Tax Services

A tax-law exception allows clients to now contribute up to $75,000 to a 529 college savings account in 2021 for...

New York State's Governor Cuomo signed off on the largest state budget in the history of the state — with...

On 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...

President Biden campaigned on a promise to “Build Back Better.” He also promised to raise corporate taxes, eliminate tax breaks...

Friedman’s State and Local tax expert, Christian Burgos shares why it may be more beneficial for some tax payers to...

In an attempt to take the title for highest tax rates in the country from California, New York State has...

Friedman’s, David Shuster was recently featured in an exclusive Forbes article, covering key details of the IRS’s decision to extend...

When it comes to marketing, putting yourself in your audience’s shoes is critical. Friedman LLP’s Chief Marketing Offers lends a...

1 Key Tip to Add to Your Tax Planning Toolbox The economic and social impact of the COVID-19 pandemic has left...

As the real estate industry continues to struggle with economic challenges created by the pandemic, restructuring debt and leases can...

Access this powerful recording where our experts unpack key provisions of the newly released IRS Employee Retention Credit guidance and...

The challenges associated with the COVID-19 pandemic have caused taxpayer to cross their fingers in the hopes of an extended...

Providing innovative services is a vital component in today’s ever-changing landscape to evolve alongside clients’ needs. Friedman’s Fred Berk speaks to...

While we were all busy watching the IRS try to pivot for the changes to the Employee Retention Credit, the...

How Will 2020 Tax Filing Impact You? Despite unprecedented concerns among taxpayers and the mounting paperwork on accountants’ desks, the usual...

The commercial real estate market has experienced an increase in delinquencies for commercial mortgage-backed securities (CMBS) from 2.29% in April...

The Consolidated Appropriations Act, 2021 (the "Act"), passed on December 27, 2020, included a $2.3 trillion spending bill to provide...

Friedman's experts walked participants through critical details of the new stimulus bill, the Consolidated Appropriations Act of 2021. Access the complete...

Friedman's Farnaz Amini, Ph.D., and Adnan Islam, Esq., CPA, LL.M. were featured in a comprehensive article covering blockchain and transfer pricing....

David Shuster was featured in an exclusive interview with Accounting Today, covering how the pandemic will affect tax revenues.  “Given the magnitude...

We’re thrilled to be listed among IPA’s top 400 accounting firms for 2020. Without a doubt, this year was one of...

With four days to spare before the effective date of Tuesday, September 1, Treasury finally released guidance implementing the President’s...

Just when you thought it was safe to proceed with applying for Paycheck Protection Program (“PPP”) loan forgiveness, the Small...

Last week, the Treasury and IRS announced final regulations limiting the effectiveness of certain State and Local Tax (“SALT”) cap workarounds. Following...

As the Small Business Administration (SBA) gets ready to accept lenders’ Paycheck Protection Program (PPP) loan forgiveness applications on August...

Thank you for joining our webinar. If you missed it or would like to view again, access it any time...

The Tax Cuts and Jobs Act (“TCJA”) was the most sweeping overhaul of the Internal Revenue Code since President Reagan’s...

On July 28, the Internal Revenue Service finally released its guidance on the deductibility of business interest. We expected this...

Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader spoke aboutPPP Loan Forgiveness in an exclusive webinar with Obermayer. Watch the full...

Access the live recording of our virtual webinar where our nonprofit experts answered frequently asked questions in light of COVID-19,...

Two Federal Reserve programs, the Main Street New Loan Facility and Main Street Expanded Loan Facility, which together will make...

Following the signing of the CARES Act, the Small Business Administration (SBA) and Treasury Department announced today that they have...

On March 20, the IRS released a notice providing guidance for taxpayers with respect to the extension of time to...

On the evening of March 20th, New York City's Mayor, Bill de Blasio, signed an executive order delaying the deadline...

On March 19, the Commissioner of New York City’s Department of Finance, Jacques Jiha, announced that New York City will...

The Treasury’s latest proposal for dealing with the economic dislocation caused by the coronavirus pandemic allocates more than $1 trillion...

According to comments at a press conference and throughout the day, Treasury Secretary Steven Mnuchin says the Treasury intends to...

While the outbreak of COVID-19 continues to impede commercial travel in the regions affected, Friedman has measures in place that...

The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the entertainment deduction but kept the deduction for travel expenses...

