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TAX Client Agreement

Legal

This TAX Client Agreement (this “Agreement”) is between MYRA Tax, LLC and you (referred to as “Client,” “you” or “your”). MYRA Tax, LLC is pleased to provide the Client with the professional services described below. This letter (“Engagement Letter”) and the attached Terms and Conditions of Service, Terms of Use for Services, and any other attachments incorporated herein (collectively, this “Agreement”), confirms our understanding of the terms and objectives of our engagement and the nature and limitations of the services we will provide. This engagement between you and our firm will be governed by the terms of this Agreement.

The Agreement will commence on the date ("Effective Date") that you consent to the terms of this Agreement by providing your electronic signature. You understand that attaching your e-signature is the legal equivalent of submitting a document signed by hand, and that clicking on the “AGREE” checkmark or “Sign & Submit” button manifests your desire and intent to avail services through MYRA Tax, LLC, all under the terms described in the TAX Client Agreement. This Agreement will automatically renew each year on January 1st, until terminated.

MYRA Tax, LLC may modify the terms of this Agreement, including Schedules relating to agreement, at any time. MYRA Tax, LLC will post Agreement modifications to the TAX Client Agreement site [https://support.myrawealth.com/en/articles/5317278], which will become effective upon posting. The Agreement will be amended without prior notice to or consent from you. You agree to check the TAX Client Agreement page for new versions of the Agreement. You understand that by continuing to avail our services after the effective date of an amended TAX Client Agreement, you are accepting the terms of the revised TAX Client Agreement and will be legally bound by all of its terms and conditions, including any new or changed terms or conditions.

Scope of Engagement: We will prepare the following documents for the agreed upon tax year:

  • Form 1040: U.S. Individual Income, Federal Tax Return
  • State Tax Return(s): Up to 2 States included
  • Tax Extension Filings **
  • Form 114: Report of Foreign Bank and Financial Accounts (“FBAR”) **
  • Form 3520: Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts **
  • Form 3520-A: Annual Information Return of Foreign Trust With a U.S. Owner **
  • Response to IRS or State Notices **

** Additional fees apply

Please note that any forms that will be needed to support the main tax forms listed above will be included. However, we will not prepare any tax returns except those identified above, without your written request, and our written consent to do so. We will prepare your tax returns based upon information and representations that you provide to us. Any other required services, forms or other actions on our part requires a separate engagement letter. In the absence of written confirmation from us confirming our performance of such services, our services are limited and governed by the terms of this Agreement. Generally, if you are a U.S. citizen or resident alien, you must report all income from all sources within and outside of the U.S. on your U.S. income tax returns.

Client Responsibilities: We rely on the accuracy and completeness of the information you provide in rendering professional services to you. We will provide you with access to the MYRA Website or MYRA App (or 3rd Party App in the case of Outsourced Tax Services) to help you compile and document the information we will need to prepare the above-referenced tax forms. You must complete the tax service request with accurate and complete information, including all income from all sources including those outside the U.S. We rely upon the accuracy and completeness of both the information you provide on the MYRA Website or MYRA App (or 3rd Party App in the case of Outsourced Tax Services) and other supporting data you provide in rendering professional services to you. We therefore require that each question posted on the MYRA Website or MYRA App (or 3rd Party App in the case of Outsourced Tax Services) be answered.  If it is not, we reserve the right to terminate services. You are also responsible for informing us of all foreign financial assets and interests, including any financial interest in, or signature authority over, assets or financial accounts located in a foreign country. These include but are not limited to savings accounts, checking accounts, current accounts, securities accounts, custodial accounts, certificates of deposit, time deposits, mutual funds, annuities, insurance policies with cash surrender values, retirement accounts, and pension accounts. In addition, any ownership interests you directly or indirectly hold in an entity or company located in a foreign country such as a corporation, partnership or trust must be reported.  Please disclose all items that may possibly fall within this broad definition.

Documentation: You are responsible for maintaining adequate documentation to substantiate the accuracy and completeness of the tax returns and the FBAR (or FATCA, or Form 3520).  You should retain all documents that provide evidence and support for reported balances, as required under applicable law and regulations.  You are responsible for the adequacy of all information provided in such documents.  You represent that you have such documentation and can produce it, if needed, to respond to any audit or inquiry by FinCEN, the IRS, or other taxing authorities. You agree to hold us harmless with respect to any civil or criminal penalties, taxes or interest imposed on you resulting from inadequate documentation in support of the information provided to us.

