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Understanding Tax Law
At the heart of any successful business lies a solid understanding of tax law. Whether you are just starting out or have been operating for years, being well-versed in the intricacies of business tax law can mean the difference between success or failure.
At our firm, we specialize in helping businesses navigate the complexities of tax law, with a focus on empowering companies to achieve their financial goals. Our team of experienced tax attorneys brings a wealth of expertise to the table, covering everything from tax planning to compliance to dispute resolution.
Tax planning should start from the beginning of the business process and continue throughout the life of the business. For example, a business owner facing choice of entity decisions (LLC vs. Corporation vs. Other) will soon realize that there are important issues to be made as to whether the business entity and its owner(s) will wish to make an affirmative election to have the entity taxed under the Federal tax law as a “S Corporation” or “C Corporation.” Or, the owners may decide to have the entity taxed as a “partnership” under the Federal tax law, or by default, if there is only one owner (member of a LLC having 100% of the economic interests in the entity), treat the entity as a disregarded entity.
Corporations & LLC
Corporations and Limited liability companies, or LLCs, can protect business owners from personal liability if formed and operated correctly; they can also offer tax benefits that other business structures may not provide. However, navigating the complex tax laws associated with corporations and LLCs can be daunting. Our team of experienced tax attorneys can guide you through the process and help you make the most of your corporation or LLC. We can assist with forming your corporation or LLC, structuring it for optimum tax benefits. With our expertise, you can rest assured that your corporation or LLC is meeting all tax requirements.
If your business is a LLC, an operating agreement for the LLC is critical and it must look to address Federal and state tax issues impacting the business. Allocation and distribution provisions, as well as capital accounts, the review of financial information and transfer and buy-out provisions all should be covered in an operating agreement. For many LLCs, appointment of a partnership representative, and an explanation of his, her or its duties are required; as this representative is completely in charge of any IRS audit of the entity.
In addition to the corporate issues, a business owner may struggle with how best to incentivize key employees. Phantom stock, restricted stock, or earning stock through sweat equity raises important tax issues. Or a business may face tax issues when it comes to certain transactions, or a restructuring of the business.
With the Private Corporate Counsel program, we are accustomed to assisting CPA’s and corporate accountants when complex tax issues arise. And we can make referral to our attorneys who can further assist business owners if the tax issue goes into litigation. And, our member’s can be put into touch with a tax lawyer or business litigator who will apply sound corporate knowledge of finance structures to plan and execute asset-based financings, mergers, acquisitions, asset purchases and sales, project financings, and corporate reorganizations.
We know that every business is unique, which is why we work closely with our clients to develop tailored tax strategies that align with their objectives. We take pride in staying up-to-date with the latest tax regulations and industry developments, ensuring that our clients remain ahead of the curve.
Let us help you take control of your finances and maximize your earnings today. Contact us to schedule a consultation with one of our tax experts, and experience the peace of mind that comes with having a trusted partner on your side.
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