MISSIONARIES* ONLY SPECIAL RATES
*While our focus remains on American expat missionaries, we are now extending our special rates to clergy and other full-time Christian workers (including retirees), as well.
Service ProvidedGeneral consulting- financial or ministry ........................ $ 225/hr
Specialized consulting matters (eg: Investment advisory services, Strategic repositioning of assets, IRS tax dispute issues, complex tax issues, advice concerning specific insurance/annuity/retirement plans): $255/hr Consulting and/or Assistance with Preparation of specialized documents (Quit Claim Deeds, Life Insurance loans/ assignments/ changes, Promissory Notes, Legal letters, Wills, Trusts, etc. (unless specifically covered elsewhere)): $275/hr Tax Assistance- Expat tax returns are complex, and many different things must be considered. For the missionary expat, whether a "W-2 Employee" a 1099 "Self-employed," a non-1099 Self-Employed, or a hybrid, they are far more complex, as special rules apply for unreimbursed ministry expenses, "Profit" or "Loss," temporary vs Indefinite assignments, furloughs, clergy housing, clergy deductions from income for self-employment tax purposes, co-missionary spouse involvement, children's involvement in ministry and more. After reviewing hundreds of "self-prepared returns and missionary returns prepared by other professional preparers, we can unequivocally state that certain deductions and credits are routinely missed. While errors are typically more likely to be of the "red flag" type when returns are self-prepared, many professional preparers also seem to commonly miss deductions or credits that can cost hundreds, or often even thousands, of dollars in additional taxes or missed refunds. "Do it yourself tax programs" are great for insuring mathematical accuracy, but not for telling you what deductions you may or may not take, for searching out sometimes "hidden" deductions, or even telling you how to balance deductions in order to maximize your refunds. What you (or your preparer) miss (or misreport) can easily cost you hundreds, or even thousands of dollars on one hand, or trigger an IRS audit on the other. Expat missionary returns vary greatly in scope and complexity, so we utilize a "Base plus hourly rate" to calculate fees, but often offer additional discounts for our clients, and are always willing to work with our clients if there are cash flow or payment issues. Our aim is to be a blessing, and never a burden. We offer a no-obligation review- if we're not able to improve your "bottom line," then we have no reason to expect compensation. Current and/or Past Year returns: Option 1 (Base plus hourly rates): (Experience has taught us that each return is different, so we have established base rates for the most commonly used forms.) Base Rate - Federal 1040 (includes e-filing, where possible): $149 Base Rate (state returns- where needed - includes free e-filing): $ 59 Base Rate - Schedule C : $ 79 Base Rate - Schedule E (for rental property(ies) or royalties: $ 79 Base Rate - Form 2555 (Foreign Earned Income Exclusion): $ 99 Base Rate - Form 1116 (Foreign Tax Credit): $ 99 Base Rate - Form 5471 (Controlled Foreign Corporation): $199 Base Rate - Partnership return (Form 1065)- recommended for most missionary couples and families: $149 Time required for preparation and filing: $180/hr Non-profit (501(c)(3) returns: 990-EZ Base rate (includes free e-filing, where possible) $129 990 (full return) Base rate (includes free e-filing, where possible) $219 Additional time required for preparation and filing: $180/hr Hard copy printing and filing (recommended only when e-filing not available): .... $49 per return, plus postage/fees FBAR Preparation and e-filing (depending on number and nature of accounts): $99 (1st acct included)+ $20-$30 per additional account Option 2 (Challenge - Either correct "Red Flag" errors or Share the "Blessings" / "Found Money") Our preference is to work on a "free" basis (i.e. "Share the blessings," or "found money" basis). However, in the event that there are "Red Flag" errors, (and therefore possibly no "blessings" available for sharing), we will work on the same basis as that for correcting serious errors in amended returns. Prepare your own return (or have it done by another professional preparer or service), but send it to us for review prior to filing (we can also do this after a return is filed, but it's much better to do prior). Assuming there are no major "red flag" errors, we will evaluate your return for missed deductions and/or tax credits. If all looks good we'll give you our "Thumbs Up" and encourage you to go ahead and file it. If there are red flag errors we'll let you know, and offer to correct it. If we have good reason to believe that we can either save you significant taxes and/or obtain tax credits that were overlooked in your original return, we will let you know, and offer to prepare and file your corrected return "Free" for you. ("Free" meaning that our remuneration will come from a portion (usually 50%, but may vary) of the "found money" (tax savings and/or tax credits), rather than being based on our standard (Base plus hourly) rates.) Amended Returns: 1. To Correct Serious Errors The IRS can potentially go back up to seven years if it suspects intentional underreporting, misreporting or fraud on a tax return. As such, we recommend also going back that far in the event that serious mistakes are found on past tax returns, as it's always better for the Taxpayer to find and correct errors before the IRS finds them and notifies the Taxpayer. Base rates, plus $255/hr, plus mailing fees, where required. 2. Treasure Hunting Much more fun than the previous type of amended return, these are time limited "optional" amended returns filed for the primary purpose of obtaining refunds, rather than correcting one or more serious errors. As these are primarily "treasure hunting", or "fishing", expeditions, we typically offer our services on a “joint venture” basis, generally working on a 50-50 split (sometimes less for our part, but never more, unless major corrections are needed), with the "property owner" getting the larger share. We will review past or present year (if already filed) returns both for errors and missed deductions and credits. As before, we will continue to provide free evaluations, but time is of the essence, as the "property lease" (Statute of Limitations for getting a refund) expires two years after the scheduled filing date or the date that taxes were actually paid, whichever is later. Our objective is to take advantage of all legal deductions and credits, and to find money for you that you either didn't know was there or didn't know how to get. Audits (IRS or State): Never fun, these can take anywhere from 1-2 hours to many hours to address, but in cases other than extremely simple, we never advise clients to go it alone, as the IRS or State revenue department agents may ask leading questions, and they can be intimidating. (Their "job" is to find more revenue for their employer.) 1.) MTCS-prepared underlying return- a.) if due to client error (failing to report income, etc.) - Hourly rate ($255) b.) if due to preparer error - No Charge (plus we will reimburse any penalties and interest) c.) if due only to IRS (or State Dept of Revenue) requesting additional information or more detailed audit - Hourly rate ($255), but only if successful (to include appeals, if necessary) (No charge if not successful.) OR- if pre-agreed upon by both MTCS and Client, this can be handled on a contingency basis, for a percentage of overall savings- taxes (owed per IRS), penalties, and interest. 2.) Underlying return prepared by other than MTCS Preparer - Either hourly rate ($255) or share (1/3 - 1/2) of tax, penalty and interest savings, whichever is greater. (Retainer will usually be required.) |
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