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This October, Friedman is a proud sponsor of the 8th Annual New York City Owners Forum, a morning educational event...
Read moreWith states ramping up audits of unclaimed property reporting as a means to uncover revenue, businesses need to be aware...
Read moreThis Week In Tax is your one-stop shop for the latest newsworthy tax highlights, giving you a head start on...
Read moreThe IRS is mandating a new form starting with returns for 2021. The 7203, "S Corporation Shareholder Stock and Debt Basis...
Read moreThis Week In Tax is your one-stop shop for the latest newsworthy tax highlights, giving you a head start on...
Read moreThe IRS is mandating a new form starting with returns for 2021. The 7203, "S Corporation Shareholder Stock and Debt Basis...
Read moreNew foreign tax credit (“FTC”) regulations released in January 2022 have made it more difficult to obtain a “dollar-for-dollar tax credit”...
Read moreA new IRS rule may cause headaches for wealthy clients. The latest requirement to report income from some transactions of...
Read moreMemorial Day is Monday, May 30. We honor the memory of the fallen heroes who made the ultimate sacrifice for...
Read moreWe wrote last week about the America COMPETES Act designed to make American businesses more competitive internationally, particularly with China. Now,...
Read moreWe are approaching the halfway mark of 2022, the final year of 100% Bonus Depreciation. There really isn’t anything much...
Read moreReal estate investments are often held in a partnership. They’ve operated as a partnership for many years and over time...
Read moreAn old aphorism coined by Sir Alec Issigonis, designer of the original Mini, goes that “a camel is a horse...
Read moreThe increased lifetime exemption amount provided for by the Tax Cuts and Jobs Act (“TCJA”) used to shield certain lifetime...
Read moreMany states enacted workarounds for the federal, state, and local (“SALT”) tax $10,000 cap. Most were not perfect when hastily...
Read moreDoesn’t seem fair, but the Internal Revenue Service (IRS) generally enjoys a presumption of correctness as to matters asserted in...
Read moreIt has been a rough few years for the real estate industry. While we have all been shown how unpredictable...
Read moreCryptocurrency represents a paradigm shift for money as we know it — how we save it, how we invest it,...
Read moreThey say the early bird catches the worm, but how early do you really need to file your taxes? In a...
Read moreThe clock is ticking — with only a week to go before Tax Day, it's important as ever to stay...
Read moreIt's important to understand the different rules and requirements for reporting a cash gift or payment. Depending on the amount,...
Read moreAuto #1 – Auto Dealers LIFO Inventory Issues You may recall that in January we told you about how supply chain...
Read moreCongress has introduced two bills of interest to the automotive industry — the first addresses dealers' LIFO inventory concerns and...
Read moreDid you catch Friedman's Kim Dula, CPA and Managing Partner of Philadelphia, live on Yahoo! Finance yesterday? Kim chatted with hosts Julie...
Read morePresident Biden has sent his 2023 budget proposal to Congress, and it includes information about the way individuals, estates, and...
Read moreThe President sent Congress his budget proposal for the 2023 fiscal year. Along with it came the Treasury Department’s General...
Read moreNow that we’ve gone through the individual, estate, gift proposals, let’s tackle some others which may, with one exception, have...
Read moreYou’ve probably heard of cryptocurrency, but you may not know exactly what it is. Let’s start with some basics: 1) Cryptocurrency...
Read moreIt’s not surprising that the IRS is struggling to catch up with cryptocurrency, and fintech in general, given how the...
Read moreTo say that the tax treatment of cryptocurrencies is uncertain would be an understatement. The IRS hopes its guidance will help...
Read moreYou’ve probably heard of Bitcoin. Even if you don’t own it, you likely know someone who does. Since its 2009 debut,...
Read moreAccording to the budget justification it submits to Congress each year, the United States Tax Court’s mission is to provide...
Read moreMany years ago, as a recent college graduate living in Southern California, yours truly was lured to attend one of...
Read moreTwo recent court cases remind us that just because you own a business doesn’t mean it can pay for your...
Read moreOn Wednesday, March 9, the U.S. Securities and Exchange Commission (SEC) proposed a rule change that would require current and periodic...
Read moreThank goodness Dr. John Warnock created the Portable Document Format (PDF). This week, the Staff of the Joint Committee on...
Read moreEven before there was an Internal Revenue Code (IRC) as we know it (1913), there was a deduction for business...
Read moreThe Staff of the Joint Committee on Taxation just released its Bluebook covering more than 200 tax provisions passed since...
Read moreWith Tax Day less than six weeks away, it’s important to understand whether a standard deduction or itemized deduction is...
Read moreWe have seen some dramatic swings in the market this past month. Volatility has investors considering selling off stocks that...
Read moreIn a world where a simple smartphone substitutes for a wallet, a browsing device, and a GPS navigation tool, protecting...
Read moreIn a world where virtually every electronic device can constitute a point of access to your personal data, protecting sensitive information...
Read moreThe midterm elections are less than eight and half months away and primary season has already started in many states....
Read moreOf the various COVID-19 relief programs enacted by Congress since March 2020, the Employee Retention Credit (“ERC”) is both the...
Read moreWhich credits are pending extension and how does a recent ruling in an REIT case stand to impact the industry?...
Read moreAccording to the IRS, 9 out of 10 tax refunds are issued in less than three weeks. So how can...
Read moreOn The Daily Show they say, “When news breaks, we fix it.” We like to follow suit. Since Congress is...
Read moreThe IRS is offering Schedule K-2 and K-3 exemptions for certain partnerships and S-Corps. Our coverage will help you figure...
Read moreJust as the 2021 tax season was a banner year for delays, the IRS is warning that 2022 will be...
Read moreIn our February 11 issue of This Week In Tax, we told you that your business tax return just got...
Read moreWhat are the steps to a successful filing season? Filing before deadline and maximizing deductions, just to name a few,...
Read moreNote: This article was originally published on February 11, 2022. As of February 17, 2022 the IRS has since revised their...
Read moreEven though the tax return filing deadlines are still over 9 weeks away (just under 5 weeks for partnerships and...
Read moreThis week, California Governor Gavin Newsom signed into law Senate Bill 113 which provides a much needed fix to the Elective Pass-Through...
Read moreOn February 9 California Governor Gavin Newsom signed into law Senate Bill (“S.B.”) 113 (“the Bill”) which provides a much...
Read moreAs we head into tax season, you may ask yourself the best ways to find a good tax professional in...
Read moreWhile most standard retirement vehicles include a mix of stocks, bonds, and mutual funds over the last few decades investments...
Read moreLoss-harvesting is a strategy that can be used by investors to leverage the all so common dips of the cryptocurrency...
Read moreNew this week: The Self-Directed IRA may be your path to an unconventionally successful retirement. Plus, what is loss-harvesting and...
Read moreIf you’re filing your own taxes this year, there are simple steps to get started and maximize your refund. Kimberly Dula,...
