At FGKS Law, we provide comprehensive tax law services, advising and representing both business and individual clients on a wide range of tax-related matters. Our expertise covers federal, state, and local tax planning and compliance, appeals, audits, and dispute resolution. We also assist clients in leveraging tax incentive programs for development and other projects.
OUR AREAS OF EXPERTISE
- Personal Income Tax: We provide tailored advice and representation on personal income tax matters, helping clients navigate complex tax laws, maximize deductions, and minimize liabilities.
- Corporate Income Tax: Our attorneys assist businesses with corporate income tax planning, compliance, and dispute resolution. We help clients structure their operations to achieve tax efficiency, manage tax risks, and ensure compliance with all relevant regulations.
- Private Foundation and Public Charity Operations: We advise private foundations and public charities on tax compliance and operational issues, including obtaining and maintaining 501 © (3) tax-exempt status, managing charitable contributions, and navigating the rules governing private foundations to avoid excise taxes and penalties.
- Employment Taxes: FGKS Law provides guidance on employment tax compliance, including payroll tax obligations, employee classification issues, and the proper handling of withholding taxes. We help clients resolve disputes with tax authorities and avoid penalties for non-compliance.
- Retirement & Estate Taxes: Our attorneys offer comprehensive estate planning services, including strategies to minimize estate and gift taxes. We assist with the creation and administration of trusts, wills, and other estate planning tools to ensure a smooth transfer of assets and reduce tax liabilities.
- Trusts: We provide legal advice on the tax implications of various types of trusts, including revocable, irrevocable, and charitable trusts. Our services include trust creation, administration, and compliance with tax reporting requirements.
- Employee Benefit Taxation: FGKS Law advises businesses on the tax aspects of employee benefit plans, including retirement plans, health insurance, and other fringe benefits.
- Like-Kind Exchanges: We assist clients with like-kind exchanges (Section 1031 exchanges) to defer capital gains taxes on the sale of investment properties. Our services include structuring exchanges, identifying replacement properties, and ensuring compliance with IRS regulations.
- Tax Incentives for Real Estate and Business Development: Our attorneys help clients identify and secure tax incentives for real estate and business development projects, including tax credits, abatements, and grants. We navigate the application process and ensure compliance with program requirements to maximize benefits.
- IRS Audits and Appeals: FGKS Law represents clients during IRS audits and tax court appeals, providing expert guidance to resolve disputes and minimize tax liabilities. Our services include audit representation, negotiation of settlements, and litigation support if necessary.
- Franchise, Sales, Use, and Personal Property Taxes: We provide comprehensive advice on state and local tax matters, including franchise taxes, sales and use taxes, and personal property taxes. Our attorneys assist with compliance, dispute resolution, and tax planning strategies to reduce liabilities.
OUR PHILOSOPHY
At FGKS Law, we are committed to delivering tax law services that are both strategic and responsive. Our philosophy is to build lasting relationships with our clients, understanding their specific goals and challenges. We provide expert guidance on tax planning, compliance, and dispute resolution, ensuring that our clients receive the highest level of service and achieve optimal tax outcomes.
Contact an attorney to learn more about our practice areas.
Frequently Asked Questions on Tax Law
What is a 1031 like-kind exchange?
A 1031 like-kind exchange, named after Section 1031 of the Internal Revenue Code, allows investors to defer capital gains taxes on the sale of an investment property by reinvesting the proceeds into a similar property. To qualify, the exchange must meet specific IRS requirements, including:
- The properties involved must be held for investment or productive use in a trade or business.
- The taxpayer cannot receive money or other proceeds until the exchange period ends.
- The replacement property must be identified within 45 days of selling the original property.
- The replacement property must be acquired within 180 days of the sale. A 1031 exchange provides a valuable tax-deferral strategy, allowing investors to preserve their investment capital and enhance their real estate portfolio.
What is the IRS tax appeal process?
The IRS tax appeal process allows taxpayers to dispute IRS decisions regarding tax assessments, penalties, and other determinations. The process typically involves the following steps:
- Requesting an Appeal: Taxpayers can request an appeal by submitting a written protest to the IRS Office of Appeals within the timeframe specified in the IRS notice.
- Appeals Conference: An informal conference is held with an IRS appeals officer, where the taxpayer can present their case and supporting documentation.
- Decision: The appeals officer will review the case and issue a decision. If the taxpayer agrees with the decision, the case is resolved. If not, the taxpayer can further appeal to the U.S. Tax Court, U.S. District Court, or the U.S. Court of Federal Claims. The appeals process provides an opportunity to resolve tax disputes without litigation, saving time and costs for both the taxpayer and the IRS.
What penalties can an individual face for tax evasion?
Tax evasion is a serious criminal offense involving the intentional underreporting or non-reporting of income to avoid paying taxes. Penalties for tax evasion can be severe and include:
- Monetary Fines: Civil penalties can amount to 75% of the unpaid tax due to fraud. Criminal fines can range up to $100,000 for individuals and $500,000 for corporations.
- Imprisonment: Individuals convicted of tax evasion can face imprisonment for up to five years.
- Interest and Additional Penalties: Interest accrues on unpaid taxes from the date they were due, and additional penalties may apply for failing to file returns or pay taxes on time.
- Reputation Damage: Conviction for tax evasion can severely damage an individual’s personal and professional reputation. It is crucial to comply with tax laws and seek legal advice if you are facing potential tax evasion charges.
OUR TAX LAW ATTORNEYS