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Sarasota CPA

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"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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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<).

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2012 Year End Tax Planning for Individuals

Individual Tax Planning in 2012 & 2013

Year-end tax planning is always complicated by the uncertainty that the following year may bring. Even with the election behind us, 2012 is one of the most challenging in recent memory for year-end tax planning. A combination of events – including possible expiration of some or all of the “Bush-era” tax cuts after 2012, the imposition of new so-called Medicare taxes on investment and wages, doubts about renewal of tax extenders, and the threat of massive across-the-board federal spending cuts – have many taxpayers asking how can they prepare for 2013 and beyond, and what to do before then. The short answer is to quickly become familiar with expiring tax incentives and what may replace them after 2012 and to plan accordingly.

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2012 Year-End Tax Planning for Businesses

As 2012 comes to a close, get ready for more sweeping tax changes that will affect your business. In 2010, Congress extended many business incentives for one or two years. These incentives are about to expire. In addition, many of the “Bush-era” tax cuts are scheduled to sunset at the end of 2012. It is unclear if Congress will provide further extensions as they debate across-the-board spending cuts scheduled to take effect in 2013. In addition, businesses must prepare to comply with new healthcare reform, and new exacting repair regulations. This combination of events provides tax planning considerations unique to 2012 that requires a multi-year strategy taking into account a variety of scenarios and outcomes.

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2013 Year-End Tax Planning for Businesses

In recent years, end of year tax planning for businesses has been further complicated by uncertainty over the future availability of many tax incentives. The 2013 year-end is no different. In the early hours of January 1, 2013, the Senate passed the American Taxpayer Relief Act of 2012, which permanently extended the so-called Bush-era tax cuts. However, other popular provisions were only extended through 2013. Therefore, 2013 tax strategies include concerns over expiring provisions. But 2013 is also unique due to changes that are affecting businesses.

For example, as part of its primary purpose to facilitate health care reform, the Patient Protection and Affordable Care Act (PPAC<) includes key tax provisions that affect businesses. Some requirements are already in effect, while other provisions apply starting in 2013 or later. Higher tax rates may be imposed on distributions to owners and the net investment income regulations have the potential to impact individuals who are owners of pass-through entities. In addition, the U.S. Supreme Court's ruling in mid-July on the unconstitutionality of the federal Defense of Marriage Act (DOMA) means changes to retirement plans and employee benefits for same-sex marriages. Also, compliance with final repair regulations affects virtually all businesses.

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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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Available Positions at Firm

Corporate Tax Reviewer \ Senior Tax Accountant Needed<

Our firm currently has the need for an  exemplary Tax Reviewer who will:

  • Review federal and state corporate tax returns
  • Assisting and Educating Team of Staff Accountants
  • Special Projects and Research

Experience<

  • CPA license preferred
  • 5+ years of experience in accounting and tax
  • Ethical, Dynamic, and Hardworking
  • Love of Tax and Helping Clients Succeed
  • Proficiency preferred in ProSystem FX, CSA, Accounting CS, QuickBooks

Staff Accountants Needed<

Our firm currently has the need for an exemplary Staff Accountant with the following qualities:

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FAQ: Individual Mandate

Under the Affordable Care Act, the federal government, state governments, insurers, employers and individuals are given shared responsibility to reform and improve the availability, quality and affordability of health insurance coverage in the United States. The individual shared responsibility provision, also referred to as the individual mandate, calls for each individual to have minimum essential health coverage (known as minimum essential coverage), qualify for an exemption, or make a payment when filing his or her federal income tax return.

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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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Our Sarasota, Fl CPA Firm's Office

Proposed Regulations on Net Investment Income Tax and Additional Medicare Tax

The IRS has issued long-awaited and much needed proposed reliance regulations on the operation of the two new surtaxes imposed under the 2010 healthcare legislation: the 3.8 percent Net Investment Income Tax (NIIT), and the 0.9 percent Additional Medicare Tax. Both surtaxes are scheduled to come into full effect on January 1, 2013. The proposed reliance regulations and the frequently asked questions on the IRS website attempt to address many of the gaps in the application of these surtaxes that have been questioned by tax professionals, employers, and taxpayers. The guidance on each of these surtaxes is extensive and is immediately critical for affected taxpayers.

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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:

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Year-End Tax Planning for Businesses

In recent years, end of year tax planning for businesses has been complicated by uncertainty over the availability of many tax incentives. The 2014 year-end is no different. In the early hours of January 1, 2013, the Senate passed the American Taxpayer Relief Act of 2012, which permanently extended the so-called Bush-era tax cuts. However, other popular provisions were only extended through 2013. Therefore, 2014 tax strategies include concerns over the fate of the expired provisions. President Obama, the chairs of the House and Senate tax writing committees, and individual lawmakers all made tax reform proposals in 2014. The proposals ranged from comprehensive tax reform to more piece-meal approaches. However, any progress on legislation is stalled until after the elections and possibly into the beginning of 2015.

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