recent blog posts

Factoring

Should You Factor Your Invoices?

24.07.2016 / by Jasmine DiLucci / 0 comments

Definition of Factoring: When a business sells its invoices (accounts receivable) to a third-party at a discount. For example, if you, as a business owner, are owed $1,000 from a customer, you may be able to sell this receivable to…

3 New Business Startup Tips

Top 3 Financial Tips from a CPA for a New Business

21.07.2016 / by Jasmine DiLucci / 0 comments

1)      Choose an entity type You have several options for an entity type, and you want to make sure to pick the one that is best for your business. The following are your options: Sole Proprietorship – This entity-type does not…

Texas Tax

Texas Franchise Tax – For Beginners

14.07.2016 / by Jasmine DiLucci / 0 comments

Texas Franchise Tax for Beginners Although you don’t have to pay personal income tax, you will be taxed for the privilege of doing business in Texas in the form of franchise tax. Franchise tax is imposed on the Margins of…

How to legally write off your clothing and laundry expenses

11.07.2016 / by Jasmine DiLucci / 0 comments

As a business owner or employee (or if you’re both), it’s important to maximize your deductions. An often under-utilized write-off is the amount spent on clothing and laundry. That’s right – if you meet three requirements, your clothing and laundry…

Theft Loss? – Learn how to deduct it on your tax return!

9.07.2016 / by Jasmine DiLucci / 0 comments

What proof do you need? For a theft loss, you should first show all of the following: When you discovered that your property was missing That your property was stolen That you were the owner of the property Whether a…

The Importance of Analytical Procedures in an Audit

8.07.2016 / by Jasmine DiLucci / 0 comments

What are Analytical Procedures? AU-C §520 defines analytical procedures as “evaluations of financial information through analysis of plausible relationships among both financial and nonfinancial data,” which include “such investigation, as is necessary, of identified fluctuations of relationships that are inconsistent…

What are the benefits of an HSA (Health Savings Account)?

7.07.2016 / by Jasmine DiLucci / 0 comments

HSA Benefits Employer contributions to your HSA are NOT included in income Tax-preferred treatment of money used towards qualified medical expenses Individuals beyond the eligible HSA individual can contribute the account, such as family members Interest or earnings on the…

What is a W-9 Form?

5.07.2016 / by Jasmine DiLucci / 0 comments

A W-9 form is for vendors (service providers) to fill-out for you (the individual or business owner) to decide if it is required to issue a Form 1099 to the provider. If you pay that vendor over $600 in the…

What is reasonable S-Corp Owner Compensation?

22.06.2016 / by Jasmine DiLucci / 0 comments

This one is difficult – there are software programs with the sole function of calculating an estimated ‘reasonable compensation.’ However, the general idea is the following: pay yourself the amount that you would need to pay someone else to replace…

What is cost segregation?

20.06.2016 / by Jasmine DiLucci / 0 comments

Cost Segregation is a form of accelerating depreciation for an owner’s real property purchase. When you buy a business real estate property, it is depreciable over 39 years. This requires a substantial amount of time to pass for you to…

The IRS has ‘transcripts’ with a listing of the information filed with them. This usually includes information such as W-2s, 1099s, 1098s, IRA distributions, 1099-DIVs, and 1099-INTs. Since the IRS needs to first receive these documents from your employer or…

Has your amended return been processed?

18.06.2016 / by Jasmine DiLucci / 0 comments

The IRS doesn’t always operate as quickly as we would like. They are required to be manually filed, and this in general takes more time to process than e-filed returns. If you would like to check-in on the status of…

How can you easily keep track of your business receipts?

17.06.2016 / by Jasmine DiLucci / 0 comments

People have all sorts of different methods – we see it all, from boxes of receipts to excel spreadsheets to no receipts at all. As your tax preparer, we do not need to see your receipts if you keep track…

How should you keep track of your mileage?