Read moreJust when you thought it was safe to go back in the water, another perilous tax season is upon us....
Read more2022 tax season is upon us, and with it comes new questions about filing deadlines, regulations, and reporting requirements. We set...
Read moreMove over Hollywood — the entertainment industry isn’t necessarily centered in California anymore, and the Garden State is ready to...
Read moreA drop in pressure generally results in stormy weather, such as the bomb cyclone that might blanket the Northeast this...
Read moreDon’t let tax season sneak up on you this year — now is as good a time as ever to...
Read moreSpecial-purpose acquisition companies (SPACs), often referred to as “blank-check” companies, raised more than $94.4 billion last year and shattered 2020’s...
Read moreOn January 18, 2022, Governor Phil Murphy signed Senate Bill (S.B.) 4068 to revise the elective pass-through entity (PTE) Business...
Read moreProbably all of us at one time or another have leaned back in our chairs while sitting in a movie...
Read moreWilliam Shakespeare’s Juliet thought that a name was arbitrary or irrelevant. Apparently, IRS Chief Counsel agrees, at least when it...
Read moreAfter undergoing significant changes in 2021, the child tax credit is at the center of serious debate on Capitol Hill. Benjamin...
Read moreNot long ago we wrote about a case involving the so-called “hobby loss” rules and how a taxpayer was able to...
Read moreHappy New Year and welcome back! This week, two recent cases illustrate the steps you can take to ensure your...
Read moreIn addition to the medical and sociological implications of the COVID-19 pandemic, the economy has been hard-hit by supply chain...
Read moreNote: This article was originally published on September 13, 2021, with updates on September 29, 2021, November 1, 2021, December...
Read more*Note: In recognition of our employees incredible hard work this year, Friedman LLP will be closed from Friday, December 24...
Read more*Note: In recognition of our employees incredible hard work this year, Friedman LLP will be closed from Friday, December 24...
Read moreKeeping with the spirit of the season, the IRS has now granted victims of Hurricane Ida an additional 43 days...
Read moreAs 2021 winds down and Congress continues to wrestle with the Build Back Better Act (“BBBA”), you should be aware...
Read moreAs 2021 draws to a close and we await a possible Christmas Eve present from Congress in the form of...
Read moreWith our sights set to the holiday season and 2022, read our latest on recently published guidance and FAQs covering...
Read moreBeginning January 10, 2022, Identify Protection Personal Identification Numbers (IP PIN) will be available through the Internal Revenue Service’s (IRS)...
Read moreIn a not so common outcome, on November 18, 2020 the US Tax Court upheld two Internal Revenue Service (“IRS”)...
Read moreThose of us here at Friedman LLP have received our share of client complaints about their refund claims, set forth...
Read moreNew this week: The Taxpayer Advocate Service ("TAS") suspends taking on amended return cases due to IRS backlog. Additionally, the Employee Retention...
Read moreAs expected, the Infrastructure Investment and Jobs Act, otherwise known as the Bipartisan Infrastructure Plan (“BIP”), passed the House of...
Read moreFor those looking to retire in the next few months, or who are simply planning ahead for the future, it's...
Read moreNote: This article was originally published on October 5, 2021, and was updated on November 1, 2021. In a case of...
Read moreAt this writing, President Biden is in Rome for the G20 Summit to be followed by the UN Climate Change...
Read moreIn the race to give President Biden something to talk about in Rome and Glasgow, the House Rules Committee released...
Read moreGiven the rapid proliferation of new tax legislation, the IRS has been relying on issuing so-called Frequently Asked Questions (“FAQs”)...
Read moreExtra! Extra! Read all about it! Certain self-created know-how may still qualify for favorable capital gains tax treatment! Effective 2018,...
Read moreThis Week In Tax: The IRS is formalizing its process relating to the publication of FAQs — find out how the...
Read moreWe are pleased to announce that Steve Brodsky, partner, and Shawna Ruiz, principal, have joined Friedman LLP. Steve has joined Friedman’s...
Read moreAfter a tumultuous 2020, “uncertainty” remains the watchword, especially when it comes to tax planning. The shift in Washington and...
Read moreNew this week: Q Texas court sets a high price in a case involving a business alter ego. The High Cost of...
Read moreTaxpayers often establish business entities to shield themselves personally from liabilities of the business. The laws of different states provide...
Read moreIn June, we told you about recent Internal Revenue Service (IRS) enforcement action related to its 2017 Notice designating types of transactions...
Read moreNew in this week: The Financial Crimes Enforcement Network announces deadline extensions for victims of Hurricane Ida, plus Congress weighs in...
Read moreIn 1997, Congress gave the Treasury the authority to postpone certain deadlines by reason of Presidentially declared disaster. (In 2002,...
Read moreFind the latest Hurricane Ida tax relief update, as well as a surprising tax court ruling in our latest edition...
Read moreMost everyone has a hobby. Some percentage of those with a hobby earn money from their efforts. Gardeners sell their...
Read moreStrengthen your financial decision-making with expert insights on COVID-19 related recovery and President Biden's recently released House Ways and Means Committee...
Read moreThe economic impact of the COVID-19 pandemic lingers and many programs – Paycheck Protection Program (“PPP”) loans, Restaurant Revitalization Fund...
Read moreBen Franklin famously said, “[O]ur new Constitution is now established, and has an appearance that promises permanency; but in this...
Read moreA number of states have enacted pass-through entity taxes (PTETs) as a workaround for reductions in SALT deductions—a development that...
Read moreMany business owners are looking for ways to obtain off-the-grid or sustainable energy resources to mitigate the risk of shutdowns...
Read moreThis week, find crucial new tax relief developments in the wake of Hurricane Ida, plus learn how to maximize the...
Read moreHurricane Ida may be gone but the damage she inflicted and the emergency conditions she created will remain for some...
Read moreBack to Basics, Friedman’s series focusing on nonprofit organizations’, frequently asked questions, has previously covered nonprofit accounting and financial reporting. In...
Read moreSome people take their jobs more seriously than others. By way of example, Senate Finance Committee Chair Ron Wyden has...
Read moreStart September on the right foot with tax guidance from our experts on the proposed DASH Act and New Jersey's...
Read moreEven before COVID-19, trying to determine to which states a business might owe tax, or where it might be obligated...
Read moreOn August 25, the New York State (NYS) Department of Taxation and Finance issued a Technical Memorandum (TSB-M-21(1)C, (1)I) regarding...
Read moreAs the pandemic drags on, many folks continue to work remotely from home. In fact, a number of commentators have...
Read moreOn October 1, 2021 the application window to elect into New York State’s Employer Compensation Expense Tax (“ECET”) will open...
Read morePrepare for the month ahead with new tax highlights and guidance from our experts. She is Working Remotely – Independent Contractor...
Read moreThe Tax Cuts and Jobs Act (“TCJA”) may have lowered the corporate tax rate but it also created a new...
Read moreFind the latest tax guidance on the Tax Cuts and Jobs Act (TCJA) and updates on foreign tax credits —...
