Hire Your Child— It’s A Win Win Own a business? Consider hiring your child. The new Tax Cuts and Jobs Act (TCJA) offers a host of benefits and can be a smart tax-saving strategy for employee and employer alike. For you: If you hire your child, you get a business tax deduction for employee wage…

Scammers Impersonate IRS Taxpayer Assistance Centers The IRS continues to caution taxpayers to remain alert to scams even after the tax season has ended. In the latest scam, fraudsters have been using phone numbers that mimic IRS Taxpayer Assistance Centers while demanding payment on nonexistent tax bills. The scammers have programmed their computers to display…

1) Prepay Your 2018 Property Taxes In 2017 you can deduct all your local property taxes from your federal income tax bill, but starting Jan. 1, there’s a $10,000 limit. Prepaying your 2018 bill now, before December 31, 2017, will allow you to take that full deduction before the rules change. Governor Andrew M. Cuomo…

Lower Tax Rates Coming Both the tax bill passed by the House of Representatives and the bill before the Senate would reduce tax rates for many taxpayers, effective for the 2018 tax year. Additionally, businesses may see their tax bills cut, although the final form of the relief isn’t clear right now. The general plan…

What to Expect from the New NYS Paid Family Leave Laws Beginning January 1, 2018, nearly all private employees in New York State will be eligible for Paid Family Leave. New York’s Paid Family Leave program provides wage replacement to employees to help them bond with a child, care for a close relative with a…

Partnership Agreements: Part 3 We’ve discussed how imperative it is to create a partnership agreement. But maintenance is also critical; be sure to review and update the agreement every 5 years or so.

Partnership Agreements: Part I Should a partner be able to hire his/her children? Can children who are not employed by the company be shareholders? What happens should one of the partners pass or develop a long-term disability? Saul Friedman, CPA details the necessary precautions to take when entering a partnership. Although it may not initially…

Understanding Corporate Structure A clearly defined corporate structure is critical to the success of a company. Think of a company as a machine, and each employee as a critical gear. When even one gear is misaligned, the entire machine is rendered ineffective. But when each gear performs its role effectively, the result is a well-oiled…

Trump Tax Plan: A Breakdown The Trump tax plan is most notably a simplified and streamlined one, the goal being that filing for taxes should be an easy process. It has collapsed what was seven income brackets into three, each of the three paying 10%, 25%, and 35% respectively. The proposed plan will also increase…

From Norman Rockwell’s 1945 depiction of the average harried accountant to today’s QuickBooks and sophisticated software, accounting has developed into an ultra-efficient service. In part one of our next Educate To Elevate lesson, we sit down with Saul N. Friedman’s own Abraham Friedman, CPA, to discuss “The Future of Accounting,” how the industry has grown…

Be on the lookout for an email scam focusing on payroll records. The Internal Revenue Service (IRS) has been made aware that another email scam is making its way to taxpayers as tax season begins. In the most common iteration of the scheme, scammers send a fake email pretending to be from a high-level corporate…

Following the inception of Obamacare, providing health care reimbursement plans that allowed employees to purchase their own health insurances (think Health Reimbursement Arrangement (HRA) or Employee Payment Plan) became a delicate and problematic task that involved heavy financial penalties. Fast forward to 2017, the newly implemented 21st Century Cures Act has restored penalty-free, tax-free health…

Partnerships and Partnership Agreements with Saul N Friedman, CPA

What is Corporate Structure? with Simeon Friedman

Mr. Isaac Sternheim, founder of Isaac Sternheim and Company, provide an informative lecture on “Understanding Sales Procedures and Sales Tax Audits.” Covered topics included, “How To Use Your Sales Tax Audits As A Catalyst For Change” and “Recordkeeping Requirements All Sales Tax Vendors Need To Know,” among others.

This past week, on Tuesday, July 26th, 2016, Saul N. Friedman and Company, a leading accounting firm based in Brooklyn, New York, held its third SNFCO Business Academy event. As a first, this event was open to the public, and not an exclusive presentation to existing clients. The event, which was held in the evening…

A taxpayer may elect (under Section 179 of the Internal Revenue Code) to expense the cost of qualifying property, rather than recover such costs through depreciation deductions, with certain limitations. The Protecting Americans from Tax Hikes (PATH) Act of 2015 makes the following changes to the Section 179 expensing election: • The $500,000 expensing limitation…

Currently, domestic corporations (including S corporations) must file tax their returns by the 15th day of the 3rd month after the end of their tax year. Thus, corporations following the calendar year must file their returns by March 15th of the following year. Partnership returns are due on the 15th day of the 4th month…

On Wednesday evening, May 18th, young thought leaders and entrepreneurs participating in the Crown Heights Young Entrepreneur (CHYE) competition were privileged to hear a comprehensive presentation given by Saul and Simeon Friedman, partners here at Saul N. Friedman & Co. Helping the community take advantage of business opportunities and develop the next generation of Jewish…