Tax services are the core of MM&B's business. Taxes are a part of every aspect of our business and personal lives. To complicate matters, tax laws are constantly changing. Our qualified staff of tax professionals can address any tax challenge, no matter how complex.
Compliance & Preparation
Every transaction has tax consequences. Tax services are, in our view, one of the most important services we can provide to our clients. In order to keep pace with change and maximize every tax savings opportunity, you need a tax advisor that understands your business and personal goals, and translates these goals into targeted action steps designed to maximize your tax position.
For individuals and owners of business entities, the preparation of complete and accurate tax returns is critical to avoiding penalties with the Internal Revenue Service or state taxation authorities. Tax law is extremely complex, and every taxpayer situation is different. Therefore, we assess each tax scenario on its own and prepare the required tax returns as appropriate for your circumstances.
The intricacies of the United States tax code are made more complicated if you or your business have international dealings that trigger additional filing or disclosure requirements. Even seemingly insignificant international connections can cause exposure, and potential tax consequences with significant compliance penalties. MM&B has international tax experts that can help navigate the complex environment of international tax reporting.
Whether you are a United States citizen living abroad, have personal or business connections outside the United States, or are planning to, contact us to learn about your tax obligations.
MM&B can offer advice and guidance on the following topics:
- Inbound and outbound international taxation
- Subpart F
- Foreign tax credits
- Treaty interpretation
- Taxation of cross-border hybrid instruments
- International tax: cross-border structures and transactions
Tax services are not simply about preparing and filing annual tax returns for the IRS or state. Careful planning of tax strategies will allow you to minimize tax liability given your particular personal or business circumstances. Our experienced tax professionals are well-versed in the nuances of the federal and state tax codes and can offer different planning strategies.
We will get to know your particular individual or business tax picture and develop a sensible approach that allows for the minimization of tax liabilities.
Our expertise includes the full spectrum of corporate and personal tax concerns, such as:
- Individual, partnership and corporate tax planning strategies and return preparation
- Tax consequences of acquiring existing businesses and business assets
- Tax ramifications of corporate and real estate transactions
- Reorganization of corporations and partnerships
- Estate and gift tax planning
- Federal and state tax audits
- Tax controversy and disputes
- Corporate/M&A/consolidated returns
- Financial instruments, products and transactions
- Tax credits and tax credit transactions
- State and local tax planning
- Taxation of Expatriates
The only certainty accompanied by a tax notice is the need for a team of experienced advisors who understand that, to you, the complexities of dealing with the IRS represent more than just another day at the office. Requirements facing your business today have never been more demanding; therefore, the MM&B approach to tax controversy involves not only defending clients once they are involved in a dispute, but proactive planning to avoid tax controversy. Our services are tailored to each unique client and situation.
Oftentimes, taxpayers will find themselves embroiled in difficult tax disputes as a result of errors, omissions, or other filing discrepancies. No matter what the cause, these situations require the expertise of an experienced tax professional to protect your interests. Failure to address these issues can exacerbate the problem, and result in legal action and judgements against you or your business.
Our tax accounting and legal professionals will evaluate your situation and work with the taxing authorities on your behalf to resolve these disputes.
We can offer advice and guidance in the following circumstances:
- IRS practice and procedure: examination and appeals
- Bankruptcy and restructuring controversy
- Federal, state and local tax audits
- Criminal tax investigation
- State and local tax controversy and litigation
- State residency examinations
Cost Segregation Studies
A Cost Segregation Study (CSS) is a tax-deferral strategy used to lower current income tax liabilities by accelerating certain expenses, such as depreciation, on all eligible costs associated with past, present, or future acquisitions, construction, or building renovations. A cost segregation study is done by carefully identifying certain property that can be expensed differently and to the advantage of the taxpayer.
Substantial tax and cash flow savings can be achieved by taxpayers who properly classify their construction or acquisition costs between real and personal property. However, many property owners do not take advantage of these provisions and end up paying federal and state income taxes sooner than they need to. Properties with the best savings potential include, but are not limited to:
- Manufacturing and Industrial Plants
- Office Buildings
- Retail Stores and Chains
- Hotels and Motels
- Shopping Centers
- Apartment Facilities
- Medical Facilities
MM&B can evaluate whether cost segregation could be a viable part of a comprehensive tax strategy that will benefit your business. We will work closely with our partner firms that specialize in these studies, to determine the tax impact on your business.
An effective, supportable cost segregation study requires in-depth knowledge of tax laws, IRS guidelines; knowledge of engineering and construction methods, materials, and costs; and knowledge of court cases, revenue rulings, and procedures. A detailed cost segregation studies pays for itself many times over, starting with the first year the property is placed in service.
Research & Development (R & D) Credits
Unbeknownst to many business owners, certain benefits may be available to recover costs associated with research and development activities. You may already be spending money on activities that could otherwise provide a tax advantage to your business.
Research and development credits can be an effective way to infuse cash into your business for what you may be already doing. If your business is focused on innovation, new product development or process improvement, you may qualify for a federal and/or state R&D credit. The credit is not a deduction; it is an actual dollar for dollar credit against taxes owed or taxes paid. Obtaining the full benefits of this credit requires a deep understanding of the tax code and regulations.
Contact us to find out if your organization may be eligible, and we will work closely with our partner firms that specialize in these studies to determine the tax impact this would have on your business.
A nexus study determines whether you or your business have a connection to a particular taxing jurisdiction and are therefore required to file tax returns with that authority. Failure to file tax returns where you have nexus and are required to file could be very costly. It is important to know exactly which states and localities where you are deemed to have nexus.
If you engage in any business or personal interstate activities, including something as simple as owning a second home, you should call us. We can evaluate your particular circumstances to determine if you should file tax returns in a particular location beside your home state.
Business Ownership Structures
Every business is different. MM&B can determine the optimum business structure for your entity that best meets your goals and needs. It is not always necessary to construct your business in an overly complex manner. In the long run, this can be cumbersome and costly. On the other hand, there are times when, for various reasons, your organization is best established in a particular way so as to offer legal protection, tax advantages, or other measurable benefit.
Let's discuss whether your business is meeting your objectives or is being hampered by structural concerns that can be fixed. We will determine whether your business can or should operate as a sole proprietorship, partnership, or incorporated entity to give you the best efficiency and security.