Read moreOn August 16, 2021, the U.S. Tax Court denied a U.S. citizen living abroad from claiming a foreign tax credit...
Read moreThis week's tax highlights include additional ERC guidance and clarification, carried interests and gross receipts. IRS Notice 2021-49: Additional ERC Guidance and Clarification Earlier...
Read moreThe so-called carried interest “loophole” has been a target of many presidential candidates and legislators. President Biden campaigned on closing it...
Read moreIt should ordinarily be obvious that if something isn’t part of gross income is shouldn’t be considered part of gross...
Read moreWith a recent trend in wealthy clients moving from high-tax to low-tax states, advisors are urging folks to think about the...
Read moreEarlier this year, the IRS issued two notices, 2021-20 and 2021-23, attempting to provide guidance on the Employee Retention Credit...
Read moreThe $1 trillion (or so) Infrastructure Investment and Jobs Act (“IIJA”) is moving its way through the Senate. It is...
Read moreLast week, the Internal Revenue Service (“IRS”) urged entities with Employer Identification Numbers (“EINs”) to update their so called responsible party...
Read moreRead the latest from our advisors for updates on the Paycheck Protection Program, Employer Identification Numbers, and the latest Infrastructure bill in Congress. The...
Read moreIf you’ve ever searched the Internet looking for information on a particular tax topic, you may have been directed to...
Read moreIn early July 2021, New Jersey Governor Phil Murphy approved new legislation in an effort to ensure the proper classification...
Read moreStart August on the right foot with new tax highlights and guidance from our experts. You Too Can Know What IRS...
Read moreWith recess looming in less than two weeks, the bipartisan group of Senators negotiating a stand-alone infrastructure bill announced that...
Read moreThe IRS has been making headlines this month as they continue to hire thousands of workers in preparation for a potentially massive tax-enforcement...
Read moreAs he promised last month, Senate Finance Committee Chair Ron Wyden has proposed legislation aimed at “fixing” the 20% Qualified...
Read moreIn the first issue of This Week in Tax we said it seemed that state and local tax (“SALT”) cap...
Read moreWelcome back to another weekly tax roundup, featuring insights on SALT Cap workarounds and PTE, pass-through deductions and PPP loans. The List is...
Read moreThe Paycheck Protection Program (“PPP”) was a key part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”)...
Read moreAs possible estate tax increases loom over the horizon, clients can start considering moves to help soften the blow now,...
Read moreRecognizing that aspects of the international tax regime can be unnecessarily complicated, the Internal Revenue Service (“IRS”) issued Revenue Procedure...
Read moreThe United States Supreme Court decided yet again not to intervene in a federal income tax case. It is not...
Read moreAs another week comes to a close, our team is here to bring you another roundup of tax highlights, this...
Read moreAccording to New York State (NYS), it’s not always in your best interest to apply an overpayment of tax to...
Read moreFor the last few years, companies have benefited from a dynamic tax and regulatory environment characterized by lower taxes and...
Read moreNew York’s recently enacted fiscal 2021–2022 budget legislation introduced a myriad of significant state income tax changes that will affect...
Read moreWe mentioned a few weeks ago that the IRS is stepping up their examination of LLC members and underreporting of...
Read moreVery often a sequel does not live up to the achievements of the original movie (feel free to skip “The...
Read moreDespite the uncertainty in the financial world over the past 18 months, 2020 and 2021 have been exciting years for...
Read moreIn this age of the pandemic, the respective states have suffered severe reductions in their expected tax revenues. Since many employees...
Read moreEveryone agrees that the Internal Revenue Code is complicated. No one is sure exactly how long it is, but recent...
Read moreThe 2017 Tax Cuts and Jobs Act (“TCJA”) brought many changes reducing the tax burden for corporations, owners of pass-through...
Read moreJust like that, we blinked and it was July. Don't let the summer — or this week's new and noteworthy tax...
Read moreLast week the Supreme Court essentially upheld the Affordable Care Act (“ACA”), determining that the plaintiffs, which included several states...
Read moreEntrepreneurs often spend money in addition to time in the pursuit of a successful business. They bear the risks and, in...
Read moreThe Internal Revenue Code is often used as a means of encouraging certain socially positive behaviors. Among these are charitable contributions...
Read moreWelcome to the first edition of Friedman's "Week in Tax" Highlights. Stay informed of the critical tax changes that matter...
Read moreIn response to taxpayer requests, the Internal Revenue Service (IRS) will sometimes provide a Private Letter Ruling (“PLR”) to a...
Read moreCicada broods re-emerge every 13 to 17 years. The question of whether LLC members are subject to self-employment tax (“SE...
Read moreIt is often said that the people who make out best in a divorce are the attorneys. Sometimes, however, it’s...
Read moreWith new tax laws on the horizon under the Biden administration, picking smart tax tactics for the rest of 2021 may...
Read moreGifts to trusts can take advantage of high tax exemptions and remove future appreciation of assets from taxable estates. One example...
Read moreAn individual is subject to tax on all of their income by the state in which they are domiciled. Over...
Read morePerhaps no area of compliance gives businesses more trouble than that of escheat, commonly known as unclaimed property (“UP”). I’ve...
Read moreFriedman's Christian Burgos recently appeared on the Stoler Report to discuss the SALT Cap Workaround, available to partnerships and S corporations, comprised solely of...
Read moreA tax-law exception allows clients to now contribute up to $75,000 to a 529 college savings account in 2021 for...
Read moreNew York State's Governor Cuomo signed off on the largest state budget in the history of the state — with...
Read moreOn April 19, 2021, Governor Andrew Cuomo signed New York State's fiscal-year 2021/2022 budget bill (S.2509-C/A.3009-C). The comprehensive budget legislation includes several changes to...
Read morePresident Biden campaigned on a promise to “Build Back Better.” He also promised to raise corporate taxes, eliminate tax breaks...
Read moreFriedman’s State and Local tax expert, Christian Burgos shares why it may be more beneficial for some tax payers to...
Read moreIn an attempt to take the title for highest tax rates in the country from California, New York State has...
Read moreFriedman’s, David Shuster was recently featured in an exclusive Forbes article, covering key details of the IRS’s decision to extend...
Read moreWhen it comes to marketing, putting yourself in your audience’s shoes is critical. Friedman LLP’s Chief Marketing Offers lends a...
Read more1 Key Tip to Add to Your Tax Planning Toolbox The economic and social impact of the COVID-19 pandemic has left...
Read moreAs the real estate industry continues to struggle with economic challenges created by the pandemic, restructuring debt and leases can...
Read moreAccess this powerful recording where our experts unpack key provisions of the newly released IRS Employee Retention Credit guidance and...
Read moreThe challenges associated with the COVID-19 pandemic have caused taxpayer to cross their fingers in the hopes of an extended...
Read moreProviding innovative services is a vital component in today’s ever-changing landscape to evolve alongside clients’ needs. Friedman’s Fred Berk speaks to...
