Federal tax planning is one of the most important legal issues for individuals, businesses and organizations. An uninformed tax decision can have disastrous consequences. Foster Swift's tax attorneys work to reduce federal tax exposure and make sure our clients understand the tax implications of their decisions.
- Business Income Taxes. We advise clients on tax issues that affect their businesses on a daily basis. Our counsel often begins with selecting the proper entity to do business, typically a limited liability company, a “C” corporation, or an “S” corporation. We help clients make the proper tax elections and structure their businesses in a tax-efficient manner. Our tax services evolve and adapt as the business grows. We assist clients with restructuring their businesses to reduce net taxes and identifying deductions, credits, and other tax savings opportunities.
- Business Transactions. Most business transactions have federal income tax consequences. Often transactions that are substantively identical are taxed differently based on how they are structured. Examples include mergers, acquisitions, reorganizations, liquidations, intracompany transactions, joint ventures and other contractual relationships, employee benefit and executive compensation arrangements, settlements as well as, estate planning. Our tax attorneys have advised all types of clients regarding the federal income tax implications of these transactions and countless others.
- Withholding and Payroll Taxes. Failing to timely pay withholding and payroll taxes is a common and costly mistake made by many businesses. Officers of a business and others may be held personally liable for unpaid withholding and payroll taxes, even if the business has been dissolved or filed bankruptcy. Our tax attorneys regularly represent officers and businesses in these situations. We also advise businesses on the many issues that can arise with respect to withholding and payroll tax compliance, and represent our clients during audits and appeals.
- Compensation Arrangements. Every compensation arrangement should be reviewed by qualified counsel to ensure the arrangement complies with federal tax rules, including Section 409A of the Internal Revenue Code. Of particular concern are qualified and nonqualified deferred compensation plans, which are subject to a number of strict rules and potentially severe penalties. Our attorneys have extensive experience helping clients design top-tier compensation plans that comply with all requirements of applicable law.
- Individual Income Taxes. We regularly advise individuals and business owners with respect to individual income taxes. Our advice ranges from individual tax planning to representation on IRS audits and in other tax disputes.
Recent Blog Posts
- Maryland’s Digital Ad Tax: The Next Frontier in State and Local Taxation
- Tax Consequences of Divorce: Major Changes Effective in 2019
- How Does the New Pass-Through Deduction Work?
- When Will a Company's Website Create Nexus with a State for Sales Tax Purposes Post-Wayfair?
- 401(k) Tax Notices must be updated for Tax Reform
- Just the Beginning: Click-Through Nexus after Wayfair
- After Wayfair, Is Michigan’s Legislative Nexus Standard the New Bright Line?
- Should You Convert Your Business to a C Corporation?
- Projected Increase of Annual Gift Tax Exclusion
- Federal Tax Incentive for Film Production Expires
Publications & Alerts
- Loss of Basis Step-Up at Death and Increase in Capital Gains Tax, Foster Swift Trust & Estates Law News, February 2, 2021
- The Post-Wayfair Future of SALT Controversies: The Due Process Clause, Michigan Association of Certified Public Accountants (MICPA), July 17, 2018
- Just the Beginning: Click-Through Nexus after Wayfair, Michigan Association of Certified Public Accountants (MICPA), July 10, 2018
- After Wayfair, Is Michigan’s Legislative Nexus Standard the New Bright Line?, Michigan Association of Certified Public Accountants (MICPA), July 3, 2018
- States will Collect Sales Tax from Out-of-State Companies Without Physical Presence Under Groundbreaking Supreme Court Decision, Michigan Association of Certified Public Accountants (MICPA), June 26, 2018
- New Federal Tax Bill Includes Helpful Provisions for Farmers, Especially Those Marketing Through Cooperatives, Foster Swift Agricultural Law News, February 14, 2018