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    • 05/11/2015
      International Investment in the U.S. Commercial Real Estate Market
      By Michael Stoler

      The U.S. commercial real estate property market has been expanding since 2010 following the recession, and it’s safe to say that the market has officially returned.  The combination of the positive fundamentals in the U.S. commercial real estate market coupled with foreign investors’ interest in investing their capital in the...

    • 05/11/2015
      Real Property Dealer v. Investor: An Overview
      By Andrew Cohen, JD, LL.M

      A taxpayer’s activities and intentions when purchasing and selling real property are important in determining whether that taxpayer is a dealer or investor in real property. This distinction is relevant, since it determines the tax treatment of the gain on the sale of real property. If the taxpayer is a...

    • 04/29/2015
      Fashion Sense - April 2015

      If you have any questions about the contents of this issue, please e-mail Co-Managing Partner of Friedman LLP and Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.     In This Issue: Friedman LLP Australian Client Blundstone Launches Fall 2015 Collection & Collaboration with Ducati ScramblerSource: Friedman LLP Partner David McKelvey to...

    • 03/25/2015
      OMB Revisions Governing the Management and Audit of Federal Programs
      By Amish Mehta

      OMB Circular A-133 requires higher education and nonprofit institutions that expend a specific threshold of federal funds to annually undergo a detailed, organization-wide audit that complies with the criteria established under its provisions.  The Office of Management & Budget (OMB) has revised OMB Circular A-133 in the Federal Register entitled "Uniform...

    • 03/24/2015
      Real Estate Transfer Taxes in New York
      By Alan Goldenberg

      Real estate transfer tax is a tax imposed by states, counties and municipalities for the privilege of transferring real property within a jurisdiction. The tax is sometimes referred to as real estate conveyance tax, mortgage transfer tax or documentary stamp tax, among other terms.

    • 03/23/2015
      Fashion Sense - March 2015
      By Harriet Greenberg

      If you have any questions about the contents of this issue, please e-mail Co-Managing Partner of Friedman LLP and Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.    In This Issue: Global Economic Outlook and Strategy Source: Citi Jewelers in India Jump Online for $22 Billion E-Commerce Pie Source: Business of Fashion Op-Ed:...

    • 02/28/2015
      A Summary of New Jersey Sales Tax Exemptions Available to Exempt Non-Governmental Entities
      By Andrew Cohen, J.D., LL.M

      In a previous article in the Non-Profit Advisor (see Tax Exempt Organizations: Don't Forget About New York State Sales Tax), the author reviewed the rules regarding New York State sales tax. Because these rules "are" so complex...

    • 02/23/2015
      Fashion Sense - February 2015
      By Harriet Greenberg

      If you have any questions about the contents of this issue, please e-mail Co-Managing Partner of Friedman LLP and Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.     In This Issue: Friedman LLP Names Harriet Greenberg and Frederick Berk Co-Managing Partners Source: Friedman LLP    Retailers Facing $7 Billion Pricetag Over West Coast Port...

    • 02/19/2015
      February 2015: Pension Insights
      By Carol Musanti, Pension Administrator

      A 401(k) plan permits employees to contribute (an “elective deferral”) and invest funds under a company-sponsored plan before federal incomes taxes are deducted. Like all qualified retirement plans, 401(k) plans cannot discriminate in favor of highly compensated employees. In order to prove that it is not discriminatory, a 401(k) plan...

    • 02/16/2015
      401(k) Employer Contribution Safe Harbor Options
      By Carol Musanti, Pension Administrator

      A 401(k) plan permits employees to contribute (an “elective deferral”) and invest funds under a company-sponsored plan before federal incomes taxes are deducted.  Like all qualified retirement plans, 401(k) plans cannot discriminate in favor of highly compensated employees. In order to prove that it is not discriminatory, a 401(k) plan...