U.S. filing obligations related to foreign assets: As part of your filing obligations, you are required to report the maximum value of specified foreign financial assets, which include financial accounts with foreign institutions and certain other foreign non-account investment assets that exceed certain thresholds. You are responsible for informing us of all foreign financial assets, so we may properly advise you regarding your tax filing obligations. These assets include any assets or financial accounts located in a foreign country over which you have signatory authority. The Internal Revenue Code also requires additional reporting with respect to certain foreign holdings. You may have filing obligations with the IRS if you are an officer, shareholder or director of a foreign corporation or similar foreign entity, a transferor of property to a foreign corporation, a partner in a foreign corporation, or hold any ownership interest in any type of foreign entity.  In addition, if you have an ownership or beneficial interest in a foreign trust or have received a gift or inheritance from a foreign individual, you may have a foreign information return reporting obligation. Failure to timely file the forms associated with the types of interests identified above could result in significant penalties. By your signature below, you are accepting responsibility for informing us if you believe you may have an interest identified above, and you agree to provide us with the information necessary to prepare the appropriate forms.  We assume no liability for any penalties associated with the failure to file or untimely filing of these forms.

Foreign filing obligations: You are responsible for complying with any other country’s income reporting and tax filing requirements. You acknowledge and agree that we have no responsibility to raise these issues with you and that foreign filing obligations are not within the scope of this engagement.

Ultimate responsibility: You have final responsibility for the information included in your tax returns and your FBAR (or FATCA, or Form 3520).  We will provide you with a copy of your tax returns and FBAR (or FATCA, or Form 3520) for review prior to filing. You agree to review and examine these forms carefully for accuracy and completeness. You will be required to verify and sign a completed FinCEN or IRS Form(s), IRS e-file Signature Authorization, and State Equivalent Authorization Form before your returns can be filed electronically. In the event you do not wish to have your income tax returns filed electronically, please contact our firm. Additional procedures will apply.  You will be responsible for reviewing the paper returns for accuracy, signing them, and filing them timely with the taxing authorities. You will be required to verify and sign a completed FinCEN Form 114A, Record of Authorization to Electronically File FBARs, before your reports can be filed electronically.

Errors, fraud, or theft: Our engagement does not include any procedures designed to discover errors, fraud, or theft.  Therefore, our engagement cannot be relied upon to disclose such matters.

Tax planning services: This engagement does not include tax planning services.

Government inquiries: This engagement does not include responding to inquiries by any governmental agency or tax authority. If your report is selected for examination or audit, you may request our assistance in responding to such an inquiry. If you ask us to represent you, we will confirm this representation in a separate engagement letter and delineate how additional charges for this service will be calculated.

Reliance on Others: If you wish to take a tax position based upon the advice of another tax advisor, you agree to obtain a written statement from the advisor confirming that the position should meet the substantial authority, or “more likely than not” standards, as applicable.

Penalties and Interest Charges: Failure to timely file the above-referenced forms, or to fully disclose all information requested in the report may result in the imposition of civil or criminal penalties, and interest charges on unpaid penalties. Additional penalty and interest charges can be assessed by the IRS and other taxing authorities on income earned outside of the U.S. if it is not reported on income tax returns.  These penalties and related interest charges may be significant.

Professional Fees: Typically, the Tax preparation fees are $1,650 per return. In some instances, we may charge you between $1,500 to $10,000 per return based on complexity. Complexity includes, but is not limited to the client having self-employed income, stock sales, rental income, K-1 / partnership income, FBAR filings, FATCA filing requirement, foreign gifts reporting, tax extensions, etc. The fees are mutually agreed with the client at the start of the engagement. The Client’s fees for Services (including, but not limited to CONSULT fees, INVEST fees, PLAN fees, and TAX fees) will be directly deducted from the Client’s Brokerage Account (non-qualified accounts only) on January 1st each year, unless the renewal is explicitly cancelled by the client in writing. If the Client does not have an active Brokerage Account, fees may be paid by bank transfer (ACH or wire transfer), credit card, or debit card, at Advisor’s discretion. An ~3% surcharge may apply for fees paid by credit card or debit card. Fees are paid in a lump sum prior to the start of the engagement. All fees are non-refundable. All fees are negotiable at the discretion of MYRA Tax, LLC. 

