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Tax Law

Wealthy individuals and successful businesses do not act without the assistance of experienced tax counsel.  Our team of tax lawyers provides the expertise needed to minimize the burden of state and federal income, gift, estate, GST, and excise taxes in all matters of income generation, asset ownership, and transactions, including the following:

  • Choice of business entity
  • Corporate and partnership transactions
  • Individual and trust tax planning
  • Tax controversy and litigation
  • Tax-free real estate exchanges
  • State and local tax
  • Executive compensation
  • Qualified and nonqualified deferred compensation
  • International tax planning
  • Tax-exempt organizations
  • Mergers and acquisitions
  • Tax return preparation

Choice of Business Entity and Formation

When starting a business, it is crucial to understand the tax implications associated with the type of business structure you choose. For example, if you start a sole proprietorship, you and your business are considered one entity, and as such, you are personally responsible for the income, losses, and expenses on your tax returns. However, if you structure the business as a limited liability company, or an LLC, you and the business are considered separate entities from a tax standpoint, and so, there are fewer implications.

Corporate Transactions

Corporate tax in the United States is implemented on the federal, state, local, and even international levels. Due to the Tax Cuts and Jobs Act of 2017, the national federal corporate tax rate has remained at a flat 21% since 2018.  Some corporate transactions are not taxable, such as certain mergers, acquisitions, and liquidations, whereas others are.  An attorney can help shield companies from the most serious tax consequences and advise on which transactions are taxable, which are not, and how best to maximize their tax outcomes.

Individual Tax Planning

It is not only corporations and pass through entities that must worry about certain tax implications. Individuals must, too, and when a person’s tax return involves a significant amount of wealth, these tax implications become serious and quite complicated. A professional familiar with tax law can advise on how to protect an individual’s best interests and ensure the effective use of tax law so that they face as few tax consequences as possible.

IRS Controversy and Tax Litigation

Disputes often arise between individuals and the IRS. This most commonly occurs when the IRS claims that an individual, business, or estate owes a certain amount of taxes and the individual disagrees. Without taking proper action, the IRS can levy bank accounts, garnish wages, and take other measures to secure the amount they believe the individual owes. It is for this reason individuals who disagree with the IRS or the amounts claimed by the IRS cannot simply avoid paying.  Moreover, the IRS will also begin assessing penalties and interest. A taxation professional can advise on the appropriate steps to take, quickly, including fighting the IRS, appealing the taxes claimed, or even taking the issue to the United States Tax Court for a judge to make a decision on the matter.

Call Our Illinois Taxation Professionals For The Help You Need

Navigating the state and local tax landscape can be confusing. When individuals do not know all of the rules, regulations, or repercussions of the steps they take, they can face serious tax consequences and substantial liabilities, which multiple quickly after penalties and interest. At Harrison & Held, LLP, our Chicago taxation professionals can help you avoid these tax implications, guide you through your own tax planning, and advise you on any disputes that may arise. Call us today or contact us online to learn more about how we can help.

 

 

 

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