Scott Ehrenpreis, principal in Friedman LLP’s tax controversy group, shared the accounting perspective in a recent article in the New York Post.
Companies involved in over-the-counter (“OTC”) exchange trading face a choice – which exchange do I pick? If your company is not trading on a major exchange like NASDAQ or NYSE, there are a few options at play in OTC trading, with some more popular than others.
Experiencing the loss or theft of protected personal data and then having to notify breach victims in the manner prescribed by law can be a costly and stressful experience for any organization. Fortunately, there are steps that can be taken to reduce the cost and contribute to the mitigation of the risks resulting from this type of cyber-attack.
In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-03 for the stated purpose of simplifying the presentation of debt issuance costs. Updates to standards often bring about questions – how will this impact my business? How quickly can I get up-to-date?
New York – August 3, 2015 – Friedman LLP announced today that Michael Sacco has joined the firm as Partner. Mr. Sacco, who brings more than 15 years of experience, will lend his expertise to privately-held companies in a range of industries including consumer products, apparel, manufacturing, distribution, wholesale, importing, real estate investment funds, and other financial services.
Amish Mehta, Friedman LLP partner and not-for-profit practice leader, sat down with The Street to discuss charity fraud.
The Financial Accounting Standards Board ("FASB") issued an exposure draft on April 22, 2015 proposing sweeping changes to the not-for-profit financial reporting model encompassing liquidity, cash flows, operating results, expense reporting and other disclosures intended to enhance comparability between nonprofits. But changing a model that professionals, management, and other users have become accustomed to may shake up the not-for-profit reporting world for financial professionals.
Partner Eddie Wong quoted in the Wall Street Journal on the impact of the Chinese stock market plunge on US-Chinese joint ventures
The fashion industry is undergoing substantial change and fast fashion is the latest disruption to the status quo.
New York City medical center, NYU Langone, moves ahead with Lutheran Medical Center merger.
Michael Greenwald, Friedman LLP partner, sat down with The Street to discuss the same-sex marriage ruling and what it means for couples’ social security.
When is mortgage interest NOT deductible? Friedman LLP’s Karl Neulinger focuses on this question, which many home owners don’t even know they should be asking. The following transcribes a recent conversation Karl had with a client concerning mortgage interest and how it can impact tax returns.
With its summer recess approaching, the New York State legislature passed an Omnibus Housing Bill containing a number of benefits for real estate developers and owners. The legislation is currently pending, subject to Governor Cuomo’s approval. In the meantime, here are five of the highlights that, if approved, will affect local developers and land owners.
Hundreds of real estate owners and developers are traveling to Tel Aviv, Israel to meet with investment bankers that source capital. The mission is to launch a bond that will be traded on the Tel Aviv Stock Exchange (TASE) to raise funds for US real estate projects.
With real estate values on the rise, now may be a good time to transfer your treasured family home to a Qualified Personal Residence Trust (QPRT). While using QPRTs can help reduce estate taxes, the ins and outs are complex. Here’s a guide to help answer some of the questions that may arise.
South Jersey Biz recognizes Friedman LLP partner, Justin Van Fleet, on the ’20 under 40’ professionals list. Since joining Friedman more than 10 years ago, Justin Van Fleet has served clients in a variety of industries including manufacturing, telecommunications and technology. He continues to play an integral role in building the...
Neil Levine, a partner with Friedman LLP, received the 2015 Sid Levy Memorial Volunteer of the Year Award.
Dr. Seuss once said that “sometimes the questions are complicated and the answers are simple.” Well, he clearly did not have the employer shared responsibility provisions of the Patient Protection and Affordable Care Act (”ACA”) in mind.
New York City Commercial Rent Tax (“CRT”) certainly has a habit of sneaking up on people. In fact, many professionals and non-professionals simply do not know it exists – that is until an audit notice comes their way.
The tax treatment of nonqualified stock options (NSOs) is quite simple. Unfortunately, filling out the IRS forms can be complicated — especially since recent rule changes went into effect. Here are four things you should know about NSOs.
In today’s competitive environment, offering employees an equity interest in your business can be a powerful tool for attracting, retaining and motivating quality talent. If your business is organized as a partnership, however, there are some tax traps you should avoid.
Many estate planning techniques minimize or even eliminate gift and estate taxes when transferring assets to family members. Sometimes, the most powerful techniques will also have a significant drawback: mortality risk. A person must outlive the trust’s term to realize the benefits. Thus, a self-canceling installment note (SCIN) may be appropriate for anyone in poor health who isn’t expecting to reach his or her actuarial life expectancy.
Until recently, investors had to report details about capital gains and losses on IRS Form 8949. For heavy traders, this potentially meant a lot of work. In 2013, the IRS quietly changed the rules, although many people remain unaware of the change.
Tax Senior, Danielle Dvorak, and Senior Auditor, Peter Motsch, were selected for New Jersey CPA magazine’s “30 under 30” list for her continued success in professional accomplishments, NJCPA involvement and community service. Please join us in congratulating them on this recognition and spotlight.Read the full magazine feature by clicking here....
The U.S. Supreme Court's decision in Obergefell v. Hodges ruled that same-sex couples have a constitutional right to marry, effectively making same-sex marriage legal in all 50 states. The decision has numerous implications for the tax, estate and retirement planning of same-sex couples and will also affect some employers in states that had not previously recognized same-sex marriage. This alert provides a brief overview of the decision and an introduction to the various tax implications.
If you’re involved in litigation that has to do with numbers, get a forensic accountant on your side. Forensic accounting is a career with an increasing demand across the nation. Scott Maier, partner in our forensic accounting practice, sits down with the Long Island Business News to discuss why forensic accountants are ‘dollar detectives.’
