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- 02/18/2019
Friedman Announces Rollout of SafeSend Tax ReturnsA new, automated tax return system for our clients
- 02/15/2019
What Every Nonprofit Needs to Consider Before Accepting Crypto Currency DonationsBy Steven J. Baum, CPA, Principal & Amish Mehta, CPA, Partner, Nonprofit Practice LeaderWith the growing popularity of digital currency, many nonprofits have begun accepting such currency as a form of contribution. However, nonprofits which are currently accepting or contemplating accepting digital currency may not be fully aware of the best ways to receive payments or the compelling information needed to educate donors...
- 02/15/2019
Michael Greenwald on New Partnership 'Sleeper' RequirementFriedman's Corporate and Business Tax Practice Leader, Michael Greenwald, sat with NBC News to discuss a new addition to partnership tax filing forms. The new rule requires partnerships to disclose a negative capital balance, which is essentially the money partners would receive if the partnership was liquidated. The update is predicted...
- 02/12/2019
Joseph M. Klein Joins Friedman LLP as a Tax Partner in Our New York OfficeJoseph M. Klein brings more than 15 years of specialized experience providing tax and advisory services to high-net-worth and real estate clients. He has an extensive background providing accounting and advisory services to commercial and residential real estate owners, developers, managers and REITS. Joseph holds a Housing Credit Certified Professional designation,...
- 02/11/2019
Bob Charron on Tax Returns Under the Tax Cuts and Jobs ActFriedman's Tax Practice Leader, Bob Charron, was quoted by NBC News in an article on how tax returns have been affected under the Tax Cuts and Jobs Act ("TCJA"). The article discusses how many people have been caught off guard when filing their taxes this year, expecting a larger return but...
- 02/11/2019
Friedman Gives Back Joins Forces with Cycle for SurvivalAs part of Friedman's employee-inspired philanthropy initiative, Friedman Gives Back, a team of enthusiastic employees participated in this year's Equinox Cycle for Survival on Sunday, February 10. This impactful event is dedicated to raising money to fund research at Memorial Sloan Kettering Cancer Center for rare forms of cancer. Each team...
- 02/07/2019
Outlook from the Inside: Real Estate Predictions for the Year AheadAt Friedman's recent NYC real estate forum, key players throughout the industry gathered to exchange insights on a variety of hot topics impacting real estate and shared their views on the industry outlook for 2019. Watch the video below to hear market predictions from fellow real estate peers. Featuring: Samantha Rowan of Real Estate...
- 02/07/2019
Ask the CPA - Shaji VargheseIn the January edition of "Ask the CPA", Shaji Varghese shares how to keep your business compliant with the new lease accounting standard. Any business that leases it's property or equipment will be affected by these changes, and the Wall Street Journal predicts that corporate balance sheets could swell by almost $2...
- 02/07/2019
Outlook from the Inside: The Rise of Alternative Lending in Commercial Real EstateFriedman LLP recently hosted a real estate forum on "The Rise of Alternative Lending in Commercial Real Estate". The forum featured an interactive panel discussion composed of industry leaders who spoke about their firsthand experience with this increasingly popular source of funding. Watch the recap video below for forum highlights. Featuring: John Catsimatidis of Red Apple Group,...
- 02/05/2019
Opportunity Zones: Profit Potential In Underdeveloped AreasQualified Opportunity Zone Practice Leader, Steve Bokiess, was featured in an article by Crain's New York Business regarding the high potential of opportunity zones. In the article, Steve discusses what an opportunity zone is, how to form a fund and how different parties can benefit greatly from investment. To learn more,...
- 02/04/2019
Ryan Dudley on 'Arm's-Length' Tax Policy in the OECDFriedman's International Tax Practice Leader, Ryan Dudley, provided Law360 with exclusive insights and knowledge on the possible changes to the Arm's-Length Principle. The current policy states that in allocating income among corporate entities across borders, internal transactions should be priced at what an independent party might pay based on market analysis. Find out...
- 02/01/2019
Growth at the Partner and Principal Level in 2019Friedman LLP is delighted to announce the addition of two new professionals, appointment of a new regional department head and promotion of 12 to the partner and principal levels. Reflective of the depth and breadth of Friedman's services, these accomplished professionals specialize in a wide array of areas. They are based...
- 01/31/2019
For Partnerships, the Time to Act is Now: Key Insights for Selecting Your Partnership RepresentativeBy Michael J. Greenwald, MPPM, CPA, PartnerFriedman’s tax experts have stayed on the pulse of changes surrounding the Centralized Partnership Audit Regime (CPAR), enacted as part of the Bipartisan Budget Act of 2015 (BBA). Many of you have sought guidance on how and when to act in response to the CPAR, effective for tax years beginning...
