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
- Should You Convert Your Business to a C Corporation?
- Projected Increase of Annual Gift Tax Exclusion
- Federal Tax Incentive for Film Production Expires
- IRS Reboots Previously Unsuccessful Private Debt Collection Efforts
- Reevaluating Valuation: IRS and Treasury Propose Rules Restricting Valuation Discounts
- Do I have to Pay a Fee for Filing My Taxes Late?
- Beware of New Tax Scams: IRS Releases Warning to Taxpayers
- Auditing the Auditor: Microsoft Files for Information about Tax Law Firm
Publications & Alerts
- New Federal Tax Bill Includes Helpful Provisions for Farmers, Especially Those Marketing Through Cooperatives, January 2018 Agricultural Law News, February 14, 2018
- S Corporation Election for Limited Liability Corporations, Foster Swift Business & Corporate Law News, June 12, 2017
- Alternatives to Section 179 for Year-End Tax Planning, Foster Swift Business & Corporate Law News, November 21, 2016
- Should Your Farm Use the Section 179 Deduction this Year?, Foster Swift Agricultural Law News, November 18, 2016
- Is Section 179 Right for You?, Foster Swift Business & Corporate Law News, October 31, 2016
- President Obama Signs Tax Increase Prevention Act, Foster Swift Business & Corporate Law Report, December 22, 2014