Read moreWhile we were all busy watching the IRS try to pivot for the changes to the Employee Retention Credit, the...
Read moreHow Will 2020 Tax Filing Impact You? Despite unprecedented concerns among taxpayers and the mounting paperwork on accountants’ desks, the usual...
Read moreThe commercial real estate market has experienced an increase in delinquencies for commercial mortgage-backed securities (CMBS) from 2.29% in April...
Read moreThe Consolidated Appropriations Act, 2021 (the "Act"), passed on December 27, 2020, included a $2.3 trillion spending bill to provide...
Read moreFriedman's experts walked participants through critical details of the new stimulus bill, the Consolidated Appropriations Act of 2021. Access the complete...
Read moreFriedman's Farnaz Amini, Ph.D., and Adnan Islam, Esq., CPA, LL.M. were featured in a comprehensive article covering blockchain and transfer pricing....
Read moreDavid Shuster was featured in an exclusive interview with Accounting Today, covering how the pandemic will affect tax revenues. “Given the magnitude...
Read moreWe’re thrilled to be listed among IPA’s top 400 accounting firms for 2020. Without a doubt, this year was one of...
Read moreWith four days to spare before the effective date of Tuesday, September 1, Treasury finally released guidance implementing the President’s...
Read moreJust when you thought it was safe to proceed with applying for Paycheck Protection Program (“PPP”) loan forgiveness, the Small...
Read moreLast week, the Treasury and IRS announced final regulations limiting the effectiveness of certain State and Local Tax (“SALT”) cap workarounds. Following...
Read moreAs the Small Business Administration (SBA) gets ready to accept lenders’ Paycheck Protection Program (PPP) loan forgiveness applications on August...
Read moreThank you for joining our webinar. If you missed it or would like to view again, access it any time...
Read moreThe Tax Cuts and Jobs Act (“TCJA”) was the most sweeping overhaul of the Internal Revenue Code since President Reagan’s...
Read moreOn July 28, the Internal Revenue Service finally released its guidance on the deductibility of business interest. We expected this...
Read moreMichael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader spoke aboutPPP Loan Forgiveness in an exclusive webinar with Obermayer. Watch the full...
Read moreAccess the live recording of our virtual webinar where our nonprofit experts answered frequently asked questions in light of COVID-19,...
Read moreTwo Federal Reserve programs, the Main Street New Loan Facility and Main Street Expanded Loan Facility, which together will make...
Read moreFollowing the signing of the CARES Act, the Small Business Administration (SBA) and Treasury Department announced today that they have...
Read moreOn March 20, the IRS released a notice providing guidance for taxpayers with respect to the extension of time to...
Read moreOn the evening of March 20th, New York City's Mayor, Bill de Blasio, signed an executive order delaying the deadline...
Read moreOn March 19, the Commissioner of New York City’s Department of Finance, Jacques Jiha, announced that New York City will...
Read moreThe Treasury’s latest proposal for dealing with the economic dislocation caused by the coronavirus pandemic allocates more than $1 trillion...
Read moreAccording to comments at a press conference and throughout the day, Treasury Secretary Steven Mnuchin says the Treasury intends to...
Read moreWhile the outbreak of COVID-19 continues to impede commercial travel in the regions affected, Friedman has measures in place that...
Read moreThe Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the entertainment deduction but kept the deduction for travel expenses...
Read moreQualified Opportunity Zones (QOZ) were first introduced as part of the Tax Cuts and Jobs Act and provide significant tax...
Read moreTax Practice Leader, Bob Charron, recently spoke with Accounting Today about the 2020 tax season. “In watching late-season football games, I...
Read moreFriedman Partner, Bruce Marks was recently featured in an article on how taxpayers can ease the burden of filing their...
Read moreIf you sell, buy or rent real estate in New York, you may be liable for new taxes following significant...
Read moreFriedman's Michael Greenwald recently provided Bloomberg with insight on the upcoming tax season, saying it will likely be just as difficult...
Read moreBob Charron sat with State & Local Tax Experts, Tom Corrie and Alan Goldenberg to find out everything you need...
Read moreJust before Christmas, the President signed the fiscal year 2020 appropriations bill which extended a number of tax benefits that...
Read moreThe elimination of familiar tax planning strategies under the Tax Cuts & Jobs Act (TCJA) in addition to potential changes...
Read moreCo-Practice Leader of Friedman's International Tax Group, Ryan Dudley, recently shared insight with Fortune.com on effective tax rates and how...
Read moreElizabeth Cummings, a Tax Director in Friedman's Philadephia office, was recently featured in a year-end tax planning article written by the...
Read more1 year and 43 states later, grasping the widespread changes created by the Wayfair Ruling on sales tax is still...
Read moreDirector of Friedman's State and Local Tax (SALT) Group, Tom Corrie, recently discussed how SALT issues are becoming more and...
Read moreFriedman's Business Entity Tax Practice Leader, Michael Greenwald, and Tax Practice Leader, Bob Charron, recently discussed the tax liabilities that...
Read moreWatch Partner and Business Entity Tax Practice Leader, Michael Greenwald's recent presentation at "Paths to Liquidity and Diversification," where four firms...
Read moreWatch Partner and Tax Practice Leader, Bob Charron's recent presentation at "Paths to Liquidity and Diversification," where four firms shared...
Read moreMore and more taxpayers are beginning to feel the impact of the Tax Cuts and Jobs Act’s $10,000 cap on...
Read moreOn October 9th, the Internal Revenue Service (IRS) issued the first cryptocurrency tax guidance since 2014, advising digital currency holders...
Read moreFor businesses operating across multiple states, it’s critical to understand the impact of complex apportionment rules on your overall tax...
Read moreFriedman's Corporate and Business Tax Practice Leader, Michael Greenwald, recently discussed the appeal of 1031 Exchanges with Forbes. A 1031 Exchange...
Read moreAllergan Plc, a drug company that moved to Ireland in 2015 to avoid U.S. taxes, has been acquired by AbbVie Inc. signaling...
Read moreMany individuals are looking for ways to mitigate the financial burden brought about by the $10,000 SALT Deduction cap in...
Read moreFriedman's Alan Goldenberg recently sat with Fox Business to discuss the widespread impact the cap on state and local tax...
Read moreCorporate and Business Tax Practice Leader, Michael Greenwald, recently spoke with Forbes on Deferred Sales Trusts. Greenwald says that a required...
Read moreAs expected, the IRS on Tuesday put the kibosh on state programs designed to help taxpayers circumvent the newly imposed...
Read moreThe Tax Cuts and Jobs Act (“TCJA”) imposed tax on gains derived from the disposition of interests in partnerships carrying...
Read moreMarketplace providers (i.e., Amazon and EBay) with taxable sales into New York must collect and remit sales tax once they...
Read moreThe Tax Cuts and Jobs Act ("TCJA") doubled the generation-skipping transfer ("GST") tax exemption to $10 million beginning last year....
