Tax Planning and Compliance
Comprehensive Tax Planning Services
Gould & Ratner’s tax planning and compliance services are uniquely positioned to provide our clients with an in-depth, multidisciplinary approach to tax, accounting, corporate, real estate and other interests. Our tax attorneys and accountants handle more than 1,000 tax returns per year in the following areas:
- Individual
- Corporate
- Partnerships
- Trusts
- Private foundation and other tax-exempt entities
- Estate and gift tax returns
- Benefit plans
Tax planning and compliance are integral parts of the strategic counsel we provide to family offices, closely held companies and wealthy individuals, including large estates and trusts. The perspective our lawyers gain by preparing a client’s federal and state tax returns positions us to offer insight and preventive counsel on other aspects of the business.
The value of this service is more than mere “tax peace of mind,” it creates a comprehensive and coordinated framework that addresses a full-scope of business considerations including estate, wealth, financial and investment planning, philanthropic, administrative and dispute resolution.
Tax Compliance, Audits and Controversies
Gould & Ratner’s team of lawyers and professionals bring significant credentials to the table. All of our partners have worked with wealthy individuals and families, and their advisors, for at least 20 years. Several of our lawyers possess additional qualifications including CPA, CFP® and LL.M in taxation.
We handle tax controversy matters with federal, state and local government agencies, including audits, refund claims and tax court matters, as well as address tax deficiencies through installment arrangements and offers in compromise.
Representative Matters
- Advise family and other entrepreneurial businesses on tax efficient ownership structures.
- Advise multi-generation families and their businesses in developing and implementing strategies to assure transition and continuity of family business activities, long-term wealth transfer and charitable goals.
- Designed, structured and implemented corporate acquisition transactions, including tax-deferred roll-over of management equity.
- Assisted with tax structure and related planning for acquisition of major retail and related operations out of bankruptcy.
- Developed strategies and business organizational structure and related planning for acquisition of major retail and related operations out of bankruptcy.
- Counsel on transaction design and capital structuring for myriad corporate acquisitions of domestic and foreign operations.
- Represented subchapter C corporate entity with over $150 million of investment assets to unlock appreciation potential from unfavorable double-taxed corporate structure.
- Advisor to closely held corporate businesses in design and implementation of various deferred compensation and pseudo-equity plans for key management personnel.
- Designed and implemented successful strategies for home builders and developers to separate business properties and investment properties to preserve favorable capital gains rate potential, as well as tax-deferred roll-over of recognized gains on disposition of investment properties.
- Represented multistate retail business in the tax-free spinoff of various real property interests to shareholders.
- Represented multistate manufacturing business in tax-free spinout of real estate assets.
Publications
- Proposed Federal Tax Changes Take Aim at Wealthy Businesses and Individuals , October 7, 2021
- New Tax Bill Puts a Stop to Incentives for Startup Investing , September 20, 2021
- IRS Issues Additional Guidance for Claiming the Employee Retention Tax Credit , August 9, 2021
- IRS Notice Provides Relief for Renewable Energy Construction Projects , July 26, 2021
- Pending Changes to Illinois Tax Laws Include SALT Workaround , June 4, 2021
- IRS Issues Guidance for Claiming the Employee Retention Credit for the First Half of 2021 , April 6, 2021
- IRS Extends Federal Income Tax Filing Deadline for Individuals to May 17 , March 22, 2021
- IRS Issues Guidance for Employers Claiming 2020 Employee Retention Credit , March 17, 2021
- The Latest COVID-19 Stimulus: Highlights of Key Tax Provisions in the American Rescue Plan Act of 2021 , March 15, 2021
- IRS Finalizes Carried Interest Regulations , January 19, 2021
- Stimulus Bill Increases Deduction Amount for Most Business Meals , January 14, 2021
- New Stimulus Allows Faster Depreciation of Certain Residential Rental Property Held by Electing Real Property Trades or Businesses , January 14, 2021
- Congress Passes $900 Billion Relief Act and Revises the PPP , December 23, 2020
- Employee Retention Tax Credit Extended and Expanded , December 23, 2020
- Why Taxpayers May Want to File a Protective Claim With the IRS for a Refund of ACA-Related Taxes , July 9, 2020
- IRS Issues Taxpayer-Friendly Regulations on Section 1031 Like-Kind Exchanges , June 25, 2020
- IRS Automatically Postpones Additional Payment, Filing Deadlines to July 15 , April 14, 2020
- IRS Extends Deadlines for 1031 Like-Kind Exchanges , April 10, 2020
- Federal Gift and GST Tax Returns and Payments Due Date Delayed Until July 15 , April 1, 2020
- IRS Issues COVID-19 Tax Credit Details and Instructions , April 1, 2020
- COVID-19 Disaster Relief Payments to Employees Not Considered Taxable Income by IRS , March 31, 2020
- CARES Act Provides Tax Relief to Individuals, Businesses Impacted by COVID-19 , March 30, 2020
- Some Employers Eligible for Reimbursement of Employee Paid Leave Related to COVID-19 , March 24, 2020
- Federal Income Tax Payment Deadline Extended for 90 Days Beyond April 15 , March 18, 2020
- Ownership of Foreign Assets May Require Filing of Form BE-10 , February 19, 2020
- New Year Brings New Rules for Retirement Accounts , January 2, 2020
- Illinois Allows Easier Way For Remote Retailers to Collect Sales Tax , July 16, 2019
- The New Limited Interest Deduction: Good For Business? , February 5, 2018
- The Tax Bill Cometh: Moves To Consider Before 2018 Arrives , December 31, 2017
- Stealth Aspect in Tax Package May Have Not So Stealthy Impact on Deals , December 18, 2017
- New IRS Proposal Severely Limits Effective Estate Tax Planning Strategy , GR Client Alert , October 2016
- Illinois Appeals Court Holds Taxation of Trust Established by Illinois Grantor Unconstitutional , GR Client Update , December 2013
- Tax Changes Affect Estate Planning and the Selling of a Home , Chicago Daily Law Bulletin , December 9, 2012
- Estate Tax Reform: A Window of Opportunity , Estate Planning and Tax Update , December 2010
- The Uncertain Fate of Estate and Gift Taxes , July 2010
- New Tax Rules for Deferred Compensation , GR Review , June 2009
- The Importance of Choosing a Home for Your Trust , GR Review , September 2008
- The Dilemma of Partnership "Divorce" in the Context of Tax-Deferred Like-Kind Exchanges , Client Update , February 2008
- IRS Disavows Popular Year-End Tax-Planning Move , GR Review , February 2008
- Municipal Bonds: State Tax Exemption Hangs in the Balance , GR Review , December 2007
- Illinois Legislature Moves to Capture Tax Revenues , GR Review , June 2007
- New Tax Deduction Limitations on Charitable Contributions , GR Review , February 2007
- The Alternative Minimum Tax and the Home Mortgage Deduction , GR Review , December 2003
News
- Gould & Ratner Lawyers Named to Crain's 2020 Notable Women in Law List, September 8, 2020
- The Natural Segue Between Tax Compliance and Estate Planning: Jennifer Tolsky Promoted to Partner at Gould & Ratner, May 8, 2019
- Jennifer Tolsky Named Partner at Gould & Ratner, April 25, 2019
- Ilana Schwartz Bley Joins Gould & Ratner, November 19, 2017
- Possible Tax Changes Could Disrupt 1031 Exchanges, Law360.com, May 8, 2017
Tax Planning and Compliance Team
Gerry Fellows advises on tax and compliance issues triggered by estate planning and wealth transfer, charitable planning, capital structure, entity formation and tax controversies....
