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
Asset Purchases:  Tax Considerations for the Buyer and Seller
Business mergers and acquisitions can be complex when it comes to taxation issues. Whether you are the buyer or seller in the transaction, both parties should be aware of the advantages and disadvantages tied to each decision they make. When purchasing a corporation, both the buyer and seller need to
Benefits of Using Xero Accounting Software
If you haven’t already, it’s likely you’ll begin hearing more about Xero accounting software, an alternative to QuickBooks that has been used by an increasing number of small and midsize businesses over the past several years. Xero, like QuickBooks, is a cloud-based software that assists its users with organizing and
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? This might seem like a simple question to answer, but going
Life Events & Tax Planning – Part II:  Having a Baby
It’s no surprise that having a baby has a profound effect on your life. While most soon-to-be parents understand the many ways a baby will change their lives forever, the tax-specific changes connected with this major life event are not always as clear. Income tax preparation becomes slightly more complicated
NEW YORK, NY – February 7, 2017. Farkouh, Furman & Faccio LLP (“FF&F”), a leading boutique accounting and advisory firm, is pleased to announce the promotion of Eric Swerdlow and Marisa Pershad to Partner status. Mr. Swerdlow joined FF&F as an intern in 2005. His focus is corporate and partnership
Life Events & Tax Planning – Part I:  Getting Married
Tax implications are often the last thing we think of when we hit a major (or minor) life milestone. Whether you’re getting married, having a baby, changing jobs or moving, each situation brings with it a number of tax consequences that impact the way you will file your taxes. This