Read moreInternal Revenue Code Section §274(a)(4), is one of the many provisions that were amended under the Tax Cuts & Jobs...
Read moreCarl Bagell, Managing Partner of Friedman's Southern New Jersey office, recently spoke with NJBIZ on the challenges and uncertainties of this tax...
Read moreTax Practice Leader, Bob Charron was recently interviewed by Fortune about how changes to the tax code have affected individual tax...
Read moreCorporate and Business Tax Practice Leader, Michael Greenwald, shares the significant changes to the tax code brought along by the...
Read moreAs an individual taxpayer, due to the large scale changes triggered by the Tax Cuts and Jobs Act ("TCJA"), you'll need...
Read moreFrom "Summer Fridays" to flexible work schedules, our employees enjoy a work structure that puts their happiness in the center....
Read moreFriedman's Jo Anna Fellon was recently quoted in an article by ROI NJ about the difficulties of this tax season. "It's a...
Read moreTax Practice Leader, Bob Charron gave his expert insight on claiming mileage tax deductions in a publication by US News and...
Read moreManaging Partner of our Philadelphia office, Kim Dula shared critical insights with CNBC about the significant effects the Tax Cuts and Jobs Act ("TCJA")...
Read moreFriedman LLP is pleased to announce that Jay Graham has joined the firm’s New York office as a Tax Partner....
Read moreFriedman's Tax Practice Leader, Bob Charron, was quoted by NBC News in an article on how tax returns have been affected...
Read moreQualified Opportunity Zone Practice Leader, Steve Bokiess, was featured in an article by Crain's New York Business regarding the high...
Read moreHear insights from tax partner Kim Dula on the importance of creating and regularly revisiting your succession plan. For guidance on...
Read moreIn the state personal income tax area, perhaps no subject is less understood than the concept of “domicile,” or what...
Read moreFriedman’s tax experts have stayed on the pulse of changes surrounding the Centralized Partnership Audit Regime (CPAR), enacted as part...
Read moreTax Practice Leader, Bob Charron, was recently quoted in an article by LifeHacker.com, "When You Should Itemize Your Taxes". In...
Read moreAfter much waiting, the IRS has provided the final rules for the new 20% deduction for pass-through businesses. The final rules...
Read moreOn January 24, 2019, the Tax Commission of the City of New York approved legislation to raise the threshold for...
Read moreWith 8,700 Qualified Opportunity Zones ("QOZ") covering the United States, now is the time to understand how you can take advantage...
Read moreEstate and income tax planning changed dramatically under the Tax Cuts and Jobs Act of 2017 (TCJA). For estate and...
Read moreCorporate and Business Tax Practice Leader, Michael Greenwald recently gave his expert advice to partnerships in an article published by Bloomberg BNA. Greenwald stresses the...
Read moreIn Long Island Business News' issue on "Forward Thinking", Friedman's David McKelvey gave his outlook on what 2019 will be like...
Read moreWatch this exclusive video featuring Jonathan Curry-Edwards, CPA on ways to help you maximize the tax benefits of your charitable contributions. Read the Transcript It’s...
Read moreFriedman's Kim Dula was recently quoted by Fortune on the effect new tax laws have on charitable donations. Dula says, "without...
Read moreJo Anna Fellon, CPA, Partner gave her reassuring insights to Compliance Week in their article on companies' shift in tax...
Read moreAs 2018 comes to a close and with the holidays upon us, the IRS has given us a gift in...
Read morePHILADELPHIA, December 5, 2018 -- Friedman LLP, a leading accounting, tax and advisory firm based in New York and with...
Read moreTax Practice Leader, Bob Charron, was recently quoted in an article by Consumer Reports on the deductability of large medical bills. "If...
Read moreFriedman's Adnan Islam recently authored an article featured in Law360 regarding the tax changes brought along by the Tax Cuts and...
Read moreNew Jersey will be offering a tax amnesty program to encourage taxpayers with outstanding taxes to pay the taxes they...
Read moreConcerned how the latest tax developments may impact your 2018 tax strategies? As you head into your 2018 tax planning, this...
Read moreThe recently proposed Section 199A statute has raised many questions, including who may qualify for the new deduction of up...
Read moreThe revised guidelines for Net Operating Loss (NOL) means top earners may not feel the full benefit of tax rate...
Read moreThroughout the year, the topic of tax reform has been a hot topic for many business owners and individual taxpayers....
Read moreThis year brought about the largest tax reform in 30 years, and many individuals are wondering how these changes may...
Read moreWith the end of 2018 quickly approaching, it is imperative business entrepreneurs assess significant changes under the Tax Cuts and...
Read moreWhile the Tax Cuts and Jobs Act raised the standard tax deduction, other deductions such as charitable gifts have been limited. Friedman's...
Read moreWhen a business fails to remit payroll taxes, the IRS has the authority to collect those taxes from “responsible persons,”...
Read moreThe IRS recently clarified that the business meal deduction remains allowable in certain circumstances under the Tax Cuts and Jobs...
Read moreFriedman’s tax experts have stayed on the pulse of changes surrounding the Centralized Partnership Audit Regime (“CPAR”), enacted as part...
Read moreThe IRS recently released the highly anticipated proposed regulations for Section 199A deductions. For self-employed individuals and pass-through entities, these...
Read moreTake advantage of a new income tax planning opportunity leveraging trusts with key insights from Jonathan Curry-Edwards, CPA. Read the Transcript Tax...
Read moreWatch this exclusive video featuring Tom Corrie, JD, LLM, Principal for powerful insights to help you navigate and maximize your individual tax position...
Read moreWatch the fourth episode in this exclusive series featuring Michael J. Greenwald MPPM, CPA, Partner to help inform your decision-making in light...
Read moreThe New York Department of Taxation and Finance has issued a much anticipated tax memorandum clarifying how its new, optional...
Read moreOver the weekend, New Jersey Governor Phil Murphy and state lawmakers reached a budget deal and became the last state...
Read moreAs a follow up to our recent Tax Alert covering the June 21, 2018 U.S. Supreme Court decision in the...
Read moreToday, the Supreme Court ruled in favor of a South Dakota law that requires remote sellers to collect and remit...
Read moreOn May 2, 2018, Governor Phil Murphy signed the Earned Sick and Safe Days Act, which will allow specified employees...
Read moreTom Corrie sheds light on the Supreme Court’s viewpoints on sales tax as it relates to South Dakota v Wayfair...
Read moreWhile most states employ some type of a net income tax to raise revenue from businesses, some states impose a...
Read moreQualified Opportunity Zones, a feature of the 2017 Tax Cuts and Jobs Act (TCJA), are rapidly taking shape and may...
Read moreIn a May 21, 2018 statement, the IRS’s Large Business and International Division (LB&I) announced it will be launching campaigns...
Read moreFor those who make substantial donations to charity, it’s important to evaluate the impact of the Tax Cuts and Jobs...
