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  • 02/23/2016
    Google Gives Nonprofits a Break on Advertising

    At a time when digital and social marketing is becoming an essential component of overall advertising strategy, nonprofit organizations often struggle to convey their message and benefits due to lack of funds.  Many nonprofits are unaware of a program implemented by Google that allows nonprofits to overcome this challenge by...

  • 02/23/2016
    That’s Material?
    By Michele B. Amato, CPA

    This year may see a new definition for an old concept: Materiality. The parameters around what constitutes a material disclosure in financial statements will be impacted, and some onlookers say the new meaning will give more discretion to companies, which may lead to less information being provided. It was 1976 when...

  • 02/23/2016
    Upcoming Changes to Licensing Revenue Recognition
    By Robert Graham and Brian Kearns

    Standards for revenue recognition, historically, have varied among industries. The FASB has undertaken the enormous task of simplifying the standards so all industries can follow the same guidance. Friedman LLP’s Robert Graham and Brian Kearns take a look at what the recent standards update will mean for businesses and how...

  • 02/23/2016
    Critical Deadline Looming, All Qualified Plan Documents Must Be Restated

    This is an update to an article published in August 2014 If you sponsored a 401(k) or other type of defined contribution retirement plan for your employees and used a "pre-approved" type of plan (i.e., prototype and volume submitter), you were required to restate the plan before April 30, 2016. If...

  • 02/18/2016
    Friedman LLP Honored As One of NJBIZ 2016 Best Places to Work

    We are proud to share Friedman LLP has been ranked among the NJBIZ Best Places to Work for another consecutive year in 2016! We are ranked among other large companies throughout New Jersey. For more information, click here....

  • 02/17/2016
    Banking on Exports

    Financing your exporting can pay for itself, but only if you choose countries where the export climate is favorable. In some countries, the economics currently work against U.S. exporters. Eddie Wong sits down with Global Trade Magazine to discuss manufacturers in China and the U.S. To read the full article,...

  • 02/11/2016
    The Financial Quarterback Talks Taxes

    WOR radio’s Financial Quarterback show sat down with Friedman LLP partner, David McKelvey, to discuss tax tips and write-offs that many taxpayers may not be aware of. Listen in here as David shares some relevant tax tips....

  • 02/11/2016
    The Taxability of Oscars Gift Bags

    Did you know that when celebrities take home a swanky gift bag, they also get a tax bill from the IRS? Robert Charron, Friedman LLP partner, sat down with U.S. News & World Report and Newsweek to discuss the tax implications that exist for stars taking home these award ‘giveaways.’...

  • 02/09/2016
    Nonresident Pass-Through Withholding

    When it comes to taxes, residency may have a bigger impact than you think. Taxpayers are generally acquainted with the tax withholding requirements imposed on their wage income, but are less familiar with the ways in which states impose withholding on pass-through entity income. While states typically tax their residents’...

  • 02/09/2016
    Employee or Independent Contractor – An Old Question Revisited

    Perhaps nothing causes more consternation among small and mid-sized business owners than the employee versus independent contractor problem. Generally, the issue surfaces when an audit notice from the State Department of Labor arrives in the mail, as the result of an individual applying for unemployment benefits. The company’s position is...

  • 02/09/2016
    Designing a tax-wise bonus plan

    An annual bonus plan can be a great way to attract, retain and motivate employees. And if the plan is designed carefully, you can deduct bonuses earned this year even if you don’t pay them until next year. Sound interesting? Read on. The 2½ month rule Many employers assume they can deduct...

  • 02/09/2016
    The Net Investment Income Tax

    Planning opportunities for small business owners

  • 02/09/2016
    Need to protect your assets? Consider a BDIT

    A BDIT, also known as the “Beneficiary Defective Inheritor’s Trust,” is one of the most powerful estate tax and asset protection strategies available to taxpayers. Essentially, it’s a third-party settled trust designed to give the taxpayer (who is both a trustee and the initial primary beneficiary of the trust) control...