- 01/31/2019
Tax Tips: Business DeductibilityTax Tips Are your business interest expenses deductible? Before Congress passed the Tax Cuts and Jobs Act (TCJA), most business-related interest expense was deductible, although corporations couldn’t deduct interest paid to or guaranteed by a related party under certain circumstances. But for tax years beginning after 2017, the TCJA imposes a limit...
- 01/31/2019
All Roads Lead Home: What You Need to Know About Your Domicile for Tax PurposesIn the state personal income tax area, perhaps no subject is less understood than the concept of “domicile,” or what is commonly referred to as a taxpayer’s “home state.” A person can have many residences, but in a tax sense, an individual can only have one domicile. A taxpayer’s domicile...
- 01/30/2019
Libra Becomes the First Crypto-Native Technology Company to Receive SOC 1 Type 2 Attestation ReportOn January 24, Libra announced that it had become the first crypto-native software company to receive a Service Organization Control (SOC) 1 Type 2 attestation report for its Libra Crypto Office platform. The report was issued by Friedman LLP. To receive such report Libra had to develop an in-depth set of policies, procedures and...
- 01/29/2019
Bob Charron on Exemptions Under the Tax Cuts and Jobs ActTax Practice Leader, Bob Charron, was recently quoted in an article by LifeHacker.com, "When You Should Itemize Your Taxes". In the article Bob discusses the exemption and deduction changes brought about under the Tax Cuts and Jobs Act ("TCJA"). While personal exemptions were eliminated, increases to the child credit and new...
- 01/28/2019
[Watch Now] Opportunity Zone Webinar RecordingIn response to growing questions surrounding this new, complex investment strategy, Friedman's Qualified Opportunity Zone Consulting Practice presented an informative webinar to help you leverage key tax incentives. Access this exclusive recording for expert insights on ways to reap significant tax advantages and maximize your investments. ...
- 01/25/2019
Proposed Changes in Assessed Valuation Threshold for TC309 to Impact NYC Real EstateBy John Tax, CPA, PartnerOn January 24, 2019, the Tax Commission of the City of New York approved legislation to raise the threshold for accountants’ certification of the Form TC201, Income and Expense Schedule for Rent-Producing Property on Form TC-309. The threshold would be raised from an assessed value of $1 million to $5...
- 01/25/2019
Michael Greenwald on New Pass-Through Tax Deduction RulesAfter much waiting, the IRS has provided the final rules for the new 20% deduction for pass-through businesses. The final rules are said to make it much easier for a business owner to determine whether they can receive the tax break or not. In a Bloomberg article on the deduction, Friedman's Michael Greenwald shared...
- 01/24/2019
Outlook From the Inside: Tax Benefits of Investing in Opportunity ZonesIn response to the significant buzz surrounding Qualified Opportunity Zones (QOZ), Friedman's QOZ Practice Leader, Steven Bokiess, shared expert insights alongside prominent industry leaders during an exclusive real estate forum hosted by Friedman. Watch here for their outlook on the exciting tax advantages of this new investment tool. Featuring: Michael Maturo,...
- 01/24/2019
Qualified Opportunity Zone Podcast with Commercial Property ExecutiveWith 8,700 Qualified Opportunity Zones ("QOZ") covering the United States, now is the time to understand how you can take advantage of one of the most popular tax-incentivized opportunities under the Tax Cuts & Jobs Act. Listen to a recent podcast featuring our QOZ Practice Leader, Steve Bokiess, as a special guest on Commercial...
- 01/23/2019
From the 20th Century to the Present Day: The Evolution of Co-Living SpacesThe start of the 20th century was met with an influx of immigrants from around the world who traveled to New York City and other metropolitan centers in search of financial opportunities and to escape the hardships they endured. Many turned to co-living in order to reduce their operating expenses,...
- 01/22/2019
The Real Estate Exemption Under the TCJA's Business Interest Expense LimitationBy Michael J. Greenwald, MPPM, CPA, PartnerOne significant element of the Tax Cuts and Jobs Act of 2017 (“TCJA”) was the new limit on deductibility of business interest expense. The IRS has since published proposed regulations, which taxpayers can rely on as they await the release of final regulations. However, these proposed regulations provide complex rules...
