Tax Services

Watch the fourth episode in this exclusive series featuring Michael J. Greenwald MPPM, CPA, Partner to help inform your decision-making in light...

Empower your financial decision making with insights from Friedman's cutting-edge tax advisors on leading Tax Cuts & Jobs Act topics....

The New York Department of Taxation and Finance has issued a much anticipated tax memorandum clarifying how its new, optional...

Over the weekend, New Jersey Governor Phil Murphy and state lawmakers reached a budget deal and became the last state...

As a follow up to our recent Tax Alert covering the June 21, 2018 U.S. Supreme Court decision in the...

Today, the Supreme Court ruled in favor of a South Dakota law that requires remote sellers to collect and remit...

Watch the first episode in this exclusive series featuring Jonathan Curry-Edwards, CPA, Senior Tax Manager on ways to help you maximize the...

On May 2, 2018, Governor Phil Murphy signed the Earned Sick and Safe Days Act, which will allow specified employees...

Tom Corrie sheds light on the Supreme Court’s viewpoints on sales tax as it relates to South Dakota v Wayfair...

For those who make substantial donations to charity, it’s important to evaluate the impact of the Tax Cuts and Jobs...

Qualified Opportunity Zones, a feature of the 2017 Tax Cuts and Jobs Act (TCJA), are rapidly taking shape and may...

While most states employ some type of a net income tax to raise revenue from businesses, some states impose a...

In a May 21, 2018 statement, the IRS’s Large Business and International Division (LB&I) announced it will be launching campaigns...

On March 30, the New York Legislature passed a $168.3 billion budget bill containing a variety of changes aimed at...

These brief tips explain the pros and cons of using a calendar tax year vs. a fiscal tax year, how...

The term “decanting” typically is associated with wine. But, in regard to an irrevocable trust, decanting allows a trustee to...

There is still considerable uncertainty as to how to interpret many aspects of the new tax law, which results from...

Like many states, Connecticut is wrestling with how the Tax Cuts and Jobs Act's ("TCJA") $10,000 limitation on a taxpayer's...

Since the law was passed in 2015, technical corrections to the new partnership audit law are finally giving the new regime...

Freidman’s Bob Charron and Mike Greenwald sit down with Michael Stoler to analyze the Tax Reform Act for individuals and...

When Congress passed the law formerly known as the Tax Cuts and Jobs Act (“TCJA”) in December 2017, most commentators...

New tax law limits your deduction for real estate and state and local income taxes to $10,000. If you have...

Get vital information on a possible work around for Connecticut’s $10,000 SALT deduction limit in the federal Tax Cuts and Jobs...

The Internal Revenue Service anticipates more than 155 million tax returns to be filed this year. Thanks to Emancipation Day...

Friedman LLP’s Mike Greenwald shared pivotal insights on the impact of 2018 Tax Changes on the real estate industry at...

While revamping the United State Tax Code, Congress may have created a “grain glitch.” If left in place, the deduction...

Brian Kristiansen shares insights on whether or not business owners can take advantage of new, lower business taxes under new...

Freelancers may be among the first to experience the effects of sweeping tax reform, namely the repercussions caused by changes...

Friedman LLP’s Bob Charron weighs in on the new tax law in the Jewish Exponent Article, “Accountant: Most Will See...

If a business owner holds a business-related debt that’s become worthless or uncollectible, a “bad debt” deduction may allow him...

Let’s face it… taxes are complicated and when the IRS is not able to answer your questions, how do you...

Friedman LLP’s Stuart Katz was featured in Bloomberg BNA discussing the new Pennsylvania withholding rules that went into effect January...

Friedman LLP’s Robert Charron was a featured guest on the newest Stoler Report, “The Tax Reform Act & Its Effect...

Friedman LLP’s Ryan Dudley was featured in CNNMoney article, “Tax overhaul costs Goldman Sachs $5 billion.” The tax overhaul is...

Host of podcast series, “Financial Quarterback” Josh Jalinski interviews special guest Bob Charron, CPA Partner at Friedman LLP for exclusive...

As 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.

Last Friday, December 15, the Conference Report reconciling the House and Senate versions of tax reform was released. Both the...

Friedman LLP’s Bob Charron, shares insights in the Consumer Reports, The New Tax Bill's Winners and Losers article. In discussing the long-term...

Friedman LLP’s Robert Graham shares vital insights in MarketWatch’s “Uncle Sam is coming after your bitcoin gains” article. In discussing...

