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  • 08/18/2014
    All Qualified Plan Documents Must Be Restated
    By David Waddington

    If you sponsor a 401(k) or other type of defined contribution retirement plan for your employees and use a "pre-approved" type of plan (i.e., prototype and volume submitter), you will be required to restate the plan within the next two years. Failure to complete this restatement before April 30, 2016...

  • 08/18/2014
    Fashion Sense: August 2014
    By Harriet Greenberg

    If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.   In This Issue:     One Thing States Can Agree on is Sales Tax Source: Friedman LLP   Denim is in Real Danger of Going Out of Style  Source: NBC News   J.C. Penney: Out of Intensive...

  • 08/04/2014
    It's Finally Here: The New Revenue Recognition Standard
    By Justin Van Fleet

    On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued its standard on revenue recognition, No. 2014-09, "Revenue from Contracts with Customers". The new standard will ultimately affect all industries, some more significantly than others, by establishing a single comprehensive model that will eventually exist in the FASB's Accounting Standard Codification Topic 606. The standard, among other things, is expected to remove inconsistencies in current revenue requirements, improve comparability across entities and industries and provide more useful information to users of financial statements.

  • 07/24/2014
    Seven Action Steps That Will Transform Your Nonprofit Organization
    By Bob Evans

    It was a very good year, Frank Sinatra once crooned. And after seeing how charitable giving increased in 2013, those of us concerned about strengthening nonprofits and propelling more philanthropy should be singing, too. The Giving USA annual report on philanthropy - released last month by the Giving Institute and Indiana University's Lilly School of Philanthropy - showed that total giving grew by 4.4 percent in 2013, reaching $335 billion.

  • 07/21/2014
    These prices are insane: How high can the market go?
    By Michael Stoler

    One thing is certain: the current pricing for commercial real estate assets have reached an all-time high. Few real estate leaders who have experienced the ups and downs of recessions and cycles have ever seen these record levels for all forms of real estate properties.  In my conversations with real estate leaders, many are embracing the former television commercial pitch of radio DJ Jerry Carroll, when he represented the Crazy Eddie electronic stores, stating “these prices are insane”. Surprisingly while these prices may be insane, few real estate leaders believe that pricing will drop in the foreseeable future.

  • 07/09/2014
    Tax Tips: July/August 2014

    Generally, withdrawals from a traditional IRA are taxable, but there’s an exception for “rollovers.” You can withdraw IRA funds tax-free, so long as you reinvest them in the same or another IRA within 60 days. You’re allowed one such rollover in any one-year period.

  • 07/09/2014
    Buying or selling a business? Here’s what you need to know to get the best deal

    Thinking of buying a company? Good for you! But be sure you know what you’re getting into. For example, you’ll need to research a number of business and financial issues as well as certain legal issues. And, of course, there are numerous tax issues that you simply can’t ignore. Here are just a few.

  • 07/09/2014
    How to make the most of life insurance

    Life insurance is a powerful financial and estate planning tool. It allows you to accumulate tax-deferred savings for retirement or other needs. The death benefits provide instant liquidity to pay estate taxes and other expenses as well as provide for your loved ones after you’re gone.

  • 07/09/2014
    It’s time for midyear tax planning

    In the quest to reduce your tax bill, year end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are several midyear strategies to consider.

  • 07/09/2014
    State Tax Considerations of an S Corporation
    By Alan Goldenberg

    In general, the earnings of a corporation are often taxed twice both at the federal level and at the state and local level. Ordinary corporations, commonly known as Subchapter C corporations (or “C corporations”) are taxed on their income at the entity level, and should the corporation’s income be distributed to its shareholders via a dividend distribution, such income is taxed again at that level.

  • 07/09/2014
    One Thing States Can Agree on is Sales Tax
    By Alan Goldenberg

    Notwithstanding the different agendas of the various states, the benefit inherent in sales and use taxes seems to be one area that they are able to agree on.

