Friedman LLP recently promoted five of the Firm's professionals to Principal and two to Director. The promoted personnel are members of the tax, audit and FLVS departments, and are based in the New York City, East Hanover, Marlton and Linwood offices. All assumed their titles on July 1, 2014.
Earlier this year, the U.S. Tax Court made a controversial ruling regarding IRA rollovers that contradicted an IRS publication designed to explain the law to taxpayers. In Bobrow v. Commissioner, the court ruled that the one-rollover-per-year rule applies to all of a taxpayer's IRAs in aggregate, rather than on an account-by-account basis.
As a New York State tax- exempt organization, the revenues you raise to fulfill your mission are generally not subject to Income Tax. However, there may be other tax obligations, such as collecting and remitting sales tax to New York State. These obligations generally depend on the type and frequency of sales. New York State has developed intricate rules for determining which transactions made by tax- exempt organizations require the collection of sales tax. A basic knowledge of these rules will help you avoid possible sales tax assessments in the future.
If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com.
The offshore voluntary disclosure program ("OVDP"), available in various forms since 2009, allows taxpayers who have not properly filed their offshore bank account reports ("FBARs") to rectify these delinquencies. The biggest hurdle for many taxpayers entering the program has been the severe offshore penalty, which is currently 27.5% of the...
Would you like the opportunity to own a piece of residential or commercial real estate or make an investment in a mortgage loan? Today, investors around the country are receiving e-mails and other solicitations, as well as hearing from the media, about the opportunities to invest in the booming real estate market.
The real estate market in New York City has recovered from the recession of 2008. The improvement has marked a rapid conversion of office buildings, hospitals, parking garages and other asset classes into luxury rental and condominium residences, hotels and in certain instances specialty office space. The conversion of properties is taking place in each and every borough especially in Manhattan, Brooklyn and Queens.
New Jersey has committed in a big way to attracting new businesses to the state, and retaining those that are already there. In fact, the mere threat by a New Jersey business to leave the state can reap a large tax credit. The program at the forefront of this effort is, appropriately, called Grow NJ, or the Grow New Jersey Assistance Program.
The research tax credit may, in many cases, save taxpayers substantial tax dollars.
Press Mentions and Announcements CCTV - Partner Eddie Wong was featured in a news segment regarding JD.com's IPO CCTV - Partner Neil Levine appeared on news segment regarding competition among stock exchanges for listingsAccounting Today Podcast - Managing Partner Bruce Madnick was the guest of Accounting Today's podcast on the importance...
The New York City Department of Finance requires owners of income-producing property in New York City, that have an assessed property value of more than $40,000, to file an annual Real Property Income and Expense (RPIE) statement. A net lessee, responsible for all the real estate taxes on a New York City property, may file in lieu of the owner. By law, 2013 RPIE statements must be filed electronically by June 2nd. Statements for 2014 will be due June 1, 2015.
Encompassed in sweeping tax reform changes proposed by the Committee on Ways and Means and the Senate Committee on Finance are many provisions that, if passed, would significantly impact nonprofits and other tax-exempt organizations. As of mid-May 2014, the proposed tax code extenders included in the Senate Committee on Finance's EXPIRE...
The defined benefit plan was the way corporate America first met retirement needs of employees over the age of 65. For more than seven decades, it has been used to provide working-life income during an employee's retirement years. However, changes to employee demographics, federal law and more detailed and complex...
If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com. In This Issue How to Capture the Benefits of Captive InsuranceSource: Friedman LLP NYCEDC and Capital Business Credit Launch NYC Fashion Production FundSource: Capital Business Credit Business Has Been...
A recent unanimous decision by the New York State Court of Appeals with respect to the application of the state’s statutory residency law demonstrates that it is still possible for a lone taxpayer to challenge the Department of Taxation and Finance (the “Department”) regarding one of its favorite audit darlings, and prevail.
Although the dreaded tax day deadline has passed, for a number of taxpayers the difficulty may just have begun. Millions of Americans, who have waited the better part of a year to receive tax refunds, are in for a big shock when they learn that their refunds were sent to someone else as a result of tax-related identity theft. The legitimate refund will now take considerable time to be received by the taxpayer.
For years, large corporations have used captive insurance companies to control insurance costs. Today, even small, closely held businesses are taking advantage of the many financial, tax and estate planning benefits captives have to offer. What it is A captive insurance company is a private insurer owned and controlled by the business...
Making large gifts can be a challenge if they consist of illiquid, difficult-to-value assets, such as interests in a business or family limited partnership (FLP). They must be supported by a business valuation, and there’s a risk that the IRS will claim, years later, that a gift was undervalued for...
Do you own or control any foreign financial accounts — such as bank accounts, brokerage accounts, mutual funds or trusts? If so, it’s critical to understand your reporting obligations.
If you hire your children, they’re under 18 and your business is unincorporated, neither the business nor the kids have to pay Social Security or Medicare taxes on their wages. Shifting income to your children this way can also reduce your family’s income tax bill because your kids are likely in a lower tax bracket.
This alert comes from the attorneys at Roberts and Holland LLP. The following PDF highlights the recent changes to the New York estate tax law, including the increased exemption amount, the "cliff" effect of the phase-out of the exemption for estates greater than 105% of the exemption amount, and the new...
