| Tax Services |
| Our firm takes particular pride in our expertise in all areas of tax planning, research and compliance. We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year. Tax services offered include but are not limited to:
*Tax planning & return preparation - Individuals
- Corporations
- Partnerships
- LLCs/LLPs
- Estates, trusts & gift
- Not-for-profit organizations
*Taxing authority representation
*Divorce and support issues |
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| Assurance and Accounting |
| We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on all three levels of assurance:
*Audit- an intensive examination with the highest level of assurance
*Review - some analytical procedures conducted with limited assurance
*Compilation - based upon client information provided and used primarily for internal use.
We will assist you in the preparation of your financial statements in accordance with professional standards. |
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| Business Start-Up Tax Services |
| Starting a business can be an exciting yet stressful experience. Although you have the necessary experience to market and grow your business you are probably not as familiar with setting up systems to maintain your books and records and complying with the intricacies of federal, state and local income, employment and sales tax laws.
Our extensive experience in helping others organize the financial side of their businesses allows you to concentrate on what you know best. Whether you are starting your own business or purchasing an existing business Farkouh Furman & Faccio, LLP can help you with:
- Choice of entity
- Accounting and tax software
- Business plan/budget
- Complying with federal, state and local tax filings
- Handling start-up costs
- Subscription costs
- Obtaining financing that will allow your business to grow
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| Entity Selection |
| Choosing the form of entity of your business (e.g. "S" corporation, sole proprietorship, limited liability company…) is a crucial decision that can have longstanding positive or negative tax implications. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company. |
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| Estate and Gift Tax Planning |
| There are two things in this world that are certain, taxes and well you know the other one. With federal estate tax rates as high as 55%, it is never too early to implement an estate and gift tax plan. An effective plan facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing continuity and succession of ownership is essential.
In developing your estate and gift tax plan, we will assist you in reviewing your will and creating wealth transfer strategies that include charitable gifting, the creation of trusts and family limited partnerships. We will also review your existing retirement plan and determine whether an alternative plan is advisable. |
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| Financial Planning |
| A properly structured financial plan enables you to face any financial challenge that may present itself at each stage of your life. Through the financial planning process, we can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security. |
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| Forensic Accounting, Expert Witness and Litigation Support |
| We use accounting and auditing skills to provide an analysis of financial records in conjunction with dispute resolutions, as well as fraud and theft investigation. Our damage measurement methods can determine the extent of financial loss and questionable accounting practices.
Litigation support involves the quantification of economic damages pursuant to existing or pending litigation using accounting and auditing techniques. We have experienced competent staff who can compile information efficiently to assist in the calculation and documentation of any potential economic loss or damage.
Pending or existing litigation can result in the need for a qualified professional to present his/her opinion to support or oppose evidence submitted to the court. Our level of competence allows us the opportunity to function as expert witnesses in such cases. |
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| Internal Accounting Systems |
| New and existing companies must maintain adequate accounting systems to ensure fiscal and operational efficiency. Our expertise will assist you in all aspects of your accounting systems including the selection and implementation of an accounting software system that best fits your needs, assessing and creating proper internal controls, and addressing any bookkeeping issues that may arise. |
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| International Taxation |
| Whether your company is initiating an international strategy or is an established international entity there are very important decisions to be made. The right structure, the ability to maximize the benefits of International Tax Treaties, and taking advantage of potential foreign tax credits will have a significant impact on the financial success of your foreign venture.
Our ability to apply the right strategies can reduce burdensome administrative costs, offer additional tax planning opportunities and move your company towards its goals.
International Start-Up Services: - Local country taxes
- Forms of business
- Exit/entry taxes
- Local economy/labor force considerations
Ongoing International Operations
Once your international business is established Farkouh Furman & Faccio, LLP can help you with:
Inbound/Outbound Services: - Cross-border transactions
- Due diligence for foreign investments
- Income tax treaties between countries
- Transfer pricing
Inbound Services: - FIRPTA
- Taxation of foreign individuals and businesses in the U.S.
Outbound Services: - Controlled foreign corporations
- Expatriate tax services
- Foreign tax credits
- International corporate reorganizations
- Subpart F income
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| Management Advisory Services and Business Consulting |
| We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. Even the most qualified managers can benefit from competent, objective feedback. We can help your company's management team develop long-term objectives and specific strategies to facilitate your business' future growth and success. Debt management and the evaluation of financing options are issues that an experienced professional deals with every day. Let us use our experience to assist you in securing financing for your personal or business needs or consolidating your current debt to a more manageable level.
Whether you are thinking of buying a new business or in the midst of a difficult divorce, the amount attached to the value of your business is important. We can provide useful and objective analysis to assist you in the valuation of any business in which you have an interest. Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company's financial goals. A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company's financial condition, estimate financing requirements, and track cash-flow sources and uses. |
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| Merger & Acquisition Services |
| Expansion through acquisition is frequently a core business strategy, while the sale of your business is the final act, the culmination of all your hard work and effort.
The potential tax consequences of an acquisition or sale to the company and its owners and the complexity of the tax principles involved dictate that one of the most - if not the most - critical aspects of structuring a transaction is tax planning.
Farkouh Furman & Faccio, LLP has extensive experience helping clients of all sizes buy and sell businesses. We work with you through all phases of the transaction from the identification of the target to the closing dinner, helping you realize your goals. Our services include: - Buy/sell agreement negotiations
- Cash flow/feasibility analysis
- Deal structuring and strategies
- Due diligence
- Evaluating prospective financing
- Letter of intent negotiations
- Post-acquisition consulting
- Post-merger consulting
- Projections and forecasts
- Transaction negotiations
- Valuation analysis
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| Pension & Profit Sharing Plans |
| Qualified retirement plans (e.g. defined-contribution or defined benefit plans, Keoghs, SEPs…) can provide significant tax advantages for closely held businesses and self-employed individuals. Our qualified staff can assist you in evaluating the type of retirement plan that will best serve the needs of you and your employees. |
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| Services for Wealthy Families |
| Wealthy families are looking for more from their financial advisors than ever before. For many clients we serve as the “family office,” providing specialized advice and service in response to your unique issues.
Your issues may include proper strategies for structuring wealth preservation, estate generation transfers, financial planning and assistance with investment decisions. At Farkouh Furman & Faccio LLP, you can trust that we will understand the personal and emotional sensitivity related with these issues.
Our services to wealthy families provide expert assistance and coordination of: - Cash flow management
- Establishment and operation of charitable foundations
- Estate planning
- Financial planning
- Investment consulting and analysis
- Philanthropic consulting
- Retirement planning
- Succession planning
- Tax planning and compliance
- Wealth transfer strategies
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