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    • 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.

    • 01/09/2014
      New York Getting Tough on Tax Scofflaws
      By Alan Goldenberg

      Heads up to those who have outstanding New York tax liabilities; the state is getting tougher than ever in pursuing collection of these funds.

    • 01/09/2014
      Does the ACA’s Individual Mandate Affect You?

      Starting Jan. 1, 2014, the Affordable Care Act (ACA) requires most people to have a certain level of health care coverage or else pay a tax penalty (known as a “shared responsibility payment”).

    • 01/09/2014
      Provide for your Spouse, then your Kids, with a QTIP Trust

      Do you want to provide for your spouse after your death but ensure that your children ultimately receive the inheritance you desire? Do you have concerns about transferring assets to your spouse outright?

    • 01/09/2014
      Tax Tips: Jan/Feb Tax Matters

      Is your business entitled to a post-DOMA tax refund?

    • 12/19/2013
      The New Internal Control Framework - For Nonprofits
      By AMish Mehta

      The Committee of Sponsoring Organizations (COSO) is a joint initiative of five private sector organizations that is dedicated to improving organizational governance through the development of frameworks and guidance on risk management, internal control and fraud deterrence.

    • 12/18/2013
      Fashion Sense: December 2013
      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: Perspectives: Healthcare Reform - Are You in Compliance?Source: Friedman LLP Rethinking Enterprise Software to Deliver on the Promise of Product Lifecycle ManagementSource: Computer Generated Solutions Making the right...

    • 12/02/2013
      The New Internal Control Framework
      By Michael Cohen

      The Committee of Sponsoring Organizations (COSO) is a joint initiative of five private sector organizations that is dedicated to improving organizational governance...

    • 11/25/2013
      Increasing Challenges to Tax-Exempt Status of Nonprofits
      By Audrey Sherrick

      According to the IRS, tens of thousands of nonprofit organizations have their tax-exempt status revoked every year.