The payment of quarterly estimated taxes is an obligation that many individuals know must be fulfilled, but oftentimes taxpayers do not fully understand the circumstances under which estimates should or must be paid. This leads to questions such as “why am I subject to quarterly estimated taxes, while my neighbor is not?” and “how can […]
“It is no longer a question of if—but rather when—companies will completely move their operations to the cloud. The cloud is transformational and foundational to the future of business, driving the ability to connect with customers and provide experiences never before imagined. Products become services, services become experiences. Business processes adapt rapidly and new business […]
Though considerable information has been released since the signing of the U.S. tax reform legislation in December 2017, we realize that many individuals are asking the question “how does the new tax law affect me personally?” With 2018 already underway, we wanted to illustrate some of the major ways in which your tax bill and […]
It’s no secret that retirement planning is important, though too often it’s not necessarily something we think about quite as early as we should. Aside from simply wanting to live comfortably later in life, there are a number of reasons why it’s important to plan and save for retirement. Unforeseen medical expenses, the uncertainty of […]
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. This new law impacts every partnership and limited liability company (“LLC”) taxed as a partnership. TAX EQUITY AND FISCAL RESPONSIBILITY ACT (“TEFRA”) Under the previous law (Tax Equity […]
You check your mail and find a tax letter from the IRS–but you’re not expecting a refund. This letter is most likely either a tax notice or an audit notification. Though these two types of IRS correspondence can often be confused, they each come with different implications and action items. So what is the difference […]
On December 22, 2017, President Trump signed tax reform legislation that represents the most significant changes to the Internal Code since 1986. The tax reform bill affects both individual and business taxpayers; below please find a summary of the provisions we expect to most directly affect the majority of our business clients. Please note that the legislation […]
On December 22, 2017, President Trump signed tax reform legislation that represents the most significant changes to the Internal Code since 1986. The tax reform bill affects both individual and business taxpayers; below please find a summary of the provisions we expect to most directly affect the majority of our clients. Please note that the legislation […]
NEW YORK, New York – December 11, 2017. Farkouh, Furman & Faccio LLP (“FF&F”), a leading boutique accounting and advisory firm, today announced that it will be joining forces with CPI Associates Inc. (“CPI”), an established tax advisory firm in Manhattan. CPI brings nearly five decades of experience serving high net worth individuals, trusts, and […]
Early morning on December 2, 2017, Senate leaders passed what will be an historic tax overhaul bill, the Tax Cuts and Jobs Act. Senate Finance Committee Chairman Orrin Hatch stated in a press release from the Committee that “this landmark achievement is the culmination of months of hard work and cooperation among Finance Committee members; […]