Search Results

• 08/20/2019
  Ask the CPA - Susanne Spinell Shuster

  In the August edition of Ask the CPA Friedman's Susanne Spinell Shuster, Director-in-Charge of Outsourced Accounting Services, shares what everyone should know about Minority Owned Businesses. Susanne outlines the requirements for filing as a minority business and the benefits of doing so. To see the full Q&A, click here....

• 08/20/2019
  RCI Names Friedman LLP as Auditor

  We are pleased to announce that effective August 12, 2019 Friedman LLP was appointed to be RCI Hospitality Holdings, Inc.’s independent registered public accounting firm for the fiscal year ending September 30, 2019. "Friedman is one of the leading auditing firms for publicly traded companies," said Yura Barabash, a member of...

• 08/07/2019
  Donor Advised Funds – by the Numbers

  According to a recent Fidelity Investments report, a relatively low percentage (36%) of donors understand the fundamental principles of donor advised funds (“DAFs”). That’s an astounding statistic given the accelerated rate at which donor advised funds have grown in terms of contributions made and grants paid. DAFs accounted for 4.4% of...

• 08/06/2019
  Two Friedman Professionals Named in NJBIZ's 40 Under 40

  Friedman LLP is delighted to announce that two of our professionals have been named in NJBIZ's 40 Under 40 Awards! Robert Graham, Friedman's Digital Currency Practice Leader and Sviatlana Tsiaptseyeva, a Principal in the firm's Public Company Services Group, are the two young professionals being honored. This annual award presented by NJBIZ honors young professionals...

• 07/31/2019
  New IRS Enforcement ProgramsBy Lizabeth McGrath, Director - International Tax & David Shuster, Principal - International Tax

  U.S. Persons Face Greater Risks for Noncompliance Associated with Foreign Bank Account Reporting

• 07/30/2019
  The Tenant Protection Act: Changes for Landlords and Owners in the Future of Affordable Housing

  The unparalleled state Senate and Assembly’s “Housing Stability and Tenant Protection Act” marks the onset of sweeping changes to New York City’s residential rental market. While the agreement concludes months of speculation, the deal – affecting nearly a million housing units and 2.4 million people in New York City –...

• 07/30/2019
  Friedman Announces 2019 Summer Promotions

  Friedman is pleased to announce the promotion of employees reaching new stages in their careers. Summer promotions celebrate the hard work and career advancement of Friedman professionals at the level of Coordinator, Experienced Associate, Specialist, Semi-Senior, Senior, Manager, Senior Manager and Director, with promotions at the Principle and Partner level...

• 07/30/2019
  CyZen Wins Gold in the dotCOMM Awards for Website Creativity

  CyZen has been awarded gold for "website creativity" by the 2019 dotCOMM Awards! This is an international competition honoring excellence in web creativity and digital communication. Learn more about this prestigious award, here!...

• 07/30/2019
  How a Traditional Accounting Firm Embraced a Start Up Office Vibe

  Friedman's new New York City headquarters was featured in an article by LoopNet which discussed the sleek and modern office space located in Downtown Manhattan. Co-Managing Partner, Harriet Greenberg told LoopNet, "the move really changed the whole vibe of the company." With more space, an open layout, and bright, colorful accents throughout,...

• 07/29/2019
  TCJA-Altered Landscape Keeping Firms from Relocating

  The recent corporate tax rate drop to 21 percent may be causing U.S. based companies to think twice before relocating overseas for tax benefits, Friedman's Adnan Islam told Tax Notes. Islam, Co-Practice Leader of the firm's International Tax Group, said, "When you look at the administrative hassle and costs of moving...

• 07/25/2019
  CyZen Blog: Prioritizing Cybersecurity in Your Real Estate Business

  As owners, managers and developers rapidly digitize their transactions and implement building automation systems ("BAS") to stay ahead of evolving consumer demands, many are uncovering major gaps in their approach to data protection. Whether you’re now considering cybersecurity or submerged in new challenges to your existing plan, these techniques will keep...

• 07/25/2019
  Are FaceApp, TikTok, Snapchat and other camera apps safe?

  CyZen's Will Mendez recently spoke with Fox Business on the security of camera apps such as Snapchat, Instagram, TikTok and the recently viral FaceApp. He highlights the importance of always reading an app's privacy policy because you never know how or where they share your information. Hear what Will had to...