  • 02/09/2016
    Tax Tips

    Thinking about expatriation? Watch out for the “exit tax”

  • 02/05/2016
    6 Retirement Strategies to Minimize Taxes and Preserve Your Nest Egg

    You’ve spent decades planning and saving for retirement and the time has come. Now what? David McKelvey, Partner, shares that there are tax optimization strategies to preserve the value of your nest egg. Read the full article on Bankrate.com by clicking here. ...

  • 02/05/2016
    Financial Factors to Consider

    South Jersey’s financial leaders take a look at 2015’s success and challenges, while looking ahead to what’s to come in 2016. Carl Bagell shares what he sees coming around the pike when it comes to accounting in 2016. To read the full article excerpt, click here. ...

  • 02/05/2016
    “Rooms” for Growth

    Despite challenges, U.S. hotels make sense to cautious long-term investors. Frederick Berk, Co-Managing Partner of Friedman LLP and co-leader of the firm’s Real Estate practice, wrote an article that appeared in Real Estate Finance & Investment sharing how foreign investors are turning to the U.S. hotel industry. To read the...

  • 02/02/2016
    Friedman LLP Promotes Five to Partner

    Friedman LLP announced today the promotion of five outstanding professionals to partner effective January 1, 2016. The promoted individuals are located in the New York and New Jersey offices and include: John M. Bono, promoted from principal to partner in the Tax Services department Brian Kristiansen, promoted from principal to partner in...

  • 02/01/2016
    5 Ways to Get Ahead of Next Year’s Taxes

    When it comes to taxes, it’s never too early to start planning. Jo Anna M. Fellon, Senior Tax Manager, sat down with DailyWorth to discuss how you can get ahead of next year’s taxes and tips you can use to get organized for the year ahead. To read the full...

  • 01/28/2016
    Here’s How Upcoming Revenue Recognition Changes May Impact Nonprofits
    By Sylvia Mazur

    Financial Accounting Standards Board issues simplified revenue recognition guidance effective for annual reporting periods after December 15, 2018. How will this standard affect your nonprofit organization?In May 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) issued new guidance on revenue recognition, with the goal of developing...

  • 01/28/2016
    Google’s Tax Practices Come Under Fire in Europe

    The EU tax crackdown may be of concern for U.S. companies doing business in Europe. Ryan Dudley, Partner and International Tax practice leader, sits down with CBS MoneyWatch to discuss how policy changes may impact U.S. companies operating overseas and pursuing profit shifting strategies. To read the full article, click...

  • 01/26/2016
    2016 Research and Development Tax Tips for Apparel Companies
    By David McKelvey

    A word to the wise for apparel companies: Don’t miss out on tax savings you’re entitled to. As we neared the 2015 December holiday season, Congress was busy working on its annual gift package of new U.S. tax incentives and extenders of tax incentives that expired at the end of...

  • 01/20/2016
    5 Ways to Build an Emergency Fund Throughout the Year

    An emergency savings account can be important to have on hand for stressful life events. Kimberly Dula, Partner, discusses this topic with MoneyRates.com and shares how savings strategies can be applied by individuals at all income levels. To read the full article, click here. ...

  • 01/19/2016
    4 Things Every Small Business Owner Should Know About Taxes

    Blood pressures are rising at many small businesses now that tax season is underway. Michael Greenwald, partner with Friedman LLP, sat down with The Associated Press to discuss what small businesses should know when it comes to taxes in 2016 and beyond. To read the full article, click here. ...

  • 01/19/2016
    Surviving Tax Fraud

    You may be just getting around to gathering forms and receipts and filing taxes, but that doesn't mean someone else hasn't filed a fraudulent return in your name yet. Scott Ehrenpreis, principal with Friedman LLP, sat down with The Street to discuss what taxpayers should be aware of when it...

  • 01/19/2016
    Partnerships Revisit Agreements to Prep for New Audits

    A new regime for auditing partnerships will greatly change how the IRS will examine the entities, so partners are beginning to revisit their agreements so sort out how the entity plans to handle an audit. The new regime, unveiled in October and set to take effect in 2018, makes it...