- 01/22/2019
Setting up Non-grantor Trusts for Income Tax Savings Under TCJABy Scott Testa, CPA, JD, PartnerEstate and income tax planning changed dramatically under the Tax Cuts and Jobs Act of 2017 (TCJA). For estate and gift tax, TCJA doubled the federal exemption to over $11 million ($22 million per couple). For income tax, TCJA added a 20% deduction on certain pass-through income – but only...
- 01/22/2019
Minimize Your Capital Gains Tax With Qualified Opportunity ZonesFriedman's Steven Bokiess shares how you can minimize capital gains tax using Qualified Opportunity Zones under the Tax Cuts & Jobs Act-- while spurring economic growth in low-income areas. To learn even more about this exciting investment opportunity, access an exclusive recording from our recent webinar!...
- 01/14/2019
Proposed changes to the hardship distribution regulations for 401(k) & 403(b) plansBy David Waddington, CPA, PartnerOn November 9, 2018, the IRS released proposed amendments to the hardship distribution regulationsapplicable to 401(k) plans (“Proposed Regulations”) that permit such distributions.. These amendments reflect changes in the law under the Tax Cuts and Jobs Act of 2017 (“Tax Act”) and the Bipartisan Budget Act of 2018 (“Budget Act”). Although...
- 01/14/2019
How to Remain Cyber-Secure While TravelingFriedman CyZen's Jake Lehmann was recently interviewed for a publication by Wherever Family, in which he was asked for tips on how to keep your personal information safe while traveling. Jake discusses the importance of remaining diligent and using certain precautions in order to reduce the likelihood of your information falling into the...
- 01/10/2019
Michael Greenwald on the Government Shutdown's Effect on QOZsReal Estate Finance and Investment reached out to Friedman's Michael Greenwald for insight on how the government shutdown has affected Qualified Opportunity Zones. In the article, Michael explains that the shutdown has prevented important legislation regarding Opportunity Zones from being discussed. A hearing within the Department of Treasury that was due to...
- 01/09/2019
Michael Lawrence Named in LIBN "40 Under Forty"Friedman's Michael Lawrence is an honoree for Long Island Business News' 2019 "40 Under Forty"! This prestigious title pays tribute to Long Island's most promising business people under the age of 40, working towards success and positively impacting their community. To see the full list of honorees, click here. ...
- 01/04/2019
Chris Smith Shares Importance of Work/Life BalanceIn a NJBiz article on management in accounting firms, Friedman's Chris Smith shared the importance of work/life balance, especially in the professional services industry. Chris references Friedman's initiatives such as Summer Fridays, a casual dress policy and Friedman U, an internal program for employees that focuses on topics such as business development...
- 01/03/2019
Michael Greenwald on Why Partnerships Need to "Look Under the Hood"Corporate and Business Tax Practice Leader, Michael Greenwald recently gave his expert advice to partnerships in an article published by Bloomberg BNA. Greenwald stresses the importance of preparing for audits sooner rather than later, based on currently proposed rules from the IRS that could be made final soon. "It is a good opportunity to look under...
- 01/02/2019
David McKelvey Thinking Forward to 2019In Long Island Business News' issue on "Forward Thinking", Friedman's David McKelvey gave his outlook on what 2019 will be like for the accounting industry. "We project 2019 to be an exciting, challenging and advantageous year for the accounting profession," says McKelvey. David discusses how the sweeping reform brought about by the...
- 01/01/2019
Tax Reform Resource CenterExpert Insights on Sweeping Tax Changes Affecting You and Your Business
- 01/01/2019
[Video Series] Unraveling Tax Reform -- Charitable GivingMaximizing the Tax Benefits of Your Charitable Giving
- 12/27/2018
Kim Dula on How New Tax Laws Affect Charitable GivingFriedman's Kim Dula was recently quoted by Fortune on the effect new tax laws have on charitable donations. Dula says, "without itemized deductions, most people will lose all tax benefits associated with charitable giving." To read the full article, click here....
- 12/20/2018
Donald Logan Joins Friedman LLP as Chief Information OfficerDonald Logan joined the firm’s headquarters as the Chief Information Officer ("CIO"). Don’s extensive background supporting the unique IT needs of the accounting profession will further enhance the firm’s already well-fortified IT structure. We look forward to continuing to expand Friedman’s capabilities in this critical area. Don brings more than 20...
- 12/18/2018
Friedman LLP Launches Qualified Opportunity Zone Consulting PracticeNew York — December 18, 2018 — Top 50 accounting and advisory firm, Friedman LLP, expands its dynamic service offerings to include Qualified Opportunity Zone (“QOZ”) Consulting . The QOZ program, created under the 2017 Tax Cuts and Jobs Act (“TCJA”), is a tax incentivized investment initiative meant to spur...
