Tax


taxe-complexTax Services:

Your business will only achieve its true potential if you build it on strong foundations and grow it in a sustainable way. At MTAAS, we believe that managing your tax obligations responsibly and proactively can make a critical difference. Our teams of talented professionals bring you technical knowledge, business experience and consistent methodologies, all built on our unwavering commitment to quality service — wherever you are and whatever tax services you need.

Effective compliance and open, transparent reporting are the foundations of a successful tax function. Tax strategies that align with the needs of your business and recognize the potential of change are crucial to sustainable growth. So we create highly networked teams who can advise on planning, compliance and reporting and maintain effective tax authority relationships — however you operate.You can ask our technical porfessionals to work with you to reduce inefficiencies, mitigate risk and improve opportunity. Our tax people are committed to giving you the quality, consistency and customization you need to support your tax function. It’s how MTAAS makes a difference.

Individuals:

Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government’s General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax help.

Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be sometimes confusing. It is just too easy to overlook deductions and credits to which you are entitled to. Even if you use a computer software program there’s no substitute for the assistance of an experienced tax professional.

Here’s what you get…

  • Your tax return will be checked and re-checked by our tax professionals using professional computer software identifying potential problems the IRS may look at more closely and reviewing the the accuracy to ensure correctness.
  • Your tax return, in most cases, be filed electronically so you will get your refund back in a short time.
  • Our staff will show you how to adjust your payroll withholding that suits your tax needs. Why give the IRS an interest free loan for up to 16 months.
  • We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year’s tax liability.

Sole Proprietors:

If your books are unorganized: No Problem!

If you own a small business and haven’t kept up your bookkeeping, don’t worry. We can help you. We’ll prepare your bookkeeping for the year, prepare a Schedule C, as well as your personal income tax return. Then we’ll help you set up an easy system that allows you to keep your books in tip-top shape next year.

Flow Through Entities:

MTAAS provides tax services to flow-through entities in the following areas:

Professional Service Firms:

Professional service firms, particularly those of law, architecture, engineering, and financial services, often use a partnership, LLC, or LLP as their preferred ownership structure. MTAAS professionals understand the intricacies of the tax code relating to partner allocations, capital accounts, basis, at-risk rules, debt allocations, and substantial economic effect. We apply this knowledge to our understanding of the professional service firm’s business to provide guidance in the areas of partner compensation, transfers of ownership interests, and redemption of retiring partner interests. And, of course, we prepare the flow-through entity tax returns and Schedule K-1s.

Real Estate:

In most cases, the real estate industry has adopted the LLC as the primary entity of choice for structuring real estate deals. In the real estate world, proper application of the tax code is critical to ensuring that income/deduction and gain/loss allocations are sustainable under audit. MTAAS’s Real Estate Industry Group includes tax professionals with knowledge and experience in the unique requirements of Internal Revenue Code Section 704(b) involving distributive shares of income, gain, loss, deduction, or credit. Also, our expertise is required for calculations of basis, amounts at risk, passive activity limitations, and debt allocations. Finally, we prepare numerous flow-through entity tax returns for our real estate clients, many of whom require that their returns be prepared so that Schedule K-1s may be delivered in a timely manner.

Corporations – Advanced Planning is a Must!

Whether your company has an outsourced tax group or a full-line tax department, MTAAS ensures you will directly interact with high-level personnel. Our tax professionals boast advanced degrees and work experiences from across the globe. From international, to multi-state, to California tax issues, our seasoned professionals have the skills to tackle every potential tax challenge.

MTAAS takes great pride in being responsive to your phone calls and emails. Our goal is to provide innovative solutions in the shortest possible time, including collaborations with your other service providers.

At MTAAS our projects range from developing international tax structures to providing complete compliance coverage for consolidated federal and multi-state income and franchise tax returns. Our clients range from high-tech to food services and our portfolio includes national and international distribution, professional services, restaurants, import and export, advertising and marketing, technology startups, Ecommerce, manufacturing companies and more.

