Minimizing Tax Issues For Businesses And Individuals
Albert Einstein once said that, “The hardest thing in the world to understand is the income tax.” If he were alive today, he might say the same about estate and gift taxes. At Chipman Mazzucco Emerson LLC, we do understand federal and state taxes and strive to minimize their effect on businesses and individuals in Fairfield County, throughout Connecticut and in New York.
Tax issues arise in connection with the transfer of wealth to loved ones and with business transactions. Thus, we offer tax services related to our core practice areas: estate planning, estate and trust administration, business transactions and business litigation.
Protecting Your Family And Loved Ones
Working with the client’s financial, insurance and accounting advisers, we gather detailed information and devise solutions that minimize income and inheritance taxes, while maximizing dispositions to a client’s family and other loved ones. With effective planning, we seek to minimize the risk of costly tax disputes while also minimizing tax costs.
We frequently give advice regarding estate, gift, generation-skipping and income tax strategies, including tax issues related to disposition of unique assets such as closely held businesses, business life insurance and IRAs, 401(k)s, and other retirement accounts.
When a client passes away, we promptly review the facts and the relevant estate planning documents to identify opportunities to save taxes by exercising time-sensitive tax elections and implementing disclaimer strategies.
Our attorneys prepare federal and Connecticut estate and gift tax returns as well as fiduciary income tax returns. This is an important step in implementing any tax plan. When we prepare tax returns, our goal is to advocate for our client by thoroughly applying the law to the relevant facts. We anticipate questions and deal with them in the tax return, well before the tax authorities raise the issue.
Helping Businesses Meet Tax Objectives
When guiding clients in the formation of business entities, we consider tax objectives as a matter of course. In the purchase and sale of businesses, tax issues are significant in every deal. Even in business disputes, tax constraints can affect the conduct — and the resolution — of any litigation.
When the federal, Connecticut or New York tax authorities audit a return, we provide effective representation with thorough and knowledgeable analysis of the issues.
When we are unable to settle a tax issue at the audit level, we are prepared to appeal at the administrative level and to litigate against the tax authorities in state and federal courts. Our objective is to help you implement the transactions that you contemplate with as little tax impact as possible.