  • 07/01/2014
    Fashion Sense: July 2014
    By Harriet Greenberg

    If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.

  • 06/30/2014
    Tax Exempt Organizations: Don't Forget About New York State Sales Tax
    By Andrew Cohen

    As a New York State tax- exempt organization, the revenues you raise to fulfill your mission are generally not subject to Income Tax. However, there may be other tax obligations, such as collecting and remitting sales tax to New York State. These obligations generally depend on the type and frequency of sales. New York State has developed intricate rules for determining which transactions made by tax- exempt organizations require the collection of sales tax. A basic knowledge of these rules will help you avoid possible sales tax assessments in the future.

  • 06/24/2014
    Fashion Sense: June 2014
    By Harriet Greenberg

    If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com. 

  • 06/05/2014
    Crowdfunding: Opportunity or Risk for Individual Investors?
    By Michael Stoler

    Would you like the opportunity to own a piece of residential or commercial real estate or make an investment in a mortgage loan? Today, investors around the country are receiving e-mails and other solicitations, as well as hearing from the media, about the opportunities to invest in the booming real estate market.

  • 06/05/2014
    Conversion of Real Estate for Alternative Use Throughout New York City
    By Michael Stoler

    The real estate market in New York City has recovered from the recession of 2008. The improvement has marked a rapid conversion of office buildings, hospitals, parking garages and other asset classes into luxury rental and condominium residences, hotels and in certain instances specialty office space. The conversion of properties is taking place in each and every borough especially in Manhattan, Brooklyn and Queens.

  • 06/05/2014
    Grow NJ Credit: An Aggressive Campaign by New Jersey to Retain and Attract New Businesses
    By Andrew Cohen

    New Jersey has committed in a big way to attracting new businesses to the state, and retaining those that are already there. In fact, the mere threat by a New Jersey business to leave the state can reap a large tax credit. The program at the forefront of this effort is, appropriately, called Grow NJ, or the Grow New Jersey Assistance Program.

  • 05/30/2014
    NYC Real Property Income & Expense Statements
    By Alan Goldenberg

    The New York City Department of Finance requires owners of income-producing property in New York City, that have an assessed property value of more than $40,000, to file an annual Real Property Income and Expense (RPIE) statement. A net lessee, responsible for all the real estate taxes on a New York City property, may file in lieu of the owner. By law, 2013 RPIE statements must be filed electronically by June 2nd. Statements for 2014 will be due June 1, 2015.

  • 05/29/2014
    Proposed Tax Reform: What to expect from the EXPIRE Act and Tax Reform Act of 2014
    By Sarah Avery

    Encompassed in sweeping tax reform changes proposed by the Committee on Ways and Means and the Senate Committee on Finance are many provisions that, if passed, would significantly impact nonprofits and other tax-exempt organizations. As of mid-May 2014, the proposed tax code extenders included in the Senate Committee on Finance's EXPIRE...

  • 05/19/2014
    Why Defined Benefit Plans are Best
    By Michael Ibrahim

    The defined benefit plan was the way corporate America first met retirement needs of employees over the age of 65. For more than seven decades, it has been used to provide working-life income during an employee's retirement years. However, changes to employee demographics, federal law and more detailed and complex...

  • 05/15/2014
    Fashion Sense - May 2014
    By Harriet Greenberg

    If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.  In This Issue  How to Capture the Benefits of Captive InsuranceSource: Friedman LLP NYCEDC and Capital Business Credit Launch NYC Fashion Production FundSource: Capital Business Credit   Business Has Been...

  • 05/12/2014
    Here is one for the good guys
    By Tom Corrie

    A recent unanimous decision by the New York State Court of Appeals with respect to the application of the state’s statutory residency law demonstrates that it is still possible for a lone taxpayer to challenge the Department of Taxation and Finance (the “Department”) regarding one of its favorite audit darlings, and prevail.

