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Tax Law

With expert guidance, many tax issues can be avoided, minimized or resolved. At best, letters from the Internal Revenue Service can be disconcerting. At worst, it can mean working through time-consuming or costly disputes. Tax issues can come in a many flavors: estate or death taxes, partnership buyouts, income tax compliance, gift taxes, and many more. At Hanley Law we help our clients with the appropriate structuring and planning —  especially in estate planning, real estate transactions, and business law — to reduce unintentional or unplanned tax exposure.

Real Estate Taxes

Owning real estate is one of the few remaining ways to reduce tax liability. Yet a real estate tax bill can come from a variety of circumstances. For example, you could inherit a piece of property that was held outside an estate plan. With proper legal guidance, you can transfer property from parent to child, while keeping the parents’ property tax basis due to Prop 13. Otherwise, you may get hit with a tax bill based upon the property’s fair market value.

Estate Taxes

With a professionally executed estate plan, most families can avoid “death” taxes. For estates valued under $10 million, you can structure the distribution of assets that minimize federal and state estate taxes. For larger estates, additional planning is necessary. It’s not uncommon for a trust to be set up but important assets (such as annuities or certificates of deposits) aren’t gathered into it. We help our clients with:

  • Real Property Transfers to keep an original tax basis
  • Transfer real estate to family corporations or partnerships
  • Real Estate Tax Planning

Income Related Taxes

When you need your income taxes filed, we recommend using a Certified Public Accountant (CPA).  But sometimes you need a tax attorney to help with unexpected bumps in the road. With a background in accounting, we help our clients navigate tax problems related to:

  • Negotiating with the IRS on delinquent taxes
  • Wage garnishments, tax liens or levies
  • Audit correspondence and communication

Small Business Taxes

Running a small business, especially one with employees, is more than a full-time job. Having the right business structure (e.g., sole proprietary, limited liability corporation) is the first place you should start. Sometimes you need to restructure due to growth. Whatever the reason, small businesses have unique tax issues. We help with:

  • Creating & restructuring business entities for tax-related reasons
  • Employment & payroll tax issues
  • Purchasing or selling a business
  • Tax compliance advice