The Firm focuses on the interests of its clients, whereby the professionals align themselves with management in pursuit of solving problems and creating value. Against this backdrop, the professional adviser does not measure the time it takes to achieve a target, but, rather, takes up a more dynamic role, where the time taken is not entered in the time sheet, but considered qualitatively according to the objectives that have been set with the client.
We dedicate ourselves to our clients and work with them to solve problems and create value.
Examples of a wrong "management" of the relationship between client and professional
A limited liability company ("S.r.l.") holds a 50% stake in the share capital of another S.r.l. The participation in this latter company, although it is a medium-long term investment, is not booked as Financial Fixed Asset. In occasion of the negotiations for the sale of the investment in the S.r.l., the Board of Directors is informed that the conditions to benefit from the so-called PEX favour tax regime (i.e. Taxation of 5% only of the capital gains realized on the sale of investment in the S.r.l.) will not apply, as the requirement for the investment to be booked as a Financial Fixed Assets is not met. The "tax cost" of the sale transaction, instead of being around 1.5%, is equal to 24% of the capital gain.
Teaching: only an appropriate dialogue between client and tax advisor, when the latter is aware of the tax consequences of some tax and accountancy policies (i.e. the importance of registration among financial fixed assets), allows to optimize the tax burden
A limited liability company ("S.r.l.") holds significant shareholdings in companies listed on the stock exchange as a long-term investment. Due to a heavy accounting loss, the Board of Directors is forced to liquidate some investments, including an important stake in a listed company and a capital gain of over € 500,000.00 is realized. Following the disposal, we learn that the investment had not been booked as a Financial Fixed Asset and, therefore, the conditions to benefit from the so-called PEX tax regime (i.e. Taxation of 5% only of the capital gains realized on the sale of shareholdings) will not apply, as the requirement for the investment to be booked as Financial Fixed Assets is not met. The increased tax cost of the transaction is approximately € 130,000.00.
Teaching: only an appropriate dialogue between the client and the tax advisor, when the latter is aware of the tax consequences of some tax and accounting policies (i.e. the importance of booking a financial investment among financial fixed assets also for listed companies!), allows to optimize the tax burden.
A group of limited liability companies, after some misadventures, decides to change their tax consultant (i.e. the colleague had not presented the tax returns for several tax periods). On the occasion of a first meeting to assess whether or not to take up the mandate, having been informed about the annual fees that were paid to the previous chartered accountant, a question arose addressed to the potential client: - " did you expect the colleague to also file the Tax Return for such poor amount of professional fees? ".
Teaching: professional fees must be congruous and appropriate to the task and the intrinsic qualities of the chosen tax advisor.
Real Estate Demerger to split the RE assets held by a Company following conflicts between the shareholders. The shareholders - also bound by a family tie - have not kept a copy of the evidence of ongoing conflicts (e-mail, SMS, WhatsApp, also offensive ones). The Tax Authority has contested the tax avoidance scheme of the demerger, and the shareholders have not been able to prove the dispute, which would have justified - from a tax point of view - the operation (i.e. de-merger).
Teaching: only a correct dialogue between customer and professional, when the latter is aware of the importance of some issues in the presence of an extraordinary transaction such as the demerger, allows not running into a possible tax assessment.
Non - Interest bearing shareholder loans. The Company has not properly documented that the Shareholders' Loans are interest free and the Tax Authority has easily challenged the fruitfulness of the same with recovery of the non-declared interest income in the hands of the shareholders/lenders.
Teaching: only an appropriate dialogue between the client and the tax advisor, when the latter is aware of the tax consequences of the relationships between shareholders/lenders and Stock Companies, allows avoiding possible tax assessments.