Income tax planning and preparation
- Social Welfare
- Private Foundations
- Employee Benefit Plan
Even if your assets are less than the current estate exclusion level, it still pays to plan ahead. With little notice, changes in the tax code affecting estate, gift and generation-skipping taxes could happen. We work with your team of financial and legal professionals to help establish an integrated plan to benefit you in your lifetime, as well as for future generations and for the causes that you support.
Cost Segregation Studies
Tax Credit Studies
Tax benefits may be possible if organizations qualify for tax credits related to their research and development activities, hiring targeted groups, renewable electricity production, credit for small employer pension plan start up, employer provided child care facilities, just to name a few.
Choice of Entity and Structuring
The choice of entities can be overwhelming; however selection of entity type can be very important for legal liability and for tax planning purposes. We can assist you with determining which entities may be most appropriate depending upon your business endeavor and the number of investors in your business. Most businesses require a federal identification number, which we can help you obtain.
International Tax Consulting and Planning
International business is a new norm in today’s investment arena. As a U.S. citizen or resident, you are generally taxed on your worldwide income; however, there are certain foreign tax credits and exclusions which may apply that could lower or eliminate taxes on foreign income. Certain tax treaty benefits may also apply based on the country in which you reside or in which you earn income. Additionally, under the relatively new Foreign Account Tax Compliance Act (FATCA) there are requirements for reporting income held in foreign bank and investment accounts which are important and result in severe penalties for non-compliance. Whether you are a U.S. citizen working overseas, a partner in a foreign partnership, or U.S.-based foreign national working in the U.S., we can help you navigate the foreign tax compliance landscape.
Qualified Small Business Stock Benefits
Code Section 1202, allows in general an individual to exclude between 50% and 100% of any gain from the sale or exchange of qualified small business stock held for more than 5 years. The definition of qualified small business stock is very specific in the Internal Revenue Tax Code and whether individuals qualify will depend upon their specific facts.
Planning Related to Tax Deferred Exchanges, Corporate Reorganizations, or Step Up in Partnership Assets
There are several ways in the Internal Revenue Tax Code to defer taxes if properly structured. Code Section 1031 allows for tax deferral related to properly structured business and real estate transactions involving like-kind property.
Contribution of property into a corporation under Code Section Sec. 351 can also result in tax deferral of tax associated with appreciated property.
Certain corporate reorganizations can qualified as a tax free transaction under Code Section 368 and 355.
Upon certain qualifying events, partnerships may elect to "step up" their tax basis in partnership assets to receive tax advantage when partnership assets are sold.
Although the details related to these subject areas are too voluminous for this summary, as a client, you can consult with us on these complex tax issues.