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  • 06/26/2017
    Tax Tips

    These brief tips explain why it’s important to obtain a contemporaneous written acknowledgment when substantiating a charitable deduction; detail a court case involving the mortgage interest deduction; and cover why a cash balance plan may be the answer for business owners who have fallen behind on retirement plan contributions. Charitable deductions:...

  • 06/26/2017
    You can’t take it with you

    Making the most of tax carryovers

  • 06/26/2017
    What Is This Thing Called “Use Tax”?
    By Tom Corrie, JD, LLM, Principal

    Perhaps one of the most misunderstood areas in the state and local tax field is that of “use tax.” Most people comprehend the concept of sales tax— that when taxable property or a taxable service is purchased, forty-five of the fifty states impose a tax upon the retail sale of...

  • 06/26/2017
    Business Traveling Tax Wisely
    By Liz McGrath, International Tax Director 

    Did you know that employers can deduct employees’ travel expenses, including amounts for meals and lodging, if both the employer and the employee carefully follow the tax rules? Conversely, if the rules are not followed, the expenses will be taxable to the employee and fully subject to FICA and payroll...

  • 06/21/2017
    Dealer vs. Investor: What Factors Are Considered and Why It Matters
    By Andrew Cohen, JD LL.M

    When real property is sold for a gain or loss, an important question to ask is whether the seller is a dealer or investor in real property. The ultimate resolution of the dealer versus investor question has significant tax implications given the current differences between the capital gain and ordinary...

  • 06/21/2017
    Meeting the Housing Needs of the Aging Baby Boomer Population
    By Michael Stoler, The Stoler Report

    Baby boomers, those born between 1946 and 1965, have brought both challenges and opportunities to the U.S. economy, infrastructure, and institutions as they have passed through each major stage of life. According to The Population Reference Bureau, the current growth of the population ages 65 and older is one of...

  • 06/21/2017
    Unintended Consequences of Trump Tax Proposal
    By Michael Lawrence, Tax Manager

    Throughout the contentious 2016 presidential race, then-candidate Donald Trump promised an overhaul of the United States tax system. He articulated a streamlined tax code with fewer income tax brackets, reduced rates, and a purge of several taxes altogether. At first glance, these campaign pledges seem to promise a boon to...

  • 06/21/2017
    More Empty Storefronts Plague Uptown Than Other Parts of City, Report Says

    Of the hundreds of empty storefronts plaguing Broadway from Battery Park to Inwood, almost a third are located uptown, according to a report from the Manhattan Borough President's Office. There are 188 vacant street-level storefronts along Broadway, with 55 of those located north of 155th Street. Senior Tax Manager Alan...

  • 06/14/2017
    Time Out!

    It’s a fact: Employees who participate in flexible workplace programs at work – like telecommuting and flexible hours – are happier, less burned out, and are more productive than those who don’t participate. Lindsay Gaal was quoted in Mid Jersey Business discussing Friedman’s Alternative Work Arrangement Program and helping employees...

  • 06/08/2017
    Webinar Recording | Tax Reform in the Trump Era

    Concerned how tax proposals may impact you and your business? Learn how other business leaders would react to tax reform and get prepared for the changing landscape ahead! This timely webinar presented by Friedman LLP features insights gleaned from our recent survey examining business leaders' reactions to various tax proposals. During...

  • 06/08/2017
    Sino Fortune Holding Corp. Announces Change of Auditor

    Sino Fortune Holding Corporation a leading online financial credit facility solution provider servicing SME and individual borrowers in China, announced the appointment of Friedman LLP as the Company's independent registered public accounting firm, effective June 1, 2017. For more information, click here....

  • 06/08/2017
    Tag it to Flag it—Using UTM Codes to Capture Campaign Results

    Is marketing measurable? What results do we get from the firm’s marketing initiatives? With the array of digital tools now at our disposal, marketers can effectively answer these questions and more. Chief Marketing Officer Jill Jacobs contributed an article to Growth Strategies on using UTM tags to measure results and...

