Tax Planning and Preparation
Entity Taxation
For tax planning and preparation, there are tremendous advantages to involving an attorney who is well versed in tax law and other complementary practices (i.e., corporate law or trust administration). Instead of merely plugging numbers into tax software, counsel which is tailored to specific needs can utilize every available advantage under the law.
Estate, Gift, & Generation Skipping Taxation
While the Lifetime Exemption is larger than ever ($11.58 million for individuals; $23.16 million for married couples), wealth which exceeds the Exemption will likely face a 40% marginal tax rate. Early planning and discounting strategies can stretch the Exemption significantly, which in turn can save millions in estate taxes and preserve a legacy for future generations.
Like Kind Exchanges (1031)
Like-kind exchanges can facilitate highly advantageous tax deferrals. While theses exchanges may be simple in theory, it can take years of consideration and careful planning, and successful implementation may depend upon the application of technical knowledge and expertise.
Exempt Organizations
In order to maintain exemption status, tax exempt entities must file information returns and comply with relevant regulations. In this regard, compliance relies heavily on proper governance and administration, for non-attorney cannot provide adequate guidance.