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  • 04/02/2020
    Barry Sziklay on the Potential Fraud in the CARES Act Relief

    Barry Sziklay, a Partner at Friedman LLP and nationally recognized valuation and litigation support practitioner, recently spoke with Masood Farivar of Voice of America about the potential fraud in the CARES Act relief. “Barry Sziklay, a veteran forensic accounting expert and a Partner at Friedman LLP in New York, estimates that between...

  • 04/02/2020
    COVID-19 Resources for You

    In times of great uncertainty, there is power in knowledge and preparation. In response to the coronavirus (COVID-19) outbreak throughout the United States and beyond, we’ve assembled industry experts to give you guidance and solutions to combat the ramifications on your business. Continue to visit the Friedman COVID-19 Resource Center for breaking...

  • 04/02/2020
    [UPDATED] Key Aspects of the Coronavirus Aid, Relief and Economic Security (CARES) Act    By By Michael J. Greenwald MPPM, CPA, Partner

    [NEW] Relief for Workers Affected By Coronavirus Act Flowchart On March 27 the President signed the CARES Act, or coronavirus stimulus bill. The key aspects of the bill are summarized below. Paycheck Protection Program Small businesses with 500 or fewer employees during the “covered period” – February 15 through June 30, 2020 are eligible....

  • 04/02/2020
    Alan Goldenberg on State Tax Deadlines for Quarterly Estimated Payments

    Alan Goldenberg, a Principal at Friedman LLP, recently spoke with Huffpost about state tax deadlines for quarterly estimated payments. “Freelancers, contractors and other self-employed individuals who are required to pay quarterly estimated taxes are in luck ― sort of. The April 15 deadline to pay first quarter (January 1 to March...

  • 04/01/2020
    CARES Act: Live Virtual Q&A Event Recording

    On March 31, 2020, Friedman hosted a live, virtual Q&A session where our experts answered frequently asked questions about the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act and other financial relief programs. Watch for guidance on these beneficial measures. ...

  • 04/01/2020
    Paycheck Protection Program Update

    Following the signing of the CARES Act, the Small Business Administration (SBA) and Treasury Department announced today that they have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.  Treasury Secretary Steve Mnunchin stated that he expects the Treasury and...

  • 03/31/2020
    Friedman’s Remote Work Arrangement

    While we are in the midst of a very uncertain time, Friedman’s commitment to the health and safety of our clients, colleagues and communities remains our utmost concern. On March 17th, in compliance with nationwide guidelines, Friedman enacted a mandatory work from home arrangement. As the situation evolves, we will continue...

  • 03/31/2020
    Your Nonprofit and COVID-19: Adapting Practices, Qualifying for Credits and Embracing Extensions    By By Partners: Amish Mehta, Marie DeCicco and Denise McKnight; and Directors: Sarah Avery and Ralph Citino

    Industries across the world are being forced to alter operations, adopt new policies or apply for relief programs following the outbreak of COVID-19.  Unfortunately, nonprofits are no exception. The professionals leading Friedman’s nonprofit group have compiled an overview of the issues, legislative statutes and practical considerations you should be aware...

  • 03/31/2020
    SEC Amendments and Updates Relating to COVID-19    By By Sviatlana Tsiaptseyeva, CPA, Partner

    This short summary provides a recap of some additional U.S. Securities and Exchange Commission (SEC) announcements during the month of March. Earlier in the month, the SEC announced: Shareholder annual meetings should be postponed or held virtually U.S. companies with filing deadlines have an additional 45 days to file reports (applies to...

  • 03/30/2020
    UPDATED: SBA Loans and other Federal, State and Local COVID-19 Relief Programs    By Michael Sacco, CPA, Partner

    A number of local, state and federal programs have been announced to assist businesses adversely affected by the coronavirus. Efforts to support businesses continue to evolve and expand. As new initiatives are announced, this page will be updated to reflect the latest information available on those programs you may be...

  • 03/30/2020
    Understanding The Paycheck Protection Program    By Michael Sacco, CPA, Partner

    The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocates $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. The Small Business Administration (“SBA”) will be releasing more...

  • 03/30/2020
    Crain's Names Lindsay Gaal A Notable Woman In Talent Resources

    On March 30, Crain’s New York Business published its “2020 Notable Women In Talent Resources” and named Lindsay Gaal, Friedman’s Chief Human Resources Officer, among its honorees. The 62 women on this list are impressive leaders selected for their accomplishments, mentoring skills and community involvement. “How people make decisions is a key...

