Major Tax Planning

Many small businesses fail to investigate the proper application of sales, use, excise, payroll, personal property, business license and other state and local taxes to their particular type of business. After years of operating without tax compliance, companies can find themselves owing several times the amount of the original tax liability as a result of interest and penalties. In addition, sales tax and payroll tax fall within the family of trust fund taxes for which owners may have personal liability without regard to the protections offered by the corporate veil to owners of corporations or limited liability companies. Moreover, these liabilities may not be discharged in a personal bankruptcy and can therefore follow owners for decades. Likewise, federal tax planning impacts the taxes that a business will pay. The difference can be dramatic, especially in a transactional setting.