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McGlinchey's Tax team advises businesses and individuals on tax strategies and planning under federal, state, and local tax laws and regulations.
Our comprehensive experience includes helping clients in these and other areas:
Where we started: An individual taxpayer who is employed by an S corporation he owns approached us after the IRS threatened to seize his company’s assets. The IRS examined his S corporation and determined that the salary it paid him was too low. It treated all the income earned by the S corporation as salaryMore
Where we started: Two philanthropists decided to help a former employee launch a management company by having an investment company they own make a capital contribution to the newly formed management company in exchange for 50 percent of the equity. The plan was for the management company to provide management services to charitable private foundationsMore
Contact the McGlinchey Tax team for our latest insights about the following issues and other concerns:
Deciphering the 2017 tax law overhaul. We recognize that clients are still trying to understand the many provisions of the Tax Cuts and Jobs Act of 2017. It carries a wide range of repercussions – opportunities but also risks – for businesses and individuals on everything from the foreign operations of U.S. corporations, to decisions about incorporation and planning, to trusts and estate considerations. Our attorneys have seen many changes in the tax code over the years and helped clients adjust accordingly to advance their interests. Today, we’re poised and well situated to assist clients with the ramifications of the complex 2017 legislation.
Winds of change on state and federal levels. Clients must constantly reevaluate their business and investment strategies to the political vicissitudes from one election cycle to the next, particularly with a major change in political leadership. For example, many people are concerned that the fluidity of one administration to the other may affect the capital gains rate. While we can’t precisely predict whether and how much the rate might change, we can position and prepare clients for any rate hike or drop.
Criminal Tax Prosecutions. Recently, the IRS and Department of Justice have signaled an increased focus on criminal tax prosecutions. Tax violations in the past that may have resulted in civil penalties may now result in prison time. Now more than ever, taxpayers must ask whether they potentially could go to prison if they take a particular tax position.
Bringing both halves together. Clients value our lawyers’ ability to integrate two wide and deep bases of knowledge:
Our ability to synthesize these two knowledge sets helps enable us to craft effective and efficient strategies and solutions for our clients.
Articulating effectively and often while looking to the future. We recognize the value of clear and concise communication, and we work hard to keep our clients constantly apprised of any business and legal developments that affect them. We’ve built a reputation for our ability to plan ahead for projects and plan around obstacles. Because of our extensive in-the-trenches experience, we see the potential pitfalls before they manifest and steer our clients around them.
Experience = efficiency. The institutional knowledge we bring to our practice means we often know instantly – almost instinctively – when a client can’t make a particular move and stay within the law. That allows us to rule things out and not waste time and money, freeing up resources to see what we actually can do.
Agility matters. Tax lawyers are notorious for killing every new idea. We try not to do that. Without being too aggressive, we work closely with clients to get them to that business-decision threshold. Our firm is more agile than large firms that have layers of bureaucracy. Simply put, we can get things done.
Where we started: In a recent multi-layered matter, we represented a company that purchased residential solar arrays after the business venture failed. The company faced lawsuits by and against taxing authorities and civil litigation with other companies. Our lawyers handled the representation in both the administrative and court proceedings. Our strategy – plus more: WhileMore
Where we started: An individual taxpayer who is employed by an S corporation he owns approached us after the IRS threatened to seize his company’s assets. The IRS examined his S corporation and determined that the salary it paid him was too low. It treated all the income earned by the S corporation as salaryMore
Where we started: Two philanthropists decided to help a former employee launch a management company by having an investment company they own make a capital contribution to the newly formed management company in exchange for 50 percent of the equity. The plan was for the management company to provide management services to charitable private foundationsMore
Represented a low-income housing developer in structuring the acquisition of an existing development so that the placed in service rules did not apply, which allowed the developer to receive an allocation of low-income housing tax credits and syndicate the project to a national investor. The developer had previously been advised that the project could notMore
Member Douglas Charnas (Washington, DC) will join a panel discussion, "Proposed Regulations Are at the White House for Review: Will They Address the Many Open Questions," at the National Association of Chemical Distributors Spring Regulatory Workshop on March 14, 2023. The panel will discuss the open questions, the meetings NACD has had with IRS, and how the IRS may answer the open questions.
The IRS is proposing a new voluntary program, referred to as the Service Industry Tip Compliance Agreement (SITCA) program, for employers in service industries to avoid paying the employer’s share of FICA tax on unreported employee tips.
Last year, the IRS revised the question regarding digital assets that appears at the top of 2022 income tax returns in order to update terminology. Now, in IR-2023-12, the IRS has provided guidance on how to answer that question.
Tax season is nearly upon us. As cannabis businesses and the professionals who advise them can expect, navigating the variations and even direct conflicts that exist between and among the state and federal authorities that govern a cannabis business’s respective tax filings can be treacherous.
Member Kathy Conklin (New Orleans) will present at the 71st Tulane Tax Insitute in New Orleans, Louisiana, on "Retirement Options for Small Employers" on November 17, 2022.