• 07/24/2019
  The Wayfair Decision: One Year Later and Still a Work in ProgressBy Alan Goldenberg, JD, MBA, LL.M., Principal

  Last year’s US Supreme Court ruling in South Dakota v Wayfair was the most significant development in state and local taxation in decades – with implications reaching across state lines. In its decision, the Court provided that states can impose sales tax requirements on remote sellers so long as those...

• 07/24/2019
  Economic Nexus and Market-Based Sourcing: How to Stay Ahead in an Evolving Tax LandscapeBy Tom Corrie, JD, LL.M., Principal

  As states continue to move forward, adopting varying approaches to market-based sourcing and economic nexus, taxpayers must understand how these two methodologies relate in order to avoid costly tax consequences. In some instances, differences in sourcing rules can lead to double taxation or “no-where” income. That’s why it’s crucial to...

• 07/24/2019
  Withholding Considerations for Nonresident EmployeesBy Alan Goldenberg, JD, MBA, LL.M., Principal

  One of the more difficult aspects of tax compliance for employers is dealing with employees who travel outside of their state of residence for business purposes. The challenge is that states have varying standards and obligations for employers to withhold income taxes on employees traveling to nonresident states for temporary...

• 07/24/2019
  Friedman Earns ClearlyRated’s 2019 Best of Accounting Award for Exceptional Client Service

  We are excited to announce that ClearlyRated named Friedman a “Best of Accounting” firm based on feedback to a client survey. This award recognizes accounting firms that have demonstrated exceptional service quality based exclusively on ratings provided by clients. See for yourself what our clients have to say about our personalized...

• 07/17/2019
  Ask the CPA - Russ Gordon

  Is your CFO a profit center or cost center?

• 07/15/2019
  Friedman Launches Office in Red Bank, NJ

  Growing New Roots in Monmouth and Ocean Counties

• 07/11/2019
  Friedman Sponsors Cradles to Crayons "Backpack-A-Thon"

  Friedman is proud to be a sponsor of Cradles to Crayons' 12th Annual Backpack-A-Thon! This wonderful organization helps 30,000 Philadelphia children start school right, by providing them with backpacks filled with brand new, age appropriate school supplies. 40% of children in the Greater Philadelphia region live in poverty or a low...

• 07/09/2019
  High-Tax State SALT Exodus

  Friedman's State and Local Tax (SALT) Practice Leader, Tom Corrie, recently discussed the large impact that the $10,000 cap imposed on SALT deductions has had on many taxpayers in high-tax states. "In light of the inability of an individual to deduct state and local income taxes on their federal return under the...

• 07/08/2019
  Michael Greenwald on 1031 Exchanges

  Friedman's Corporate and Business Tax Practice Leader, Michael Greenwald, recently discussed the appeal of 1031 Exchanges with Forbes. A 1031 Exchange allows for the deferral of capital gains taxes on an investment property when it is sold and the proceeds go towards another "like-kind property."  Learn why many of Michael's real estate...

• 07/01/2019
  Brave the Shave - Media Coverage

  South Jersey Magazine sat with Michael Saccomanno, a partner in Friedman's Forensic Accounting, Litigation Support and Valuation Services (FLVS) group for an exclusive interview covering our highly-anticipated and first-of-its-kind charity event. On July 10, Friedman Gives Back will co-host a fundraising event was created in gratitude for the profound community support that...

• 06/27/2019
  Large Corporations Aren't Moving Back to the U.S. Just Yet

  Allergan Plc, a drug company that moved to Ireland in 2015 to avoid U.S. taxes, has been acquired by AbbVie Inc. signaling a win for U.S. lawmakers and regulators who have been trying to stop companies from moving their headquarters overseas. However, Friedman's Ryan Dudley told Bloomberg that the Allergan deal doesn't signal...

• 06/26/2019
  QOZ Webinar Recording: Actionable Guidance from the Latest Opportunity Zone Regulations

  Since the creation of Qualified Opportunity Zones (QOZ) under the Tax Cuts and Jobs Act, the excitement surrounding this powerful new investment tool has been palpable. With a new set of IRS guidelines and the clock ticking for investors to take advantage of potentially one of the biggest tax breaks...

• 06/26/2019
  Alan Goldenberg on New York and New Jersey Residents Moving Out

  Many individuals are looking for ways to mitigate the financial burden brought about by the $10,000 SALT Deduction cap in high-tax states. These taxpayers are looking to lower tax states for refuge, with Pennsylvania being a popular option among those in the Northeast. Friedman's Alan Goldenberg spoke with Fox Business on the...

