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Can You Afford It?
September 8, 2011
Calculate how much you spend on frivolous or extravagant items. Scott Tuxbury, director of retirement and investments with New Wealth Advisors in Tewksbury, Mass. pointed out to one client how much a motorcycle he never rode was costing him, about $2,800 a year in upkeep, insurance, and registration fees. “That one ride costs $2,800 a year. You put it that way, ‘Oh,’ the husband says, ‘I’ll ride with a friend,’” Tuxbury says.
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When To Dip Into Your Retirement Savings
August 19, 2011
(Withdrawals from Roth accounts, where you stash away money after-tax are tax free in retirement.) “It can be very punitive,” warns James Guarino, a CPA and certified financial planner with New Wealth Advisors in Tewksbury, Mass.
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The Danger of Treating Your 401(k) As a Piggybank
July 13, 2011
“It’s never a mistake to put too much money into a 401(k) plan,” says Scott Tuxbury, director of retirement and investments with New Wealth Advisors in Tewksbury, Mass. “The mistake is using these balances, not as a retirement account, but as a rainy day account.”
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How to Survive a Tax Audit
June 30, 2011
The good news is that an audit doesn't have to be an endless, painful, invasive process, says James Guarino, a certified public accountant and a partner at Moody Famiglietti & Andronico in Tewksbury, Mass. You can even emerge without owing more money. Here are some tips for minimizing the pain of an audit.
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If You Goofed on Your Taxes, Fix It. Now.
June 20, 2011
The consensus advice: Don't let an error slide. The odds of getting caught have increased, thanks to the sophistication of the IRS's electronic systems. Put your head in the sand, and "sooner or later the government is going to catch up with you," says James Guarino, a partner at MFA - Moody, Famiglietti & Andronico LLP, a Boston-area accounting and consulting firm.
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Tips for Solving the Cost-Basis Mystery
June 20, 2011
Without access to the original paperwork, however, "you can really be hard-pressed" to find the information you need, says James H. Guarino, a partner at Boston-area accounting and consulting firm MFA - Moody, Famiglietti & Andronico LLP.
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Executive Profile: CPA Firm Chief Comes with a Code
May 6, 2011
Carl Famiglietti's professional pursuit is dedicated to creating an interconnected web of technical expertise, philosophy and humanity. Famiglietti, 53, is the managing partner of Tewksbury-based CPA and consulting firm Moody, Famiglietti & Andronico. What sets him apart from his peers is not necessarily what he does, but how he explains the role of his firm.
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Your 2 Cents: Lessons Learned from the Great Recession
April 22, 2011
Accountants are much more than number crunchers. For many businesses, the accountant is also one of the most trusted advisers. We asked some area accountants what one piece of advice they gave their clients during the Great Recession. Here are some responses.
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Tax Law Changes Create Business Opportunities
April 22, 2011
Recent changes include health insurance tax credits, hiring tax credits and the so-called bonus depreciation, which allows business to write-off the cost of a capital asset all at once rather than over multiple years, said Craig Eaton, a Partner at Moody, Famiglietti & Andronico, LLP.
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The Two-Year Tax Plan
April 6, 2011
Even if some version of tax reform was to pass, the capital gains rate is unlikely to go lower, making 2011 or 2012 a good time to recognize big capital gains, say from the sale of a business. "Clients have a chance to save some real dollars by working through transactions this year and next year," says James Guarino, a CPA with MFA-Moody, Famiglietti & Andronico in Tewksbury, Mass.
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30 Last-Minute Tax Tips
April 4, 2011
Rental real estate, especially with losses. A perennial red flag, especially if the taxpayer claims to be a real-estate professional, because the losses are then deductible against ordinary income. The IRS will be even more suspicious if the wages and professional activities are performed by a single person or one partner of a couple, because professional status often requires a 750 hour-a-year commitment, says James Guarino of Boston-area CPA firm Moody, Famiglietti & Andronico.
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Rich Are Targeted in IRS Audit Offensive
April 4, 2011
James Guarino of Moody, Famiglietti & Andronico, a Tewskbury, Mass., accounting firm, said that if a client donates closely held stock to a charity, he provides a summary of key points in addition to the appraisal that is required by law.
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The Bright Side of Past Fund Losses
April 4, 2011
In this environment, investors need to be especially "vigilant" about their after-tax returns, says Stephen Fusi, an investment adviser at New Wealth Advisors, a registered investment-advisory firm in Tewksbury, Mass. [...]
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30 Last-Minute Tax Tips
April 2, 2011
Rental real estate, especially with losses. A perennial red flag, especially if the taxpayer claims to be a real-estate professional, because the losses are then deductible against ordinary income. The IRS will be even more suspicious if the wages and professional activities are performed by a single person or one partner of a couple, because professional status often requires a 750 hour-a-year commitment, says James Guarino of Boston-area CPA firm Moody, Famiglietti & Andronico.