As the tax year draws to a close, taxpayers begin exploring ways to reduce their tax liability. If you plan...

To help steer your tax planning strategies under the current Trump Administration, this online guide provides an overview of key...

Marketplace Radio featured insights from Friedman’s Kim Dula in an exclusive segment about Why accountants can't wait for the new...

As Washington takes up the mantle of tax reform, Friedman LLP proudly releases a timely study featuring insights gleaned from a...

If a business dedicates resources to creating or improving products, processes or software, it may be eligible for substantial federal...

Nearly twenty years ago, while consulting with several clients about state and local tax issues, I discovered a problematic theme—noncompliance...

For businesses operating in Philadelphia, it is critical to be aware of certain aspects of Philadelphia’s onerous business tax regime,...

Taxpayers are often faced with a dilemma regarding investments that appreciate rapidly within a holding period that is less than...

As Seen in Philadelphia Business Journal So, you’re ready to hand over the reins to your family business, but not all...

We are pleased to announce that Ominto, Inc. has appointed Friedman LLP as its new audit firm. Ominto is a...

What key details and policy goals are missing from the Trump Administration’s tax plan? Friedman’s Mike Greenwald highlights the seemingly...

This exclusive Tax Alert provides expert insights on critical areas not mentioned in the President's recently released tax reform framework....

President Trump unveiled his tax reform plan, known as the “September Framework,” promising tax cuts to working class Americans and...

While congress continues to prioritize tax reform in the Trump Administration, uncertainty and instability loom over the real estate industry,...

Airbnb’s increasing popularity as a solution for homeowners to make money on unused space may actually be costing them by...

Hear insights from tax partner Kim Dula on the importance of creating and regularly revisiting your succession plan....

Michael J. Greenwald shares must-know insights surrounding impending adjustments to the Partnership Audit Rules in an exclusive Bloomberg BNA feature....

The goal of the tax overhaul promised by President Trump and Republican congressional leaders is to reduce the tax bills...

With the last major tax overhaul taking place more than thirty years ago, it’s time to modernize the tax code...

If you missed the filing deadline to elect portability and increase your federal gift and estate tax exclusion, there's still...

News for online marketplace sellers in participating states: beginning August 17, 2017 through October 17, 2017, the Multistate Tax Commission...

These brief tips explain why it’s important to obtain a contemporaneous written acknowledgment when substantiating a charitable deduction; detail a...

Perhaps one of the most misunderstood areas in the state and local tax field is that of “use tax.” Most...

Did you know that employers can deduct employees’ travel expenses, including amounts for meals and lodging, if both the employer...

Concerned how tax proposals may impact you and your business? Learn how other business leaders would react to tax reform...

In May, as the last of the cherry blossoms fall in our nation’s capital, Congress will begin its final session...

Sales and use tax considerations can be quite complex, and when applied to the purchase of high-end art, these taxes...

In order for a state to legally impose its taxes upon an out-of-state entity, nexus – a connection between the...

The demise of many of the larger traditional “bricks and mortar” retailers, coupled with the remarkable growth of mega online...

As President Trump and Congress tackle comprehensive tax reform, one of the most critical and controversial challenges is to effectively...

Investors and analysts are split on what's next for taxes in light of a renewed effort on Capitol Hill to...

Clients frequently ask, "What are my chances of being audited?” The answer varies by taxpayer type (business or individual), income...

Who would come out ahead and who would be left behind if President Donald Trump's tax plan were enacted as...

Many people expect to see significant tax reform in the near future now that Republicans are in control of Congress...

Many companies use the IRS’s standard mileage rate to reimburse employees for business use of their vehicles on a tax-free...

INSIGHT 1 Business leaders in New York, New Jersey, Connecticut and Pennsylvania strongly support a variety of tax reform proposals under...

As Washington takes up the mantle of tax reform, Friedman LLP proudly releases a timely series of insights gleaned from...

Many developers of real estate projects involving the rehabilitation of older buildings or historic structures may be overlooking a valuable...

As Seen in Philadelphia Business Journal A QDRO is a court order for a retirement plan to pay child support, alimony...

As Seen in Philadelphia Business Journal A: In preparation for the upcoming filing season, our recommendations would include the following: Be Organized Whether you...

These brief tips cover scams to be aware of during tax season, how to check your IRS account online and...

It comes as no surprise to New Yorkers that year after year, numerous tax studies conclude that they face some...