Outsourced Tax Services: MYRA Tax, LLC may outsource tax services to a third party firm at its sole discretion. If tax services are outsourced to a third party, the third party (not MYRA Tax, LLC) is liable for any tax related errors and omissions and provides audit protection (if applicable) to the Client. Client authorizes MYRA Tax, LLC to disclose the Client’s Tax Return filings and related data to the third party. Furthermore, Client Responsibilities (listed earlier) will extend to the third party firm. E.g. Third party (not MYRA Tax, LLC) will provide you with access to the Third Party Website or Third Party App to help you compile and document the information we will need to prepare the above-referenced tax forms.

Off-Platform Policy: In order to protect our business, the following behaviors are prohibited between clients and third party firm(s): (1) existing (or new) client going off of the MYRA platform for new, partial, or future tax filings or any financial services, (2) contacting (or being contacted by) prior to enrolling on MYRA to move the invoicing off of MYRA (ex: offering discounts to work outside MYRA), (3) canceling existing full or partial services and rebooking off of MYRA, (4) asking or encouraging to book outside of MYRA for repeat or future services, (5) settling additional payments outside of MYRA’s platform; all payments related to a client must go through MYRA, (6) using contact information provided by MYRA for other purposes that violate our Terms of Use and Privacy Policy, and (7) selling, sharing, or using client contact information for marketing communications or signing guests up for contact lists.

Alternative Dispute Resolution: ARBITRATION LANGUAGE: Either party may initiate arbitration with respect to the matters submitted to mediation by filing a written demand for arbitration at any time following the initial mediation session or forty-five (45) days after the date of filing the written request for mediation, whichever occurs first.  The mediation may continue after the commencement of arbitration if the parties so desire.  Unless otherwise agreed by the parties, the mediator shall be disqualified from serving as arbitrator in the case. IN AGREEING TO ARBITRATION, WE BOTH ACKNOWLEDGE THAT, IN THE EVENT OF A DISPUTE OVER FEES CHARGED BY THE ACCOUNTANT, EACH OF US IS GIVING UP THE RIGHT TO HAVE THE DISPUTE DECIDED IN A COURT OF LAW BEFORE A JUDGE OR JURY AND INSTEAD WE ARE ACCEPTING THE USE OF ARBITRATION FOR RESOLUTION.  The prevailing party shall be entitled to an award of reasonable attorneys’ fees and costs incurred in connection with the arbitration of the dispute in an amount to be determined by the arbitrator.

Loss Limitation and Indemnification: MYRA Tax, LLC’s liability for all claims, damages, and costs arising from this engagement is limited to the total amount of fees paid by you to MYRA Tax, LLC for services rendered under this Agreement. You agree to indemnify, defend, and hold harmless MYRA Tax, LLC and any of its partners, principals, shareholders, officers, directors, members, employees, agents, successors or assigns with respect to any and all claims arising from this engagement, regardless of the nature of the claim, and including the negligence of any party, excepting claims arising from the gross negligence or intentional acts of the firm.

TERMS AND CONDITIONS OF SERVICE: You agree to accept these Terms and Conditions of Service upon signature and acceptance of the Engagement Letter.

Billing and Payment Terms: We require upfront payment upon execution of this Agreement. We reserve the right to suspend or terminate our work for non-payment of fees. If our work is suspended or terminated, you agree that we will not be responsible for your failure to meet governmental and other deadlines, for any penalties or interest that may be assessed against you resulting from your failure to meet such deadlines, and for any other damages (including but not limited to consequential, indirect, lost profits, or punitive damages) incurred as a result of the suspension or termination of our services.