Do the hard yards still lie ahead for the OECD base erosion and profit shifting (BEPS) project? BEPS implementation relies on engagement from key jurisdictions, including the US; but when it comes to getting key jurisdictions on board, it may be harder than expected. Friedman LLP partner, Ryan Dudley, wrote an article on the topic that was featured in the International Tax Review.
Friedman is creating an alumni network to help alums reconnect with former colleagues, share knowledge, and access valuable resources. To join, please click here to provide your contact information. We look forward to reconnecting with you!
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: Help! What is New York's "Convenience of the Employer" Rule All About?Source: Friedman LLP Martha Stewart's Media Empire Sold for Fraction...
If you are divorced and retired, you may be leaving money on the table when it comes to Social Security. Friedman LLP partner, Michael Greenwald, was recently quoted in an article on the topic published in The Street. Read the full article on TheStreet.com....
The Supreme Court’s ACA decision may mean a significant increase in reporting requirements. Accounting Today and Friedman LLP partner, Michael Greenwald, discuss how this decision will impact the accounting world in a recent article. Read the full article on AccountingToday.com. ...
When it comes to not-for-profit organizations and their retirement plans, enterprise-wide governance and internal controls are critical considerations for senior executives. The ultimate goal is to create and administer retirement plans that offer employees viable savings opportunities and that comply with Internal Revenue Service and Department of Labor regulations. What factors should be considered as you strive to achieve that goal?
Divorced retirees should be aware of some very important tips around Social Security and claiming benefits. In a recently published article in The Street, Michael Greenwald, partner and leader of Friedman LLP’s corporate and business tax practice, shares insight around money divorcees may be leaving on the table when it comes...
Ryan Dudley, partner with Friedman LLP’s International Tax practice, was featured in an exclusive interview with Treasury Insider. Dudley shares important insight on BEPS reporting measures in his Q&A with the publication. Click here to read the full article....
SmartCEO’s CPA & ESQ Awards honor the region’s most enterprising accountants and attorneys for their leadership, accomplishment, innovation and success. Friedman LLP took home two awards. Bruce Madnick, CEO of Friedman LLP, accepted the Firm of the Year Award on behalf of the entire firm. Michael Saccomanno, CPA and Partner, received the Industry Practice award for his continued success and contributions in the forensic accounting and consulting space. Visit the SmartCEO site to learn more.
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.
One of the more difficult reporting issues facing not-for-profit organizations is the classification of net assets between unrestricted, temporarily restricted, and permanently restricted categories. These categories are based on the existence or absence of donor-imposed restrictions, and are defined in the accounting standards under FASB ASC 958-210-20. Readers rely on these classifications to determine what assets have external purpose or time restrictions or to put it simply, what assets are spoken for and what assets are available for use. While this net asset reporting model has been around for quite some time, challenging classification issues and reporting pitfalls still exist.
Every five years the U.S. Bureau of Economic Analysis ("BEA"), a bureau within the Department of Commerce, requires U.S. persons with foreign affiliates to file Form BE-10. In the past, these forms were sent to those persons most likely to have such interests, typically large corporations. For 2015, there has...
How will this impact your jurisdiction?
Retirement plans may be categorized as either defined benefit or defined contribution plans. The so-called hybrid plans, such as cash balance plans, contain characteristics of both plans but fall under the defined benefit plan category. The characteristics of each type of plan as well as the pros and cons of...
The sourcing of wages has become a major concern for non-resident employees of New York businesses given the number of them now seeking to telecommute at least on a part-time basis. New York’s “convenience of the employer” rule (the “Rule”) is targeted directly at such situations, and can operate as a trap for the unwary in many cases.
As you plan your estate, don’t overlook the generation-skipping transfer (GST) tax. Despite a generous, $5.43 million GST exemption, complexities surrounding its allocation create several tax traps for the unwary.
Roth IRAs allow you to withdraw contributions and earnings tax-free, if you meet certain requirements, so it’s no surprise that their popularity has soared in recent years. But don’t write off traditional IRAs and 401(k) accounts just yet. Under certain circumstances, traditional accounts may generate more retirement income than their Roth counterparts.
For most businesses, the likelihood of being audited by the Internal Revenue Service (IRS) is less than 2%, but ask those who have been through one and the response is always the same – it is a long, gut-wrenching process, no matter how good your records are.
It’s an age-old conundrum: determining whether a worker is an employee or an independent contractor. While it might seem like a simple question, it’s not. And the IRS is hot on the heels of any contractor who doesn’t understand the difference.
The U.S. commercial real estate property market has been expanding since 2010 following the recession, and it’s safe to say that the market has officially returned. The combination of the positive fundamentals in the U.S. commercial real estate market coupled with foreign investors’ interest in investing their capital in the...
A taxpayer’s activities and intentions when purchasing and selling real property are important in determining whether that taxpayer is a dealer or investor in real property. This distinction is relevant, since it determines the tax treatment of the gain on the sale of real property. If the taxpayer is a...
Friedman LLP ranks as the sixth "Best Place to Work in New Jersey", by New Jersey-based weekly business journal NJBIZ. Companies from across the state competed in a two-part process to determine the 100 Best Places to Work in New Jersey for 2015. Representatives from Friedman LLP learned about the firm's ranking among the state's large companies, those companies with 250 employees or more, during an awards ceremony on April 30th at the Hilton East Brunswick The awards are primarily based on survey feedback from our employees and cited Friedman's Employee Development, Social Events and Business Development Training as key areas where we stood out among our competitors.