For many foreign companies expanding their business operations into the United States, the focus of their tax planning usually centers...

These brief tips cover how the IRS has made it easier for taxpayers to obtain an extension for retirement plan...

Businesses are often surprised to learn of the New York City Unincorporated Business Tax (UBT), an entity-level tax imposed on...

The IRS issued an alert yesterday warning taxpayers about a new scam involving emails sent to taxpayers with a fraudulent...

A new rule forcing partnerships to declare they won’t voluntarily file for bankruptcy as a prerequisite for electing a revamped...

For partnerships, including limited liability companies taxed as partnerships, new audit rules are a game changer. The rules apply to...

Do you plan to expand your work force? If so, the Work Opportunity Tax Credit (WOTC) is a federal nonrefundable...

This issue’s “Tax Tips” article details why taxpayers should consider giving appreciated stock to their children to minimize capital gains...

On July 26, 2016, Pennsylvania’s Department of Revenue (DOR) issued a summary of the recently enacted 2016–2017 budget. Below are...

A Common Problem Recently, I received a call from a gentleman who had been doing business in New York City for...

Recently, both New York State (the “State”) and New York City (the “City”) have modified the methods prescribed with respect...

Some of the biggest compliance challenges facing taxpayers are not found with income taxes, but rather with sales tax. Properly...

Forbes sat down with Friedman’s Mike Greenwald and Kim Dula to discuss Friedman’s recent research into business leaders’ sentiments regarding...

Ever felt like you’re paying too much in taxes? You might be. Bob Charron, partner in Friedman LLP’s tax practice,...

If you're looking for clues about how the IRS will approach regulations for the new regime for partnership audits, you...

Think you've escaped a huge tax bill by heading to a tax-free state or another country? It all depends what...

Kim Dula, partner with Friedman LLP, sits down with WOR radio and the Financial Quarterback radio show to discuss shared...

In recent years, a large number of Americans living abroad — or planning to do so — have renounced their...

A BDIT, also known as the “Beneficiary Defective Inheritor’s Trust,” is one of the most powerful estate tax and asset...

An annual bonus plan can be a great way to attract, retain and motivate employees. And if the plan is...

If you own an interest in an S corporation, partnership or LLC, it’s a good idea to review the potential...

Perhaps nothing causes more consternation among small and mid-sized business owners than the employee versus independent contractor problem. Generally, the...

When it comes to taxes, residency may have a bigger impact than you think. Taxpayers are generally acquainted with the...

With year end right around the corner, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH...

On December 18, President Obama signed into law the bipartisan Protecting Americans from Tax Hikes Act of 2015 (the “PATH...

Yahoo announced that it would not spin off its stake in Chinese e-commerce giant Alibaba group, citing tax concerns. Instead,...

On December 18, the Senate passed the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”), which the House...

End-of-year tax planning provides an opportunity to review the past year’s finances, and generate an approach for going into the...

The Garden State is home to 200,000 small businesses with fewer than 500 employees – along with some 600,000 self-employed...

Partnership Audit Rules Revised Under 2015 Budget Act It is rare these days for Congress and the IRS to see eye...

The Bipartisan Budget Act of 2015 contains a provision that can significantly affect the retirement planning of many Americans. It...

To help you make the most of the tax-saving opportunities available to you, we’re pleased to introduce our online Tax...

Year-end tax planning this year will be just as complicated as it was last year due to uncertainty surrounding many...

California’s 38.5 million residents represent the ninth largest economy in the world. Yet, when it comes to tax regimes, California’s...

Moving overseas to cut the tax burden remains a viable option for some firms, though the presidential candidates may have...

The reporting requirements of the Affordable Care Act ("ACA") are now in effect, with mandatory reporting required for all applicable...

Many estate planning techniques minimize or even eliminate gift and estate taxes when transferring assets to family members. Sometimes, the most powerful techniques will also have a significant drawback: mortality risk. A person must outlive the trust’s term to realize the benefits. Thus, a self-canceling installment note (SCIN) may be appropriate for anyone in poor health who isn’t expecting to reach his or her actuarial life expectancy.

Until recently, investors had to report details about capital gains and losses on IRS Form 8949. For heavy traders, this potentially meant a lot of work. In 2013, the IRS quietly changed the rules, although many people remain unaware of the change.

The tax treatment of nonqualified stock options (NSOs) is quite simple. Unfortunately, filling out the IRS forms can be complicated — especially since recent rule changes went into effect. Here are four things you should know about NSOs.