• 06/24/2019
  Crain's Names Friedman Professional a Real Estate Rising Star

  On June 24, Crain’s New York Business published its inaugural list of Real Estate Rising Stars and named Friedman’s Steven Fischer, a Senior Audit Manager, among its honorees. The special feature celebrates the “knowledge, skills, integrity, accomplishments and contributions” of professionals with fewer than 10 years of experience in the...

• 06/20/2019
  CyZen Wins First Place in Website Category for LIBN's Long Island Digital Awards

  On June 13, members of CyZen’s team gathered at the Mansion at Oyster Bay for the second annual Long Island Digital Awards (LIDA). Following an exciting evening of networking among regional leaders, CyZen was called to the stage to accept first place in LIDA’s website category! Learn more here!...

• 06/20/2019
  The Cap on State and Local Tax Deductions Is Driving High-Tax State Residents Out

  Friedman's Alan Goldenberg recently sat with Fox Business to discuss the widespread impact the cap on state and local tax (SALT) deductions has had on high-tax states such as New York, New Jersey and California. Goldenberg said, "it took a few months for taxpayers to realize the dollar implications - until...

• 06/19/2019
  Michael Greenwald on Deferred Sales Trusts

  Corporate and Business Tax Practice Leader, Michael Greenwald, recently spoke with Forbes on Deferred Sales Trusts. Greenwald says that a required Nondisclosure Agreement excites his skepticism about the efficacy of such plans. Click here to read the full article!...

• 06/18/2019
  IRS Bars SALT Deduction Workarounds

  As expected, the IRS on Tuesday put the kibosh on state programs designed to help taxpayers circumvent the newly imposed $10,000 federal limitation on the state and local tax (“SALT”) deduction. The final regulations come after the Treasury Department issued proposed regulations on the topic last August. Under the new federal...

• 06/18/2019
  An Enlightened Approach to Cyber Protection: Full Event Recording

  In today’s digital world of emerging cyber-threats, it is increasingly difficult to know the right steps needed to protect your business. Cybersecurity expert, Jake Lehmann, shares practical guidance to strengthen your business's security posture and help your organization achieve peace of mind and defend against attacks. What we'll cover: Assessment of the...

• 06/17/2019
  Ask the CPA - Shaji Varghese

  In this edition of "Ask the CPA," Shaji Varghese, Partner in our Public Company Services Group shares how the SEC's changes to reporting standards may affect company stakeholders. Click here to read more!...

• 06/17/2019
  Brave the Shave

  On July 10, Friedman Gives Back, our employee-inspired philanthropy initiative, co-hosted a first-of-its-kind charity event in collaboration with Michael Saccomanno, a partner in Friedman's Forensic Accounting, Litigation Support & Valuation Services (FLVS) group. Thanks to an outpouring of support, $70,000 was raised in support of three amazing charities. Michael created this...

• 06/14/2019
  International Tax Alert: Withholding Tax on Sales of Partnership Interests by Foreign Person(s)

  The Tax Cuts and Jobs Act (“TCJA”) imposed tax on gains derived from the disposition of interests in partnerships carrying on a US trade or business. To enforce this new regime against foreign partners, the TCJA also introduced a new withholding tax regime, Section 1446(f). Under this withholding regime, the purchaser...

• 06/13/2019
  Two Friedman Professionals Honored by NJCPA at 2019 Ovation Awards

  On June 12, Friedman Partner Audrey Sherrick and Senior Tax Manager Danielle Dvorak were honored with Ovation Awards at NJCPA’s annual convention in Atlantic City. The Ovation Awards showcase the work of “superstars whose exemplary efforts and stellar achievements are advancing New Jersey’s accounting profession.”...

• 06/12/2019
  States Lose Fight Against SALT Deduction Cap

  Since the 2017 Tax Cuts and Jobs Act, New York, New Jersey and Connecticut have been fighting against a cap on state and local tax deductions. While Connecticut and New York have a workaround to these changes, Friedman's Tom Corrie told Bloomberg, "not many companies are willing to jump in." Read...

• 06/12/2019
  High-tax States SALT Workarounds with Alan Goldenberg

  This week the Treasury Department shot down a strategy high-tax states adopted to help ease the effects of the $10,000 SALT cap on residents, however their are some other strategies that some can still take advantage of. Friedman's Alan Goldenberg discussed these strategies with Fox Business, and you can view the full article...

• 06/10/2019
  Friedman LLP Awards Entrepreneurship Scholarship to Fashion Institute of Technology Student for Fifth Consecutive Year

  For the past five years, Friedman LLP has supported the endeavors of one exceptional student who is enrolled in the Fashion Institute of Technology’s (“FIT”) undergraduate entrepreneurial program. Friedman awards the Entrepreneurship Scholarship each year to an FIT student enrolled in the two-year Entrepreneurship program. This year, the firm recognized, Marisol...