Qualified Opportunity Zones (QOZ) were first introduced as part of the Tax Cuts and Jobs Act and provide significant tax...

Tax Practice Leader, Bob Charron, recently spoke with Accounting Today about the 2020 tax season. “In watching late-season football games, I...

Friedman Partner, Bruce Marks was recently featured in an article on how taxpayers can ease the burden of filing their...

If you sell, buy or rent real estate in New York, you may be liable for new taxes following significant...

Friedman's Michael Greenwald recently provided Bloomberg with insight on the upcoming tax season, saying it will likely be just as difficult...

Bob Charron sat with State & Local Tax Experts, Tom Corrie and Alan Goldenberg to find out everything you need...

Just before Christmas, the President signed the fiscal year 2020 appropriations bill which extended a number of tax benefits that...

The elimination of familiar tax planning strategies under the Tax Cuts & Jobs Act (TCJA) in addition to potential changes...

Co-Practice Leader of Friedman's International Tax Group, Ryan Dudley, recently shared insight with Fortune.com on effective tax rates and how...

Elizabeth Cummings, a Tax Director in Friedman's Philadephia office, was recently featured in a year-end tax planning article written by the...

1 year and 43 states later, grasping the widespread changes created by the Wayfair Ruling on sales tax is still...

Director of Friedman's State and Local Tax (SALT) Group, Tom Corrie, recently discussed how SALT issues are becoming more and...

Friedman's Business Entity Tax Practice Leader, Michael Greenwald, and Tax Practice Leader, Bob Charron, recently discussed the tax liabilities that...

Watch Partner and Business Entity Tax Practice Leader, Michael Greenwald's recent presentation at "Paths to Liquidity and Diversification," where four firms...

Watch Partner and Tax Practice Leader, Bob Charron's recent presentation at "Paths to Liquidity and Diversification," where four firms shared...

More and more taxpayers are beginning to feel the impact of the Tax Cuts and Jobs Act’s $10,000 cap on...

On October 9th, the Internal Revenue Service (IRS) issued the first cryptocurrency tax guidance since 2014, advising digital currency holders...

For businesses operating across multiple states, it’s critical to understand the impact of complex apportionment rules on your overall tax...

Friedman's Corporate and Business Tax Practice Leader, Michael Greenwald, recently discussed the appeal of 1031 Exchanges with Forbes. A 1031 Exchange...

Allergan Plc, a drug company that moved to Ireland in 2015 to avoid U.S. taxes, has been acquired by AbbVie Inc. signaling...

Many individuals are looking for ways to mitigate the financial burden brought about by the $10,000 SALT Deduction cap in...

Friedman's Alan Goldenberg recently sat with Fox Business to discuss the widespread impact the cap on state and local tax...

Corporate and Business Tax Practice Leader, Michael Greenwald, recently spoke with Forbes on Deferred Sales Trusts. Greenwald says that a required...

As expected, the IRS on Tuesday put the kibosh on state programs designed to help taxpayers circumvent the newly imposed...

The Tax Cuts and Jobs Act (“TCJA”) imposed tax on gains derived from the disposition of interests in partnerships carrying...

Marketplace providers (i.e., Amazon and EBay) with taxable sales into New York must collect and remit sales tax once they...

The Tax Cuts and Jobs Act ("TCJA") doubled the generation-skipping transfer ("GST") tax exemption to $10 million beginning last year....

Internal Revenue Code Section §274(a)(4), is one of the many provisions that were amended under the Tax Cuts & Jobs...

Carl Bagell, Managing Partner of Friedman's Southern New Jersey office, recently spoke with NJBIZ on the challenges and uncertainties of this tax...

Tax Practice Leader, Bob Charron was recently interviewed by Fortune about how changes to the tax code have affected individual tax...

Corporate and Business Tax Practice Leader, Michael Greenwald, shares the significant changes to the tax code brought along by the...

As an individual taxpayer, due to the large scale changes triggered by the Tax Cuts and Jobs Act ("TCJA"), you'll need...

From "Summer Fridays" to flexible work schedules, our employees enjoy a work structure that puts their happiness in the center....

Friedman's Jo Anna Fellon was recently quoted in an article by ROI NJ about the difficulties of this tax season. "It's a...

Tax Practice Leader, Bob Charron gave his expert insight on claiming mileage tax deductions in a publication by US News and...

Managing Partner of our Philadelphia office, Kim Dula shared critical insights with CNBC about the significant effects the Tax Cuts and Jobs Act ("TCJA")...

