Every document or agreement you enter has potential tax consequences. These consequences extend not just to the immediate transaction, but to future transactions, and in some cases even to retroactive taxation of an earlier transaction! There is also a multitude of non-tax considerations that intersect in unexpected ways with the convoluted world of federal, state and local taxes, and planning is absolutely necessary to avoid unexpected and unaffordable tax hits.
Discussion, review and planning for your transaction’s potential tax ramifications is included in the price of all flat rate services. Other tax planning is available on an hourly basis. Tax planning discussions can cover federal, state and local levels of taxation, and include:
income, capital gains, sales and use, personal property, real property, property tax re-assessment, franchise, gross receipts, social security, Medicare, state disability, estate, and generation skipping taxes;
the various exclusions and deferrals that may be available, such as parent-to-child transfers, no business conducted, “no taxable event,” independent contractor treatment, step-up in basis, and marital and credit and generation skipping exemptions; and
the various techniques that may be available to take advantage of those exclusions or deferrals, such as installment sales, tax allocations, transaction timing, step transactions, tax-free spinoffs and mergers, and personal retention vs. loan vs. contribution of assets.