Our Corporate Services include:

  • Corporate Tax Compliance – MTAAS has what it takes to assist corporations with tax analysis, filings, controversies (IRS audits) and single entity and consolidated returns.
  • State and Local Taxes (“SALT”) – As state laws become increasingly complex and state tax authorities become more assertive with enforcement, corporations are under pressure to meet compliance requirements and audits. Whether it is property, sales use, corporate income or franchise tax, MTAAS will provide the resources for planning and compliance.
  • Accounting and Income Taxes – Federal Accounting Standard (FAS) 109 and Financial Interpretation FIN (48) are perhaps the most complicated tax standards facing corporations today. MTAAS provides the resources to assist with FAS 109 and FIN 48 while keeping an eye out for any complication that could have an impact on your future tax returns. We work as your partner to provide turnkey service for annual tax provision and quarterly reporting requirements.
  • Section 382 Studies – IRC Section 382 limits the use of NOL (Net Operating Loss) carry forwards following an ownership change. Taxpayers can get caught off-guard when the amount they expect to offset is severely restricted by the Sec 382 limitation. MTAAS will help you analyze and determine the NOL limitation and avoids any surprises of an unexpected tax liability.
  • R&D Tax Credits – There is a widely held perception among many businesses that they cannot claim Research and Development tax credits unless they are involved in the technology industry. At MTAAS we know the reality of the tax credits and how they can apply to your business. Our advisers are experienced at performing IRS tax credit studies and our approach is customized to fit each client’s individual needs. We make a preliminary assessment through interviews with the management team. During the engagement phase we conduct extensive reviews and determine which activities qualify for tax credit. To ensure the maximum tax credits year after year MTAAS helps set up and maintain future systems that will qualify, document and quantify future R&D activities.
  • Special Projects – MTAAS has experts in many fields and disciplines who can assist with pure tax projects such as amended tax returns, planning and structuring transactions, mergers and acquisitions, valuation, and many others. We have deep connections with the financial community, allowing us to help with succession plans, ESOP plans and insurance-based arrangements.
Not-For-Profits– Compliance! Compliance! Compliance!

We can help you setup and maintain your non-profit organization’s tax-exempt status by handling all the IRS reporting for you.
Each year the IRS requires most tax-exempt organizations to submit the Form 990 and related schedules, which includes some of the following items.

      1. Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent…
      2. Balance Sheet with specific categories like cash, accounts receivable, accounts payable…
      3. Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations.
      4. Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.
      5. Revenue Support Schedules that detail the organization’s sources of income in specific categories like charitable donations, membership fees, investment income.

The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. So it’s imperative that you build your accounting system around these revenue and expense classifications. With the enforcement of completely revamped 990 with huge compliance requirements, the need to file a complete and accurate 990 and related schedules have become a challenge for most non profits.

Here’s how we can assist you:

  • Review and compile your financial statements
  • Design, install, and maintain your Accounting System
  • Weekly, bi-weekly, or monthly payroll preparation
  • Payroll Tax Preparation and Deposits
  • Provide training for your accounting personnel
  • Complete and file your non-profit status application
  • Provide training for your board on non-profit financial statement usage and effective budgeting practices
  • Prepare and file the 990 and 990T tax forms
  • Prepare your initial start-up documentation, including incorporation, federal employee identification number (FEIN), and payroll setup with federal and state agencies.
  • Churches: We prepare the pastoral housing allowance and other required benefit documentation to meet the complex dual status of ministers.

If you’re starting a new not-for-profit organization we can help you prepare your organization’s 501 (c)(3) application for tax-exempt status.
Here’s what’s needed..

  • Articles of Incorporation containing the Exempt Purpose Statement as described in IRS Code section 501(c)(3) and defined in Treasury Regulation 1.501(c)(3)-1 Paragraph d and the Dissolution Statement described in Treasury Regulation 1.501(c)(3)-1 Paragraph b subparagraph 4 (“Organizational Test”).
  • Employer Identification Number
  • By-laws of the Organization
  • Minutes of Board Meetings
  • Names, Addresses, and Resumes of Board Members
  • Names and addresses of all Active Members
  • Inventory of Assets like cash, furniture, equipment, property, pledges…
  • Inventory of Liabilities like mortgages, accounts payable, loans…
  • Rent/Lease Agreements and Contracts
  • Revenue and Expense Statements for the last four years or as far back as possible if your organization has been in existence for less than four years.
  • Written Reason for Formation and History of the organization.
  • Organization Mission Statement or Statement of Faith or Beliefs for Churches and other Religious Organizations.
  • Organization Activities, Operations and Programs Documentation including your statement of purpose & operations, food programs, fundraisers, flyers/brochures/pamphlets…
  • Financial Support Documentation including all sources of revenue like contributions, tithes, offerings, fundraisers…
  • Fund Raising Program Descriptions
  • IRS Processing/Filing Fee

We will be happy to assist you with all your compliance needs.

 

Call us today at (408) 98 My Tax/(408) 986 9829 or (408) 986 9826 and get answers to your questions. You can also email us at support@microtaxcpa.com or fax us at (408) 986 9831.