- 12/13/2018
Steve Bokiess on Qualified Opportunity ZonesSteve Bokiess, Partner and Leader of Friedman's new Qualified Opportunity Zones Consulting practice presented on the topic of Qualified Opportunity Zones (QOZ) at Friedman's Real Estate Forum that took place last month. As a new opportunity for tax incentives formed under the Tax Cuts and Jobs Act, QOZ is a very hot...
- 12/12/2018
Jo Anna Fellon on Easing Nerves Over New Reporting RequirementsJo Anna Fellon, CPA, Partner gave her reassuring insights to Compliance Week in their article on companies' shift in tax reporting under the Tax Cuts and Jobs Act. Fellon is quoted on how high anxiety over the new reporting standards is often blown out of proportion. To read the full article, click here....
- 12/11/2018
IRS Issues Proposed Regulations on Business Interest Expense DeductionsBy Michael J. Greenwald, MPPM, CPA, PartnerAs 2018 comes to a close and with the holidays upon us, the IRS has given us a gift in the form of extensive regulations. Specifically, we now have more guidance on the regulations governing the new limitation on business interest deductibility. In April 2018, the IRS released temporary guidance on...
- 12/11/2018
Shaji Varghese, CPA, Partner and Brandon Baker, CPA, Principal Join Friedman LLP’s Philadelphia Office - Expanding the Firm's Robust Client OfferingsNew York - December 11, 2018 - Top 50 accounting and advisory firm Friedman LLP announced today that Shaji Varghese, CPA, Partner, and Brandon Baker, CPA, Principal, have joined the firm’s Philadelphia office, bringing with them a wealth of cross-industry expertise. Shaji Varghese is an Audit Partner at Friedman LLP, bringing...
- 12/11/2018
Tax Structuring and Planning Considerations for International Businesses By Adnan Islam, JD, MBA, LL.M., CPA, PartnerWith 2019 around the corner, international businesses still have an opportunity to restructure ownership and operations to exploit the dramatic changes made by the Tax Cuts and Jobs Act (TCJA or the Act). Prior ownership and operational structures may be outdated and inefficient and must be reviewed to assess the benefits...
- 12/10/2018
Kevin Hyams on Corporate Culture in JapanKevin Hyams, Partner in Charge of Friedman's Governance, Risk and Compliance practice, was recently quoted in an article by Law360 concerning the arrest of Nissan Chairman Carlos Ghosn. In the article Hyams discusses the lack of consistent corporate culture in Japan and how this has affected numerous companies in the country. To read...
- 12/10/2018
Webinar Recording: Unclaimed PropertyOn December 6th, we hosted a webinar on increased unclaimed property risks and how to mitigate your company's financial and operational exposure. With states aggressively pursuing unclaimed property, our goal was to share practical guidance to help you to establish a sound reporting process and remain compliant....
- 12/07/2018
NYC Real Estate Forum Spotlight: Alternative Financing, Opportunity ZonesOn Thursday, November 29th, Friedman hosted its NYC Real Estate Forum in Midtown Manhattan. The focus of the forum was "The Rise of Alternative Lending in Commercial Real Estate" showcasing industry leaders' firsthand experience and knowledge of this growing source of financing. The forum also featured keynote speaker John Catsimatidis of Red Apple Group and was...
- 12/04/2018
Friedman LLP Names Kim Dula Managing Partner for Philadelphia OfficeAccomplished tax and planning professional to succeed current Managing Partner Chuck Shechtman, who will remain as Partner
- 12/04/2018
Jake Lehmann on Wifi Security at AirportsManaging Director of Friedman CyZen, Jake Lehmann, gave his expert insight on the risks of using airport public wifi and the safety measures you can take to avoid your personal information being compromised. To read the full article by the Los Angeles Times, click here....
- 12/03/2018
Bob Charron on Wall Street Tax PartiesTax Practice Leader, Bob Charron, gave his expert insight to the New York Post on how many Wall Street bankers and traders are using elaborate parties as write-offs for their inflated tax bills. “The taxes on their income this year are enormous, especially if they live in Manhattan, where it can be...
- 11/30/2018
Jake Lehmann on Avoiding Holiday Cyber ScamsJake Lehmann was recently interviewed by US News and World Report for his expert insight on cyber scams around the holiday season. Lehmann discusses the shady tactics used by many hackers to steal valuable personal information, especially during a time when many people are shopping online for gifts. To learn how hackers are...