Client Types
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Individuals and Families (High net worth individuals and families)
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Sole Proprietorships (Single owner and Jointly held businesses)
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Flow-Through Entities (LLC, S Corporations, General and Limited Partnerships)
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Corporations (General and Foreign Corporations)
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Not for Profit Entities (Foundations, Charitable and Religious Organizations)
Individuals and Families
MTAAS is solidly grounded in the fundamentals of traditional tax and accounting services, and we provide these services as a matter of course. However, we believe that our high net worth clients especially value our service partnership approach to advising them, and in particular our creative approach to helping protect their interests during certain critical situations that call for skills outside their expertise. At MTAAS, we consider and are able to consult with our clients on many aspects of their financial lives, from recurring tax planning matters to estate planning and administration, and everything in between. We join or help build the team of legal and financial advisors that will support a family as it traverses an ever-changing tax and financial landscape.
Not-for-Profits
In an environment of changing regulations and heightened competition for funding resources, nonprofit organizations can benefit greatly from a CPA firm with extensive experience in the nonprofit sector. Nonprofit accounting, reporting and compliance have become increasingly intricate; therefore careful attention to compliance issues and procedures is an absolute necessity. MTAAS understands these unique issues. We view each client individually and offer specifically tailored suggestions and solutions. We serve as a bridge between the complexities of nonprofit accounting and reporting, and our clients’ varied levels of understanding and needs.
MTAAS provides high partner-level involvement and a focused effort to provide staff continuity for each engagement. In addition, we meet with our clients several times during the year, not just at year-end. We communicate new nonprofit rules and regulations to our clients, proactively plan for year-end financial and tax reporting, and advise on unique needs such as streamlining the bookkeeping process or selecting accounting software.
Flow-Through Entities
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Flow-through entities (FTE) are operating structures required to pass income, deductions, gains, losses, and credits through to the owners of the entity. Types of FTEs are partnerships including limited partnerships (LP) and limited liability partnership (LLP), S Corporations, income trusts and limited liability companies (LLC).
Technically, for tax purposes, flow-through entities are considered “non-entities” because they are not taxed; rather, tax “flows-through” to another tax return, i.e.; a 1040 tax return.
In the United States, the owners of an FTE annually file the form known as K-1 (or Schedule K-1) to the IRS for the purpose of reporting their share of income in the flow-through entity.
Industry Services
MTAAS, LLP continuously work on understanding your business needs and the unique issues that you face on a daily basis. We strive to become experts for the clients we serve. By having continuous professional development and educating ourselves with latest issues in the ever evolving business environments, we are better prepared to assist you in the present, as well as identifying opportunities for your business in the future.
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The following is a list of some of the industries that we serve:
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Marketing and Advertising
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Professional Services
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Manufacturing
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Restaurants and Retail
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E-Commerce
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Technology Startups
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Not-for-Profits
Corporations
General Corporation ( C Corp.)
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The Internal Revenue Service (IRS) refers to general corporations as “C” Corporations. Forming a C Corporation allows a business owner to create a separate legal structure that can shield their personal assets from judgments against the business. Unless a corporation applies for S Corporation status, the IRS taxes corporate profits as well as dividends paid to shareholders. We refer to this scenario as “double taxation.” Double taxation refers to corporate and shareholder taxes. Corporations must pay taxes on their earnings. Individual shareholders must also pay taxes on any dividends they receive.
Sole Proprietors
According to the IRS Web Site, A sole proprietor is someone who owns an unincorporated business by himself or herself. However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation.