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2016 Individual Income Tax Organizer and Engagement Letter For New Clients

2013 Income Tax CPA Organizer & Accounting Engagement Letter<

This generic Tax Year 2016 organizer is intended for New Individual Clients Only. If you are an existing client, and have misplaced your packet, please contact us and we will provide you with your specialized copy.

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2013 Individual Income Tax Organizer and Engagement Letter For New Clients

2013 Income Tax CPA Organizer & Accounting Engagement Letter<

This generic Organizer is intended for New Individual Clients Only. If you are an existing client, and have misplaced your packet, please contact us and we will provide you with your specialized copy.

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2013 Year-End Tax Planning for Individuals

Early in 2013, the 2012 Taxpayer Relief Act was enacted and the “Bush-era” tax cuts, which were scheduled to sunset at the end of 2012, were permanently extended and modified. This legislation is significant because without its enactment, individual tax rates on all income groups would have increased, taxpayer-friendly treatment of capital gains and dividends would have disappeared, and many other popular but temporary incentives would no longer be available.

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2016 Year-End Tax Planning for Individuals

Although tax planning is a 12-month activity, yearend is traditionally the time to review tax strategies from the past and to revise them for the future. Yearend has also become a time when there is an increasing need to take a careful look at what’s changed within the tax law itself since the beginning of the year. Opportunities and pitfalls within these recent changes – as they impact each taxpayer’s unique situation—should not be overlooked. This is particularly the case during year-end 2016. Here are some of the many consideration that taxpayers should review as year-end 2016 approaches.

 

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2017 Year-End Tax Planning for Businesses

As year-end approaches, each business should consider the many opportunities that might be lost if year-end tax planning is not explored. A business may want to consider several general strategies, such as use of traditional timing techniques for delaying income recognition and accelerating deductions. A business should also consider customized strategies tailored to its particular situations.

For the 2017 tax year, taxpayers have relative clarity with respect to available credits and deductions. With the exception of a handful of industry specific tax credits and deductions that expired at the end of 2016, most temporary credits and deductions were permanently extended by the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). A few others were extended for 5-years through 2019. Far less clear, however, is the possibility of the enactment of tax reform legislation by year’s end. The final scope of such legislation, if enacted, remains unknown. At a minimum, tax reform legislation is expected to result in a reduction of corporate and individual tax rates. However, whether such reductions would apply to 2017, as well as to 2018, will remain uncertain, likely until late November or early December. Nevertheless, much of the preparation for these contingencies should begin now.

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2017 Year-End Tax Planning for Individuals

Year-end 2017 is shaping up as an important deadline to have tax strategies in place to take advantage of certain opportunities before they sunset along with the close of the tax year on December 31, 2017. A major challenge this year, of course, involves the uncertainty that will remain, likely into late November/early December, over pending tax reform legislation. This includes uncertainty regarding rate cuts, certain deductions, and much more. Effective strategies in response to any of these “tax reform” priorities involve close monitoring of any proposed tax bill as it moves through negotiations within the various Congressional tax committees and Trump administration officials, with year-end action steps ready to go based upon alternative legislative outcomes.

Although year-end 2017 may be unique because of possible tax reform, planning during the final weeks and months of this year involves much more –both in terms of traditional year-end strategies and strategies developed in response to developments that have taken place since last year. Here are some points to consider:

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Advanced CPA Consulting Services

For Other Professionals:

So, your (financial, legal, or other specialty) practice has come across a client that is in a difficult or abstract tax situation? Perhaps you need need to consult a CPA in the United States for an international client?

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Final Regulations Issued on Implementation of Additional Medicare Tax

The IRS has issued final regulations on the operation of the 0.9 percent additional Medicare tax, which became effective on January 1, 2013. Generally, the final are effective on or after November 29, 2013. However, taxpayers may rely on rules contained in the proposed regulations for adjusted returns filed before that date.

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George attains Chartered Global Management Accountant (CGMA) Credential

George V Famiglio, Jr CPA has attained the CGMA< designation.

What is the CGMA< designation? 