    • 01/28/2015
      Challenges Faced By Private Foundations Today
      By Kimberly Dula

      As the world continues to get smaller and as more and more taxpayers want to see the instant benefit that their charitable giving provides, private foundations are faced with some unique challenges.  Traditional giving to qualifying charities continues to be the norm; however, grants to foreign charitable organizations and scholarship giving...

    • 01/21/2015
      Real Estate Leaders are Once Again Bullish for the New Year
      By Michael Stoler

      As we enter the New Year, real estate and business leaders, as well as economists, are asked to provide their prediction for the next 12 months. This is indeed a difficult task especially when many unexpected events took place in 2014.

    • 01/21/2015
      EB-5: A Mechanism for Providing Capital for Public and Private Real Estate Projects
      By Michael Stoler

      Construction is reaching record levels in the metropolitan region and around the nation. Developments are in various stages of progress in the five boroughs, as well as New Jersey, Long Island and Westchester County. Currently and over the past five years, one of the major sources of capital for these projects has been provided by the EB-5 (Employment-based 5 Category) program established by Congress in 1990 as a method of bringing in foreign capital and creating jobs.

    • 01/21/2015
      Fashion Sense - January 2015

      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: Bitcoins: The Reality of Taxing Virtual Reality Source: Friedman LLP Tax Matters NYS Sales Tax Laws are Far Reaching When it Comes to Responsible Persons Source: Friedman LLP...

    • 01/08/2015
      Bitcoins: The Reality of Taxing Virtual Reality
      By Alan Goldenberg

      Anyone craving emerging technology has surely seen the enormous interest generated by and surrounding Bitcoins. In just five years the little-known virtual currency has gone from being worth pennies to thousands of dollars apiece. And many speculators have been cashing in on them.

    • 01/08/2015
      NYS Sales Tax Laws Are Far Reaching When It Comes to Responsible Persons
      By Andrew Cohen

      Most investors feel confident investing in a Limited Liability Company (“LLC”) because they are, for the most part, free from liabilities. This confidence stems from the LLC laws which explicitly state that a member of an LLC cannot be held personally liable for the LLC’s obligations solely based on their status as a member. Yet, in a recent case, In The Matter of The Petitions of Eugene Boissiere and Jason Krystal, decided by the New York State Division of Tax Appeals, two members of an LLC were held responsible to pay for a portion of assessed sales tax that was not remitted by the LLC to the State even though they were just minor investors in the LLC.

    • 12/18/2014
      Fashion Sense - December 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:   Tax Tips: November/December 2014  Source: Friedman LLP   Women in Business Q&A: Harriet Greenberg, Partner at Friedman LLP  Source: Huffington Post Consumer Spending Gains Steam, Boosted by Lower Gas Prices  Source: Daily Finance    Snap...

    • 11/25/2014
      Governance by Design
      By Sylvia Mazur

      This past October, the Friedman LLP team was a first-time sponsor at the 2014 BoardSource Leadership Forum (BLF) held in Washington, D.C. The annual two-day conference was attended by BLF members from around the United States, which included nonprofits' board members, chief executives, staff and professionals. BoardSource's mission is dedicated to the advancement of the public good by building exceptional nonprofit boards who will aspire to quality board service.

    • 11/20/2014
      Fashion Sense: November 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:   It's not business, it's personal Source: Friedman LLP How Crowdfunding Is Changing the Fashion Business Source: Entrepreneur    When Fashion Sponsorship Works Source: Business of Fashion Target...

    • 11/17/2014
      Satisfying the Compliance Requirements for a Plan to Maintain its Tax-Qualified Status
      By James Williams

      All members of a controlled group are treated as a single employer and the plan must satisfy the following compliance requirements for a plan to maintain its tax-qualified status.

    • 11/17/2014
      Controlled Groups' Effect on Retirement Plans for Family Owned Businesses
      By James T. Williams

      Most business owners make the decision to start up a retirement plan for a specific company and employees in mind. When establishing this plan, owners should be aware of the effects being part of a controlled group of trades or businesses can have on the company. Joint ownership in other business ventures must also be taken into consideration to ensure the retirement plan is compliant with Internal Revenue Service and Department of Labor regulations, as well as addresses minimum coverage, nondiscrimination and plan documentation requirements.