Read moreOn March 30, the New York Legislature passed a $168.3 billion budget bill containing a variety of changes aimed at...
Read moreThe term “decanting” typically is associated with wine. But, in regard to an irrevocable trust, decanting allows a trustee to...
Read moreThese brief tips explain the pros and cons of using a calendar tax year vs. a fiscal tax year, how...
Read moreThere is still considerable uncertainty as to how to interpret many aspects of the new tax law, which results from...
Read moreLike many states, Connecticut is wrestling with how the Tax Cuts and Jobs Act's ("TCJA") $10,000 limitation on a taxpayer's...
Read moreSince the law was passed in 2015, technical corrections to the new partnership audit law are finally giving the new regime...
Read moreFreidman’s Bob Charron and Mike Greenwald sit down with Michael Stoler to analyze the Tax Reform Act for individuals and...
Read moreWhen Congress passed the law formerly known as the Tax Cuts and Jobs Act (“TCJA”) in December 2017, most commentators...
Read moreNew tax law limits your deduction for real estate and state and local income taxes to $10,000. If you have...
Read moreGet vital information on a possible work around for Connecticut’s $10,000 SALT deduction limit in the federal Tax Cuts and Jobs...
Read moreThe Internal Revenue Service anticipates more than 155 million tax returns to be filed this year. Thanks to Emancipation Day...
Read moreFriedman LLP’s Mike Greenwald shared pivotal insights on the impact of 2018 Tax Changes on the real estate industry at...
Read moreWhile revamping the United State Tax Code, Congress may have created a “grain glitch.” If left in place, the deduction...
Read moreBrian Kristiansen shares insights on whether or not business owners can take advantage of new, lower business taxes under new...
Read moreFreelancers may be among the first to experience the effects of sweeping tax reform, namely the repercussions caused by changes...
Read moreFriedman LLP’s Bob Charron weighs in on the new tax law in the Jewish Exponent Article, “Accountant: Most Will See...
Read moreIf a business owner holds a business-related debt that’s become worthless or uncollectible, a “bad debt” deduction may allow him...
Read moreLet’s face it… taxes are complicated and when the IRS is not able to answer your questions, how do you...
Read moreFriedman LLP’s Stuart Katz was featured in Bloomberg BNA discussing the new Pennsylvania withholding rules that went into effect January...
Read moreFriedman LLP’s Robert Charron was a featured guest on the newest Stoler Report, “The Tax Reform Act & Its Effect...
Read moreFriedman LLP’s Ryan Dudley was featured in CNNMoney article, “Tax overhaul costs Goldman Sachs $5 billion.” The tax overhaul is...
Read moreHost of podcast series, “Financial Quarterback” Josh Jalinski interviews special guest Bob Charron, CPA Partner at Friedman LLP for exclusive...
Read moreAs a follow up to our December 20 Tax Alert covering domestic tax provisions included in the Conference Report, this alert provides a comprehensive overview of the Report’s international tax provisions. Read on for highlights on the ways you and your business may be directly impacted.
Read moreLast Friday, December 15, the Conference Report reconciling the House and Senate versions of tax reform was released. Both the...
Read moreFriedman LLP’s Bob Charron, shares insights in the Consumer Reports, The New Tax Bill's Winners and Losers article. In discussing the long-term...
Read moreFriedman LLP’s Robert Graham shares vital insights in MarketWatch’s “Uncle Sam is coming after your bitcoin gains” article. In discussing...
Read moreAs the tax year draws to a close, taxpayers begin exploring ways to reduce their tax liability. If you plan...
Read moreTo help steer your tax planning strategies under the current Trump Administration, this online guide provides an overview of key...
Read moreMarketplace Radio featured insights from Friedman’s Kim Dula in an exclusive segment about Why accountants can't wait for the new...
Read moreAs Washington takes up the mantle of tax reform, Friedman LLP proudly releases a timely study featuring insights gleaned from a...
Read moreNearly twenty years ago, while consulting with several clients about state and local tax issues, I discovered a problematic theme—noncompliance...
Read moreIf a business dedicates resources to creating or improving products, processes or software, it may be eligible for substantial federal...
Read moreFor businesses operating in Philadelphia, it is critical to be aware of certain aspects of Philadelphia’s onerous business tax regime,...
Read moreTaxpayers are often faced with a dilemma regarding investments that appreciate rapidly within a holding period that is less than...
Read moreAs Seen in Philadelphia Business Journal So, you’re ready to hand over the reins to your family business, but not all...
Read moreWhat key details and policy goals are missing from the Trump Administration’s tax plan? Friedman’s Mike Greenwald highlights the seemingly...
Read moreWe are pleased to announce that Ominto, Inc. has appointed Friedman LLP as its new audit firm. Ominto is a...
Read moreThis exclusive Tax Alert provides expert insights on critical areas not mentioned in the President's recently released tax reform framework....
Read morePresident Trump unveiled his tax reform plan, known as the “September Framework,” promising tax cuts to working class Americans and...
Read moreWhile congress continues to prioritize tax reform in the Trump Administration, uncertainty and instability loom over the real estate industry,...
Read moreAirbnb’s increasing popularity as a solution for homeowners to make money on unused space may actually be costing them by...
Read moreMichael J. Greenwald shares must-know insights surrounding impending adjustments to the Partnership Audit Rules in an exclusive Bloomberg BNA feature....
Read moreThe goal of the tax overhaul promised by President Trump and Republican congressional leaders is to reduce the tax bills...
Read moreWith the last major tax overhaul taking place more than thirty years ago, it’s time to modernize the tax code...
Read moreIf you missed the filing deadline to elect portability and increase your federal gift and estate tax exclusion, there's still...
Read moreNews for online marketplace sellers in participating states: beginning August 17, 2017 through October 17, 2017, the Multistate Tax Commission...
Read moreThese brief tips explain why it’s important to obtain a contemporaneous written acknowledgment when substantiating a charitable deduction; detail a...
Read morePerhaps one of the most misunderstood areas in the state and local tax field is that of “use tax.” Most...
Read moreDid you know that employers can deduct employees’ travel expenses, including amounts for meals and lodging, if both the employer...
Read moreConcerned how tax proposals may impact you and your business? Learn how other business leaders would react to tax reform...
Read moreIn May, as the last of the cherry blossoms fall in our nation’s capital, Congress will begin its final session...
Read moreSales and use tax considerations can be quite complex, and when applied to the purchase of high-end art, these taxes...
Read moreIn order for a state to legally impose its taxes upon an out-of-state entity, nexus – a connection between the...
Read moreThe demise of many of the larger traditional “bricks and mortar” retailers, coupled with the remarkable growth of mega online...
Read moreAs President Trump and Congress tackle comprehensive tax reform, one of the most critical and controversial challenges is to effectively...
Read moreInvestors and analysts are split on what's next for taxes in light of a renewed effort on Capitol Hill to...
Read moreClients frequently ask, "What are my chances of being audited?” The answer varies by taxpayer type (business or individual), income...