  • 06/06/2017
    First 100 Days: The bottom line — Changing the tax code isn’t as easy as it sounds

    Michael Greenwald joined a panel of experts for an NJ Biz event focusing on tax reform and the first 100 days of the Trump presidency. The event recap was featured on NJ Biz. To read the full article, click here....

  • 06/06/2017
    Friedman Named One of Inc.’s Top 50 Best Workplaces

    Friedman LLP is proud to have ranked in the Top 50 of Inc. Magazine’s Best Workplaces for 2017. “Friedman recognizes that meeting the needs of our people must be a priority if we want to successfully serve our clients.” To learn more, click here....

  • 06/01/2017
    Fostering Fintech

    As protecting data becomes an increasing area of focus, firms are adding cybersecurity to their due diligence protocol to fill knowledge gaps around a target firm’s past and mitigate risk ahead of a merger or acquisition. Kevin Hyams was quoted in Fund Technology discussing cybersecurity due diligence. To read the...

  • 06/01/2017
    U.S. Tax Court Ruling in Employee Misclassification Case

    IRS must reveal workers’ tax return information in misclassification case A recent unanimous ruling by the U.S. Tax Court could make it easier for employers whose workers have been reclassified as “employees” by the IRS to avoid income tax liability for the workers’ earnings. The ruling allowed an employer access to...

  • 05/30/2017
    Ask the CPA
    By John Chipperfield, Senior Manager

    Q: We know the new revenue recognition principles are on the horizon. Why are they being changed and what should we do?

  • 05/30/2017
    Hill Briefs: Tax Hearing Witnesses; previous Expensing Bill
    By Colleen Murphy, Laura Davison and Kaustuv Basu, Bloomberg BNA

    As seen in Bloomberg BNA

  • 05/30/2017
    New Audit Powers Mean New Liabilities For Partnership Reps

    Forthcoming IRS regulations are expected to grant broad powers to those representing partnerships during audits, but these added capabilities could expose representatives to new risks, liabilities and potential misconduct claims from partners. Michael Greenwald was quoted in Law360 discussing new IRS regulations that would affect partnership representatives during audits. To...

  • 05/25/2017
    A Year After OMB Uniform Guidance Implementation: What We Learned
    By Marie DeCicco, CPA, Principal

    It’s a year after implementation of the Uniform Guidance, which was effective for all federal awards provided after December 26, 2014, and we have now completed the initial cycle of single audits under the new guidance. The experience and knowledge gained will help as we prepare and plan for upcoming...

  • 05/25/2017
    Finding Balance as a Parent, Employee and CPA Candidate

    Balancing a family while working in a demanding industry can be difficult. Senior manager, Melissa Allen penned an article for the NJCPA discussing her journey with balancing life and work while also being a CPA candidate. To read the full article, click here....

  • 05/25/2017
    3 Ways to Be a Leader for Your Company's Culture

    Every charity drive, company picnic, sports team and holiday party is a chance to step up and demonstrate leadership in a way that benefits the whole company. Bruce Madnick was quoted in Fortune discussing taking initiative as a way to be a leader for your company. To read the full...

  • 05/24/2017
    Decoding State Tax Nexus for Foreign Companies
    By Alan Goldenberg, JD, MBA, LLM

    In order for a state to legally impose its taxes upon an out-of-state entity, nexus – a connection between the income producing company and the state – must exist. Nexus laws, which may vary from state to state, can be particularly troublesome for foreign companies who often overlook these complex...

  • 05/24/2017
    Sales and Use Tax when Purchasing Art
    By Tom Corrie, JD, LLM, Principal

    Sales and use tax considerations can be quite complex, and when applied to the purchase of high-end art, these taxes can add up to a hefty sum. During the course of our everyday practice, our clients regularly ask us to address tax issues regarding the purchase and sale of artwork....

