FF&F News & Events


Life Events & Tax Planning – Part VII: Planning for Retirement

Whether you work at a corporation with a robust retirement plan for its employees, a small or mid-sized business with fewer bells and whistles—or are self-employed—there are a number of options available based on your specific needs to help you optimize your retirement planning process.

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New Partnership Audit Rules

A new law which significantly changes the way partnerships will be audited by the IRS has gone into effect for taxable years beginning after December 31, 2017.

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Tax Update: Tax Cuts and Jobs Act

Ways and Means Committee Chairman Kevin Brady offered his second amendment to the Tax Cuts and Jobs Act on November 9, 2017, before the House committee voted to advance the tax reform bill. The amendment refines several provisions in the Tax Cuts and Jobs Act. Also on November 9, Senate Republicans released their plan for overhauling the tax code, proposing a one-year delay in the cutting of the corporate tax rate, while maintaining popular tax breaks used by middle-class households.

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Personal Financial Statements: Why They Matter – Part I

Many are familiar with the traditional balance sheet and income statement used for reporting and record-keeping purposes by business entities. Personal financial statements, which are often underestimated in importance, serve a similar purpose by reporting the assets, liabilities and net worth of an individual, married couple or family at a point in time.

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Disaster Relief Assistance: Hurricanes

In addition to the widespread disaster relief assistance made immediately available when we’re faced with natural disasters, various U.S. government agencies and the IRS have certain safeguards in place to help victims of such disasters get back to their normal day-to-day lives as quickly as possible.

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Alliott Spotlight: Expatriation

For certain taxpayers, the decision to expatriate results in significant tax consequences and a variety of issues to consider. Alliott Group has featured a blog by FF&F’s Hunter Norton regarding expatriation considerations for U.S. citizens.

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Expats Map

Understanding the Tax Costs Before You Expatriate

Although most taxpayers would never consider relinquishing their U.S. citizenship or surrendering their status as U.S. permanent residents, a certain minority of taxpayers in fact do so. As reported by Bloomberg, expatriation from the U.S. has been on the upswing since 2010 and a record 2,367 people relinquished their U.S. citizenship in the fourth quarter of 2016.

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Self Employment Tax

Tax Tips for the Self-Employed

Perhaps more often than ever, we’re seeing many people walking away from the once-coveted 9 to 5 job and instead moving into the self-employment arena. As is to be expected with any life-changing decision, making the shift to self-employment comes with an array of tax benefits and pitfalls to consider.

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New York State

PrompTax: Required Participation for Withholding Tax Payments

The PrompTax program is an electronic filing and payment program used for remitting payroll tax withholding (including metropolitan commuter transportation mobility tax) as well as sales, motor fuel and petroleum business taxes. NYS is requiring mandatory participation in this program for businesses who meet the enrollment criteria.

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Ledger & pen

Internal Control: Why It’s More Important for Small Businesses

Businesses with fewer than 100 employees accounted for the highest percentage of fraud instances and higher median loss than their larger counterparts, as reported by the Association of Certified Fraud Examiners (ACFE). Fortunately, there are steps your company can take to help prevent and detect fraud. The most important step for any small business owners is to implement properly designed internal controls.

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US Supreme Court 2

Sixth Circuit Upholds Use of a DISC to Fund Roth IRAs

In a recent decision, the United States Court of Appeals for the Sixth Circuit confirmed the legitimacy of the strategy of using a Domestic International Sales Corporation (DISC) as a vehicle to fund a Roth IRA. This decision is particularly noteworthy for individuals who have interests in businesses that sell products for export.

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FF&F Attends International Conference in Berlin for Professional Firm Leaders

The Alliott Group 2017 EMEA Regional Conference in Berlin takes place over four days and will enable attendees to listen to and learn from a range of speakers on business, technical, marketing and firm improvement topics that will help their firms and their clients to be smarter and more strategic in the way they do business, particularly when business crosses geographic borders.

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Calculator & Books

Benefits of Using Xero Accounting Software

It’s likely you’ll begin hearing more about Xero accounting software, a cloud-based alternative to QuickBooks that has been used by an increasing number of small and midsize businesses over the past several years.

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LLC-Partnership 3-1-17

Funding Your LLC or Partnership

When setting up a new LLC or partnership, a common question is how to fund the new entity. Should it be funded with a personal loan, or should you invest money into the entity in the form of equity?

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A Look Back at the Worldwide Alliott Conference: London

With attendance from 150 Alliott member professionals, the London Conference emphasized global business and the changing environment of international trade, with discussions and presentations on improving client service within and throughout different global markets.

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Tax Changes to Expect from President-elect Trump

Following the election of Donald Trump as the 45th U.S. President on November 9, many have begun predicting the impact his proposed changes to U.S. tax laws will have. Read our excerpts from the CCH “Post-Election Tax Policy Update.”

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7 Ways to Improve the Monthly Close Process

More accurate reports enable faster, better-informed decisions to be made. This will assist your company in more precisely estimating its financial condition and implementing more immediate changes for success.

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Computer security

Don’t Be a Victim of Corporate Email Fraud

Many companies are falling victim to an increase in cyber fraud as a result of business email compromise (BEC) scams. Read the white paper from our business consulting affiliate, Atlantix Partners, which includes recommendations on how to avoid becoming a statistic.

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Understanding Foreign Tax Credits

With so many U.S. businesses operating abroad and an increasing number of U.S. citizens residing abroad or receiving income from foreign sources—especially through partnership investments—there are often questions on the taxation of this income.

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tips and tricks

FF&F Client Portal: Tips & Tricks

Farkouh, Furman & Faccio’s online client portal system is, without question, the fastest and most convenient way to securely send, receive, and store your confidential tax documents.

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