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Rear Window Tax Planning
April 1, 2011
If you got a big refund, that means you’re not managing your withholding and/or estimated tax payments smartly. “This is a battle,” says James Guarino, a CPA with MFA-Moody, Famiglietti & Andronico in Tewksbury, Mass. “Some people look forward to a big refund; that’s their boat cruise money. We see that and we shudder. ‘You just gave the government an interest-free loan.’”
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Good Advice: Start an Advisory Board
March 8, 2011
Executives at a closely held firm "may be spooked by having an outside board of directors" that tries to exert control, says William Andronico, a partner at Boston-area accounting firm Moody, Famiglietti & Andronico who has helped several clients set up such boards. In contrast, advisory board members are less likely to expect equity and therefore "can be more independent in their thinking," says Andronico. [...]
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Small Biz to Congress: Deep-Six the 1099 Expansion
February 11, 2011
"The budget has been based on this additional revenue coming into the coffers, so the argument right now is, "If we repeal and don't bring in this additional revenue, what are we going to do to offset it?'" says James Guarino, a partner with Boston-based tax and accounting firm Moody, Famiglietti & Andronico. [...]
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Don't Let Your Kids Do Their Own Taxes
January 27, 2011
Craig Eaton, a CPA with Moody, Famiglietti & Adronico in Tewksbury, Mass. said he’s filed separate returns for kids with earned income who are due refunds as a courtesy for the parent-clients. A good business move. One kid whose dad had him report his lawn-mowing income on a Schedule C each year starting in high school has now graduated and has [...]
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When To File Your First Tax Return
January 26, 2011
Craig Eaton, a CPA with Moody, Famiglietti & Andronico in Tewksbury, Mass., says his clients are often surprised to learn about yet another twist: If a child has any potential gains at all--meaning if he has any sales of stocks or bonds, including those sold in a custodial account for him--he must file a separate return, including a Schedule D.
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Take Money Out Of Your IRA in 2010 Or Else
December 17, 2010
“There’s a real danger,” says James Guarino, a CPA with Moody, Famiglietti & Andronico in Tewksbury, Mass. “For a retiree, any amount that they have to pay in penalties is truly unnecessary. For someone on a fixed income this is something that isn’t part of the budget.”
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Making the Most of Customer, Client and Employee Rapport During the Holidays
November 15, 2010
“Tis a great season to be focused on marketing and networking, recommended James Guarino, a partner at Moody, Famiglietti & Andronico, LLP. This time of the year, we’re always meeting with clients and networking with our contacts, getting out into the public, and letting people know that we’re available if and when we’re needed.”
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Inspiring Women in the Profession
October 25, 2010
I also recently learned that women make up half of the firm’s partners at Moody, Famiglietti & Andronico, LLPs (MFA) This is awesome and encouraging! This of course is not the norm, which is why I wanted to highlight this firm. [...]
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Legally Defensible Security: Covering Your Bases on HIPAA, CMR 17
September 01, 2010
"Doing a risk assessment starts with an inventory," Pettine said. "You need to inventory your electronic data and your paper. Write down everything you do so you can then compare it to the regulations. That's a gap analysis. Finding gaps between what you do and the different regulations require, and making a manageable list of action items."
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FIN 48 Complicates Yearend Audit Process
January 10, 2010
"Some people believed that Fin 48 adoption would not be a big deal for hedge funds and private equity because they typically are not subject to federal income tax as a partnership," said Craig Eaton, a partner at accounting and consulting boutique Moody, Famiglietti & Andronico in Tewksbury, Mass. "They're now finding out that Fin 48 is more far-reaching."
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Effects Will Be Felt Well Beyond Accounting Industry
September 01, 2009
“They are still using LIFO, and if they would have to reverse that they would trigger tens — if not hundreds — of millions of dollars of taxes,” said Travis Droun, a partner in accounting firm Moody, Famiglietti & Andronico LLP in Tewksbury. “For small business I don’t think it is going to materially affect companies, but it certainly is a consideration.”
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Leadership Armed With Data
March 01, 2009
After reading about AARs four years ago, MFA's leaders decided to bake them into every customer engagement, no matter how small. "AARs and BARs -- they're famous here now," says Matthew Boyle, an MFA partner. "When an e-mail goes around saying 'There's a BAR on Client X,' everyone knows exactly what to expect."
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Fair Value Broadly Inconsistent
February 01, 2009
"You have two funds side by side with the same exact portfolio, but if they both mark to fair value and they haven’t talked to each other, you could have one valued at $10 million and another valued at $40 million," says Travis Drouin.
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Staffing Realities Compel Structured Shift
June 01, 2008
“One high profile piece of the CPA’s complex landscape is the common struggle to recruit and retain qualified talent,” says Carl Famiglietti, the managing partner of MFA—Moody, Famiglietti & Andronico, based in Tewksbury, Mass.
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Directors and Boards Reader Profile
January 01, 2008
"Sarbanes-Oxley and directives for Boards and corporate policy have changed company structure quite a bit, and the effects go well beyond internal controls. By streamlining and increasing transparency, compliant companies have access to more advanced data streams and measurement techniques that allow them to be fiercer and more nimble competitors." Carl Famiglietti, the managing partner of MFA—Moody, Famiglietti & Andronico [...]
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