  • 03/28/2020
    How COVID-19 and the CARES Act Will Affect Divorces    By By Randall M. Paulikens, CPA/ABV/CFF/CITP, Partner

    As the global pandemic reshapes our world introducing unexpected economic and social challenges - divorces, and other family law matters will continue. There are a myriad of predictions of what will happen and when it will happen. While time will tell the accuracy of these predications, COVID-19 is already having...

  • 03/27/2020
    Carl Bagell on The Pandemic’s Profound Impact on the Way We Conduct Business

    Friedman’s Managing Partner of Southern New Jersey, Carl Bagell, was recently featured in a publication by South Jersey Biz on the pandemic’s profound impact on the way we conduct business. “Everyone in some shape or form is being affected by this crisis,” Bagell says.“We are taking the time to physically reach...

  • 03/27/2020
    At a Glance: How COVID-19 is Affecting the Life Sciences Industry    By By Robert E. Fiorentino, CPA, Partner

    “Researchers at America’s biopharmaceutical companies are working around the clock to contain the spread of the novel coronavirus and deliver treatments to those impacted by this deadly disease. Today, we renew our commitment as an industry to help those in need, protect our workforce and ensure any treatments we develop...

  • 03/26/2020
    IRS People First Initiative    By David Shuster, JD, LL.M., Principal

    To assist taxpayers facing issues related to COVID-19, the IRS yesterday announced its People First Initiative, which, beginning on or about April 1 and continuing through at least July 15, will temporarily adjust certain IRS compliance programs. During this period, the IRS will: Allow taxpayers to suspend payments due under existing...

  • 03/25/2020
    Be First in Line for Relief: Preparing Your Claims for Recovery    By Randall M. Paulikens, CPA, ABV, CFF, CITP, Partner

    In just a few weeks, the outbreak of coronavirus has slowed many businesses, put people out of work, and forced many businesses to cease functioning altogether. The Federal Reserve, Congress, and the President are all proposing relief measures, but few have been fully passed into law or put into action...

  • 03/25/2020
    UPDATED: Relief for Taxpayers Affected By Coronavirus    By Michael J. Greenwald MPPM, CPA, Partner

    On March 20, the IRS released a notice providing guidance for taxpayers with respect to the extension of time to file tax returns and to make certain tax payments. The details are as follows: The due date for filing federal income tax returns and making federal income tax payments due April...

  • 03/25/2020
    Families First Coronavirus Response Act Key Takeaways    By Michael J. Greenwald MPPM, CPA, Partner

    UPDATE:  On March 20th, the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor announced plans to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave.  To learn more, click here. On March 18th, the...

  • 03/25/2020
    When Asset Values Fall, Tax Opportunities Arise

    While it is worrisome to watch the value of securities, real estate and businesses dramatically decline, those with long-term assets that are expected to appreciate beyond their current valuations should know that the present climate does open windows of opportunity. Sometimes long-term tax planning opportunities are missed when a strategy is...

  • 03/25/2020
    Michael Greenwald Shares Details on COVID-19's Impact on Tax Season with Accounting Today

    Friedman’s Michael Greenwald recently spoke with Accounting Today on how the coronavirus has impacted this year’s tax season. “The extension of the filing and payment date by the Treasury to July 15 is a helpful step, observed Mike Greenwald, a partner at Top 100 Firm Friedman LLP.” To read the full article, click...

  • 03/25/2020
    Economic Nexus and Corporate Income Taxation: The Evolving State Landscape in the U.S.

    Tom Corrie, a Principal at Friedman LLP, was recently featured in a publication by Thomas Reuters. “Many states now require out-of-state companies to collect and remit sales taxes on in-state purchases, and more are invoking economic nexus standards in the corporate income tax area as well.” To read the full article, click...

  • 03/24/2020
    Jonathan Curry-Edwards on the 4 Tax Mistakes You Need to Avoid in Retirement

    Jonathan Curry-Edwards, a Principal at Friedman LLP and leader of the firm’s Private Client Tax Services Team, was recently featured in Simplywise.com, highlighting the most common tax mistakes made in retirement and how to avoid them. “We put together a list of four of the most painful misunderstandings, as well as...

  • 03/24/2020
    Bob Charron on Mileage Tax Deduction

    Tax Practice Leader, Bob Charron, gave his expert insight on claiming mileage tax deductions in a publication by US News and World Report. “If someone has a lot of miles, they will probably be better off at the 58 cents (mileage deduction rate),” Charron says. To read the full article, click here....

  • 03/21/2020
    NYC Delays the Deadline to File Tax Appeal

    On the evening of March 20th, New York City's Mayor, Bill de Blasio, signed an executive order delaying the deadline to file a tax appeal to no earlier than 30 days after the State of Emergency is lifted. Download the PDF above for the details. ...

