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Lokvani Talks To Manohar Sriramaneni , CPA

Nirmala Garimella

Manohar Sriramaneni ,is  a Certified Public Accountant licensed in the state of Massachusetts. He is also a licensed Chartered Accountant from India and has a baccalaureate degree in commerce with a concentration in Accounting. He earned his Masters in Business Administration from Johnson & Wales University, Providence, RI and successfully completed CFSA examination from the Institute of Internal Auditors. He is an active member of the Massachusetts Association of CPA's and Institute of Chartered Accountant of India.

Prior to founding MyTaxLinx, he held various positions in the last twenty five years both in public accounting and private industry. He has worked on ERP applications such as SAP, PeopleSoft. Most importantly he has worked with variety of clients from small to large companies and individuals for the past 25 years.

           What are the various services that your company offers? What is your area of expertise?

 We provide variety of services for both individuals and business entities. A few of them are: Tax Preparation for individuals, C-corps, S-Corps, Partnerships, LLC, Tax Planning, Retirement Planning, College Tuition Planning, Small Business Accounting, Payroll, Quick Books  Services, Strategic Business Planning, New Business Formation, Internal Control Evaluation and Setting up Controls, IRS and State DOR Representation, For more details please visit www.mytaxlinx.com

I always enjoy helping clients on their accounting, financial and tax matters and gain their trust and respect. My clients appreciate the fact that I keep matters confidential with highest level of professional ethics. It is important that clients should have peace of mind so that they can focus on operating their business knowing that their finances are properly managed and protected.

Your website mytaxlink.com is very comprehensive. Could you elaborate on the tax organizer that you provide?

 I have provided Tax Organizer on my website for the convenience of my clients. I have clients from different states, so it is easy for them to send me the necessary information to prepare their tax returns without wasting their time on travel. It is very useful to clients and even to our firm to get the necessary tax and other financial information in an organized fashion. Clients can complete this tax organizer in two ways. They can download to their hard drive and complete it with the required information and either fax it to me or email it to me. Another way is just register on my website by giving very simple info such as name and email id. Once client is registered, then he or she can log on to the client portal with their user ID and Password to access the tax organizer and then complete it. This way the information is safe and secured and only MyTaxLinx authorized staff can retrieve the tax organizer information to prepare clients tax return. This saves tremendous time and money for my clients.

 What are the tax changes for this year under the ARAA?

This is a great and very important question! There are many changes this year under the American Recovery and Reinvestment Act of 2009 (ARRA). I can mention a few of them:

 Money Back for New Vehicle Purchase: Taxpayers who buy certain new vehicles in 2009 can deduct the state and local sales taxes they paid or other taxes and fees they paid in states with no sales tax.

 Education benefits. The new American opportunity credit and enhanced benefits for 529 college savings plans help families and students find ways to pay higher education expenses.

 First-Time Homebuyer Tax Credit:  Homebuyers who purchased in 2009 can get a credit of up to $8,000 with no payback requirement. New legislation extends and expands this credit to homes purchased by April 30, 2010.  Existing home owner buyer tax credits: Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

 Energy Efficiency and Renewable Energy Incentives. Tax Credit: 30% of cost up to $1,500 for items such as water boilers, furnaces, insulation, windows. Expires: December 31, 2010. But it must be an existing home & your principal residence. New construction and rentals do not qualify. Even More Energy Credit: This one has no upper limit on cost and 30% of the cost is Tax credit on items such as Geothermal Heat Pumps, Small Wind Turbines (Residential), Solar Energy SystemsExpires: December 31, 2016 Existing homes & new construction qualify. Both principal residences and second homes qualify. Rentals do not qualify.

Net Operating Loss Carryback. Small businesses can offset losses by getting refunds on taxes paid up to five years ago. Most taxpayers (not just small businesses) can increase the carry-back period for an applicable NOL from 2 years to 3, 4, or 5 years.

Expanded section 179 deduction: The maximum section 179 expense deduction you can elect for qualified section 179 property you placed in service in tax years that begin in 2009 remains at $250,000 ($285,000 for qualified enterprise zone property and qualified renewal community property). This limit is reduced by the amount by which the cost of section 179 property placed in service in the tax year exceeds $800,000

For the 2010 tax year, under the current tax code, Section 179 allows businesses that spend less than $530,000 a year on qualified equipment to write-off up to $134,000 in 2010 with no bonus depreciation – then Section 179 is set to completely expire next year in 2011.