Managing Partner Bruce Madnick was a guest on Accounting Today Editor-in-Chief Michael Cohn's podcast this week, and spoke on how Friedman continues to rank as a "best place to work" in New York and New Jersey.
The Financial Accounting Standards Board (FASB) is drafting an Accounting Standards Update (ASU) which would eliminate the concept of a development stage entity along with the special disclosures required for such entities under accounting principles generally accepted in the United States of America (U.S. GAAP). The final ASU is expected to be voted on by written ballot later this year.
Friedman LLP ranks as the third "Best Place to Work in New Jersey", and best large accounting firm overall, by New Jersey-based weekly business journal NJBIZ.
Friedman LLP, a regional accounting, tax and advisory firm, partnered with Make-A-Wish New Jersey to provide a dream bedroom makeover for a young girl. A few Friedman employees also volunteered their time to help with the makeover.
If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com. In This Issue 2014-2015 New York State Budget Contains Many Lower Manhattan Tax IncentivesSource: Friedman LLP Dude, Where's My Home Screen? The Importance of a User-Friendly InterfaceSource: Computer Generated Solutions US...
Given the challenging economic times we find ourselves in, many nonprofit organizations are questioning whether to hire a professional fundraiser to supplement their own fundraising efforts. Often the perception is that professional or paid fundraising campaigns are expensive and only for the larger nonprofit organizations. So, does size really matter, and when does it make sense for a charity to work with a professional fundraiser?
In Vault's 2015 Rankings, Friedman is #1 nationally as the accounting firm with the best overall work/life balance, satisfaction and compensation.
Earlier this month, the 2014-2015 NYS budget passed with an extension of all Lower Manhattan incentive programs.
The Earned Sick Time Act was initially enacted by the New York City Council on June 26, 2013, when it overrode Mayor Michael Bloomberg's veto.
Friedman LLP Partner and Director of Not-for-Profit Services Amish Mehta, CPA, and Nixon Peabody Partner Michael J. Cooney, recently hosted a seminar for nonprofit leaders at Friedman LLP's office in New York City on the new requirements surrounding the New York Nonprofit Revitalization Act.
Since the enactment of the Foreign Corrupt Practices Act in 1977, federal laws have required public companies to maintain sufficient "internal accounting controls." The Sarbanes-Oxley Act of 2002 (the "Act") further requires company management to annually assess and report on the effectiveness of internal control over financial reporting ("ICFR"). For larger registrants, the Act also requires independent auditors to attest to management's assessment of the effectiveness of the company's internal control.
If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com. In This Issue: Acquiring Assets of a Business? Don't Forget About Sales TaxSource: Friedman LLP Industry Voices: How to Use Free-Trade Zones to Save When Importing ApparelSource: Apparel News FTC Revises Textile...
The purchase of an existing business is generally structured in one of two alternative ways: purchase the entity outright, or purchase only the assets of the business.
It’s not very often that state taxing officials present taxpayers with bona fide refund opportunities.
The 3.8% net investment income tax (NIIT), which went into effect in 2013 under the Affordable Care Act, continues to create confusion.
Affluent families looking for ways to reduce their gift and estate tax exposure should consider private annuities.
If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages.
The IRS has expanded its Fast Track Settlement (FTS) program to small businesses and self-employed individuals.
New Jersey has a powerful new financial incentive program for retaining and attracting jobs.
GuideStar, a public charity that provides unbiased information about nonprofits, is one of the nation's most visible advocates for advancing nonprofit transparency.
The U.S. Department of the Treasury and the IRS have issued what is expected to be their final significant package of regulations implementing the Foreign Account Tax Compliance Act (FATCA).
In previous years, choosing a profit sharing allocation method was simple. Pro-rata, percentage of compensation or a formula utilizing the social security wage base just to name a few.
The Fashion Institute of Technology has selected student Alexis Casamassima as the recipient of the 2nd annual Friedman LLP Entrepreneurship Scholarship.
If you have any questions about the contents of this issue, please e-mail Partner-in-Charge of the Fashion Services Group Harriet Greenberg at HGreenberg@friedmanllp.com. The Tax Ins and Outs of Employee Fringe BenefitsSource: Friedman LLP Student Spotlight: Alexis CasamassimaSource: Friedman LLP Fashion Trend: Bigger Showrooms and Smaller OfficesSource: New York Times 10 Tips to Take...
A story featuring Partner Kevin Hyams was published today on Inside Counsel Magazine's website.
Partner Neil Ehrenkrantz chaired this year's New York State Society of CPA's annual SEC Committee Conference.
The federal government announced today that companies employing between 50-99 full-time workers have until 2016 to comply with the mandate to offer health insurance as part of the Affordable Care Act (or "Obamacare").
Press Mentions and Announcements AccountingToday.com: Partner Amish Mehta guest on Michael Cohn's Podcast. CNBC.com: Partner Dave McKelvey quoted regarding the alternative minimum tax (AMT). The CEO Magazine: Managing Partner Bruce Madnick publishes op-ed article regarding importance of "Keeping One's Word". Operational Risk and Regulation: Partner Kevin Hyams is quoted regarding reputation risk. Bloomberg BNA: Partner...