Tax Advice

We Provide Tax Advice & Written Tax Opinions

Taxpayers often need tax advice to either report a transaction on their tax returns or to understand the tax ramifications for a particular transaction.

In many cases, this tax advice relates to large, and usually, once in a lifetime time transaction, such as the sale of a business or real estate, business or non-profit transactions, the receipt of employee benefits, or gifts and inheritances and trust and transfer tax issues.

Our Tax Focus

We focus on technical tax analysis for business and individual tax matters. We advise clients on income/exclusion, deduction/credit, timing, character, tax rate laws and opportunities.

While we are known for our work on research tax credits, depreciation and accounting methods, and self-directed retirement accounts, we also regularly advise clients on business entities and transactions (including sales/purchases, leases, and financing), lawsuit settlement awards, and estate taxes. This includes issues involving cancellation of debt income, involuntary conversions, claim of right deductions, and the character and timing of gain.

Written Tax Advice

We are also willing to reduce our tax advice to writing. There are several reasons why taxpayers may need written tax advice. One reason is that tax matters are often technical and the amount of tax can vary greatly based on nuances in the facts and our tax laws (click here for more on our tax laws).  Having a tax attorney prepare written advice that sets out the facts and explanation in deal, can help ensure that the law is being applied to the correct facts and, ultimately, that the tax advice will be upheld if challenged by the government.

Another reason is that a third party may require the tax advice be put in writing, as with a court that needs to understand the tax implications of a proposed class action settlement or a bank that needs certainty about the amount of tax exposure before extending credit.

Penalties are another reason why taxpayers seek out written tax opinion letters.  Reliance written advice from a tax attorney can in some cases relieve the taxpayer from penalties if the legal conclusions turn out to be wrong.  There are a number of rules that apply in determining whether written advice from a tax attorney qualifies for this type of treatment, but the savings in terms of tax penalties is often substantial.

Get Help With Your Tax Matter

Our firm frequently provides tax advice and written tax opinions for clients on significant and complex federal and state tax matters.

Please call us at (713) 909-4906 or contact us online to schedule an appointment.

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