Share with us some tips or ways to get a tax credit?

 There are many ways to get tax credits and it depends upon each taxpayer’s situation. A few of them are: Like I have mentioned above American opportunity credit (also known as Hope Credit) is one of them. The maximum amount of credit is $2500. The credit is claimed using Form 8863, attached to Form 1040 or 1040A. One more good news is, it can be claimed for 4 years now but Modified Adjusted Gross Income limits apply. Another one is Energy Efficiency and Renewable Energy Credit and most of the tax payers can get benefit out of it.

You also deal with small business owners? What are the advantages that they can avail off at this time?

 NOL carryback  is one of the big advantages for many small business owners. The other one is Section 179 deduction for depreciation. 

S corporation built-in gains tax relief. Although a C corporation conversion to an S corporation isn't a taxable event, the S corporation normally must hold on to its assets for 10 years to avoid tax on any built-in gains that existed at the time of the conversion. Under ARRA, for tax years beginning in 2009 and 2010, there generally will be no tax on an S corporation's net unrecognized built-in gain if the seventh tax year in the recognition period occurred before the 2009 and 2010 tax years.

 Work Opportunity credit. Employers can claim a credit equal to 40% of the first $6,000 of wages paid to employees in certain target groups, such as ex-felons, food stamp recipients and disabled veterans. ARRA expands the eligible target groups to include unemployed veterans and disconnected youth. This expanded benefit applies to such workers hired in 2009 and 2010.

Are you involved in local community activities?

 Yes! I am very happy that I take part of local community activities! I am associated with Telugu Association of North America (TANA). I have participated in TANA’s Backpack program in Worcester, MA under the leadership of Mohan Nannapaneni, TANA’s Secretary and the founder of Nannapaneni and Friends Foundation, Southborough, MA.  The Mayer of Worcester, Mrs. Constantina B. Lukes, attended the backpack distribution program. I am also involved in Local associations such as Telugu Association of Greater Boston (TAGB) and BigHelp.org for education.

        What is the best way to get in touch with you?

 I am always at my clients service and I can be reached by phone: 508-915-2277 (W), 508-662


Testimonial:  from a client

My expertise is payroll. Anyone who has worked in payroll knows that it is a very sensitive part of any business for a multitude of reasons but a few that hit home often are that payroll is subject to more legalities than most businesses often realize, it is one of the most time consuming aspects of human resources because it generates a ton of employee questions and if payroll is setup inaccurately, the clean up process has a long term, rippling affect and can really be detrimental to both the business owner and especially their employees.

With that said, Manohar Sriramaneni has a firm understanding of payroll law and from the moment I began working with him he has revealed just how experienced and knowledgeable he is in all aspects of accounting. He has proven himself to be meticulous, organized and most importantly, committed to his clients at every turn. I also trust him completely, not only because of his extensive knowledge and skill set, but because I have seen that he is not afraid to provide the right answer to his clients, even if it is the tough answer.  He has a clear track record of putting his client’s needs above his own interests and I have witnessed this first hand. With his help in financial matters, his clients are well protected and positioned to soar to an entirely new level of growth.

  Michelle Stone, Senior Payroll Specialist, SurePayroll, Inc


 We have known Manohar Sriramaneni, CPA  for over 15 years both personally and professionally. When first starting my private dental practice in San Diego, California, he provided his expertise on the myriad aspects of setting up a small business. He went through every step of the small business model with us, from the most basic tax forms, business loan applications etc., to the most complicated payroll and logistical operations. From the start, he has provided invaluable, excellent advice and professional guidance whenever it was needed and has continued to do so over the years. Manohar's support has made the rapid changes occurring in the difficult minutiae of tax law and payroll regulations straightforward and manageable. Manohar's integrity and care for his clients is unparalleled, as is his personal attention to detail.

The value of Manohar 's caliber of professional service cannot be stressed enough. He has shown time and again that he is available at any time of need. We owe him a great debt of gratitude for all his very timely help and I wholeheartedly recommend his services.

 Anu Rajasekaran ,DMD.



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