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- 10/15/2021
Monetized Installment Sales – IRS Says Trick not TreatThe old saying, "if it sounds too good to be true, it probably is," is practically gospel in the tax world. Nowhere is this more obvious than the transaction known as the Monetized Installment Sale ("MIS" but sometimes referred to as an M453 or C453 transaction). The transaction is marketed...
- 10/15/2021
This Week In Tax | October 15New this week: The IRS signaled its disapproval of Monetized Installment Sales (“MIS”) transactions through a CCA published in May. Plus, a Texas court sets a high price in a case involving a business alter ego. Monetized Installment Sales – IRS Says Trick not Treat The old saying, "if it sounds too...
- 10/15/2021
The High Cost of a Business Alter Ego: I Am My Business and My Business Is Me*By Michael Greenwald, MPPM, CPA, Partner, Business Tax LeaderTaxpayers often establish business entities to shield themselves personally from liabilities of the business. The laws of different states provide differing degrees of protection from claimants attempting to “pierce the corporate veil” and sue shareholders personally. Lawyers advise business owners to try and observe corporate formalities – don’t mix business and...
- 10/13/2021
WDN Proudly Supports Breast Cancer Awareness MonthOctober is a crucial month in spreading important information regarding breast cancer facts and risk factors, and Friedman's Women's Development Network (WDN) is proud to help spread awareness amongst our Friedman family and friends. Facts: Each year in the United States, more than 200,000 women are diagnosed with breast cancer and more...
- 10/13/2021
Friedman LLP Relocates Atlantic County Office to Northfield, New JerseyNorthfield, New Jersey — Friedman LLP, an accounting firm with locations throughout the Northeast, and in California, Florida and China, announced today that it is relocating its Atlantic County, New Jersey office from Linwood to Northfield, NJ. Friedman has served the South Jersey region for more than thirty years and, with...
- 10/12/2021
5 Reasons You Need Managed Detection and Response Right NowCybercrime has increased by 600 percent as a fallout of the COVID-19 pandemic. Worldwide, cyberattacks are estimated to cost companies $10.5 trillion by 2025, up $7.5 trillion since 2015. To stay ahead of cyberattacks before they happen, companies of all sizes increasingly turn to managed detection and response (MDR) solutions....
- 10/08/2021
A (Further) Update on Syndicated Conservation Easements: Reconciliation Bill EditionBy Michael Greenwald, MPPM, CPA, Business Tax LeaderIn June, we told you about recent Internal Revenue Service (IRS) enforcement action related to its 2017 Notice designating types of transactions that the IRS has identified as tax avoidance schemes. (Participating in a “listed transaction” requires taxpayers to make additional disclosures on their returns and may subject them to enhanced penalties.) Congress...
- 10/08/2021
This Week In Tax | October 8New in this week: The Financial Crimes Enforcement Network announces deadline extensions for victims of Hurricane Ida, plus Congress weighs in on conservation easements. With 10 Days to Go, FinCEN Gets Off Fence and Extends 2020 FBAR Deadline for Hurricane Ida Victims In a case of certainly too little and almost too late,...
- 10/08/2021
With Tax Reform Plans Still Up in the Air, It’s Hard for Accountants to Advise Clients on Changes that May Not HappenWith the U.S. government’s potential new $2 trillion-plus tax plan on the horizon, knowing how to guide clients through possible changes can be tedious. Friedman's Jo Anna M. Fellon, Partner, recently spoke with ROI-NJ about who may be affected most and her own advisement strategy. “We’ve all been really planning proactively in advance of...
- 10/07/2021
COVID-19 Resources for YouIn 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. Our COVID-19 Resource Center was honored at this year's Gartner...
- 10/07/2021
Extension of Eligibility to Claim the Employee Retention Credit for 2021 By Sarah Avery, CPA, DirectorThe American Rescue Plan Act (ARPA) of 2021 extended the CARES Act Employee Retention Credit (ERC) through December 31, 2021 and expands the ERC to include wages from July 1, 2021 to December 31, 2021 (the third and fourth quarters of 2021). A tax-exempt organization may be eligible for a refundable...
- 10/07/2021
With 10 Days to Go, FinCEN Gets Off Fence and Extends 2020 FBAR Deadline for Hurricane Ida VictimsBy David Shuster, JD, LL.M., Principal, Director of Tax Controversy ServicesIn a case of certainly too little and almost too late, the Financial Crimes Enforcement Network (“FinCEN”) announced on October 5, 2021, that victims of Hurricane Ida in certain counties in New York, New Jersey and Pennsylvania (and Louisiana) have until December 31, 2021 to file their 2020 Reports of Foreign...
