Our tax practice includes advising clients on what business entity/structure will position the client to maximize tax benefits. There are many forms within which to conduct business (“C” Corporations, “S” Corporations, Partnerships, Limited Partnerships, Limited Liability Companies, Business Trusts, Sole Proprietorships, etc.) Unlike other firms, we will actually walk you through the applicable IR
S Tax Form (1040, 1120, 1120S, 1065, Schedule K-1, etc.) so that the client can see how the income, gain, loss, deduction and credit is actually reported. Our experience has been that when time is taken to walk through a hypothetical tax return at the beginning of the business enterprise, our client-business owners have a greater understanding of the financial details of their businesses. A classic example is how income, gain, loss, deduction and credit “flows through” an “S” Corp, Partnership, and certain LLC’s onto the client’s Form 1040 Individual Income Tax Return via the use of the ubiquitous “Schedule K-1.” “Flow through entity” is a term-of-art for many of our clients, but once we show them what that actually looks like (e. the “journey” from Form 1120S to Schedule K-1 to Form 1040), the “light goes on,” and our clients’ depth of understanding increase exponentially. Our tax practice also includes advising clients on the use of nonprofit entities. A recent trend is the use of “for profit” entities by existing “nonprofit” entities to achieve a variety of business and tax benefits. One of the primary business objectives for such arrangements is the ability to compensate key individuals while both protecting the tax-exempt status of the nonprofit entity while simultaneously encouraging the continued contributions from the nonprofit entity’s supporters. One of the primary tax objectives of such arrangements is the aforementioned protection of the nonprofit entity’s tax-exempt status. The coordination of the distinct business structures, business activities, and business goals of related “for profit” and “nonprofit” entities are an active area of our tax practice. Finally, we have relationships with other tax professionals that give our tax practice a strategic advantage. These strategic relationships allow us to bring the maximum experience to the “planning and problem solving table” that we believe give our tax practice clients an advantage over other firms that might try to do everything themselves in order to maximize legal fees. Two heads are indeed better than one, fresh perspectives can be enormously helpful, and clients benefit from our firm’s willingness to redirect some legal fees to other tax professionals in order to maximize value to the client. Twitter: https://twitter.com/RubinAttorneys
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