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  • 05/13/2020
    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...

  • 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...

  • 03/30/2020
    UPDATED: SBA Loans: Paycheck Protection Program and Economic Injury Disaster Loan
    By Michael Sacco, CPA, Partner

    Businesses that have been affected by the outbreak of COVID-19 can apply for Small Business Administration (“SBA”) relief through two programs available through the SBA – an Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP). Click the image below to see a side-by-side analysis of each across several...

  • 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...

  • 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...