Business Structuring and Tax Treatment
There are a variety of ways to structure a business that yields unique tax benefits. This isn’t exclusive to large businesses, and depending on whether or not you have sole ownership, a partnership, or other interest in a business entity can have a drastic effect on the way you and your business file taxes. Our firm has several tax-focused specialists. With a tax attorney, Tacoma business owners can start with the greatest tax-related advantages from the very beginning. We’ll work with you to identify the most cost-effective structuring while still retaining the rights you want.
Tax Advice and Business Succession Planning
We work with our clients to prepare business succession plans that protect the interests of company owners’ families, estates, and co-owners, while at the same time clearly defining current ownership rights in a manner that facilitates smooth ownership transfers to children or other heirs following death, illness, retirement, lack of involvement or other issues that may arise in the course of business. Having a qualified and experienced tax attorney to help you navigate this sensitive area can ensure the success and longevity of your business. Morton McGoldrick has the right tax attorney for you.
The team of tax planning attorneys at Morton McGoldrick assists clients by working closely with their financial advisors in developing individual financial plans for the management and use of assets during the clients’ lifetimes. This includes providing advice about legal and tax aspects of joint ownership of property; forming family limited partnerships and limited liability companies for property management and for lifetime transfers to family members; planning for the possibility of disability through durable powers of attorney, living wills, and revocable living trusts; and providing advice about the desirability of making gifts and the general effect of income tax laws.
Family Succession Planning
Morton McGoldrick’s estate planning and tax attorneys assist clients with retirement planning, business succession planning, asset protection, and entity formation. Our estate planning and tax attorneys concentrate on succession planning and tax deferral and reduction through various techniques during the formation and funding of family entities. Tax planning is an integral part of the estate planning process. It involves the arrangement of your affairs in a way to best reduce tax liability. A skilled tax attorney with Morton McGoldrick will ensure that your paperwork incorporates the simplest tax planning strategy possible to minimize the tax burden on your heirs while still complying with all relevant federal, state, and local laws.
We work with our clients to help resolve their federal tax issues, minimizing their tax penalties, interests, and debt owed to the IRS. Whether you’re a sole proprietor, Limited Liability Company, corporation, or tax-exempt organization, we will represent you before the IRS and fight to protect your interests.
- IRS examination preparation and representation
- Penalty and interest services to reduce or abate proposed penalties
- Offers in Compromise
- Private Letter Rulings
- Technical Advice Memoranda
- US Tax Court
State and Local Taxation (SALT)
Washington State’s unique tax laws can be cumbersome for business owners and hinder the continual success of the company. With a tax attorney from our firm, we can help resolve those issues with the Department of Revenue (DOR), Employment Security Department, and Department of Labor and Industries (L&I). Let us handle your State and Local Taxation (SALT) needs.
- Business and Occupation Tax
- Washington State Department of Revenue Audits
- Washington State Department of Labor & Industry Audits
- Employment Security Department Audits
- Department of Revenue Appeals
- Tax Rulings Request
- Labor & Industries Reconsideration
- Employment Security Audit Appeals
- Board of Tax Appeals
- Board of Industrial Insurance Appeals
- Administrative Hearings
- State and Local Tax Planning
- Elimination of Personal Liability for Some State Tax Debts
The individual owners of a corporation and members of a limited liability company (LLC) are generally personally liable for all the taxes incurred by the business. However, Washington law provides that the individual owners of a corporation or LLC will not be liable for taxes owed to the Washington State Department of Labor and Industries (L&I) and the Washington State Department of Employment Security (ESD) if the corporation or LLC files a Chapter 7 bankruptcy.
Many corporations and LLCs elect to file a Chapter 7 bankruptcy for their business to prevent these L&I and ESD taxes from following them personally after the business has closed.
It is important that the corporation or LLC files Chapter 7 bankruptcy before L&I or ESD have personally assessed the taxes against the owners of the business.
Learn more about bankruptcy here.