Taxation - Business
We understand the complexities of federal, state and local tax law. Whether you require individual, business or estate tax expertise, our dedicated tax attorneys have the practical knowledge and experience to guide you toward a more advantageous tax position.
*The Services We Provide Businesses and Estates Include:
- Tax Planning and Compliance Guidance: By counseling our business clients on the implications of specific activities or major transactions, we help guide their actions to avoid potential tax pitfalls, often putting their business in a more favorable tax position.
- Tax Updates: As the complicated body of tax laws change, we counsel our business clients on the impact of those changes. Our diligence in keeping current allows our clients' businesses to benefit from an improved tax status whenever possible.
- IRS Disputes: In matters of underpaid or delinquent taxes, or tax liabilities of which our business clients may be unaware, we contact the taxing agency on behalf of our clients to expediently resolve the matter.
- Business Formation or Conversion: Along with helping our clients form businesses, we determine the tax implications of their choosing between a Corporation, S-Corporation, Limited Liability Company (LLC), Partnership, Limited Partnership or other type of business structure. In addition, we assist our clients in obtaining an employer identification number from the IRS.
- Payroll and Employment Taxes: We help our business clients ensure they are exercising proper withholding practices and filing the appropriate W2’s and/or 1099s, clarify any matters in the use of independent contractors and advise on disputes regarding terminated employees.
- Deferred Compensation and Pensions: Qualified deferred compensation plans, which allow a business' employees to delay taxation on certain income being saved for retirement, are subject to complicated rules and regulations under the Employee Retirement Income Security Act of 1974 (ERISA). We counsel our business clients in creating and administering their retirement and pension plans in compliance with ERISA.
- Purchasing or Selling Existing Business: We determine the tax ramifications of the purchase or sale of some or all of a client’s business.
- Dissolution: We counsel our clients on the impact that the dissolution of their business will have on their business’ tax status.
*To ensure compliance with requirements imposed by the U.S. Internal Revenue Service in Circular 230, we inform you that any tax advice contained in this communication (including any attachment that does not explicitly state otherwise) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the U.S. Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
Recent Updates & Recommended Articles from the Lancaster Law Blog:
- Tax Incentives for Employers Who Hire Veterans Extended
- In November, President Barak Obama signed into law the Three Percent Withholding Repeal and Job Creation Act. A part of this sweeping legislation provides incentives to employers for hiring veterans.