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    • 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      Majority of Businesses Would Offer the Same or More Health Benefits if ACA Repealed, Survey Finds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...

    • 08/24/2016
      New York Transfer Taxes: A Cautionary Tale

      Alan Goldenberg, JD, MBA, LL.M

      Readers of this publication know that I have written extensively on the New York State Real Estate Transfer Tax (RETT) and the New York City Real Property Transfer Tax (RPTT). For those less avid readers, articles can be found here and here. A recent case winding its way through the New...