  • 03/20/2020
    NYC to Waive Excise Tax Penalties for Late Filers    By Alan Goldenberg, JD, LL.M., Principal

    On March 19, the Commissioner of New York City’s Department of Finance, Jacques Jiha, announced that New York City will allow for a waiver of penalties for business and excise taxes due between March 16, 2020 and April 25, 2020. Taxpayers may request to have penalties waived on late filed...

  • 03/19/2020
    Treasury Proposes Coronavirus Relief Package Valued at More Than $1 Trillion    By Michael J. Greenwald MPPM, CPA, Partner

    The Treasury’s latest proposal for dealing with the economic dislocation caused by the coronavirus pandemic allocates more than $1 trillion in spending, including secured loans or loan guarantees for certain hard-hit industries. The plan includes both direct payments to individual households, as well as financial support to allow small businesses to...

  • 03/17/2020
    COVID-19 Response Measure: Send Data Digitally to Ensure Uninterrupted Service

    While the outbreak of COVID-19 continues to impede commercial travel in the regions affected, Friedman has measures in place that will ensure our work continues uninterrupted. In anticipation of any potential restrictions on commuting or office access, we encourage clients to submit their tax data digitally through our Friedman portal system,...

  • 03/17/2020
    Tying Loose Threads: Fortifying Your Consumer Goods Business Against the Ramifications of COVID-19    By Raelyn Davis, CPA, Audit Senior Manager and Michael Sacco, CPA, Partner 

    Gaining PerspectiveOn March 4, U.N. economists announced that, once the dust has settled, global manufacturing exports will have dropped by $50 Billion in February alone, precipitated by COVID-19.(1) This caps off a short month mired by: The stock market experiencing one of its worst weeks since the 2008 recession with the...

  • 03/17/2020
    Developing: Mnuchin Proposes 90-Day Extension on Tax Payments    By Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader

    According to comments at a press conference and throughout the day, Treasury Secretary Steven Mnuchin says the Treasury intends to provide an automatic 90-day extension on tax payments--allowing taxpayers until July 14 to pay any taxes they owe. At the press conference, Mnuchin proposed that individuals could defer up to $1...

  • 03/13/2020
    Is Your Company at Risk of a Security Breach?

    It is not a question of if you should brace for potential security breaches, but how? To survive in the 21st century digital era, you need to amplify your IT department’s efforts. From Q4 2019 to Q1 2020, the average cost of managing the aftermath of ransomware attacks has doubled. To give...

  • 03/13/2020
    HOW IS COVID-19 AFFECTING YOUR BUSINESS?

        

  • 03/11/2020
    SEC Order Offers 45-Day Extension for Companies Affected by Coronavirus

    On March 4, 2020, the SEC announced the availability of conditional relief for publicly traded companies, including U.S. companies, with filing deadlines complicated by the emergence of the COVID-19 coronavirus. The Commission will offer affected companies an additional 45 days to file reports with original due dates falling between March 1...

  • 03/11/2020
    Carl Bagell Named in ROI Influencers Power List 2020

    We are delighted to announce that Managing Partner of Southern New Jersey, Carl Bagell was featured in the ROI Influencers Power List 2020 among a group of esteemed professionals across the accounting industry. In a numbers-driven industry, Carl leads with human interest as demonstrated by his passion for creating lifestyle solutions for...

  • 03/11/2020
    Friedman Celebrates International Women's Day

    To commemorate International Women’s Day, the Women’s Development Network (WDN) and Friedman Gives Back (FGB) invited employees to participate in a raffle to raise money for an incredible charity, Comparte por una Vida (Share for a Life), an organization that helps alleviate malnutrition among children in Colombia.  Prizes included: 1st Prize: Airpod Pro 2nd Prize:...

  • 03/10/2020
    Michael Greenwald Appointed to AICPA’s Tax Executive Committee

    Michael Greenwald, Friedman partner and leader of the firm’s Business Entity Tax Practice, has been appointed to serve on the American Institute of Certified Public Accountants’ Tax Executive Committee. Michael will serve for a 12-month term beginning May 2020. The Tax Executive Committee is responsible for overseeing the organization’s tax...

  • 03/09/2020
    Health and Operational Measures in Response to COVID-19

    With the COVID-19 outbreak throughout the United States and beyond, the health and safety of our clients, colleagues and families is our utmost concern. Rest assured that Friedman has taken a number of precautionary measures and has designed a response plan in accordance with the CDC’s guidance to help mitigate...

