Tax Compliance
High Wealth Individuals
The IRS announced in 2021 that it would begin a new campaign to audit high-wealth individuals.
Did you know the agency maintains a specialized, experienced group of examiners focused on conducting audits of high-income/high-wealth individuals?
The Global High Wealth Industry Group (GHW), known as the IRS Wealth Squad, is trained to examine sophisticated financial arrangements of high-wealth individuals, such as:
- - Foreign bank accounts are subject to reporting under FBAR rules
- - Overseas inheritance
- - Foreign trusts
- - Complex entities controlled by taxpayers, such as partnerships, corporations, foundations, and trusts
If you've been contacted by a member of the Wealth Squad, contact us immediately.
The Wealth Squad maintains broad powers and GHW audits are typically broad and comprehensive.
Contact Morris and Associates today for a FREE consultation to discuss a potential or current Wealth Squad examination as well as strategies to best protect your assets.
Business Returns
Partnerships, S-Corps, C-Corps, and LLCs
To ensure your business is complying with current tax law, it's important to bring in professions with experience filing returns for large and small businesses with complex tax requirements.
If you're concerned you're following the proper requirements for filing sales tax returns in one state, multiple states, and/or internationally, do not delay in contacting Morris and Associates today for a FREE consultation.
Do not fall into the trap of the "same as last year" mentality. We can ensure you're complying with tax law and help minimize your business's overall tax burden.
Estate & Trust
Complying with trust and estate tax law requires a professional experienced in such matters.
Morris and Associates has over 38 years' experience solving and resolving our clients' problems with the IRS, including for estate and trust matters.
The various tax rules for beneficiaries of income from trusts, depending on whether the trust is revocable or irrevocable, as well as the type of income received from the trust (i.e., interest vs. principal distributions).
If you have questions regarding your Form 1041 or your trust's K-1 schedule, give us a call.
If you are the executor of an estate, it's understandable if your duties seem overwhelming. If you have questions regarding a Form 706 or Form 1041, please give us a call.
Contact Morris and Associates today for a FREE consultation to discuss your estate and trust's tax compliance and ways to ensure you protect your assets.
Not for Profit Returns
Although most tax-exempt organizations do not pay federal income taxes, most do have to file a return – Form 990.
The type of Form 990 to be filed depends on the filing year and the gross receipts of the organization, such as Forms 990, 990-EZ, and 990-N.
Not all nonprofits have to file an annual return, such as most faith-based organizations, religious schools, government corporations, and state institutions that provide essential services.
Your organizations Form 990 is due on the 15th day of the 5th month after the end of the organization's taxable year. In other words, if your organization follows the calendar year, your Form 990 is due May 15 of each year.
If your organization fails to file a return three years in a row, the IRS will automatically revoke its tax-exempt status, which there is no appeal process.
Contact Morris and Associates today for a FREE consultation to discuss what form would be appropriate for your not-for-profit organization.
Employee Benefit Plan Tax Returns
You can prevent unnecessary filing penalties and other IRS, DOL, and ERISA compliance issues by having a professional prepare your Form 5500 for your employee benefit plan.
We can also advise you on structuring your employee benefit programs to best suit your business and circumstances.
Contact Morris and Associates today for a FREE consultation.
Accounting for Income Taxes
Tax laws are ever changing, which makes tax provision calculations increasingly difficult.
If you have questions regarding ASC 740, give us a call.
Complying with ASC 740 has become quite complex for not only public companies but non-profit organizations as well.
We can help you manage your business's compliance requirements and establish systems to provide greater peace of mind no matter your company's complex circumstances.
Contact Morris and Associates today for a FREE consultation.
Federal Tax Credits
Are you or your business fully taking advantage of all the federal tax credits that may be available to you?
For individuals, there are many federal tax credits that are never taken advantage of from child and dependent care credits to a lifelong learning credit to the American Opportunity Tax Credit (AOTC), which is available to the parents of eligible students in the first four years of education.
Other common tax credits include:
- - Child Tax Credit
- - Earned Income Tax credit
- - Adoption Credit
- - Low-Income Housing Credit
- - Premium Tax Credit (Affordable Care Act)
As a reminder, a tax credit decreases your tax bill as opposed to a tax deduction that lowers your taxable income.
The same applies to businesses as well, which has its own set of federal tax credits available to them, such as the following just to name a few:
- - General Business Tax Credit
- - Credit for Small Employer Health Insurance Premiums
- - Credit for Paid Family and Medical Leave
Contact Morris and Associates today for a FREE consultation if you have questions on whether you're claiming all the tax credits you're entitled too.
International Tax Compliance
Doing business around the world comes with its own set of tax compliance issues.
To ensure you avoid significant penalties for noncompliance, maintain a tax-favored position, and lessen the risk of double taxation, it's essential you a tax professional with experience in international matters.
If you're an individual who needs help filing their Form 5471, give us a call.
If you're concerned with the US Foreign Account Tax Compliance Act (US FATCA) or other international tax compliance initiatives, give us a call.
Contact Morris and Associates today for a FREE consultation to discuss ways we can help you with international tax compliance.
State and Local Tax Compliance
State and local taxes (SALT) is often overlooked by business owners but can significantly have an impact their after-tax return. Furthermore, if neglected, it can lead to unnecessary penalty exposure.
Morris and Associates can help you devise the right strategy and solution to managing your state and local tax issues that align with your business's overall objective.
Contact Morris and Associates today for a FREE consultation.
IRS Representation
There's probably nothing scarier than receiving an IRS audit letter. But remember, being the subject of an audit is not an indicator of guilt.
The first thing to do is not to panic. The second thing to do is secure the right representation.
At Morris and Associates, we have over 38 years of experience representing clients with numerous tax authorities, including the IRS. Kenneth Morris is also an Enrolled Agent, which means he has authorization from the federal government to represent taxpayers before the IRS at every level. Enrolled Agents also have unlimited practice rights, which means they can advise and represent:
- - Individuals
- - Corporations
- - Trusts
- - Any other entity required to file taxes
If you are currently the subject of an IRS audit, appeals, or collection matter, call us today. We can relieve you of the burden of dealing with the IRS directly and provide you with much needed peace of mind. We can resolve your problem with the IRS and negotiate the proper solution.
Contact Morris and Associates today for a FREE consultation.
Charitable Giving Compliance
We can ensure you receive the full tax advantages you're entitled to by reviewing your charitable contributions.
It's possible you can defer or reduce federal income tax, capital gains, and even estate taxes by charitable contributions
Charitable giving tax strategies can be complex, especially to reduce capital gains and estate planning.
Contact Morris and Associates today for a FREE consultation today to receive what you're entitled to.
Education Funding Compliance
We can ensure you receive credits and deductions you're entitled to from your education funding plans, such as the following:
- 529 Plans
Your contributions are tax-deductible, and you'll be able to skip taxes on earnings if you spend them on qualified education expenses. There are no income or contribution restrictions. - Coverdell Education Savings Account (ESA)
Similar to a 529 Plan. Also allows you to skip and deduct taxes as long as funds are used for qualified costs. But Coverdells are reserved for families earning less than $220,000 and you can only contribute $2,000 per student a year until they reach 18. - Roth IRAs
Contributions to a Roth IRA can be withdrawn tax- and penalty-free. Earnings can also be withdrawn before 59 and a half if used for educational expenses for a child or grandchild.
Contact Morris and Associates today for a FREE consultation today to receive what you're entitled to.