  • 05/12/2014
    IRS Combatting Tax-Related Identity Theft
    By Alan Goldberg

    Although the dreaded tax day deadline has passed, for a number of taxpayers the difficulty may just have begun. Millions of Americans, who have waited the better part of a year to receive tax refunds, are in for a big shock when they learn that their refunds were sent to someone else as a result of tax-related identity theft. The legitimate refund will now take considerable time to be received by the taxpayer.

  • 05/12/2014
    Capturing the benefits of captive insurance

    For years, large corporations have used captive insurance companies to control insurance costs. Today, even small, closely held businesses are taking advantage of the many financial, tax and estate planning benefits captives have to offer. What it is A captive insurance company is a private insurer owned and controlled by the business...

  • 05/12/2014
    How defined-value gifts can help limit your tax exposure

    Making large gifts can be a challenge if they consist of illiquid, difficult-to-value assets, such as interests in a business or family limited partnership (FLP). They must be supported by a business valuation, and there’s a risk that the IRS will claim, years later, that a gift was undervalued for...

  • 05/12/2014
    Undisclosed foreign accounts: Handle with care

    Do you own or control any foreign financial accounts — such as bank accounts, brokerage accounts, mutual funds or trusts? If so, it’s critical to understand your reporting obligations.

  • 05/12/2014
    Tax Tips: May/June 2014

    If you hire your children, they’re under 18 and your business is unincorporated, neither the business nor the kids have to pay Social Security or Medicare taxes on their wages. Shifting income to your children this way can also reduce your family’s income tax bill because your kids are likely in a lower tax bracket.

  • 05/05/2014
    SEC Impact: Development Stage Entities
    By Sviatlana Tsiaptseyeva, Michele Amato

    The Financial Accounting Standards Board (FASB) is drafting an Accounting Standards Update (ASU) which would eliminate the concept of a development stage entity along with the special disclosures required for such entities under accounting principles generally accepted in the United States of America (U.S. GAAP). The final ASU is expected to be voted on by written ballot later this year.

  • 04/28/2014
    Fashion Sense: April 2014
    By Harriet Greenberg

    If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.  In This Issue 2014-2015 New York State Budget Contains Many Lower Manhattan Tax IncentivesSource: Friedman LLP Dude, Where's My Home Screen? The Importance of a User-Friendly InterfaceSource: Computer Generated Solutions  US...

  • 04/28/2014
    Fundraising Consultants: A Good Idea for Your Organization?
    By Audrey Sherrick

    Given the challenging economic times we find ourselves in, many nonprofit organizations are questioning whether to hire a professional fundraiser to supplement their own fundraising efforts. Often the perception is that professional or paid fundraising campaigns are expensive and only for the larger nonprofit organizations. So, does size really matter, and when does it make sense for a charity to work with a professional fundraiser?

  • 03/25/2014
    Perspectives: New York Nonprofit Revitalization Act - What You Need to Know Now
    By Amish Mehta

    Friedman LLP Partner and Director of Not-for-Profit Services Amish Mehta, CPA, and Nixon Peabody Partner Michael J. Cooney, recently hosted a seminar for nonprofit leaders at Friedman LLP's office in New York City on the new requirements surrounding the New York Nonprofit Revitalization Act.

  • 03/24/2014
    Maintaining Effective Internal Control over Financial Reporting- It's the Law!
    By Keivn Hyams

    Since the enactment of the Foreign Corrupt Practices Act in 1977, federal laws have required public companies to maintain sufficient "internal accounting controls." The Sarbanes-Oxley Act of 2002 (the "Act") further requires company management to annually assess and report on the effectiveness of internal control over financial reporting ("ICFR"). For larger registrants, the Act also requires independent auditors to attest to management's assessment of the effectiveness of the company's internal control.

  • 03/20/2014
    Fashion Sense - March 2014
    By Harriet Greenberg

    If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.  In This Issue: Acquiring Assets of a Business? Don't Forget About Sales TaxSource: Friedman LLP Industry Voices: How to Use Free-Trade Zones to Save When Importing ApparelSource: Apparel News FTC Revises Textile...

  • 03/06/2014
    Acquiring the Assets of a Business? Don’t Forget About Sales Tax
    By Alan Goldbenberg

    The purchase of an existing business is generally structured in one of two alternative ways: purchase the entity outright, or purchase only the assets of the business.

  • 03/06/2014
    Pennies From Heaven
    By Tom Corrie

    It’s not very often that state taxing officials present taxpayers with bona fide refund opportunities.

  • 03/05/2014
    Could the NIIT apply to the sale of your home?

    The 3.8% net investment income tax (NIIT), which went into effect in 2013 under the Affordable Care Act, continues to create confusion.

  • 03/05/2014
    Why a private annuity is a powerful estate planning tool

    Affluent families looking for ways to reduce their gift and estate tax exposure should consider private annuities.

  • 03/05/2014
    Material participation key to deducting LLC and LLP losses

    If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages.

  • 03/05/2014
    Tax Tips - March/April 2014

    The IRS has expanded its Fast Track Settlement (FTS) program to small businesses and self-employed individuals.

  • 02/28/2014
    The Next Level of Transparency: GuideStar Exchange
    By Sarah Avery

    GuideStar, a public charity that provides unbiased information about nonprofits, is one of the nation's most visible advocates for advancing nonprofit transparency.

  • 02/24/2014
    What is a New Comparability Plan?
    By Carol Musanti

    In previous years, choosing a profit sharing allocation method was simple. Pro-rata, percentage of compensation or a formula utilizing the social security wage base just to name a few.

  • 02/20/2014
    Fashion Sense: February 2014
    By Harriet Greenberg

    If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.  The Tax Ins and Outs of Employee Fringe BenefitsSource: Friedman LLP Student Spotlight: Alexis CasamassimaSource: Friedman LLP Fashion Trend: Bigger Showrooms and Smaller OfficesSource: New York Times 10 Tips to Take...

  • 01/23/2014
    Real Estate Leaders Bullish for 2014
    By Michael Stoler

    It is January, a time when leading economists provide their predictions for the next twelve months.

  • 01/23/2014
    Retail: One of the Most Sought Out Assets to Own in New York City
    By Michael Stoler

    New York City saw 54.3 million visitors in 2013, an all-time tourism high for the five boroughs, and a 54% increase since Mayor Bloomberg took office twelve years ago.

  • 01/23/2014
    Final Repair Regulations and Leasehold Properties - An Overview
    By Andrew Cohen

    The final tangible property regulations published by the Internal Revenue Service on September 19, 2013, provide important guidance on the tax treatment of repairs made to tangible property.

  • 01/21/2014
    2013 AICPA National Conference on Current SEC and PCAOB Developments
    By Neil Ehrenkrantz

    The Center for Audit Quality (CAQ) kicked off the 2013 AICPA National Conference by indicating public company audits are stronger and the severity of restatements is trending downward.

  • 01/15/2014
    Fashion Sense - January 2014
    By Harriet Greenberg

    If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.   In This Issue: New York Getting Tough on Tax ScofflawsSource: Friedman LLP AAFA unveils US apparel statistical reportSource: fibe2fashion.com Groupon Accelerates Its Fashion Presence with Acquisition of IdeeliSource: Business Wire JCP "Pleased"...

  • 01/15/2014
    New York Real Estate: The Next 10 Years

    Friedman LLP's Real Estate Practice held its annual New York Real Estate Forum, featuring a look at "The Next 10 Years." Michael Stoler, President of New York Real Estate TV LLC and is a Managing Director at Madison Realty Capital moderated discussions with top industry experts.

  • 01/09/2014
    The Double Tax No Credit Dilemma
    By Alan Goldberg

    As you probably have heard from the news coverage of the budget debates, New York, like most states, is in the midst of a financial shortfall.