New York City Commercial Rent Tax (“CRT”) certainly has a habit of sneaking up on people. In fact, many professionals and non-professionals simply do not know it exists – that is until an audit notice comes their way.

Dr. Seuss once said that “sometimes the questions are complicated and the answers are simple.” Well, he clearly did not have the employer shared responsibility provisions of the Patient Protection and Affordable Care Act (”ACA”) in mind.

In today’s competitive environment, offering employees an equity interest in your business can be a powerful tool for attracting, retaining and motivating quality talent. If your business is organized as a partnership, however, there are some tax traps you should avoid.

As you plan your estate, don’t overlook the generation-skipping transfer (GST) tax. Despite a generous, $5.43 million GST exemption, complexities surrounding its allocation create several tax traps for the unwary.

For most businesses, the likelihood of being audited by the Internal Revenue Service (IRS) is less than 2%, but ask those who have been through one and the response is always the same – it is a long, gut-wrenching process, no matter how good your records are.

Roth IRAs allow you to withdraw contributions and earnings tax-free, if you meet certain requirements, so it’s no surprise that their popularity has soared in recent years. But don’t write off traditional IRAs and 401(k) accounts just yet. Under certain circumstances, traditional accounts may generate more retirement income than their Roth counterparts.

The sourcing of wages has become a major concern for non-resident employees of New York businesses given the number of them now seeking to telecommute at least on a part-time basis. New York’s “convenience of the employer” rule (the “Rule”) is targeted directly at such situations, and can operate as a trap for the unwary in many cases.

Partner Michael Greenwald was recently featured on Fox 5 News discussing the pitfalls of leaving money on the table during...

Real 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.

On 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.

Parties 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.

If 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.

As 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!

The 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.

As 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:

The research tax credit may, in many cases, save taxpayers substantial tax dollars.

Making large gifts can be a challenge if they consist of illiquid, difficult-to-value assets, such as interests in a business...

For years, large corporations have used captive insurance companies to control insurance costs. Today, even small, closely held businesses are...

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.

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.

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.

Earlier this month, the 2014-2015 NYS budget passed with an extension of all Lower Manhattan incentive programs.

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.

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).

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").

As 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.

Heads up to those who have outstanding New York tax liabilities; the state is getting tougher than ever in pursuing collection of these funds.

As 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.

Starting 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”).

Do 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?

Is your business entitled to a post-DOMA tax refund?

On November 26, 2013, the IRS issued final regulations addressing two new taxes under the Affordable Care Act that took effect January 1, 2013...

Normally, 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.

With state governments facing sharp declines in tax revenue and increases in fiscal spending, more and more states are searching for additional revenue streams.

or 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.

From 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.

Watch out for unscrupulous payroll providers

Now 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.

The IRS has released its final regulations on the tax treatment of expenditures related to tangible property.

Is time running out for GRATs?

When a family member experiences hard times, other family members might be quick to lend them whatever amount they need.

As the end of 2013 approaches, it’s time to think about year end tax planning.

Beginning on Jan. 1, 2015, the health care act requires “large” employers to either: 1) provide “minimum essential” health care coverage to full-time employees

On 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...

Beginning 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.

Tax increases for the affluent have dominated headlines this year. But don’t overlook the impact of higher taxes on trusts.

Thanks to the American Taxpayer Relief Act (ATRA), the maximum capital gains tax rates are at their highest levels in years.

In most states, sales tax is imposed on the sale of tangible personal property and certain specifically enumerated services.

On June 26, the U.S. Supreme Court issued two landmark decisions.

A 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?

Friedman LLP will be hosting a timely and informative seminar that will cover how new tax laws will impact the...

With the New Year comes the most widespread overhaul to U.S. tax law in more than three decades. The Tax...

Friedman’s Dave Shuster will be presenting at this year’s NYU School of Professional Studies’ Annual Tax Controversy Forum. The Tax...

Michael Greenwald, Partner, will serve as a speaker on a panel of experts addressing business owners who face critical junctures...

Michael Greenwald, CPA, Partner will be speaking on a panel of experts addressing impending changes to tax code, the roll...

An Interactive Forum for Philadelphia Business Leaders Join Friedman LLP and a panel of influential political and business leaders including Sam...

Friedman LLP will host a webinar to explore the questions senior business leaders have when it comes to taxes as...

Ryan Dudley, partner and practice leader of the International Tax and International Services groups, to co-present along with Chuck Crowley,...