Electronic Data Communication and Storage: In the interest of facilitating our services to you, we may send data over the Internet, via email, or store electronic data via computer software applications hosted remotely on the Internet or clouds. Your confidential electronic data may be transmitted or stored using these methods. We may use third party service (or Third Party Software) providers to store or transmit this data, such as providers of tax return preparation software. In using these data communication and storage methods, our firm employs measures designed to maintain data security.  We use reasonable efforts to keep such communications and data access secure in accordance with our obligations under applicable laws, regulations, and professional standards.  We require our third party vendors to do the same. You recognize and accept that we have no control over the unauthorized interception or breach of any communications or data once it has been sent or has been subject to unauthorized access, notwithstanding all reasonable security measures employed by us or our third party vendors.  You consent to our use of these electronic devices and applications and submission of confidential client information to third party service providers during this engagement.

Client Portals and Third Party Software: When and where applicable, we use third party software, including but not limited to third party software provided by Amazon.com Inc., Alphabet Inc., HubSpot Inc., Zoom Video Communications Inc., Calendly LLC, Stripe Inc., Plaid Inc., Canopy Tax Inc., Liscio Inc., etc. (collectively “Third Party Software”).  This allows for real-time collaboration across geographic boundaries and time zones and allows MYRA Tax, LLC and you to share data, engagement information, knowledge, and deliverables in a protected environment. In order to use Third Party Software, you will be required to execute a client portal agreement and agree to be bound by the terms, conditions and limitations of such agreement. You agree that MYRA Tax, LLC has no control over or responsibility for the activities of Third Party Software and agree to indemnify and hold MYRA Tax, LLC harmless with respect to any and all claims arising from or related to the operation of the Third Party Software.  While the Third Party Software backs up your files to a third party server, we recommend that you also maintain your own backup files of these records.

Third Party Service Providers or Subcontractors: In the interest of enhancing our availability to meet your professional service needs while maintaining service quality and timeliness, we may use a third party service provider to assist us in the provision of services to you. This includes the use of fully Outsourced Tax Services (detailed above).

Record Retention and Ownership: At the conclusion of the engagement, we will return all your original records and documents provided to us. Your records are the primary records for your operations and comprise the backup and support for your work product. Our copies of your records and documents are not a substitute for your own records and do not mitigate your record retention obligations under any applicable laws or regulations. Work papers and other documents created by us are our property and will remain in our control. Copies are not to be distributed without our prior written consent. Our work papers will be maintained by us in accordance with our firm’s record retention policy and any applicable legal and regulatory requirements. A copy of our record retention policy is available upon request. Our firm may destroy work paper files after a period of 5 years. Catastrophic events or physical deterioration may result in damage to or destruction of our firm’s records, causing the records to be unavailable before the expiration of the retention period as stated in our record retention policy.

Working Paper Access Requests by Regulators and Others: State, federal and foreign regulators may request access to or copies of certain work papers pursuant to applicable legal or regulatory requirements. Requests may also come in the form of peer review, ethics investigations or in the sale of the accounting practice. If requested, access to such work papers will be provided under the supervision of firm personnel. Regulators may request copies of selected work papers to distribute the copies or information contained therein to others, including other governmental agencies. If we receive a request for copies of selected work papers, we agree to inform you of such a request as soon as practicable, provided that we are not prohibited from doing so by law or regulation. You may, within the time permitted for our firm to respond to any request, initiate such legal action as you deem appropriate at your own expense to limit the disclosure of information. If you take no action within the time permitted for us to respond, or if your action does not result in a judicial order protecting us from supplying requested information, we may construe your inaction or failure as consent to comply with the request.

Summons or Subpoenas: All information you provide to us in connection with this engagement will be maintained by us on a strictly confidential basis. If we receive a summons or subpoena which our legal counsel determines requires us to produce documents from this engagement or testify about this engagement and we are not prohibited from doing so by law or regulation, we agree to inform you of such summons or subpoena as soon as practical. You may, within the time permitted for our firm to respond to any request, initiate such legal action as you deem appropriate at your own expense to attempt to limit discovery. If you take no action within the time permitted for us to respond, or if your action does not result in a judicial order protecting us from supplying requested information, we may construe your inaction or failure as consent to comply with the request. If we are not a party to the proceeding in which the information is sought, you agree to reimburse us for our professional time and expenses, as well as the fees and expenses of our counsel, incurred in responding to such requests.

