Business & Complex Individual Tax Preparation

A connected approach to your business and personal tax returns.

MFS prepares business and complex individual tax returns for clients with business ownership, investments, rental activity or multiple income sources. We review the information behind your returns, address relevant questions and coordinate the agreed filings around your circumstances.

Speak With an AdvisorExplore tax preparation support

Start with a conversation about your filing needs, available records and relevant deadlines.

Financial documents prepared for business and individual tax review

IRS Enrolled Agent-ledBusiness and individual return coordinationDirect professional attention

When your tax return involves more than one financial story

A return can become more complex when several income sources, ownership interests or significant transactions need to be reported together. The preparation process should account for those connections.

  • Business owners

    You need a business return, individual reporting of business income, or coordination between company and owner filings.

  • Investors and property owners

    Your return includes investment reporting, rental activity, ownership interests or asset transactions.

  • Individuals with multiple income sources

    Your income combines salary, business earnings, K-1 information, investments or other financial activity.

Complexity depends on the facts and reporting requirements, not income alone.

Tax preparation services built around your filing needs

Business tax return preparation

MFS reviews the business’s tax treatment, financial records and relevant filing information before defining the preparation work. The engagement establishes which entity returns, schedules and related filings are included.

  • Business income and expense information.
  • Financial reports and supporting balances.
  • Owner and ownership information.
  • Relevant asset and financing records.
  • Coordination with individual reporting where applicable.

Complex individual tax preparation

MFS prepares individual returns that require coordination across several income sources and supporting documents. We identify the information needed and address questions that affect the agreed filing work.

  • Business and self-employment income.
  • Pass-through income and K-1 information.
  • Investment income and transaction records.
  • Rental income and supporting property records.
  • Relevant deductions, credits and other filing information.

Which tax returns can MFS prepare?

MFS publishes the return categories confirmed in existing service information. Other filings, including state, prior-year and entity-specific forms, are confirmed during scoping.

  • Individual income tax returns

    Form 1040 and the supporting individual reporting included in the agreed engagement.

  • Sole-proprietor business reporting

    Schedule C and related self-employment reporting where those facts apply.

  • Agreed business returns

    Business filing work is scoped after reviewing the entity’s tax classification and available records. Specific partnership or corporate forms are confirmed before they are included.

An LLC does not have a single universal return type. Filing requirements depend on the LLC’s tax classification and circumstances.

IRS guidance on LLC filing classification

Connect business reporting with your individual return

For many owners, business and individual tax reporting depend on related information. Ownership interests, compensation, distributions and pass-through reporting may need to be considered together.

MFS defines the relevant filing relationships and information requirements so the preparation process can be coordinated around the agreed returns. Not every business owner receives a K-1, and not every business return must be finished first.

Speak With an Advisor

A clear process from information gathering to filing

Substantive preparation begins after the engagement is agreed. Filing proceeds only after the required review, approval and authorization.

  1. Define the engagement

    Discuss the taxpayer, entities, periods, filing needs and relevant deadlines. Agree on scope and fees.

  2. Collect the information

    Request the documents and records needed through the established Client Portal.

  3. Prepare and resolve questions

    Review the information, prepare the agreed returns and seek clarification where needed.

  4. Review with the client

    Explain relevant results and questions, and obtain the required approval and filing authorization.

  5. Complete the agreed filing work

    Submit eligible returns through the applicable filing method and track available acknowledgments. Explain any remaining actions. Submission and any electronic acknowledgment are not IRS approval of the return’s tax positions.

Understand the filing work and the next steps

The engagement determines the returns, tax years and services covered. Where included, you may receive:

  • Copies of the prepared returns.
  • Explanation of relevant filing results.
  • Applicable payment or filing instructions.
  • Filing acknowledgments where the filing method provides them.
  • Identification of unresolved or separately scoped matters.

Return preparation does not include unlimited post-filing assistance, audit representation or year-round advisory unless those services are separately agreed.

What to prepare before we begin

For the initial conversation

  • Which individual or business returns need attention.
  • Relevant tax years.
  • Business entities and ownership interests.
  • Main income sources.
  • Any upcoming deadline.
  • Whether financial records are current.

After engagement, requested information may include

  • Prior tax returns.
  • W-2s, 1099s and K-1s.
  • Business profit and loss and balance sheet reports.
  • Investment and transaction statements.
  • Rental income and expense records.
  • Relevant asset purchase or sale documents.
  • Estimated payment and withholding information.
  • Other documents relevant to the agreed returns.

The document request is tailored to your circumstances. You do not need to determine every form yourself before contacting MFS.

Use the existing Client Portal for sensitive information requested after the engagement is underway. Do not upload tax returns through the public contact form.

When your return needs additional accounting or planning work

These services are included only when agreed. Preparation remains focused on the filing work defined in the engagement.

Direct preparation support led by an IRS Enrolled Agent

Tax preparation at MFS is led by Justin Boodram, IRS Enrolled Agent. The work connects the information reported on your returns with the business records, income documents and circumstances supporting it.

We define the preparation scope, explain relevant questions and keep the client involved in the review and authorization process. MFS is a tax and accounting practice, not a CPA firm, wealth manager or IRS-endorsed provider.

About McGregor Financial Services

MFS works with clients across professional services, real estate, maritime, aviation and other industries.

Frequently Asked Questions

What makes an individual tax return complex?

Complexity may arise from business ownership, rental activity, investments, multiple income sources or transactions requiring additional reporting. MFS reviews the circumstances before defining the preparation scope.

Can MFS prepare business and individual returns together?

Business and individual preparation can be coordinated where the required returns are within MFS’s supported services. The engagement identifies the taxpayers, entities and filings included.

Can you prepare my LLC’s tax return?

The filing requirements depend on the LLC’s tax classification and circumstances. MFS reviews those facts before confirming the appropriate preparation work.

What if my business books are incomplete?

We assess the record condition and identify whether cleanup or catch-up accounting is needed. That work may require a separate scope before the return can be prepared.

Can I switch preparers if my return is complex?

MFS can discuss the filing needs, prior returns and available records before confirming fit and scope. Relevant deadlines and outstanding work should be raised during the initial conversation.

Do you prepare state or prior-year returns?

Availability depends on the specific jurisdiction, tax year, return type and agreed engagement. These requirements are confirmed before work begins.

Does tax preparation include ongoing tax planning?

Only where agreed. Ongoing planning can be discussed separately for clients who need guidance throughout the year.

What if I need an extension?

An extension may be appropriate depending on the circumstances and filing requirements. For federal individual income tax, an extension generally provides additional time to file, not additional time to pay.

What happens if an error is found in a previously filed return?

The issue must be reviewed before determining whether a correction or amendment is appropriate. Prior-return review and amendment work are separately scoped where needed.

How are tax preparation fees determined?

Fees depend on the returns, entities, income sources, record condition and complexity involved. MFS explains the scope and fees before substantive preparation begins.

Next step

Discuss your business and individual filing needs

Tell us which returns need attention, how your income is structured and what records are available. We will discuss whether MFS is the right fit and define the appropriate next step.

Start with your circumstances and priorities. We will explain the preparation process and required information.

Speak With an AdvisorExplore Services

Related reading