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George V. Famiglio Jr, CPA

George Famiglio CPA

George V. Famiglio Jr<

CPA, PFS<, CFP<, CFS<, CGMA<, Master's in Tax,
Admitted to Practice: U.S. Tax Court<

George's Bio:<

George V. Famiglio, Jr. is the principle of our firm. He began the practice in 1971 in Philadelphia, Pennsylvania and opened a new office in Sarasota, Florida< in 1982.  Prior to starting Famiglio & Associates, George worked for George V. Famiglio, Sr., Attorney at Law, Swarthmore School of Music as a advanced guitar teacher, and George V. Famiglio Jr. Real Estate, where he was involved in commercial real estate ventures.

George received a Bachelors of Science in Psychology from St. Joseph's College and a Master's of Taxation from Villanova Law School<. He completed his business law, accounting, and financial education as a MBA candidate at Drexel University<. Additionally he has attained several Master's certificates from Berklee

George is a Certified Public Accountant, a Personal Financial Specialist, a Certified Financial Planner, a Registered Investment Advisor Agent, and a Certified Fund Specialist. He holds the Series 6, Series 22, Series 26, Series 8, and Series 72, as well as is Insurance Licensed. Additionally, George has been an H.D. Vest Representative since 1987.

George has been admitted to practice before the United States Tax Courta privilege only a few hundred CPAs in the country have receivedless than 0.1%.  

He sits on, or advises, numerous boards throughout the community, and is involved with several trusts and foundations. 

Additionally he is a member of American Institute of Certified Public Accountants (AICPA<) & Florida Institute of Certified Public Accountants (FICPA).

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How to Maximize Tax Deductions

Successful tax planning includes a review of your available deductions and the impact of your filing status on your option to itemize. It is important that all of the technical requirements for your deductions are met. In addition, certain items are deductible only to the extent they exceed a percentage threshold. By reducing your adjusted gross income, you increase the amount of itemized deductions you can claim, because the floor limitation amounts are reduced accordingly.

A strategy commonly used in year-end individual tax planning is to determine the best timing for claiming itemized deductions. Generally, it is beneficial for taxpayers to defer income and accelerate expenses. This strategy may enable you to itemize your deductions if you claimed the standard deduction in the past.

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If You Think You Should Talk to a CPA, You Need To

It is almost always better to get advice before an event happens, so that potential problems can be avoided. Fixing tax issues generally is more difficult after the fact.

If there is a problem, do not let it compound, work towards getting it solved.

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IRS Taxpayer Bill of Rights

IRS's Taxpayer Bill of Rights

In an effort to be a kinder friendlier IRS, the organization has released its Taxpayer Bill of Rights:

Bill of Tax Rights<

  • The Right to Be Informed<
  • The Right to Quality Service<
  • The Right to Pay No More than the Correct Amount of Tax<
  • The Right to Challenge the IRS’s Position and Be Heard<
  • The Right to Appeal an IRS Decision in an Independent Forum<
  • The Right to Finality<
  • The Right to Privacy<
  • The Right to Confidentiality<
  • The Right to Retain Representation<
  • The Right to a Fair and Just Tax System<

What does this mean for you? How well does the IRS follow these guidelines? As a taxpayer, it is absolutely vital to be informed, and understand what these "rights" mean, and what they do not.

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Our Sarasota, Fl CPA Firm's Office

Protect Your Business and Data from "Ransomware"

Are You Protected Againstt Ransomware?

In 2014, consumers were subjected to security breach after security breach as major retailers and service providers disclosed that they had involuntarily shared your personal data. While this is an extremely dangerous trend, the majority affected could move on with only being inconvenienced. However, over the past few years, a new form of digital extortion has arisen that has damaged unprepared small businesses—Ransomware.

Ransomware is state of the art extortion that combines: Your Data, Bitcoin, Software Insecurity, Cryptography, Phishing Attacks, and Organized Crime. Ask yourself, would your business survive if you lost 100% of your data and backups? Could you afford a $1,000.00 to $100,000.00 ransom? Likely law enforcement will not be able to help.

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