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  • Famiglio & Associates - A Professional Accountancy, Tax, & Financial Firm

    When it comes to your finances and time, why be wasteful? Let our experience with helping thousands< of businesses and individuals allow you to focus on what you do best. Whether you require a tax advisor that can help you to enjoy what you've worked for, a trusted accountant to help you keep things in good order, or a consultant that will encourage financial growth. Our CPA firm can get you on the right path, and keep you there.  Learn More...<

    How We Help

  • Tax Preparation & Planning

    Being prepared for an upcoming tax deadline is relieving, saving you time and money. We've been providing Tax Preparation & Planning services nationally for over 40 years to businesses, individuals, and other CPAs who depend on our experience, knowledge, and contacts.

    If I had six hours to chop down a tree, I'd spend the first hour sharpening the ax Abraham Lincoln

    Tax Planning

  • Like Any Other Entity, Businesses Go Though Stages of Life:

    1. Planning the Tax Structure & Creation of the Entitiy
    2. Maintenance Tax & Accounting
    3. Your Exit Strategy

    At all of these points, entrepreneurs have selected us as their guides. Our CPA Firm will help you make the most of your time and effort.

    New Business Creation, CPA, Tax, and Accounting

    Business Solutions

  • Wealth Management Strategists that See the Whole Picture<

    In the current financial and tax environment, too many "sound planning strategies" steer you into regrettable and avoidable tax situations. If you need better tax advice with your:

    Estate Planning
    Employee Benefits Planning
    Creative Pension & Retirement Plan Consulting

    Please Contact Us<

    Financial Services

Sarasota's Real Estate Market & The Tax Benefits of Home Ownership

Buying a home is the single most valuable investment many families make, and home ownership offers tax breaks that make it the foundation for your overall tax planning. The gulf coast of Florida's real estate market (specifically Sarasota's, Bradenton's, North Port's, & Venice's markets) was hit hard with some strong correction after the bubble. As a CPA Firm in Sarasota, Florida, we have been helping our clients deal with the effects, but also have seen improvements as home values have increased.

If you are undecided as to a purchase or sale, it is important to know that the tax law provides numerous incentives to home ownership, including the following:

Health Insurance Premium Assistance Credit

Beginning in 2014, a penalty will be imposed on certain individuals who fail to have minimum essential health insurance for themselves and their dependents. However, to help subsidize the cost of health insurance and make it more affordable, eligible individuals who purchase coverage under a qualified health plan through an Affordable Insurance Exchange may receive a premium assistance credit. The IRS has issued guidance for employees on their eligibility to claim this credit.

In order to be eligible for the premium assistance credit, a taxpayer must satisfy the following criteria:

2012 Taxpayer Relief Act For Individuals

Fiscal Cliff Averted, Tax Payer Relief Act

After much debate and anticipation, Congress has passed the American Taxpayer Relief Act of 2012 which averts the tax side of the fiscal cliff, provides numerous extenders and avoids the automatic sunset provisions that were scheduled to take effect after 2012 under the “Bush-era” tax cuts in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA<) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA<).

2012 Taxpayer Relief Act For Business & Investments

After weeks of negotiation, Congress has passed the American Taxpayer Relief Act to avert the tax side of the “Fiscal Cliff” and bring some certainty to the Tax Code. Almost all taxpayers are affected by the numerous extensions and modifications. Many popular but temporary tax extenders relating to businesses are included in the American Taxpayer Relief Act. Among them is Code Sec. 179 small business expensing, bonus depreciation, the research tax credit, and the Work Opportunity Tax Credit. This letter provides some highlights of the American Taxpayer Relief Act as it applies to investments and business taxpayers.

Is There a New 3.8% Sales Tax on Real Estate?

We were asked:

I am trying to find out if it is true that homeowners selling after Jan 1 2013 will have to pay a 3.8% sales tax on their sale. I have asked a couple of realtors but on one can give me an answer. I get emails all the time claiming that this is a part of Obamacare in order to pay for it.

We get this question all the time. There was an extremely popular email that claimed such, and the idea gained new life as 2013 rolled around.

US Tax Return Filing Requirements for Resident Aliens & Nonresident Aliens

The distinction between resident aliens and nonresident aliens is crucial because resident aliens, like U.S. citizens, are taxed on worldwide income, whereas nonresident aliens are taxed only on U.S. source income. Your status as a nonresident alien individual affords you many opportunities to take advantage of the U.S. tax laws.

We must verify your status as a nonresident alien as the first step in the tax planning process. This procedure is complicated due to the many compliance issues associated with residency. Sometimes residency is determined under an applicable tax treaty; however, if no treaty exists, you are treated as a resident if at least one of the following three conditions is met:

Sunsetting of Bush-Era Tax Cuts

Sunset-Provision-Bush-Tax-Cuts

More election year uncertainty: 2012 began with the fate of the “Bush-era tax cuts” unsettled, and no resolution appears in sight. Rather than just waiting for Congress to act, you should consider implementing certain protective tax strategies now. To maximize benefits, advance planning that considers a number of “what ifs” should be undertaken soon. With budget pressures looming, the likelihood that EGTRRA< and JGTRRA< expiring provisions will be rolled over for one or two more years into 2013 and 2014 is highly unlikely. Therefore, a strategy that accelerates into 2012 whatever tax benefits are currently available deserves careful consideration.

Preparing for Health Care Reform

Health Care Reform - What it Means for Business and Individuals

On June 28, 2012, the U.S. Supreme Court upheld the constitutionality of the Patient Protection and Affordable Care Act (PPACA), and its companion law, the Health Care and Education Reconciliation Act of 2010. As part of its primary purpose to facilitate health care reform, the PPACA includes key tax provisions that affect individuals and businesses. Now that the Supreme Court has ruled, all must prepare to comply with the requirements under PPACA. Some requirements are already in effect, while other provisions apply starting in 2013 or later. As your CPA firm, we are here to help you plan for the future.

Limited Liability Companies (LLCs)

Starting a new LLC or Limited Liability Company Shields

The decision to start your own business is a great step in life, and we are here to help. To be successful entrepreneurs need:

  • A great service or product to provide to the public
  • Guidance to find the intelligent way to structure the business

Poorly thought out business structures, often a Sole Proprietorship sometimes called a "Schedule C", can have taxes drain the life out of the core business, and expose the investors other assets to dangerous external liabilities. Fortunately, we have a tool that gives us great flexibility — the Limited Liability Company.

"Entrepreneur's Show's" Interview of George Famiglio, Sarasota CPA

George was interviewed by The Entrepreneur's Show< and discussed the state of the economy, the history and ideals of our firm, tax preparation, and how we help our clients grow. Listen in, or read the transcript:

George Famiglio CPA Radio Interview<

Host:   Alright, well, with a very warm welcome let’s introduce George Famiglio of Famiglio & Associates and, George, could you say hi to our folks and could you give us some information on what you do...

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