Friedman LLP is pleased to announce that Jay Graham has joined the firm’s New York office as a Tax Partner....

Friedman's Tax Practice Leader, Bob Charron, was quoted by NBC News in an article on how tax returns have been affected...

Qualified Opportunity Zone Practice Leader, Steve Bokiess, was featured in an article by Crain's New York Business regarding the high...

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

In the state personal income tax area, perhaps no subject is less understood than the concept of “domicile,” or what...

Friedman’s tax experts have stayed on the pulse of changes surrounding the Centralized Partnership Audit Regime (CPAR), enacted as part...

Tax Practice Leader, Bob Charron, was recently quoted in an article by LifeHacker.com, "When You Should Itemize Your Taxes". In...

After much waiting, the IRS has provided the final rules for the new 20% deduction for pass-through businesses. The final rules...

On January 24, 2019, the Tax Commission of the City of New York approved legislation to raise the threshold for...

With 8,700 Qualified Opportunity Zones ("QOZ") covering the United States, now is the time to understand how you can take advantage...

Estate and income tax planning changed dramatically under the Tax Cuts and Jobs Act of 2017 (TCJA). For estate and...

Corporate and Business Tax Practice Leader, Michael Greenwald recently gave his expert advice to partnerships in an article published by Bloomberg BNA. Greenwald stresses the...

In Long Island Business News' issue on "Forward Thinking", Friedman's David McKelvey gave his outlook on what 2019 will be like...

Watch 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...

Friedman's Kim Dula was recently quoted by Fortune on the effect new tax laws have on charitable donations. Dula says, "without...

Jo Anna Fellon, CPA, Partner gave her reassuring insights to Compliance Week in their article on companies' shift in tax...

As 2018 comes to a close and with the holidays upon us, the IRS has given us a gift in...

PHILADELPHIA, December 5, 2018 -- Friedman LLP, a leading accounting, tax and advisory firm based in New York and with...

Tax Practice Leader, Bob Charron, was recently quoted in an article by Consumer Reports on the deductability of large medical bills. "If...

Friedman's Adnan Islam recently authored an article featured in Law360 regarding the tax changes brought along by the Tax Cuts and...

New Jersey will be offering a tax amnesty program to encourage taxpayers with outstanding taxes to pay the taxes they...

Concerned how the latest tax developments may impact your 2018 tax strategies? As you head into your 2018 tax planning, this...

The recently proposed Section 199A statute has raised many questions, including who may qualify for the new deduction of up...

The revised guidelines for Net Operating Loss (NOL) means top earners may not feel the full benefit of tax rate...

Throughout the year, the topic of tax reform has been a hot topic for many business owners and individual taxpayers....

This year brought about the largest tax reform in 30 years, and many individuals are wondering how these changes may...

With the end of 2018 quickly approaching, it is imperative business entrepreneurs assess significant changes under the Tax Cuts and...

While the Tax Cuts and Jobs Act raised the standard tax deduction, other deductions such as charitable gifts have been limited. Friedman's...

When a business fails to remit payroll taxes, the IRS has the authority to collect those taxes from “responsible persons,”...

The IRS recently clarified that the business meal deduction remains allowable in certain circumstances under the Tax Cuts and Jobs...

Friedman’s tax experts have stayed on the pulse of changes surrounding the Centralized Partnership Audit Regime (“CPAR”), enacted as part...

The IRS recently released the highly anticipated proposed regulations for Section 199A deductions. For self-employed individuals and pass-through entities, these...

Take advantage of a new income tax planning opportunity leveraging trusts with key insights from Jonathan Curry-Edwards, CPA.  Read the Transcript  Tax...

Watch this exclusive video featuring Tom Corrie, JD, LLM, Principal for powerful insights to help you navigate and maximize your individual tax position...

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

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...

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...

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

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

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

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

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

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

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

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...

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

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

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...

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

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

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...

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?

New York State's Governor Cuomo signed off on the largest state budget in the history of the state — with...

Friedman is excited to take part in this year’s Accounting and Finance Show USA. Tune in on 10/21 to hear partners,...

Before changing your domicile for income tax purposes, watch our informative webinar for guidance on the far-reaching tax implications to...

The IRS recently released the highly anticipated proposed regulations for Section 199A deductions. For self-employed individuals and pass-through entities, these regulations...

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,...