- 10/07/2021
Harriet Greenberg Featured in Growth StrategiesWhat do partners need from their marketing departments now more than ever? In the latest issue of Growth Strategies, Friedman Co-Managing Partner Harriet Greenberg weighs in with an emphasis on holistic planning. "A strong marketing team understands the needs of the practice leaders, the firm and the marketplace, synthesizing all of that into a comprehensive...
- 10/05/2021
Friedman LLP Extends Remote Work Option Until Spring 2022NEW YORK – October 5, 2021 – Friedman LLP, a nationally recognized top-40 accounting, tax and business consulting firm, today announced that its employees will continue to have the option to work remotely until at least the Spring of 2022. A decision on adjusting the firm’s hybrid work arrangements is...
- 10/01/2021
Hurricane Ida Relief Also Includes 1031 ExchangesBy Michael Greenwald, MPPM, CPA, Business Tax LeaderIn 1997, Congress gave the Treasury the authority to postpone certain deadlines by reason of Presidentially declared disaster. (In 2002, it was extended to include terroristic or military actions.) This authority has been invoked many times since then, most recently for those suffering the effects of Hurricane Ida. While most people...
- 10/01/2021
This Week In Tax | October 1Find the latest Hurricane Ida tax relief update, as well as a surprising tax court ruling in our latest edition of This Week In Tax. Hurricane Ida Relief Also Includes 1031 Exchanges In 1997, Congress gave the Treasury the authority to postpone certain deadlines by reason of Presidentially declared disaster. (In 2002,...
- 10/01/2021
Tax Court Reaffirms That You Don’t Have to Make Money to Be in (Show) BusinessBy Michael Greenwald, MPPM, CPA, Business Tax LeaderMost everyone has a hobby. Some percentage of those with a hobby earn money from their efforts. Gardeners sell their prize winning roses or even the whole bush. Breeders sell their adorable Labradoodle puppies. Clients often ask us to deduct the costs associated with their hobbies on their tax returns....
- 10/01/2021
Robert Graham Appointed Partner in Charge of the Assurance Practice in East Hanover, New JerseyNew York, NY – October 1, 2021 – We are thrilled to announce that Robert Graham has been appointed Partner in Charge of Friedman’s Assurance Practice in the firm’s Northern New Jersey location. Robert (“Bob”) Graham has earned a reputation as a dedicated partner and a hands-on manager who always demonstrates...
- 09/30/2021
[Access Recording] CMMC Readiness Assessment WebinarAccess our recent webinar on-demand to learn about advantages for your organization to proactively meet both DoD and CMMC requirements. Get insights and tools from Friedman's Governance, Risk, and Compliance and CyZen’s cybersecurity teams for CMMC compliance readiness....
- 09/29/2021
[Update] Tax Relief for Victims of Hurricane Ida: Certain Filing and Payment Deadlines Postponed to January 3, 2022IRS Adds More Counties in NY and NJ, Extends Relief to Certain Counties in PA | NJ Division of Taxation Makes Updates As Well | NYS Tax, NYC Finance, PA Revenue Department Announce Relief
- 09/27/2021
More Efficient Accounting: Six Time-Saving TipsBy Friedman Accounting ServicesTime is money and, for large and small businesses alike, it’s the most precious resource imaginable. That is true across your organization — for sales, service and product teams and for financial professionals. As outsourced accounting professionals, we specialize in improving efficiency. Every day we help clients reclaim their time and...
- 09/24/2021
This Week In Tax | September 24Strengthen your financial decision-making with expert insights on COVID-19 related recovery and President Biden's recently released House Ways and Means Committee markup of the Build Back Better Act. SBA Eases EIDL Rules, Increases Loan Limits The economic impact of the COVID-19 pandemic lingers and many programs – Paycheck Protection Program (“PPP”) loans, Restaurant...
- 09/24/2021
SBA Eases EIDL Rules, Increases Loan LimitsBy Mike Greenwald, MPPM, CPA, Business Tax LeaderThe economic impact of the COVID-19 pandemic lingers and many programs – Paycheck Protection Program (“PPP”) loans, Restaurant Revitalization Fund (“RRF”) grants – have either expired or were oversubscribed. Meanwhile the Small Business Administration’s (“SBA”) COVID Economic Injury Disaster Loans (“EIDL”) program has funds available. In response to the continuing crisis,...
- 09/23/2021
Fred Berk Speaks on Friedman’s Approach to Vaccine MandatesSince the onset of the COVID-19 Pandemic, Friedman has followed CDC guidelines and steadily innovated ways to keep employees safe and connected. As offices around the world continue to reopen their doors, we maintain our approach.
