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Michael Sute, CPA

Michael Sute, CPA

Michael G. Sute founded Sute CPA in 2009. A seasoned certified public accountant with nearly 17 years’ experience, he is committed to providing the firm’s individual and business clients with the personal attention, support and expertise they need to navigate today’s ever-changing, ever-challenging economic landscape – working to help ensure that their money is protected, their tax liability is minimized, and that they are in compliance with current tax laws. In 2011, Sute CPA merged with Seay Accounting and Consulting.
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Professional Experience

  • More than 10 years with one of the largest certified public accounting and advisory firms in the Southeast
  • Advised diverse businesses, including professional services firms, medical/home hospice facilities, manufacturing/distribution companies, land developers, construction contractors, trucking companies, hospitality firms and oil/gas companies
  • Worked with high net-worth individuals, providing income/estate/trust tax planning and compliance
  • Became firm’s state/local tax expert; researched various state tax issues and coordinated work to outside counsel
  • Performed 50-state tax matrix studies (i.e. nexus and taxability of products and services) for income and sales/use tax purposes, including cost-of-performance vs. market-based sourcing analysis
  • Oversaw firm’s Large Business Focus Group and Closely-Held Business Focus Group
  • Managed compliance and “tax department outsourcing” for a publicly-held client
  • Created FAS 109 footnote disclosures for 10-Qs and 10-Ks
  • Documented, calculated and maintained non-accrual experience method of accounting under IRC 448
  • Completed FIN 48 studies; prepared quarterly updates; prepared numerous FAS 109 calculations; documented pre- and post-FAS 123R stock option/compensation expenses and resulting deferred tax and/or APIC implications
  • Advised clients on Gulf Opportunity Zone Act, particularly GO-Zone bonus depreciation provisions
  • Handled reporting of final tax returns following asset-purchase by CCH/Wolters Kluwer
  • Reviewed and signed client’s state filings for tax years 2003-2006 (approximately 60 returns per year)
  • Three years as Tax Director and Director of Quality Control with an Atlanta-based telecommunications firm


Notable Successes

  • Developed and implemented tax strategy that reduced client’s state taxes by more than $200,000 for 2008
  • Structured purchase of $20 million aircraft enabling client a $12 million first year tax deduction; coordinated completion of personal-use time sharing agreements with key executives; avoided sales tax on entire purchase
  • Claimed $1.6 million in work opportunity tax credits for publicly-held client
  • Structured transactions in 2007 to defer S-corp taxes on $1.5 million of realized built-in gains (BIG); subsequently structured plan to eliminate BIG taxes in year nine of 10-year window
  • Successfully appealed state penalties ($12,000+) on Qualified Family Owned Business Deduction recapture
  • Applied for $100,000+ refund of county real estate taxes for tax-exempt organization
  • Recovered motor fuels tax penalties in excess of $20,000 for client due to reasonable cause
  • Assisted with clients’ changes in residency enabling clients to reduce or eliminate state income taxes
  • Structured sale to employee stock ownership plan (“ESOP”)


Education

  • Certified Public Accountant, Georgia State Board of Accountancy
  • University of Alabama
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