Read moreWho would come out ahead and who would be left behind if President Donald Trump's tax plan were enacted as...
Read moreMany people expect to see significant tax reform in the near future now that Republicans are in control of Congress...
Read moreMany companies use the IRS’s standard mileage rate to reimburse employees for business use of their vehicles on a tax-free...
Read moreINSIGHT 1 Business leaders in New York, New Jersey, Connecticut and Pennsylvania strongly support a variety of tax reform proposals under...
Read moreAs Washington takes up the mantle of tax reform, Friedman LLP proudly releases a timely series of insights gleaned from...
Read moreMany developers of real estate projects involving the rehabilitation of older buildings or historic structures may be overlooking a valuable...
Read moreAs Seen in Philadelphia Business Journal A QDRO is a court order for a retirement plan to pay child support, alimony...
Read moreAs Seen in Philadelphia Business Journal A: In preparation for the upcoming filing season, our recommendations would include the following: Be Organized Whether you...
Read moreThese brief tips cover scams to be aware of during tax season, how to check your IRS account online and...
Read moreIt comes as no surprise to New Yorkers that year after year, numerous tax studies conclude that they face some...
Read moreFor many foreign companies expanding their business operations into the United States, the focus of their tax planning usually centers...
Read moreThese brief tips cover how the IRS has made it easier for taxpayers to obtain an extension for retirement plan...
Read moreBusinesses are often surprised to learn of the New York City Unincorporated Business Tax (UBT), an entity-level tax imposed on...
Read moreThe IRS issued an alert yesterday warning taxpayers about a new scam involving emails sent to taxpayers with a fraudulent...
Read moreA new rule forcing partnerships to declare they won’t voluntarily file for bankruptcy as a prerequisite for electing a revamped...
Read moreFor partnerships, including limited liability companies taxed as partnerships, new audit rules are a game changer. The rules apply to...
Read moreDo you plan to expand your work force? If so, the Work Opportunity Tax Credit (WOTC) is a federal nonrefundable...
Read moreThis issue’s “Tax Tips” article details why taxpayers should consider giving appreciated stock to their children to minimize capital gains...
Read moreOn July 26, 2016, Pennsylvania’s Department of Revenue (DOR) issued a summary of the recently enacted 2016–2017 budget. Below are...
Read moreA Common Problem Recently, I received a call from a gentleman who had been doing business in New York City for...
Read moreRecently, both New York State (the “State”) and New York City (the “City”) have modified the methods prescribed with respect...
Read moreSome of the biggest compliance challenges facing taxpayers are not found with income taxes, but rather with sales tax. Properly...
Read moreForbes sat down with Friedman’s Mike Greenwald and Kim Dula to discuss Friedman’s recent research into business leaders’ sentiments regarding...
Read moreEver felt like you’re paying too much in taxes? You might be. Bob Charron, partner in Friedman LLP’s tax practice,...
Read moreIf you're looking for clues about how the IRS will approach regulations for the new regime for partnership audits, you...
Read moreThink you've escaped a huge tax bill by heading to a tax-free state or another country? It all depends what...
Read moreKim Dula, partner with Friedman LLP, sits down with WOR radio and the Financial Quarterback radio show to discuss shared...
Read moreIn recent years, a large number of Americans living abroad — or planning to do so — have renounced their...
Read moreA BDIT, also known as the “Beneficiary Defective Inheritor’s Trust,” is one of the most powerful estate tax and asset...
Read moreAn annual bonus plan can be a great way to attract, retain and motivate employees. And if the plan is...
Read moreIf you own an interest in an S corporation, partnership or LLC, it’s a good idea to review the potential...
Read morePerhaps nothing causes more consternation among small and mid-sized business owners than the employee versus independent contractor problem. Generally, the...
Read moreWhen it comes to taxes, residency may have a bigger impact than you think. Taxpayers are generally acquainted with the...
Read moreWith year end right around the corner, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH...
Read moreOn December 18, President Obama signed into law the bipartisan Protecting Americans from Tax Hikes Act of 2015 (the “PATH...
Read moreYahoo announced that it would not spin off its stake in Chinese e-commerce giant Alibaba group, citing tax concerns. Instead,...
Read moreOn December 18, the Senate passed the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”), which the House...
Read moreEnd-of-year tax planning provides an opportunity to review the past year’s finances, and generate an approach for going into the...
Read moreThe Garden State is home to 200,000 small businesses with fewer than 500 employees – along with some 600,000 self-employed...
Read morePartnership Audit Rules Revised Under 2015 Budget Act It is rare these days for Congress and the IRS to see eye...
Read moreThe Bipartisan Budget Act of 2015 contains a provision that can significantly affect the retirement planning of many Americans. It...
Read moreTo help you make the most of the tax-saving opportunities available to you, we’re pleased to introduce our online Tax...
Read moreYear-end tax planning this year will be just as complicated as it was last year due to uncertainty surrounding many...
Read moreCalifornia’s 38.5 million residents represent the ninth largest economy in the world. Yet, when it comes to tax regimes, California’s...
Read moreMoving overseas to cut the tax burden remains a viable option for some firms, though the presidential candidates may have...
Read moreThe reporting requirements of the Affordable Care Act ("ACA") are now in effect, with mandatory reporting required for all applicable...
Read moreMany 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.
Read moreUntil 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.
Read moreThe 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.
Read moreNew 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.
Read moreDr. 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.
Read moreIn 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.
Read moreAs 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.
Read moreFor 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.
Read moreRoth 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.
Read moreThe 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.
Read morePartner Michael Greenwald was recently featured on Fox 5 News discussing the pitfalls of leaving money on the table during...
Read moreReal estate transfer tax is a tax imposed by states, counties and municipalities for the privilege of transferring real property within a jurisdiction. The tax is sometimes referred to as real estate conveyance tax, mortgage transfer tax or documentary stamp tax, among other terms.
Read moreOn Dec. 16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which the House had passed on Dec. 3. TIPA is the latest "extender" package, a stopgap measure that retroactively extends through Dec. 31, 2014, certain tax relief provisions that expired at the end of 2013. It was drafted after the collapse of negotiations over a bill that would have made some of the provisions permanent, while extending others for two years.
Read moreParties to merger and acquisition (M&A) transactions involving closely held corporations may enjoy certain tax benefits if they can allocate a portion of the purchase price to individual shareholders’ personal goodwill. Although the IRS doesn’t much like personal goodwill, a recent Tax Court case (see the sidebar "Personal goodwill is alive and well") confirms that it remains a viable tax-planning tool under the right circumstances.
Read moreIf you or your spouse is a non-U.S. citizen, different rules apply to your estate plan. One misstep can lead to unpleasant tax surprises, so make sure you understand the differences.
Read moreAs a state and local tax practitioner located in New York City, one of the questions I hear most often from potential clients is "What is Commercial Rent Tax?" Usually, that inquiry is immediately followed by the exclamation "I didn’t even know such a tax existed!" After I start explaining the nature of the Commercial Rent Tax ("the CRT") to them, they generally find it difficult to believe that New York City (the "City") imposes a tax on the very expensive rent already being paid by them. Guess what, it does!