- 09/23/2021
Friedman LLP Featured in LIBN’s 2021 "Reader Ranking" AwardWe are proud to share that Friedman was, once again, recognized in the Long Island Business News Reader Rankings.
- 09/23/2021
How the $3.5 Trillion Reconciliation Bill May Affect the “Wealthy”By Brandon Baker, CPA, Partner, Trust, Estate and Gift Tax Practice LeaderBen Franklin famously said, “[O]ur new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.” To which Will Rogers added, “Death doesn’t get worse every time Congress meets.” The recently released House Ways...
- 09/21/2021
Crain’s Names Maria Gonzalez Among Their 2021 Notable Women in Accounting and ConsultingWe are proud to share that Maria Gonzalez, CPA and Partner, was named to the esteemed list of Crain’s 2021 Notable Women in Accounting and Consulting! This year’s cohort are experts in compiling, analyzing, evaluating and financial planning — each representing the very best in the industry. Explore the full list of...
- 09/20/2021
Expanding Our Holiday Schedule: Acknowledging and Honoring our CommunityIn conjunction with Friedman’s expanded diversity program, we are adding the following days to our paid holiday schedule: Veterans Day and Juneteenth. We encourage our employees to use this time to conceive of, reflect on or participate in projects that contribute to a socially equitable future. Keeping our employees engaged in a...
- 09/18/2021
Pass-Through Entity Taxes Can Help With Loss Of SALT DeductionsA number of states have enacted pass-through entity taxes (PTETs) as a workaround for reductions in SALT deductions—a development that could potentially affect many clients. Friedman's Tom Corrie, JD, LL.M., Principal, spoke with Financial Advisor on the topic, noting that state legislation is constantly changing, and some states require more care and consideration in...
- 09/17/2021
CyZen Recognized as a Top 250 MSSP for 2021CyZen is thrilled to be recognized by MSSP Alert on their list of the Top 250 MSSPs for 2021. The fifth-annual Top 250 MSSPs list and research identify the world’s top managed security services providers of the year. To see the full list, head here....
- 09/14/2021
Cyber Spotlight: CyZen’s Will MendezWill Mendez, CyZen's Managing Director of Operations, recently sat down with Stephen Boughton from Plurilock to discuss how he got into the world of cybersecurity, advice to those looking for similar careers and his thoughts on cyber resiliency. Watch the full interview here....
- 09/10/2021
Maximizing the Solar Energy Tax CreditBy Alyssa Rausch, CPA, MBAMany business owners are looking for ways to obtain off-the-grid or sustainable energy resources to mitigate the risk of shutdowns due to natural disasters, reap environmental advantages and claim economic benefits. One option is to invest in solar energy projects, and like most of the Internal Revenue Code the nuances...
- 09/10/2021
This Week In Tax | September 10This week, find crucial new tax relief developments in the wake of Hurricane Ida, plus learn how to maximize the solar energy tax credit. Tax Relief Available to Victims of Hurricane Ida: Some Filing and Payment Deadlines Postponed to January 3, 2022 Hurricane Ida may be gone but the damage she inflicted...
- 09/09/2021
Tax Relief Available to Victims of Hurricane IdaBy Michael Greenwald MPPM, CPA, Business Tax LeaderSome Filing and Payment Deadlines Postponed to January 3, 2022
- 09/09/2021
Back to Basics: Frequently Asked Questions on Nonprofit Tax ComplianceBy Sarah Avery, CPA, DirectorBack to Basics, Friedman’s series focusing on nonprofit organizations’, frequently asked questions, has previously covered nonprofit accounting and financial reporting. In this installment, we’re answering common questions addressing tax compliance concerns relating to TDOKEs, donor acknowledgements, the public support test and state charity registration. TDOKEs What are TDOKEs? This acronym, coined by the Internal...
- 09/07/2021
COVID Disruptions Introduce Questions of Valuation and Long-Term Economic ImpactBy Randall M. Paulikens, CPA, ABV, CFF, CITP, PartnerAll of us – as family members, business owners, employees and employers, and buyers and sellers – know what has taken place over the last 18 months. COVID is nowhere near done with us – actually, there is no credible consensus when it will end. Thus, rather than focusing on...
- 09/03/2021
Getting Up to Speed on Senator Wyden’s DASH ActBy Michael Greenwald, MPPM, CPA, Business Tax LeaderSome people take their jobs more seriously than others. By way of example, Senate Finance Committee Chair Ron Wyden has introduced or co-sponsored more than 400 bills since the current session of Congress began in January. His latest, the Decent, Affordable, Safe Housing for All (“DASH”) Act, aims to end homelessness...