  • 03/04/2020
    Friedman Joins Client Beyond Air at Closing Bell Ceremony

    Friedman congratulates our client Beyond Air, Inc. ("Beyond Air") and was honored to join the company on its NASDAQ closing bell ceremony on March 2, 2020. Beyond Air is an emerging medical device and biopharmaceutical company that is developing the LungFit™† platform system, a generator and delivery system that produces nitric oxide...

  • 03/03/2020
    SJYPA Halo Ball 2020

    On February 29, several Friedman employees attended the South Jersey Young Professionals Association's (SJYPA) 11th Annual Halo Ball in support of Hopeworks. Hopeworks provides a positive, healing atmosphere encouraging young people to break the cycle of violence and poverty in Camden, New Jersey by connecting youth to professional opportunities within the local...

  • 03/03/2020
    Lindsay Gaal Shares HR Insights with Thomson Reuters

    Friedman's Lindsay Gaal, PHR and MHRM, Chief Human Resources Officer shared some valuable insights with Natalie Runyon, Director, Enterprise Content at Thomson Reuters on how companies can drive culture in talent retention for professional services firms. Catch the full feature, here....

  • 02/27/2020
    Friedman's Digital Currency Experts Present in Digital Currency Group Webinar

    As the digital currency landscape continues to evolve, it’s important for investors to keep their finger on the pulse of change to avoid hefty fines while maximizing the return on their investment. As such, the Digital Currency Group invited Friedman’s Adnan Islam and Ryan Spencer to share their expertise in...

  • 02/21/2020
    Which Four Issues Frequently Trigger SEC Comment Letters?    By Johnathan Culbreath, CPA, Senior and Michael Cohen, CPA, CGMA, Partner

    SEC Filing Review Process / Background The SEC Division of Corporation Finance selectively reviews public filings by SEC registrants to monitor and evaluate compliance with applicable disclosure and accounting requirements. Each reporting entity is reviewed, in some respect, at least once every three years. SEC reviews focus on critical disclosures...

  • 02/21/2020
    Friedman Launches Donation Matching Program

    On Feb. 10, Friedman announced a new plan to match the charitable donations made by employees using funds raised internally from vending machine sales. The firm will match donations of up to $100 per charity, per quarter. Based on past vending machine sales records, the value of Friedman’s donations could...

  • 02/21/2020
    Friedman Partner Named Among SJ Biz's "Women to Watch" 2020

    On Feb. 20, SJ Biz published its list of 2020’s “Women to Watch,” recognizing Friedman partner Sviatlana Tsiaptseyeva. SJ Biz’s annual “Women to Watch” feature celebrates the hard work and dedication of leading women professionals throughout the South Jersey region. The piece features a brief professional biography of Sviatlana and...

  • 02/14/2020
    Post Tax Reform Rules for Deducting Business Travel, Job Relocation, Meals and Entertainment: What can I expense?    By Michael Pace, CPA,Senior Manager and Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader 

    The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the entertainment deduction but kept the deduction for travel expenses generally intact. Major changes to business meal expense deductions were initially introduced by the IRS without providing clear and comprehensive guidance, leaving business owners uncertain about what can be deducted...

  • 02/14/2020
    Qualified Opportunity Zones: Final Regulations Explained

    Qualified Opportunity Zones (QOZ) were first introduced as part of the Tax Cuts and Jobs Act and provide significant tax breaks for those real estate investors and businesses who invest in economically distressed areas. On December 19th, 2019, the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury)...

  • 02/14/2020
    Friedman Climbs Philadelphia Business Journal’s List of Largest Accounting Firms

    Friedman continues to climb Philadelphia Business Journal's list of the Largest Accounting Firms in the Philadelphia Region. The publication ranks firms in the Greater Philadelphia metro area based on the number of CPAs they employ. Friedman made its debut on the list in 22nd place in 2016 and, today, sits in...

  • 02/13/2020
    An Inside Look at the 2020 Tax Season With Bob Charron

    Tax Practice Leader, Bob Charron, recently spoke with Accounting Today about the 2020 tax season. “In watching late-season football games, I saw an abundance of commercials for Intuit and H&R Block showing people snapping pictures of tax documents and then engaging in family activities such as going to the beach. So...

  • 02/11/2020
    Michael Sacco Named Latest Addition to Friedman LLP Management Committee

    Friedman, a top-40 accounting and advisory firm, has expanded its Management Committee to include Partner Michael Sacco. Michael brings more than 20 years of professional experience to Friedman’s Management Committee and represents the latest example of the firm’s continuing efforts to enlist young leaders in its long-term development. Over the course of...

  • 02/10/2020
    Closing Thoughts: February 2020

    The burgeoning coronavirus health crisis emanating from China is steering rates lower

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