Alliott Spotlight:  Expatriation
EXPATRIATION: THE TAX IMPLICATIONS U.S. TAXPAYERS NEED TO BE AWARE OF In alignment with its Global Mobility Services initiative, Alliott Group recently featured thought leadership from FF&F’s Hunter Norton on the topic of expatriation and its tax implications for U.S. taxpayers. To read more, click here. Alliott Group is an independent global alliance
Life Events & Tax Planning – Part III:  Saving for College
Most families understand the necessity of saving funds for higher education. A number of federal and state tax benefits are available to help achieve this goal. To give a better understanding of these tax subsidies, we have divided them into three parts of the student’s life cycle: elementary, college, and
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 (i.e. expatriate), 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
Tax Tips for the Self-Employed
As the U.S. economic landscape continues to change, Americans have been finding new ways to earn money. 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
PrompTax:  Required Participation for Withholding Tax Payments
You may have recently received a notice in the mail from the New York State Department of Taxation & Finance titled “Notification of Required Participation,” stating that you are now required to participate in the NYS PrompTax withholding tax program. The PrompTax program is an electronic filing and payment program
Stock Purchases:  Tax Considerations for the Buyer and Seller
When considering a business acquisition, there is an important distinction between whether the deal is structured as an asset or a stock deal. This blog will explore the key considerations from both the buyer and seller sides in a stock acquisition deal. For information related to asset acquisitions, please refer
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). The ACFE has classified fraud into three categories: Misappropriation of Assets – stealing or misuse of an organization’s
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 in Summa Holdings, Inc. v. Comm’r, 2017-1 U.S.T.C ¶50,155, (February 16, 2017) reversed the holding of the Tax Court, 109 TCM 1612 confirming the legitimacy of the strategy of using a Domestic International Sales Corporation (DISC)
FF&F Attends International Conference in Berlin for Professional Firm Leaders
New York, NY, May 10 2017 – Representatives from Farkouh, Furman & Faccio (“FF&F”) will be attending the Alliott Group 2017 EMEA Regional Conference in Berlin this week (10-13 May). The conference is focused on the latest developments and trends in global business, with accountant and lawyer member delegates learning how
Tax Update:  Trump’s Proposed Tax Cuts
At a press conference in Washington D.C. on April 26, President Trump’s proposed tax changes were announced, with a heavy emphasis on the reduction of individual and corporate tax rates. The administration’s proposed changes also include the elimination of the alternative minimum tax (AMT) and federal estate tax, as well