 |
|
Wealthy Taxpayers Draw More IRS Scrutiny
April 5, 2013
"Well-organized and well-documented records are the key to surviving an audit", said James H. Guarino, an accountant and certified financial planner at MFA-Moody, Famiglietti & Andronico LLP in Tewksbury, Mass. "One has to be able to prove that each item on the return was reported correctly. It is foolish to expect the IRS to accept the explanation that, say, a deduction is the same as last year, without documents to prove that", Mr. Guarino said.
Note: This publication requires subscription to access the full article
|
|
|
Advisers Warn of Tax Traps in MLPs
March 14, 2013
"It is almost a situation of 'buyer beware' because in some instances, I've had clients not fully understand the tax consequences that come from investing until they file their returns," said James H. Guarino, an accountant and certified financial planner at MFA - Moody, Famiglietti & Andronico LLP in Tewksbury, Mass.
Note: This publication requires subscription to access the full article
|
|
|
New Tax Rules Complicate Divorce
January 31, 2013
Investment portfolios are also core to many divorce agreements. A new 3.8% Medicare surtax on capital gains, dividends and other investment income over $200,000 of adjusted gross income is likely to prompt more "horse trades" over portfolios, said James H. Guarino, an accountant and certified financial planner at MFA - Moody, Famiglietti & Andronico LLP in Tewksbury, Mass.
Note: This publication requires subscription to access the full article
|
|
|
Tax Planning for 2013 Just Got Trickier
January 3, 2013
James H. Guarino, an accountant and certified financial planner at MFA - Moody, Famiglietti & Andronico LLP in Tewksbury, Mass., said it's now critical that individuals be able to estimate their taxable income before the end of the calendar year to do strategic tax planning.
Note: This publication requires subscription to access the full article
|
|
|
2013 Brought New Tax for Some Real-Estate Investors
January 2, 2013
“We know for certain the Medicare tax is here to stay,” said James H. Guarino “We know for certain the Medicare tax is here to stay,” said Jim Guarino, a partner at MFA - Moody, Famiglietti & Andronico, LLP, an accounting firm in Tewksbury, Mass. “I think there might have been some question if the tax would be a bargaining chip in the fiscal cliff negotiations. It was not,” he said, referring to the passage of legislation Tuesday that raised the permanent top rate on Americans with incomes of either $400,000 for single filers or $450,000 for married couples.
|
|
|
Some Investors Likely to Face New Tax Bite
October 30, 2012
But it isn't clear whether everyone who can prove they work over 500 hours a year on their properties will be exempt. "It's all up for interpretation at this point," said James H. Guarino, a tax partner at MFA - Moody, Famiglietti & Andronico. "Right now, we're hoping for some kind of guidance from the [Internal Revenue Service] in this area."
|
|
|
Getting Personal: For Some of the Wealthy, a 0% Tax on Capital Gains
October 23, 2012
Anyone who wants to take advantage of the 0% rate can't take more than $35,350 of capital gains ($70,000 for a married couple) without moving into a higher bracket. James H. Guarino, an accountant and certified financial planner at MFA - Moody, Famiglietti & Andronico in Tewksbury, Mass., said only a few people are likely to have so little taxable income that they can take the full $35,350 or $70,000 in gains.
Note: This publication requires subscription to access the full article.
|
|
|
Five Big Mistakes Mutual-Fund Investors Make
October 7, 2012
James H. Guarino, a certified public accountant and certified financial planner in Tewksbury, Mass., says investors often make the mistake of not tracking their cost basis in the fund when they elect to have their dividends reinvested to buy more shares. As a result, "huge mistakes" occur as investors end up mistakenly reporting a much larger taxable gain when they sell the fund and thus pay taxes twice—once on the dividend income and then again when they sell the fund, he says.
|
|
|
Getting Personal: Determining the Value of a Deceased Client's Estate
September 27, 2012
The widow of a recently deceased business owner may think the business is worth, say, $10 million, but be offered only $6 million when she tries to sell it soon after the death. That may tempt her to sell at a "fire-sale" price before it loses more value, said James H. Guarino, an accountant and certified financial planner at MFA - Moody, Famiglietti & Andronico in Tewksbury, Mass.
Note: This publication requires subscription to access the full article.
|
|
|
Oil, Gas Partnerships Offer Tax Shield
August 22, 2012
Boston-area adviser James H. Guarino has been looking into an oil and gas partnership as a way to get income to help a client offset unused losses from another activity. The investment also would help diversify the client's portfolio, said Mr. Guarino, an accountant and certified financial planner at MFA - Moody, Famiglietti & Andronico in Tewksbury, Mass.
|
 |
|
Diplomacy When Advisers Spot A Tax Gaffe
May 22, 2012
"A little bit of diplomacy by an adviser goes a long way to building a better relationship that really helps the client in the end", says James H. Guarino, a CPA and CFP who is a partner at Boston-area accounting and consulting firm MFA - Moody, Famiglietti & Andronico.
|
 |
|
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.
|
|
|
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.
|
| |
|
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.”
|
 |
|
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 MFA - 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.
|
|
|
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, a Boston-area accounting and consulting firm.
|
|
|
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.
|
 |
|
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 MFA - Moody, Famiglietti & Andronico LLP. What sets him apart from his peers is not necessarily what he does, but how he explains the role of his firm.
|
|
|
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.
|
|
|
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 MFA - Moody,Famiglietti & Andronico, LLP.
|
|
|
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.
|
 |
|
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 MFA - Moody, Famiglietti & Andronico.
|
|
|
Rich Are Targeted in IRS Audit Offensive
April 4, 2011
James Guarino of MFA - 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.
|
|
|
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. [...]
|
|
|
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 MFA - Moody, Famiglietti & Andronico.
|
|
|
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.’”
|
 |
|
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 MFA - 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. [...]
Read More
|
|
|
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 MFA - Moody, Famiglietti & Andronico. [...]
Read More
|
|
|
|
Don't Let Your Kids Do Their Own Taxes
January 27, 2011
Craig Eaton, a CPA with MFA - 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 [...]
Read More
|
|
|
|
When To File Your First Tax Return
January 26, 2011
Craig Eaton, a CPA with MFA - 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.
Read More
|
|
|
|
Take Money Out Of Your IRA in 2010 Or Else
December 17, 2010
“There’s a real danger,” says James Guarino, a CPA with MFA - 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.”
Read More
|
 |
|
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 MFA - 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.”
Read More
|
 |
|
Inspiring Women in the Profession
October 25, 2010
I also recently learned that women make up half of the firm’s partners at MFA - Moody, Famiglietti & Andronico, LLP. This is awesome and encouraging! This of course is not the norm, which is why I wanted to highlight this firm. [...]
Read More
|
 |
|
Legally Defensible Security: Covering Your Bases on HIPAA, CMR 17
September 01, 2010
"Doing a risk assessment starts with an inventory," [Matthew] 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."
Read More
|
|
|
|
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 MFA - Moody, Famiglietti & Andronico in Tewksbury, Mass. "They're now finding out that Fin 48 is more far-reaching."
Read More
|
|
|
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 MFA - 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.”
Read More
|
|
|
|
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."
Read More
|
|
|
|
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.
Read More
|
|
|
|
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.
Read More
|
 |
|
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 [...]
Read More
|
| |
|
|