Tax law is a component of nearly every financial transaction or transfer of money or property. This holds true whether the transaction or transfer is for personal or business purposes and whether it is gratuitous or for profit.
Federal taxes levied by the Internal Revenue Service include income tax, transfer tax (imposed on lifetime gifts and transfers that take effect at death), and excise tax. State taxes include income tax, sales tax, and franchise tax.
A tax advisor serves two important functions.
- First, he or she assists the client in maintaining compliance with all federal and state tax laws applicable to the client’s proposed transaction in order to avoid fines, penalties, and other negative consequences that may result from running afoul of tax laws.
- Second, the tax advisor helps the client to structure the proposed transaction in a manner that is favorable to the client’s goals and provides the greatest amount of tax savings, while adhering to state and federal tax laws and regulations.
Our firm employs attorneys experienced in various areas of tax law who can assist you with structuring your transaction, transferring your assets, or simply complying with the complex tax laws.
Visit these websites for more information on federal and state taxes:
- United States Internal Revenue Service
- The Tax Foundation
- Tax Analysts
- United States Tax Court
- Texas Comptroller of Public Accounts
- Arkansas Department of Finance and Administration