  • 05/24/2017
    Proposed Tax Reform Creates Decisive Willingness to Adjust Structure Among Businesses, According to Survey
    By Jo Anna M. Fellon, CPA, Principal and Brian Kristiansen, CPA, Partner

    In May, as the last of the cherry blossoms fall in our nation’s capital, Congress will begin its final session before recessing in early August and retreating to the open waters of Nantucket Sound. Charting much of their course this summer— while eliciting serious discussion and debate among senior business...

  • 05/18/2017
    Survey Finds Businesses with Online Sales May Not Be Prepared for States’ Broader Interpretations of Nexus Rules
    By Tom Corrie, JD, LLM, Principal

    The demise of many of the larger traditional “bricks and mortar” retailers, coupled with the remarkable growth of mega online superstar Amazon, has encouraged many budding retail entrepreneurs to consider following an online sales format when establishing their business models. While the online model is still highly viable in many...

  • 05/15/2017
    Unrelated Business Income Tax: What Your Organization Should Know

    Charitable organizations exempt from tax under the Internal Revenue Code 501(a) may still be subject to the unrelated business income tax. Michael Sutter’s Nonprofit Advisor article on UBIT was featured in GuideStar. Read the full article here....

  • 05/12/2017
    Survey Says: Mixed Reaction to International Tax Reforms, Impact Remains Uncertain
    By Ryan Dudley, CPA, CA, CTA, MIT, Partner

    As President Trump and Congress tackle comprehensive tax reform, one of the most critical and controversial challenges is to effectively enact change on the international tax front. In today’s highly connected, information driven economy, the U.S.’s existing international tax rules are antiquated and generally uncompetitive by global standards, and these rules...

  • 05/12/2017
    Why Jared Kushner may face conflict woes from tax overhaul

    In a CBS Moneywatch story on the possible impact of a tax overhaul on the Kushner Companies, partner Michael Greenwald offers his perspective. To read the full article, click here....

  • 05/11/2017
    Friedman LLP Announces “Dress for the Day” Work Apparel Policy

    With flexible dress code, employees tailor their wardrobe to work agenda and client culture.

  • 05/10/2017
    Tax Reform Could Be Pushed to 2019 as GOP Focuses On Health Care

    Investors and analysts are split on what's next for taxes in light of a renewed effort on Capitol Hill to tackle health care. Partner and Corporate and Business Tax Leader Michael Greenwald was quoted on The Street discussing the importance of slowing down to focus on getting reform right, and...

  • 05/09/2017
    Ask the CPA

    Q: I hear that businesses can receive Pennsylvania tax credits for donations made to educational institutions. How does this work?

  • 05/05/2017
    6 Downsides to Making a Lot of Money

    Being rich may seem like a dream come true, but not all high earners live the high life.

  • 05/03/2017
    Survey Reveals Businesses Using Independent Contractors May be at Risk for Taxes and Penalties
    By David Shuster, JD, LLM

    Clients frequently ask, "What are my chances of being audited?” The answer varies by taxpayer type (business or individual), income level, and positions taken on returns, among many other factors. One thing clients can be sure of, however, is that the overall likelihood of an IRS audit is down more...

  • 05/01/2017
    Who are the winners and losers in Trump's tax plan?

    Who would come out ahead and who would be left behind if President Donald Trump's tax plan were enacted as is? Partner and Business and Corporate Tax Leader Michael Greenwald was quoted in CBS Money Watch discussing how Trump’s tax plan will affect taxpayers. To read the full article, click...

  • 05/01/2017
    Wall Street Gives Trump an Incomplete on First 100 Days

    The White House in recent days has walked a tight rope in the importance of the first 100 days. Michael Greenwald was quoted in The Street in an article discussing the Trump’s administration’s first 100 days. To read the full article, click here....

  • 05/01/2017
    The Survivor

    With a maximum tax rate of 40% for individuals worth $5.49 million and couples worth $10.98 million or more, the federal estate tax is one of the highest tax rates in the nation. Tax partner, Kim Dula was quoted in Financial Advisor, discussing estate planning and survivorship policies. To read...

