Business Tax Diagnostic

Posted by David Knecht on Nov 11, 2020 4:44:58 PM

With all of the changes in tax laws, and with more to come, do you know if you are taking advantage of all possible savings?

Whether you do your own taxes or have had the same accountant for the past 10, 20 or 30 years, it can be beneficial to have someone else take a look at your tax situation and make sure that you are not losing out on deductions that are allowed to you.

Years ago, our firm developed a unique diagnostic tool that allowed them to see if a company was taking advantage of all the possible tax positions available. Since then, MKW has saved their clients millions of tax dollars! Here are a few examples of companies that have benefited from our Diagnostic process. These are savings on the very first year after participating:

If you don’t see a company like yours in these examples, don’t despair! These are only examples. There are many more companies that we have helped save money on taxes. In fact, we have found that 9 out of 10 owners we meet with for the first time are overpaying. Many are overpaying significantly!

If you are interested in seeing if we can help you save money, please contact our office here.

The first step in this process is to have a conversation with one of the partners at MKW. They will discuss your business model, ownership structure and value proposition.  We will then coordinate with you to obtain the documents that will be needed for a preliminary evaluation. The MKW partner will also ask some questions to get a complete picture of your company.

An MKW partner will then review all of the information obtained. Some of the areas that the Diagnostic address are:
• Entity structure
• Tax accounting methods
• Tax credits
• Executive compensations
• Retirement planning
• Hot audit topics
• Succession planning
• Transactions
• Additional areas, as applicable to your company

Once the Diagnostic has been completed, MKW will develop an analysis of proposed tax positions and opportunities for you to evaluate. Implementation of any new tax plan will include consideration of tax compliance, position disclosures, and audit profile reduction and preparation. This assessment will take into account possible exit strategies and their tax consequences.

The whole process will include involvement from at least one MKW partner, but most likely two, as well as a Senior Tax Manager. Depending upon the size and complexity of your business, this process may take MKW anywhere from 4-10 hours.

MKW believes in this quote from United States Tax Court Judge, Learned Hand,  “Over and over again courts have said that there is nothing sinister in so arranging one's affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced extractions, not voluntary contributions."

We would like to help you minimize this forced extraction. Contact us to set up an appointment with one of our partners today.

Tags: Tax, tax savings, business tax, business tax savings