Taxation: Corporate and Individual
ShapiroCroland Tax Department provides a full range of tax and tax-related services. Our tax practice encompasses estate planning, individual and corporate taxation, as well as income tax planning. We regularly represent clients in various stages of disputes with the Internal Revenue Service, attending audits and administrative hearings and conducting litigation in the United States Tax Court. Typically we provide tax advice to individuals, trusts, estates, partnerships and corporations on matters involving international and domestic income tax planning, compliance, tax accounting, partnership/corporate formation, distributions, sales, terminations, reorganizations, recapitalizations and retirement planning. Our Tax Department has many years of experience and prides itself on providing creative solutions to meet the needs of our clients. While our tax professionals are able to assist in complex modern business transactions, ShapiroCroland service-oriented practice is based on the personal relationships we develop and nurture, whether we represent large institutions, start-up enterprises, or individuals.
Business Entity and Joint Venture Formation
Our attorneys assist clients in evaluating and selecting the right form of entity for a new business venture. Strategic planning and counseling becomes critical in our clients’ evaluation and understanding of the tax liabilities and obligations of the business and its owners and the amount of after tax cash realized by the owners upon exiting the business. We work closely with a client base of entrepreneurs in start-up companies and established businesses in selecting among limited liability companies (LLCs), partnerships, S corporations and C corporations.
Corporate Tax Planning
ShapiroCroland assists small to mid-sized corporations and closely held companies with their taxation issues. We are experienced in planning and implementing mergers and acquisitions, reorganizations, recapitalizations, leveraged leases and buyouts, complete and partial liquidations, stock redemptions, divestitures, corporate separations, international financings, debt-to-equity conversions and the issuance of preferred stock exchangeable into common stock or debt. Our tax attorneys have extensive experience with original issue discount and the generation, preservation and use of interest deductions, net operating loss and credit carryovers and other significant tax attributes. Our tax attorneys have represented shareholders, corporations, strategic and financial buyers and sellers, borrowers and lenders. The firm regularly structures buy-sell and stock restriction agreements, common paymaster arrangements, sale-leaseback transactions, phantom stock plans and deferred compensation programs. Our tax attorneys are well versed in the tax law governing S corporations, consolidated returns and intercompany arrangements.
Individual Income Tax
ShapiroCroland provides complete individual income tax consulting services and has experience with structuring investment transactions, planning for the tax consequences of marital settlements and minimizing tax exposure to the alternative minimum tax. Our tax attorneys provide valuable counsel regarding private and commercial annuities, various insurance products and programs, split-dollar agreements and dealing with involuntary conversions and like kind exchanges. We regularly advise both creditors and debtors of troubled companies and have experience with the consequences of cancellation of indebtedness income and the reduction of tax attributes. We also frequently advise business owners, senior executives of public and private companies, entrepreneurs, venture capitalists, and high-net worth individuals on tax issues related to business and investment holdings.
State and Local Taxation
ShapiroCroland tax attorneys provide advice and counsel in connection with state and local income taxes, real estate transfer taxes, property taxes, capital stock and franchise taxes, and sales and use taxes, which are levied by states and political subdivisions.
Tax Compliance and Litigation
Our attorneys help sustain clients’ positions in tax controversies by assisting with compliance and disclosure obligations and representing them in audits, administrative appeals, investigations and litigation. Our tax lawyers have obtained private letter rulings from the Internal Revenue Service and state tax agencies relating to proposed transactions, and the firm frequently renders its opinion on the tax consequences of a variety of transactions and situations. The firm has successfully represented clients before the United States Tax Court, the United States District Courts and the United States Claims Court, as well as various state and local tribunals.