• 06/10/2019
  Nonprofit Webinar Recording: Keys to Drive Your Mission's Success

  Missed our recent webinar on the New Nonprofit Reporting Standards? Don't worry, you can still tune into the webinar to tap into valuable insights for your nonprofit! Click "Watch Webinar" above to get started....

• 06/07/2019
  Unraveling the Layers of 163(j): Insights for Your Real Estate Business

  For more than a year, owners of real estate businesses have debated whether it’s beneficial, or not, to elect out of the proposed rules for interest expense limitations under section 163(j) of the Tax Cuts & Jobs Act (“TCJA”). Under this provision, a taxpayer may not deduct business interest expense for...

• 06/07/2019
  Philadelphia Use and Occupancy TaxBy Stuart A Katz, CPA, MST

  Since the financial crises of the late 2000s, out-of-town developers and institutional funds have flooded Philadelphia to capitalize on real estate opportunities. However, few out-of-state developers knew about the city’s hefty and rather confusing School District Business Use and Occupancy tax—also known as “U&O.” This article takes a closer look...

• 06/07/2019
  “Strong Island” City Perseveres Without Amazon By Michael Stoler

  Last Valentine’s Day, Amazon broke a few hearts after announcing that they would no longer establish their headquarters in Long Island City. Many falsely believed this announcement would have a deleterious effect on this otherwise thriving neighborhood, just a short subway ride from Manhattan. However, to quote Mark Twain, “The...

• 06/04/2019
  Tax Protocol for New York Marketplace Providers and Sellers

  Marketplace providers (i.e., Amazon and EBay) with taxable sales into New York must collect and remit sales tax once they meet the same sales thresholds as remote sellers, the state tax department said in newly issued guidance. In a May 31 technical memorandum, the Department of Taxation and Finance stated that...

• 06/03/2019
  Friedman LLP Relocates NYC Office to One Liberty Plaza

  New working space boasts latest amenities and technology

• 05/31/2019
  Potholes in the Qualified Parking Expense

  Internal Revenue Code Section §274(a)(4), is one of the many provisions that were amended under the Tax Cuts & Jobs Act ("TCJA"). Notably, this revision created a cavity in the dispensation for employers to deduct “qualified parking.” The IRS has since released Notice 2018-99 to help employers determine the extent...

• 05/31/2019
  Steer Clear of Allocation Traps Created by the GST Tax

  The Tax Cuts and Jobs Act ("TCJA") doubled the generation-skipping transfer ("GST") tax exemption to $10 million beginning last year. The exemption is adjusted annually for inflation (for 2019, the exemption amount is $11.4 million). While most families won’t be affected by the tax, beginning in 2026 the GST tax...

• 05/31/2019
  A Guide to the IRS’ Recent Proposed Regulations for Qualified Opportunity Funds

  Under the Tax Cuts and Jobs Act ("TCJA"), Congress sanctioned qualified opportunity zones ("QOZs") as a tax incentive to promote investment in low-income communities. Specifically, when investors put capital into a QOZ they may defer, reduce or remove taxes on certain capital gains. The IRS released its first round of guidance on...

• 05/31/2019
  Is Your Partnership Ready for the New Audit Rules?

  The Bipartisan Budget Act of 2015 established a new “centralized audit” regime for partnerships, including LLCs taxed as partnerships. Although the new audit rules apply to partnership tax returns for tax years beginning after 2017, the IRS didn’t finalize regulations on these rules until December 2018. However, there’s good news....

• 05/29/2019
  U.S. Issues Regulations on Base Erosion and Anti-Abuse TaxBy David Slemmer, Director of Transfer Pricing

  On December 13, 2018, the Internal Revenue Service (the “IRS”) and the Treasury Department issued proposed regulations (the “Proposed Regulations”) on the Base Erosion and Anti-Abuse Tax (“BEAT”) under section 59A of the Internal Revenue Code. BEAT is a new minimum tax imposed on large corporations that make deductible payments...

• 05/24/2019
  Toolkit for New Nonprofit Reporting Standards: Keys to Drive Your Mission's Success

  Your nonprofit's mission is too valuable to be impeded by speed bumps in the new accounting pronouncements. Our nonprofit tax and accounting experts have compiled leading resources to help your organization prepare and thrive in this ever-changing and complex environment. Tune into our recent May 21 webinar above, or download for on-the-go reference. Include...