  • 01/06/2016
    Jonathan Perelman Profiled in NJCPA Magazine

    Jonathan Perelman is a partner based in Friedman’s East Hanover office. He is also the practice leader for the firm’s Healthcare group. Find out more about Jonathan in his recent member profile article in NJCPA magazine. Read the full article by clicking here. ...

  • 01/05/2016
    Friedman LLP’s Growing Team Featured in Accounting Today

    Accounting Today features Friedman LLP’s recent expansion into the Philadelphia market, sharing that effective January 1, 2016, we’ve combined forces with Philadelphia-based accounting firm, Shechtman Marks Devor PC. We are excited to kick-off the new year with our new teammates in Philadelphia. To read the full article, click here....

  • 01/05/2016
    Rising transaction complexity drives need for solid operating agreements

    David McKelvey, partner, discusses operating agreements and the challenges that can arise. One of the primary issues in structuring operating agreements is the difference in breaking down the economic and tax books, according to David McKelvey, partner at Friedman Accountants and Advisors. In a typical deal, two partners come together...

  • 01/05/2016
    Fashion Industry Survives & Prospers in the 21st Century

    On location at Capital One Bank's new branch, Michael Stoler and guests discuss New York's fashion industry, delivering $50-$75 billion in wholesale sales. Michael Sacco, partner, joins the discussion as they cover the consolidation of the industry in the tri-state area and the effect of E-commerce on sales. To view the...

  • 01/05/2016
    Auditing World Braces: More ICFR Attention, Big Rule Changes

    The full-court press on internal controls and related documentation will not let up in 2016, although companies will have to answer those demands while also bracing for other big accounting and auditing changes on the horizon. Friedman LLP partner Chris Smith says he’s expecting no change in the audit approach around...

  • 12/23/2015
    Individuals can save more on taxes in 2015 and beyond, thanks to new “extenders”

    With year end right around the corner, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). The act extended numerous tax breaks which expired on December 31, 2014, and the President signed it into law December 18. The new law is more significant than some...

  • 12/22/2015
    The Overhead Myth: Moving Toward the Solution

    In 2013, Guidestar, BBB Wise Giving and Charity Navigator, three of the leading sources for information on nonprofit organizations, joined forces in a campaign to promote the concept that the “Overhead Myth” was harmful to the operations and sustainability of a charity’s success. In a series of actions over the...

  • 12/21/2015
    Latest “extenders” law boosts tax benefits for businesses

    On December 18, President Obama signed into law the bipartisan Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”). It makes many popular tax breaks — including some highly valued by businesses — permanent, while extending others through 2016 or 2019. The PATH Act also enhances certain breaks...

  • 12/18/2015
    Shechtman Marks Devor PC Joins Friedman LLP

    Friedman LLP, a nationally recognized accounting, tax and business consulting firm, announces today that Philadelphia-based accounting firm, Shechtman Marks Devor PC, will integrate its practice with Friedman LLP effective January 1, 2016. Founded in 1978, Shechtman Marks Devor PC has spent nearly 40 years providing specialty audit and assurance, tax planning...

  • 12/18/2015
    Sometimes, Strategy All Comes Down to Taxes

    Yahoo announced that it would not spin off its stake in Chinese e-commerce giant Alibaba group, citing tax concerns. Instead, it will create a separate company to hold the rest of its assets. It’s a big decision to boil down to taxes. But taxes determine how companies are born, how...

  • 12/18/2015
    2015 “Extenders” Legislation Does More Than Just Extend Tax Breaks

    On December 18, the Senate passed the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”), which the House had passed on December 17. Many popular tax breaks had expired on December 31, 2014, so, for them to be available for 2015, Congress had to pass legislation extending them....

  • 12/16/2015
    De Beers Announces Extension To Its Financial Compliance Requirements Going Into 2016

    De Beers recently began contacting all Sightholders to announce that it has chosen to extend the deadline to demonstrate full compliance with the Financial Compliance Criteria (that is, IFRS Compliance, Unqualified Audit and Maximum Leverage) by one year. Accordingly, relevant Sightholders must be fully compliant with the Financial Compliance Criteria...

