"The hardest thing in the world to understand is the income tax."

                                                                          Albert Einstein 

You need to begin to consider tax issues before you commence operations.  Some decisions can be easily corrected while others may have long lasting adverse consequences.  When I was acquiring companies, I can't tell you how many times we would have gotten a deal done, but for the fact that the corporate structure selected at the outset would have subjected the owner to double taxation.  The owner missed out on a multi-million dollar transaction opportunity because he did not receive sound tax planning advice before starting his business.  

Once you are operating, there are a myriad of tax issues that confront every business.  Of course, there are income tax planning issues, at the federal, state and local level.  Depending on the type of business you are in there may be other types of taxes to which you are subject. For example, I was in the fuel business and we were subject to federal and state excise taxes and in some cases local and state gross receipts taxes as well. We can help you to obtain the necessary licensing and advise you as to the tax regimen relevant to your business.

In connection with the sale of a business or the assets of a business, the allocation of purchase price and the types of consideration paid can dramatically impact your net after-tax proceeds. We can help you negotiate a favorable resolution.

We also can help you with any tax controversy matters.  If the IRS challenges your return or assesses a deficiency, it is important to act quickly as there are strict time limits on your right to appeal.  Gosin Law is licensed to represent you before the IRS in all 50 states.

 

 

The opinions set forth in this website are subject to the disclaimer pertaining to IRS Circular 230 set forth herein:

Unless expressly stated otherwise on this website, (1) nothing contained in this website was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended; (2) any written statement contained on this website relating to any federal tax transaction or matter may not be used by any person to support the promotion or marketing or to recommend any federal tax transaction or matter; and (3) any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor with respect to any federal tax transaction or matter contained in this website. No one, without our express written permission, may use any part of this website in promoting, marketing or recommending an arrangement relating to any federal tax matter to one or more taxpayers.