We can review your circumstances and help to plan beneficial tax opportunities for you. It may be looking at a current transaction or your assets as a whole. You may be able to structure transactions to allow deferral of taxes or decrease the amount.

We can represent you before the Department of Revenue whether the tax is an unemployment tax, sales tax, or income tax liability. We can help to determine whether you may be entitled to dispute the amount of the tax and penalty owed or if you’re eligible for an installment arrangement.

We have years of experience handling matters before the IRS. If you owe a tax liability or have unfiled tax returns, we can represent you and help you to resolve it with the IRS. After reviewing your information, we will help to determine whether you are eligible for an installment agreement, offer in compromise, or to dispute the amount you owe. Our firm is also experienced in representing clients in audit appeals. You may be able to dispute the amount of tax that has been assessed against you in an audit. We also handle business liabilities and the civil penalty applied against individuals for payroll taxes.

It is important to set forth all of the terms of a sale or purchase of real property in a contract. The purchase and sale of real property may also have tax consequences. When considering the sale of real property, most property owners seek tax advice to minimize capital gains on the sale. These capital gains arise since the property appreciates in value during its ownership. Basically, the property owner is going to realize capital gains on the difference between the fair market value (or sale value) and the cost of the property. When the property is a personal residence, the owner is entitled to exclude $250,000 of gain ($500,000, if married) from the sale of the property. At times when the market is strong, these gains can be substantial. However, when the housing market is declining, the property owners may be realizing a loss on the property. This loss occurs when the owner purchases the property for a greater amount than the sales price.

Many businesses find numerous tax problems along the way. These problems may arise due to improper tax reporting to the Department of Revenue or the Internal Revenue Service. Several types of taxes that may affect your business include sales and use taxes, payroll taxes, or income taxes. Additionally, you must consider any tax liabilities that you may incur personally as a result of delinquent business taxes.

An existing company, either an LLC or a corporation may want to acquire another company or merge with another one. At these times, proper tax planning is essential. This may be an opportunity to defer the tax or avoid unintended tax consequences. However, you must strictly comply with the tax code to take advantage of it. Proper contracts and documentation will ensure that the IRS will honor the intended tax benefits. Furthermore, the contracts will protect the companies to clarify what each intended in the transaction.

If you are interested in purchasing a business, it is essential that you thoroughly research the business and protect yourself legally from any existing claims or issues. There may come a time when you are prepared to sell or dispose of your business. It is essential that you negotiate and set forth in writing the terms of the sale to prevent future liabilities from arising. A sale of your business can cause you to incur a tax based on the gain from the sale. The taxes may be reduced or deferred with the proper tax planning.