  • 12/10/2015
    What We Can Learn from the 2015 Customer Deductions Benchmark Study

    In a perfect world, product deliveries would never arrive late, contain shortages, or be mislabeled. But we do not live in a perfect world. Customer deductions continue to be a problem across many industries for companies of all sizes. Discounts, late deliveries, mislabeled products, shortages and other chargebacks continue to...

  • 12/04/2015
    Crain’s Best Places to Work Ranks Friedman LLP for 2nd Consecutive Year

    Friedman LLP was ranked #45 in Crain's Best Places to Work in New York City. Crain’s New York Business recognizes and honors the best employers in New York City, benefiting the city’s economy, workforce and businesses. Friedman LLP was ranked in 2011 and 2014, as well....

  • 12/02/2015
    Last-Minute Tax-Planning Strategies

    End-of-year tax planning provides an opportunity to review the past year’s finances, and generate an approach for going into the next. As 2016 draws near, Jo Anna Fellon, Senior Manager with Friedman LLP, sits down with Accounting Today to discuss last-minute tax-planning strategies and how you can take advantage before...

  • 12/01/2015
    Small Businesses Cope with 'Taxing' Situations

    The Garden State is home to 200,000 small businesses with fewer than 500 employees – along with some 600,000 self-employed workers – who are responsible for navigating the state’s array of taxes. And they are facing mounting changes across the Affordable Care Act, reporting requirements and more.  Jo Anna Fellon,...

  • 11/24/2015
    Giving Tuesday and Beyond: Holiday Generosity Doesn't Have to Wait

    Is reviewing charitable giving part of your annual tax planning practices? As the holidays draw near, Kim Dula, Partner with Friedman LLP, sits down with The Street to discuss "Giving Tuesday" and how you can plan donations for the year ahead. Read the full article here....

  • 11/24/2015
    FASB Ideas on Materiality Reform Draw Heat, Questions

    Recent FASB reform is sparking fierce debate among corporate accounting circles, as the effort to align the accounting and legal definition of materiality may lead to financial reporting consequences. Michele Amato, Partner with Friedman LLP, sat down with Compliance Week to share her take on the FASB's revision of materiality...

  • 11/24/2015
    Social Insecurity

    The Bipartisan Budget Act of 2015 will bring impactful changes to Social Security regulations. The question is, how will these changes impact the public? David Waddington, Partner with Friedman LLP, discusses this topic and more with Long Island Business news in an article titled, "Social Insecurity". Read the full article...

  • 11/20/2015
    Tax Alert: Partnership Audit Rules Revised Under 2015 Budget Act

    Partnership Audit Rules Revised Under 2015 Budget Act It is rare these days for Congress and the IRS to see eye to eye on anything.  However, with Congress needing additional revenue to support raising the federal debt ceiling and lifting mandatory spending caps on defense and domestic programs, The Bipartisan Budget...

  • 11/20/2015
    Tax Alert: Budget Act Eliminates Strategies for Maximizing Social Security Payout

    The Bipartisan Budget Act of 2015 contains a provision that can significantly affect the retirement planning of many Americans. It eliminates two strategies that many married couples have used to maximize Social Security benefits. This article explains how the two strategies worked under previous law and details how the budget...

  • 11/19/2015
    Six Steps to Engage Your Board Using a Performance Dashboard
    By Peter Manzetti

    For busy nonprofit business leaders and board members, a seemingly endless stream of reports, meetings, emails, phone calls and text messages can create a strain on their time, limiting their ability to focus on critical business information and interactions. This begs the question: “What can be done to make every interaction...

  • 11/18/2015
    Fashion Sense - November 2015

    If you have any questions about the contents of this issue, please e-mail Co-Managing Partner of Friedman LLP and Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.  In This Issue: Tax Alert: Rapidly Rising Risks for Offshore Bank Accounts Source: Friedman LLP Use Tax Increasingly Important for Tax Payers Source: Friedman LLP Higher...