tips cover how the IRS has made it easier for taxpayers to obtain an extension for retirement plan rollovers, ways to protect taxpayers from charity scams and how to make a partial disposition election for disposed property. Late rollover relief just got easier It’s possible to withdraw funds from an...

  • 12/12/2016
    Breaking Barriers: Client Success Stories

    Taxpayer Granted "Real Estate Professional Status" under Audit Reconsideration

  • 12/12/2016
    Business Tax? But I’m Unincorporated!
    By Alan Goldenberg, JD, MBA, LL.M

    Businesses are often surprised to learn of the New York City Unincorporated Business Tax (UBT), an entity-level tax imposed on unincorporated businesses operating within the City. Many businesses presume that as pass-through entities, such as limited liability companies, taxes are never due by the entity. Rather, the tax liabilities are...

  • 12/07/2016
    From There to Here – Sales Tax and Economic Nexus in an On-line World
    By Tom Corrie, JD, LLM, Principal

    Defining the Issue It is no secret that the annual growth rate of internet retail sales is far outpacing the yearly hike in sales generated by standard “bricks and mortar” retail establishments. A recent study tabbed United States on-line retail sales at approximately $350 billion for 2015 and predicted that number...

  • 11/28/2016
    Transit Oriented Developments (TOD) growing in the metropolitan area
    By Michael Stoler, The Stoler Report

    Transit Oriented Development (TOD) is rapidly sweeping the nation, especially in the tri-state area, with the creation of exciting and desirable places to live, work, shop, and dine, as well as affording recreational and cultural activities. TOD, as defined by the Transit Oriented Development Institute, is an exciting and fast growing...

  • 11/28/2016
    Compliance Considerations for 403(b) Plans
    By Marie DeCicco, CPA, Principal

    Since the reporting requirements for 403(b) plans changed in 2009, our audits have uncovered certain common deficiencies. In this article, we will take a look at these deficiencies, the questions your organization should be asking, and compliance areas you should be aware of. Make Sure You Know What The Reporting Requirements...

  • 11/22/2016
    For Real Estate and Construction Owners, Time to Start Thinking About The Future
    By David P. McKelvey, CPA, PFS, Partner

    Running a business in real estate and construction rarely corresponds neatly with the calendar. Shifts in seasons, economic conditions, and even policy decisions affect business profitability and what an owner needs to consider as they plan ahead. With the end of the year around the corner and tax season ahead, we...

  • 11/03/2016
    Tax Guide 2016-2017

    To help you make the most of the tax-saving opportunities available to you, we’re pleased to introduce our online Tax Planning Guide. It offers a wide variety of strategies for minimizing your taxes. The guide covers: Tax Planning Basics Investing Real Estate Business & Executive Comp Family & Education Charitable Giving Retirement Estate Planning You’ll want to familiarize yourself...

  • 10/26/2016
    5 Key Governance Practices for Nonprofits
    By Audrey J. Sherrick, CPA Partner

    Amid mounting concerns over cybersecurity, social media scrutiny and reputational risk, it is crucial that not-for-profit organizations (“NFP’s”) have good governance practices documented and in place. Good governance consists of a framework of rules and practices to ensure accountability, transparency, and ethical conduct. Governance and risk management policies and procedures can...

  • 10/18/2016
    All You Need to Know About Mandatory Withdrawals From Retirement Funds
    By Carol Musanti, Pension Administrator

    Most of us are years away from having to seriously consider withdrawing funds from retirement savings to finance our “golden years”. However, for many baby boomers that time is now. As retirement approaches, it is important to remember that at age 70-1/2, you are required to begin taking required minimum...

  • 10/14/2016
    Breaking Barriers: Client Success Stories

    Hotel Sales Tax Exemption for Foreign Missions

  • 10/10/2016
    Year-end tips for reducing NIIT

    As 2016 winds down, it’s time for many people to begin thinking about taxes. One tax you may want to focus on is the net investment income tax (NIIT). This tax adds 3.8% to individual income tax rates. Here are several year-end planning strategies to consider that can reduce or...

  • 10/10/2016
    Is it time to revisit the research credit?

    If your business hasn’t been claiming the research credit (often referred to as the “research and development,” “R&D” or “research and experimentation” credit), now may be a good time to revisit this valuable tax break. Last year’s Protecting Americans from Tax Hikes (PATH) Act made the credit permanent after 34...

  • 10/10/2016
    Major Presidential Candidates: What Are Their Tax Proposals?
    By Robert Charron, CPA and Andrew Cohen, JD, LL.M

    Our next president may have the opportunity to enact significant federal tax reform. This begs the question: How do Donald Trump and Hillary Clinton differ on proposed tax changes? Not surprisingly, the differences are significant, particularly as to who would benefit, who would be harmed, and the effect on our...

  • 10/10/2016
    Statutory Residency – The Whys and Wherefores
    By Tom Corrie, JD, LLM, Principal

    The scenario is generally the same. I receive a call from a taxpayer who has just been informed by the New York State Department of Taxation and Finance (the “Department”) that they have been selected to undergo a personal income tax audit. The individual is commonly a non-resident of New...

  • 10/03/2016
    New Lease Standard - Guidelines for Implementation
    By Justin Van Fleet, CPA, Partner

    The Financial Accounting Standards Board’s (FASB) much anticipated standard on lease accounting (Leases – ASC 842) was finally issued on February 25, 2016. It’s now time to prepare to implement the new rules, which will take effect for public companies for fiscal years beginning after December 15, 2018. Although it...

  • 09/27/2016
    Preference Actions in Bankruptcy: Defense Strategies for Creditors
    By Karl Knechtel, CPA, CFF, CIRA, Director

    In a previous article on reclamation claims, we discussed the options available to creditors to maximize recoveries on unpaid claims resulting from the number of high-profile retailers recently filing for bankruptcy protection. As a creditor, just when you thought nothing can be worse than receiving little to nothing on your...

  • 09/27/2016
    New Financial Reporting Rules for Nonprofits
    By Amish Mehta, CPA

    In August of 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-14, “Presentation of Financial Statements of Not-for-Profit Entities (Topic 958)”. The issuance of this update represents the most significant change to not-for-profit financial statement reporting rules since 1993, when the FASB issued Financial Accounting...

  • 08/24/2016
    FinCEN Expands Real Estate Owner Identification Mandate
    By Alan Goldenberg, JD, MBA, LL.M

    Back in January, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders (GTOs) requiring title insurance companies, subsidiaries and agents to identify the true owners of shell companies that purchase residential real estate in Manhattan for cash exceeding $3 million, and in Miami-Dade County...

  • 08/24/2016
    Shifting Consumer Habits Drive Restaurant Sector to Next Generation of Food Halls
    By Michael Stoler, The Stoler Report

    The economic recovery and shifting consumer habits have driven significant gains in the restaurant sector, aiding in the leasing of retail space around the nation. According to the CBRE research report “Restaurants: Now Serving Retail Growth,” which explores emerging trends in the restaurant sector, restaurants accounted for approximately 15% of...