Mark L. Farber CPA PC delivers more than 25 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 operates as a boutique international tax firm with the ability to function as a global organization. Mark L. Farber CPA PC is a member of the McGladrey Alliance which is a premier affiliation of independent accounting and consulting firms in the United States, with more than 81 members in 42 states and Puerto Rico. The McGladrey Alliance provides a national network for member firms to access the resources, tools and expertise of McGladrey LLP. Through the McGladrey Alliance, Mark L. Farber can leverage the infrastructure and best practices of the fifth largest provider of assurance, tax and consulting services in the U.S. as well as through RSM International, the seventh largest network of independent accounting, tax and consulting firms, with 32,000 employees in more than 100 countries around the world.
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.
I understand the challenges and obstacles financially challenged companies face in these trying times and with my experience in these situations I assisted them through these demanding periods. My experience includes working with major companies and financial institutions over the past twenty-five years to assist in any phase of the tax process including tax compliance, tax research, practice and procedure issues and migration issues as they pertain to emergency situations at these organizations.
I worked with the Small Business Administration (“SBA”) to provide tax support and recovery services to private equity funds funded by the SBIA and I assisted the Receivers Department of the SBA with the accounting and tax reconstruction of these insolvent entities. I also served as the Tax Monitor for the Manhattan District Attorney’s Office regarding a tax plea agreement for an international company over a four year period. In addition, I served as the lead tax professional for the Creditor's Committees of several mortgage bank bankruptcies during the recent financial crisis. I was responsible for the preparation and review of the tax consulting 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 issues related to the bankruptcy filing. I served as the interim tax director at a large foreign bank for nine months during a period of severe crisis for the bank. I restructured the tax department and the tax compliance process in addition to restarting a large case examination and several state tax exams where summonses were issued at the federal level.