    • 11/10/2014
      Staten Island and the Bronx: Undergoing Major Developments
      By Michael Stoler

      New York City’s first discount outlet center,the world’s tallest observation wheel, the first new shopping mall built in New York City in the past 40 years, and a 750,000 square-foot building that will house nine ice skating rinks, are just a few of the commercial developments taking place in the boroughs of Staten Island and the Bronx.

    • 11/10/2014
      The Lottery of Finding an Affordable Apartment in New York City
      By Michael Stoler

      The City of New York’s recently issued Housing New York: A Five Borough, Ten-Year Plan reported that New York City’s shortage of affordable housing has reached a crisis point. Most New Yorkers now have limited options for housing and have to spend an unacceptably high share of their income just...

    • 11/10/2014
      An Overview on New York State Real Property Tax Credits Available to Business Entities
      By Andrew Cohen

      Tax credits are valuable to taxpayers as they provide dollar- for- dollar reductions in taxes which in turn can generate large tax savings and often cash back. New York State has enacted several real property tax credits that affect commercial properties which warrant consideration.

    • 11/05/2014
      Second Homes In New York May Have Severe Tax Consequences
      By Alan Goldenberg

      The New York State and New York City tax laws have numerous traps for unwary nonresidents. To avoid one of the biggest tax hazards, nonresidents owning or renting homes within New York must be aware of the applicable residency tests and what records they should maintain to avoid a dual residency determination. Nonresidents of New York State are only taxed on income earned in or sourced to the state. New York City only taxes city residents. However, if a nonresident is not attentive to the residency tests, the tax consequences can have New York State, and possibly New York City, seeking to impose tax on all income, including interest, dividends, and capital gains, regardless of its source.

    • 11/05/2014
      Commercial Rent Tax – Did You Know?
      By Tom Corrie

      As a state and local tax practitioner located in New York City, one of the questions I hear most often from potential clients is "What is Commercial Rent Tax?" Usually, that inquiry is immediately followed by the exclamation "I didn’t even know such a tax existed!" After I start explaining the nature of the Commercial Rent Tax ("the CRT") to them, they generally find it difficult to believe that New York City (the "City") imposes a tax on the very expensive rent already being paid by them. Guess what, it does!

    • 11/05/2014
      It’s not business, it’s personal

      Parties to merger and acquisition (M&A) transactions involving closely held corporations may enjoy certain tax benefits if they can allocate a portion of the purchase price to individual shareholders’ personal goodwill. Although the IRS doesn’t much like personal goodwill, a recent Tax Court case (see the sidebar "Personal goodwill is alive and well") confirms that it remains a viable tax-planning tool under the right circumstances.

    • 11/05/2014
      Why substantiating your charitable gifts is so important

      The United States tax code recognizes the need for qualified organizations to reach out to taxpayers to help fund their nonprofit activities. And in return, these patrons receive the right to deduct such charitable gifts on their tax returns.

    • 11/05/2014
      International estate planning: Handle with care

      If you or your spouse is a non-U.S. citizen, different rules apply to your estate plan. One misstep can lead to unpleasant tax surprises, so make sure you understand the differences.

    • 11/05/2014
      Tax Tips: November/December 2014

      As tax season approaches, be on the alert for tax fraud. Every year, the IRS publishes its list of "Dirty Dozen" tax scams. Here are two of the most common:

    • 10/30/2014
      Fashion Sense: October 2014

      In This Issue:   Client Alert: IRS Announces 2015 Limits Affecting Qualified Plans Source: Friedman LLP   Los Angeles Port Congestion Threatens Retailers' Holiday Shipments Source: Sourcing Journal   Weakness abroad, volatile rumblings at home Source: Wilmington Trust   In a time when lending is tight, alternatives abound (Harriet Interviewed)  Source: National Jeweler   Industry Focus Finance: The Opportunities and Challenges of International Sales Source:...