Brokerage or Investment Advisory Statements: If you provide our firm with copies of brokerage (or investment advisory) statements and/or read-only access to your accounts, we will use the information solely for the purpose described in the scope of engagement section. We will rely on the accuracy of the information provided in the statements and will not undertake any action to verify this information. We will not monitor transactions, investment activity, provide investment advice, or supervise the actions of the entity or individuals entering into transactions or investment activities on your behalf. We recommend you receive and carefully review all statements upon receipt, and direct any questions regarding account activity to your banker, broker or investment advisor.

Other Income, Losses and Expenses: If you realized income, loss or expense from a business or supplemental income or loss, the reporting requirements of federal and state income tax authorities apply to such income, loss or expense. You are responsible for complying with all applicable laws and regulations pertaining to such operations, including the classification of workers as employees or independent contractors and related payroll tax and withholding requirements. We only report these values related to compensation and make no opinions regarding reasonable compensation structure for your business. You are responsible for your inventory number and for confirming that the value is correct.  We do not validate the inventory number. Please realize that any penalties related to incorrect reporting will be your responsibility. If applicable, you should seek out legal advice with regards to any client or inter-company loans that your business may have incurred.  We only report such transactions and make no opinion whatsoever on the personal bias, risk, or validity of such transactions.

Management Responsibilities: While MYRA Tax, LLC can provide assistance, you are responsible for management decisions and functions, and for designating an individual with suitable skill, knowledge or experience to oversee any services MYRA Tax, LLC provides.  You are responsible for evaluating the adequacy and results of the services performed and accepting responsibility for such services. You are ultimately responsible for establishing and maintaining internal controls, including monitoring ongoing activities.

Third-Party Verification Requests: MYRA Tax, LLC will not respond to any request from banks, mortgage brokers or others for verification of any information reported on these tax returns.

Conflicts of Interest: If we, in our sole discretion, believe a conflict has arisen affecting our ability to deliver services to you in accordance with either the ethical standards of our firm or the ethical standards of our profession, we may be required to suspend or terminate our services without issuing our work product.

THIS IS A SERVICES AGREEMENT.  MYRA Tax, LLC warrants that it shall perform the services in good faith and with due professional care and skill.  To the fullest extent permitted by law, MYRA Tax, LLC disclaims all other warranties, either express or implied, including, without limitation, warranties of merchantability and fitness for a particular purpose.

Proprietary Information: You acknowledge that proprietary information, documents, materials, management techniques and other intellectual property we use are a material source of the services we perform and were developed prior to our association with you. Any new forms, software, documents or intellectual property we develop during this engagement for your use shall belong to us, and you shall have the limited right to use them solely within your business. All reports, templates, manuals, forms, checklists, questionnaires, letters, agreements and other documents which we make available to you are confidential and proprietary to us. Neither you, nor any of your agents, will copy, electronically store, reproduce or make available to anyone other than your personnel, any such documents. This Agreement will apply to all materials whether in digital or “hard copy” format.

Statute of Limitations: You agree that any claim arising out of this Agreement shall be commenced within one (1) year of the delivery of the work product to you, regardless of any longer period of time for commencing such claim as may be set by law. A claim is understood to be a demand for money or services, the service of a suit, or the institution of arbitration proceedings against MYRA Tax, LLC

Termination and Withdrawal: This Agreement will automatically renew each year on January 1st, until terminated. To terminate the Agreement, Client must send us a written request to Support@MyraWealth.com prior to January 1st each year. For termination requests received after January 1st, we reserve the right to process a full or partial refund after deducting fees for already completed work, assessed at our discretion, without requiring Client approval. We reserve the right to withdraw from the engagement without completing services for any reason, including, but not limited to, your failure to comply with the terms of this Agreement or as we determine professional standards required.

Assignment: All parties acknowledge and agree that the terms and conditions of this Agreement shall be binding upon and inure to the parties’ successors and assigns, subject to applicable laws and regulations. 

Severability: If any portion of this Agreement is deemed invalid or unenforceable, said finding shall not operate to invalidate the remainder of the terms set forth in this Agreement.

Entire Agreement: The Engagement Letter, including this Terms and Conditions Addendum and any other attachments incorporated by reference, encompasses the entire agreement of the parties and supersedes all previous understandings and agreements between the parties, whether oral or written.  Any modification to the terms of this Agreement must be made in writing and signed by both parties.