Read moreThe New York State and New York City tax laws have numerous traps for unwary nonresidents. To avoid one of the biggest tax hazards, nonresidents owning or renting homes within New York must be aware of the applicable residency tests and what records they should maintain to avoid a dual residency determination. Nonresidents of New York State are only taxed on income earned in or sourced to the state. New York City only taxes city residents. However, if a nonresident is not attentive to the residency tests, the tax consequences can have New York State, and possibly New York City, seeking to impose tax on all income, including interest, dividends, and capital gains, regardless of its source.
Read moreAs tax season approaches, be on the alert for tax fraud. Every year, the IRS publishes its list of "Dirty Dozen" tax scams. Here are two of the most common:
Read moreThe research tax credit may, in many cases, save taxpayers substantial tax dollars.
Read moreMaking large gifts can be a challenge if they consist of illiquid, difficult-to-value assets, such as interests in a business...
Read moreFor years, large corporations have used captive insurance companies to control insurance costs. Today, even small, closely held businesses are...
Read moreDo 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.
Read moreIf 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.
Read moreAlthough 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.
Read moreA 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.
Read moreEarlier this month, the 2014-2015 NYS budget passed with an extension of all Lower Manhattan incentive programs.
Read moreThe 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.
Read moreIt’s not very often that state taxing officials present taxpayers with bona fide refund opportunities.
Read moreThe 3.8% net investment income tax (NIIT), which went into effect in 2013 under the Affordable Care Act, continues to create confusion.
Read moreAffluent families looking for ways to reduce their gift and estate tax exposure should consider private annuities.
Read moreIf 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.
Read moreThe IRS has expanded its Fast Track Settlement (FTS) program to small businesses and self-employed individuals.
Read moreThe 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).
Read moreThe 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").
Read moreAs part of his executive budget, Governor Cuomo proposed a law change that would "unify" the New York estate and gift taxes so that taxable gifts made by a New York resident after March 31, 2014 will be included in the donor's taxable estate.
Read moreHeads up to those who have outstanding New York tax liabilities; the state is getting tougher than ever in pursuing collection of these funds.
Read moreAs you probably have heard from the news coverage of the budget debates, New York, like most states, is in the midst of a financial shortfall.
Read moreStarting Jan. 1, 2014, the Affordable Care Act (ACA) requires most people to have a certain level of health care coverage or else pay a tax penalty (known as a “shared responsibility payment”).
Read moreDo you want to provide for your spouse after your death but ensure that your children ultimately receive the inheritance you desire? Do you have concerns about transferring assets to your spouse outright?
Read moreIs your business entitled to a post-DOMA tax refund?
Read moreOn November 26, 2013, the IRS issued final regulations addressing two new taxes under the Affordable Care Act that took effect January 1, 2013...
Read moreNormally, if a transaction is subject to sales tax, the tax is imposed upon the price charged the retail customer with respect to the sale of taxable tangible personal property or the provision of taxable services.
Read moreWith state governments facing sharp declines in tax revenue and increases in fiscal spending, more and more states are searching for additional revenue streams.
Read moreor years, like a worn-out record, Congress repeatedly went through the motions of temporarily patching the alternative minimum tax (AMT), with the goal of limiting the number of taxpayers who were liable to pay it.
Read moreFrom a tax perspective, pass-through structures — such as limited liability companies (LLCs), S corporations and partnerships — have been the preferred business entity choice in recent years.
Read moreWatch out for unscrupulous payroll providers
Read moreNow that lawmakers have made high gift and estate tax exemptions “permanent,” you may feel less pressure to make lifetime gifts to reduce the size of your taxable estate.
Read moreThe IRS has released its final regulations on the tax treatment of expenditures related to tangible property.
Read moreIs time running out for GRATs?
Read moreWhen a family member experiences hard times, other family members might be quick to lend them whatever amount they need.
Read moreAs the end of 2013 approaches, it’s time to think about year end tax planning.
Read moreBeginning on Jan. 1, 2015, the health care act requires “large” employers to either: 1) provide “minimum essential” health care coverage to full-time employees
Read moreOn August 29, the IRS issued Revenue Ruling 2013-17 clarifying that same-sex couples married in jurisdictions that recognize same-sex marriage will be treated as married for federal tax...
Read moreBeginning in 2014, the Patient Protection and Affordable Care Act requires “large employers” — those with 50 or more full-time-equivalent employees — to provide affordable health care coverage or pay a penalty.
Read moreTax increases for the affluent have dominated headlines this year. But don’t overlook the impact of higher taxes on trusts.
Read moreThanks to the American Taxpayer Relief Act (ATRA), the maximum capital gains tax rates are at their highest levels in years.
Read moreIn most states, sales tax is imposed on the sale of tangible personal property and certain specifically enumerated services.
Read moreOn June 26, the U.S. Supreme Court issued two landmark decisions.
Read moreA good tax-planning technique is to sell a poor-performing security to “harvest” the loss and offset it against your capital gains. But what if you have high hopes for the security and would like to keep it in your portfolio?
Read moreThis October, Friedman is a proud sponsor of the 8th Annual New York City Owners Forum, a morning educational event...
Read moreWith states ramping up audits of unclaimed property reporting as a means to uncover revenue, businesses need to be aware...
Read moreAs sweeping changes to the tax code loom in the not-so distant future, our experts will dissect how the proposed...
Read moreNew York State's Governor Cuomo signed off on the largest state budget in the history of the state — with...
Read moreFriedman is excited to take part in this year’s Accounting and Finance Show USA. Tune in on 10/21 to hear partners,...
Read moreBefore changing your domicile for income tax purposes, watch our informative webinar for guidance on the far-reaching tax implications to...
Read moreThe IRS recently released the highly anticipated proposed regulations for Section 199A deductions. For self-employed individuals and pass-through entities, these regulations...
Read moreFriedman LLP will be hosting a timely and informative seminar that will cover how new tax laws will impact the...
Read moreWith the New Year comes the most widespread overhaul to U.S. tax law in more than three decades. The Tax...
Read moreFriedman’s Dave Shuster will be presenting at this year’s NYU School of Professional Studies’ Annual Tax Controversy Forum. The Tax...
Read moreMichael Greenwald, Partner, will serve as a speaker on a panel of experts addressing business owners who face critical junctures...
Read moreMichael Greenwald, CPA, Partner will be speaking on a panel of experts addressing impending changes to tax code, the roll...
Read moreAn Interactive Forum for Philadelphia Business Leaders Join Friedman LLP and a panel of influential political and business leaders including Sam...
Read moreFriedman LLP will host a webinar to explore the questions senior business leaders have when it comes to taxes as...
Read moreRyan Dudley, partner and practice leader of the International Tax and International Services groups, to co-present along with Chuck Crowley,...
Read more