    • 10/22/2014
      Accounting and Disclosures for Planned Gifts
      By Sarah Avery

      Recent issues of the Nonprofit Advisor have focused on developing a planned giving program (see October 2013 and July 2014). Implementing a planned giving program in-house or by using outsourced providers is considered a best practice and essential to accomplishing your organization's charitable mission.

    • 10/01/2014
      The Devil's in the Details

      Public companies are increasingly using social media outlets, such as Facebook, LinkedIn and Twitter, to make important announcements. But these relatively new communication channels raise questions about compliance with Regulation FD, the SEC's "fair disclosure" regulation.

    • 09/29/2014
      New York Nonprofit Revitalization Act: Implementation Tips from The Charities Bureau
      By Amish Mehta

      Earlier this month, the New York State Society of CPAs' Not-for-Profit Organizations Committee hosted a presentation and webinar on The Charities Bureau and the New York Nonprofit Revitalization Act (the "Act") during which James G. Sheehan, Chief of the Charities Bureau, explained the reasons behind the Act, as well as best practices for implementation. The Charities Bureau, run out of Attorney General Eric Schneiderman's office, provides regulation, guidance and support to the over 80,000 registered nonprofit organizations throughout New York State.

    • 09/17/2014
      Fashion Sense: September 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: Sales Tax Laws Still Struggling to Keep Up Source: Friedman LLP   Kohl's (KSS) Launches Juicy Couture  Source: Zacks   Sears Turns to Its Chief for a Loan Source: Dealbook   Startup lets consumers reserve fashion...

    • 09/15/2014
      Sales Tax Laws Still Struggling to Keep Up
      By Alan Goldenberg

      In recent years, the big sales tax topic has been the emergence of the so-called "Amazon" laws, whereby an out-of-state Internet retailer who has a "click-through" arrangement with a local vendor must collect sales tax in that state, even if it has no physical presence there.

    • 09/15/2014
      Unclaimed Property - What You Don't Know Can Hurt You
      By Tom Corrie

      Often, when I am meeting with clients, I will bring up the subject of "unclaimed property." Many respond by saying that they don’t have any. Still others really haven’t a clue about the subject, and don’t appear overly interested in discussing it. My experience has been that just about all companies have unclaimed property. In the world of unclaimed property, such companies are referred to as "holders."

    • 09/15/2014
      Shifting Gears: Tax Law Changes Turn Estate Planning on its Head

      Recent tax law changes demand new approaches to estate planning. For many taxpayers, traditional strategies, which focus on minimizing estate taxes, may no longer be relevant. In fact, they may result in unnecessary income taxes.

    • 09/15/2014
      Can You Defer Taxes on Advance Payments?

      Many businesses receive payment in advance for goods and services. Examples include magazine subscriptions, long-term supply contracts, organization memberships, computer software licenses and gift cards.

    • 09/15/2014
      How to Protect Your Retirement Future in an Up-and-Down Economy

      To ensure your retirement nest egg doesn’t crack, it’s critical to abide by several retirement plan fundamentals — especially in today’s uncertain economy. Doing so can mean the difference between a comfortable retirement and a retirement filled with regrets.

    • 09/15/2014
      Tax Tips

      According to the Treasury Inspector General for Tax Administration (an IRS watchdog), there’s a big discrepancy between deductions claimed by ex-spouses paying alimony and the alimony income reported by recipients. Generally, alimony is deductible by the payer and taxable to the recipient. But property settlements and child support payments are neither deductible nor includable in income.

    • 08/25/2014
      Enhancing Governance Structure - Interview with Center Against Domestic Violence
      By Amish Mehta

      John L. Miscione, Chairman of the Board of Directors, and Judith Kahan, Chief Executive Officer, spoke to Friedman LLP Partner Amish Mehta about the governance challenges their organization, Center Against Domestic Violence (www.cadvny.org), faces.

    • 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.