- 09/03/2021
This Week In Tax | September 3Start September on the right foot with tax guidance from our experts on the proposed DASH Act and New Jersey's roll back on teleworking tax relief. Getting Up to Speed on Senator Wyden’s DASH Act Senate Finance Committee Chair Ron Wyden's Decent, Affordable, Safe Housing for All (“DASH”) Act aims to end homelessness...
- 09/03/2021
New Jersey Joins a Growing Number of States Rolling Back COVID Remote Working-Based Tax-Relief MeasuresBy Thomas Wrocklage, LL.M., PrincipalEven before COVID-19, trying to determine to which states a business might owe tax, or where it might be obligated to withhold tax on employee wages, was difficult at best. With the paradigm shift to employees working from home, the situation grew even more complex leading some states to give businesses...
- 09/02/2021
Summer 2021 Friedman PromotionsPlus: New Tax Partner In Charge of East Hanover and Chief Technology Officer
- 09/02/2021
Customizing Your Approach to Look at Each Employee's NeedsWith the new normal of hybrid work environments, a one-size-fits-all approach to employment doesn't cut it anymore — yielding to a new era of several new paths forward, not just one. Lindsay Gaal, Friedman's Chief Operating Officer and Chief Human Resources Officer, was recently featured in an exclusive interview with StrategicCHRO360 to discuss...
- 09/02/2021
Alert: NYS Provides Details With Respect to Its Pass-Through Entity Tax By Tom Corrie, JD, LL.M., PrincipalOn August 25, the New York State (NYS) Department of Taxation and Finance issued a Technical Memorandum (TSB-M-21(1)C, (1)I) regarding many important details necessary for the implementation of the state’s recently enacted Pass-Through Entity Tax (“PTET”) provisions. Businesses should be aware of the important points addressed in the Memorandum and summarized...
- 09/01/2021
Jo Anna M. Fellon Appointed Tax Partner in Charge of East HanoverWe are thrilled to announce that Jo Anna M. Fellon has been appointed as the Tax Partner in Charge of Friedman's East Hanover office. Jo Anna has earned a reputation as a dedicated partner with an approach based on mutual trust, understanding and exceptional service. Throughout her career, Jo Anna has contributed to...
- 09/01/2021
Friedman Named One of Crain's 2021 "Best Places to Work in New York City"We are thrilled to once again be named among the esteemed list of Crain's "Best Places to Work in New York City." Though office life isn't what it used to be, now more than ever employees know what makes a good employer. For this list, Crain's partnered with the Best Companies Group to...
- 08/30/2021
Friedman Gives Back: Back to School EditionWe are filled with gratitude for all our incredible volunteers across the Philadelphia, Long Island, and South Jersey offices for their help in preparing kids for the upcoming new school year. As part of our ongoing Friedman Gives Back initiatives, our volunteers have: Donated supplies like backpacks, notebooks, lunchboxes, pencils and...
- 08/27/2021
She is Working Remotely – Independent Contractor or EmployeeBy Tom Corrie, JD, LL.M., Principal, State and Local Tax Co-LeaderAs the pandemic drags on, many folks continue to work remotely from home. In fact, a number of commentators have predicted that the everyday workplace paradigms have shifted, with the result being that the normal five day a week commute to work in an office has become a thing of...
- 08/27/2021
New York State Employer Compensation Expense Tax By Christian J. Burgos, J.D., LL.M., Managing PrincipalElection Period Opening October 1 for 2022 Tax Year
- 08/27/2021
This Week In Tax | August 27Prepare for the month ahead with new tax highlights and guidance from our experts. She is Working Remotely – Independent Contractor or Employee Although there has always been a certain tension between who should be classified as an independent contractor, and who should be classified as an employee, the increase in remote...
- 08/26/2021
Friedman’s COVID-19 Resource Center Honored at Gartner Communications Awards 2021Friedman was named “Highly Commended” in the Achievement to Communications Response to 2020 at the Gartner Communications Awards held on August 25, 2021. The award pays tribute to Friedman’s COVID-19 Resource Center, which the Gartner judges felt was “a very impressive and commendable insight-led approach to helping the public.” To watch the...
- 08/25/2021
INSIDE Public Accounting Ranks Friedman as a 2021 Top 100 FirmWe’re thrilled to announce that INSIDE Public Accounting (IPA) has once again recognized Friedman as a Top 100 Firm for 2021! IPA annually ranks the largest public accounting firms in the U.S. based on net revenues and by capturing data through surveys and analyses of firms. To check out this year’s full...