16.06.2016 / by Jasmine DiLucci / 0 comments

As per the IRS, you should be keeping a mileage log. That being said, we understand that can be difficult for small business owners to keep track of the mileage from each of their business trips. That is why we…

What is the safe harbor rule for estimate taxes?

15.06.2016 / by Jasmine DiLucci / 1 comments

The safe harbor rule provides guidelines for how much you must pay in estimated taxes to avoid penalties and interest. The rule is as follows – you may pay either one of the following: 100% of your prior year tax…

PRINCIPAL

MEET JOHN DILUCCI

Education:  John graduated from the University of Texas at Austin with a Bachelor Degree in Data Processing & Analysis. He is an Enrolled Agent, a Fellow of the National Tax Practice Institute, a Member of the American Academy of tax Practice, and a Certified Tax Resolution Specialist.

Experience: John specializes in representing clients before all administrative branches of the Internal Revenue Service. He is an expert at Audits, Offers in Compromise, Establishing Currently Not Collectible Status, All Varieties of Installment Agreements including Partial Payment and Manually Monitored Installment Agreements, Removing Wage Garnishments, Reversing Bank Levies, Preventing Home/Car Seizures, and Removing Tax Liens
EMAIL JOHN
John DiLucci
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MANAGER

MEET FARAZ KIUMARSI

Education: Faraz graduated from the University of North Texas with a Bachelor Degree in Accounting. He is currently pursuing his CPA license.

Experience: His past experience includes running his own sales business. At Masters of Taxation, Faraz manages all projects and maintains client relationships. He delegates work to other team members and manages workflow, while working closely with the Principals. Faraz specializes in working with small businesses, which includes managing their tax returns, bookkeeping, payroll, sales tax, and yearly tax planning. He works strategically with small business owners to help them make financially savvy decisions, fostering efficient, long-term growth.
EMAIL FARAZ
Faraz Kiumarsi
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TAX ASSOCIATE

MEET JAGDISH AMBRE, EA

Education: Jagdish graduated from Mumbai University with a Bachelor Degree in Accounting. He is an Enrolled Agent licensed to represent taxpayers before the Internal Revenue Service.

Experience: He has worked in the accounting industry for over 15 years, which includes working at NCH Corporation, Tischcon Corporation, Flat Products Equipments, Nirmal Projects, and Chemtrols Engineering Ltd. He has training in QuickBooks, Federal Income Tax, Reconciliations, Accounts Payable, and Accounts Receivable. 
EMAIL JAGDISH
Jagdis Ambre
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TAX RESOLUTION ASSOCIATE

MEET SHIRENE KOK, LLB, LLM

Education: Shirene graduated from the University of Western Cape with a Bachelor of Law and the University of Witwatersrand with a Masters in Company Law & Criminology. Her most recent publication was titled 'Tax Benefits for Small Business,' which was featured by the National Small Business Chamber. 

Experience: Her experience includes working for KPMG, Pillay & Devachander Attorneys, and Adams & Adams Attorneys. She has a professional memberships with the Golden Key Society and the Law Society of the Northern Provinces, which is the Bar Association of South Africa. Since the majority of her work and educational experience has been in South Africa, she is now pursuing the Bar Exam after having just moved to the U.S. recently. Now, at Masters of Taxation, she works closely with our Tax Resolution Principal on tax law research and written letters to the IRS.
EMAIL SHIRENE
Shirene Kok
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TAX ASSOCIATE

MEET AREZOO DINYARI

Education: Arezoo graduated from the University of Karaj with a Bachelor Degree in Accounting.

Experience: Federal and State Corporate and Partnership Income Tax Returns, Organizations Exempt from Income Tax and Amended Income Tax Returns, Federal and State Individual Tax Returns, Sales Tax Returns, Payroll Tax Returns (multi-state), Bookkeeping, Texas Franchise Tax Returns.

Foreign Language: Farsi
EMAIL AREZOO
Arezoo Dinyari
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