  • 05/01/2017
    Friedman Ranks 3rd in NJBiz Best Places to Work in New Jersey for 2017

    Friedman is proud to announce that the firm has ranked 3rd among the Large Companies category in NjBiz’s Best Places to Work. Friedman was also ranked the top accounting firm. Among large companies, the Top 35 were ranked. To see the full list, click here....

  • 04/27/2017
    President Trump’s Proposed Tax Plan— What You Need To Know
    By Robert Charron, CPA, Partner

    On Wednesday, Treasury Secretary Steven Mnuchin and National Economic Council director Gary Cohn unveiled what they termed “the biggest tax cut “ in US history.  WHAT YOU NEED TO KNOW The top corporate tax rate would fall from 35% to 15%. Business owners of pass-through entities would have income taxed at the entity...

  • 04/27/2017
    Businesses, Investors Shrug at Trump's Detail-Lite Tax Plan

    In an article in The Street on Trump’s recent unveiling of his tax plan, Partner and Corporate and Business Tax Leader Michael Greenwald noted that it matters for businesses whether tax cuts will be made permanent. To read the full article, click here....

  • 04/25/2017
    UBIT: What Your Organization Should Know
    By Michael F. Sutter, CPA, Partner

    Most organizations exempt from tax under Internal Revenue Code (“IRC”) Section 501(a), including charitable, religious, scientific, and other organizations described in IRC Section 501(c), may be subject to tax on unrelated business income (UBIT), depending on the nature of the activities producing that income. It is important for an organization...

  • 04/25/2017
    Timing Compensation in a Changing Tax Climate

    All eyes on Sec. 409A

  • 04/25/2017
    Tax Tips

    Standard mileage rates can lead to inaccurate reimbursements

  • 04/25/2017
    Did your tax season measure up?

    At the end of tax season, most tax preparation firms, large or small, engage in self-examination. They look back at the season that has just ended and think about how successful they were compared to previous years. Co-managing partner Fred Berk was quoted in Accounting Today on end of year...

  • 04/25/2017
    The changing dynamics of tax reform

    Tax reform is on everyone’s mind after the new administration failed to repeal and replace the Affordable Care Act in its first 100 days. Friedman LLP’s recent tax series was mentioned in Accounting Today in an article on tax reform. To read the full article, click here....

  • 04/19/2017
    Retail Checklist: 10 Keys to Survive in the Rapidly Changing Environment
    By Michael Sacco, CPA, Partner

    The recent demise of many familiar retailers has signaled the end of an era for retail as we know it. Though the retail sector is not going away anytime soon, the old model is changing, and changing fast. It is evident that the retail industry is in need of a...

  • 04/18/2017
    What Is Considered a “Business”— and Why Does it Matter?
    By Christopher Smith, CPA, Partner

    The change to the Financial Accounting Standards Board’s (FASB) definition of a business, made earlier this year in an Accounting Standards Update (ASU),* will likely lead to more acquisitions being accounted for as asset acquisitions rather than business combinations. This is significant, since the definition of a business affects many...

  • 04/18/2017
    Friedman Once Again Ranks High in Quality of Life by Vault

    Friedman is proud to once again announce high quality of life scores in Vault’s 2018 Accounting Rankings. The firm ranked #1 in work/life balance, hours, and relationships with supervisors. Friedman ranked #2 in ten other areas, including satisfaction, firm leadership, culture, and compensation. The Vault Accounting Survey questions assess accountants’...

  • 04/18/2017
    Majority of Businesses Would Offer the Same or More Health Benefits if ACA Repealed, Survey Finds
    By Michael Greenwald, MPPM, CPA, Partner

    A recent survey* of business leaders conducted by Friedman LLP, showed some counterintuitive results when it came to the proposed repeal of the Affordable Care Act (“ACA”). A majority of respondents who were subject to the employer mandate of the ACA indicated they would offer either the same level of health...