Famiglio & Associates

Tax preparation and planning for businesses and individuals

Based in Sarasota, Florida, the practice dates from 1971 and calls itself a certified public accounting firm. The firm says it has provided tax preparation and planning across the United States for more than forty years, working for businesses, individuals and other CPAs who rely on its experience and contacts. The work covers both the deadline-driven job of preparing returns and the planning that takes place well before a deadline, so that a client can make decisions with the tax consequences in view.

Planning across the life of a business

The firm describes businesses as passing through stages: planning the tax structure and setting up the entity, ongoing tax and accounting work during operation, and finally an exit strategy. It says entrepreneurs have chosen it as their adviser at each of these points, and that its aim is to help owners make the most of their time and effort at each stage. Maintenance accounting is presented as the steady part of that relationship, with planning added as the business changes.

Wealth and retirement planning

The firm presents itself as a set of wealth management strategists that look at the whole financial picture rather than a single tax return. Its planning services include estate planning, employee benefits planning and pension and retirement plan consulting. The firm argues that some widely used planning strategies lead clients into tax situations that could have been avoided, which is the reason it reviews those strategies before a client commits to them.

Cost segregation for property owners

Cost segregation is explained for businesses and individuals who buy nonresidential or residential rental property. Some components of a building can be assigned shorter depreciation lives under the MACRS system, which accelerates deductions and can offset current income. The firm lists cost segregation studies among its specialist topics for real estate owners.

Florida reporting for employers and contractors

The firm covers the state reporting duties that have expanded in Florida. Since the change to the statute, small businesses must report new or rehired employees, and certain independent contractors, to the State Directory of New Hires within twenty days. The site explains that the purpose is to strengthen child support enforcement, and that the state may share the information with other state programs. Topics on the same page include payroll, short-term rentals, construction and landlord obligations.

Tax law changes explained for clients

Changes in federal law are explained in plain terms. The site describes the Tax Cuts and Jobs Act of 2017 as reducing the corporate tax rate, increasing bonus depreciation, enhancing the Section 179 expense and repealing the alternative minimum tax, while giving owners of pass-through entities a temporary deduction subject to limits. It also covers the home office deduction, the premium tax credit for health insurance, offshore voluntary disclosure programs and the reporting of beneficial ownership information, where the firm publishes its own dated notes on the rules as they change.

Protecting client data and records

The firm also writes about information security. Its guidance warns that ransomware, which combines stolen data, cryptocurrency payments and phishing, can stop a small business from operating when it has no usable backups, and it encourages owners to ask themselves whether their business could recover after losing all its data. Existing clients can find forms for extension requests and organisers on the site.

Famiglio & Associates is a certified public accountancy firm in Sarasota, Florida. It was established in 1971 and says it has served clients around the United States for over forty years.

Services

• Tax preparation and planning: returns and forward planning for businesses and individuals.
• Business lifecycle support: advice on setting up an entity's tax structure, ongoing tax and accounting, and planning an exit.
• Wealth and retirement planning: estate planning, employee benefits and pension consulting.
• Specialist tax topics: cost segregation studies for property, and guidance on Florida reporting rules.

Clients

Businesses, individuals and other CPAs. The site publishes articles for small business owners on topics such as beneficial ownership reporting.

Key facts

• Based in: Sarasota, Florida
• Founded: 1971
• Principal: a CPA with a master's degree in taxation