Mark L. Farber CPA PC delivers more than 30 years of experience of broad-based knowledge in both public accounting and private industry to clients in need of financial tax services, international tax and corporate tax planning. I specialize in tax issues surrounding financial services companies including banks, hedge funds, private equity firms, REITs and international tax issues. The firm maintains a focus on assistance with international tax reporting, including FATCA compliance, PFIC planning and reporting, U.S. tax withholding, FBAR reporting and tax compliance and advisory services related to international transactions. As an experienced tax consultant, I have advised clients on matters that pertain to the tax aspects of foreign investment in the U.S., tax and financial management for multi-national corporations, analysis of new financial products, examination of transactional issues and management of large case tax examinations. In addition, I retain significant experience working with the tax implications and compliance issues of financial institutions and other companies in the bankruptcy and restructuring arena.
Mark L. Farber CPA PC is an integral of part of The International Tax Specialist Group (ITSG) that provides high quality, practical, and creative international tax advice on a worldwide basis. Each ITSG member is highly experienced in international tax planning and is recognized as such by his or her peers. Members join the group “by invitation” after working successfully with other members.
Globalization means more demand for international tax services, while laws, and in particular anti-avoidance provisions, are becoming ever more complex. I work with several international tax and accounting affiliations that provides me with global tax advisers. This format allows me to stay in touch with the world scene and have a working knowledge of taxation in other countries. /This format offers a fast, cost-effective, overview of tax possibilities and potential tax traps. After discussing the overview with the client, specific questions are identified that form the basis of detailed advice. Our clients include companies, with an emphasis on financial services and high tech industries; businesses expanding into new markets; internationally mobile executives; and high net worth individuals considering a change in residence. All of these need coordinated tax advice before acting.
As a Big Four alumnus, I spent over 10 years at KPMG where I focused on international taxation. In this role, I managed the tax function at several premier global banks and numerous other financial institutions, I participated in several bank restructurings, and I advised international banks of the tax ramifications related to their capital market activities and the effect these transactions on a global financial institution’s U.S. tax liability.
Prior to creating a boutique tax consulting firm I was responsible for the development of the financial services global tax practice at an international accounting firm with offices throughout the United States, Europe and Asia. I structured distressed debt funds to facilitate the acquisition of various discounted debt instruments for U.S. and foreign investors and I structured acquisitions of U.S. companies using contingent debt instruments issued to U.S and foreign investors. A top ten global commercial bank retained me to create and develop a tax department for its U.S. branch network. We succeeded in developing a tax department that became a valuable resource within the Bank and within the tax community including the creation of a strong global tax network for the Bank.
I worked with several of the world’s leading international banks, during which time I worked on the favorable resolution of several large case international tax examination with the Internal Revenue Service and successfully completed numerous state and local tax examinations.
In consultation with the operating and marketing departments of global financial institutions I developed tax efficient structures and reviewed transactions for customers to minimize the tax impact of cross border investments. I also participated in structuring cross-border subordinated debt issues by Banks and I performed the tax planning for structured finance projects. As the interim tax director at a large foreign bank during a period of severe crisis, I effectively restructured the tax department, retooled the tax compliance process, and took the lead on a large case examination and several state tax exams where summonses were issued at the federal level. As discussed below, I assist companies which find themselves in distressed tax situations, where I manage the tax process regarding the liquidation of the largest broker-dealer in the United States, including foreign filings, multi-state filings and tax administration of the bankrupt estate.
As a former editor of the Journal of Bank Taxation’s Shop Talk column, I published several feature articles each year. I have also been a featured speaker at World Trade Institute seminars, the Bank Administration Institute’s annual meetings, a speaker at the Institute of International Bankers seminar, hedge fund conferences and other professional seminars.
A significant portion of my work includes tax research and planning for foreign investors purchasing interests in U.S. companies, U.S. assets including real estate, investments in U.S. based private equity and hedge funds including analysis of the underlying investments and the related global tax reporting requirements together with analysis of withholding tax issues and information reporting requirements.
I established the tax policy and procedures for a major international Bank that was granted a license to operate in the United States and I reviewed tax ramifications of the Banks global trading operations to create a tax information reporting system at its U.S. branches.
My experience includes management of the tax compliance for a group of hedge funds and private equity funds for a U.S. investment bank.
I directed the tax and financial affairs for domestic and foreign high net worth individuals including the integration of their individual tax position with their U.S. investment portfolio. My responsibilities included the preparation and review of all tax consultation matters and tax filings of the bankrupt estate of one of the largest broker-dealers in the United States, including foreign filings, multi-state filings and numerous tax bankruptcy issues related to the bankruptcy filing.
I assisted several Banks in developing the tax procedures for their asset backed programs, and established the accounting and tax systems for commercial paper programs.
In conjunction Bank personnel I participated in the implementation of systems to analyze a bank’s cost of borrowing throughout its worldwide branch network, including the impact of derivative products. Several International Bank’s retained me to perform detailed studies to analyze the Bank’s foreign exchange operations for tax, accounting and regulatory purposes to determine the impact of interbranch transactions on an international Bank’s global tax position.
I worked closely with numerous Bank’s Treasury Department to implement internal policies and procedures to monitor and properly report the Bank’s derivative products transactions, including a study of the Bank’s tax risk management and hedging policy.