The Tax Benefits of Charitable Giving

When you donate to qualified charitable organizations, you can reduce your overall tax liability. This type of deduction is valuable to those earning a high income, helping them minimize their tax burden while supporting worthy causes at the same time.

To maximize tax deductions, you should consider several factors, including:

• Choose the Right Charitable Vehicle: Common options for charitable giving include charitable remainder trusts, donor-advised funds, cash donations, and private foundations. Each type has its benefits, including control over funds and tax efficiency. Your estate planning attorney and tax attorneys can help you choose the best charitable vehicle for your situation.
• Leverage Appreciated Assets: By donating appreciated assets, such as artwork or real estate, you can support your favorite charity and maximize your tax deductions. In many cases, if you held the asset for over a year, you can deduct the asset’s fair market value when you donate. In addition to minimizing your tax burden, you could avoid paying capital gains tax. Other assets may include restricted stock, publicly traded securities, private equity fund interests, post-IPO stock, cryptocurrency, equity compensation awards, and privately held business interests.
• Qualified Charitable Distributions: If you are 70.5 years or older and required to take minimum distributions from your retirement accounts, you can transfer funds from your IRA to a charity without realizing taxable income from the distribution.
• Use Bunching Strategies and Optimize Timing: If you can bunch more than a year’s worth of charitable deductions and optimize the timing, for example, by coordinating charitable donations with significant financial events, you could increase your tax savings. Bunching may benefit those who can now take the much higher standard deduction. For example, if you donate for two years in one year, you can itemize in 2023 and then take the standard deduction in 2024.

Charitable Giving and Estate Planning

Charitable giving can also affect the amount of taxes your estate pays. Strategic charitable giving can maximize wealth transfer to your heirs by using various vehicles. Your tax attorneys and estate planning attorneys at France Law Firm can help you structure your charitable giving to minimize not only your yearly tax obligation but also your estate tax obligation.

Obligations for Charitable Giving: Documentation and Record-Keeping

To take advantage of charitable giving, you must document your donations and keep the documentation to prove your donations to the Internal Revenue Service. When you submit your receipts to your tax attorney at France Law Firm, your attorney can include the donations as long as they are to qualified charitable organizations.

Documents may include receipts, appraisals for non-cash assets you donated, and letters of acknowledgment from charitable organizations. Your attorney can use this documentation to file the required tax forms to receive a tax deduction without incurring potential penalties if you exceed certain thresholds.

Contact France Law Firm

Charitable giving and tax planning are complex aspects of your finances. A tax attorney can help you claim charitable giving on your taxes and estate to maximize tax deductions. Your tax and estate planning attorney can help you choose the right philanthropic vehicle and leverage appreciated assets to maximize your tax deductions.

Contact a tax and estate planning attorney at France Law Firm for a consultation by calling 850-224-1040.

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The saying “The only things certain in life are death and taxes” holds true, but individuals can exercise control over their financial destinies by adopting smart financial decisions for optimal tax outcomes. Year-round tax planning offers a proactive approach, allowing individuals to make informed choices that can lead to significant savings during tax season. Seeking guidance from a business attorney with expertise in estate planning is invaluable in navigating factors such as retirement accounts and staying abreast of tax law changes.

Components of Year-Round Tax Planning

To effectively engage in year-round tax planning, continuous analysis of one’s financial situation is imperative. Regular scrutiny enables informed decision-making to minimize tax liability, presenting numerous opportunities throughout the year to achieve this goal. Key components include:

Review Your Financial Situation

Regularly assess investments, income, and expenses. Major life events, such as marriage, childbirth, career changes, and the loss of a loved one, should be carefully considered as they impact tax situations.

Check Withholding and Deductions

Ensure that withholding allowances are appropriately set to prevent overpayment or underpayment. This practice ensures that the IRS doesn’t hold onto your money without interest.

Investing

Understand the tax consequences of investments, particularly distinguishing between short-term and long-term capital gains, with the former usually subject to higher tax rates.

Tax-Advantaged Accounts

Contribute to tax-advantaged accounts like 401(k)s, Health Savings Accounts, and IRAs. Such contributions not only reduce taxable income for the year but also provide long-term financial benefits.

Stay Informed of Tax Law Changes

Tax laws are subject to constant change, impacting tax liability. Collaborating with Florida tax attorneys can help stay informed and make well-informed financial decisions.

Charitable Giving

Seek opportunities for tax-deductible donations to qualified charities and maintain detailed records of charitable contributions.

Retirement Planning

Leverage strategic financial planning for retirement, taking advantage of tax breaks and employing tax-efficient withdrawal strategies from retirement accounts.

Estate Planning

Utilize estate planning to minimize tax burdens, protect assets during incapacitation, and secure financial interests for future generations.

How Estate Planning Eases Current Tax Burden

Contrary to common misconceptions, estate planning is not exclusive to the wealthy. Anyone with assets, including a car and a bank account, benefits from an estate plan. Estate planning serves various purposes, such as:

• Protecting assets during unexpected incapacitation.
• Addressing capital gains, estate taxes, and probate costs.
• Tackling current taxes through gifting, charitable giving, and trusts.
• Reducing the taxable value of the estate.
• Safeguarding assets for future generations.
• Preventing excessive IRS deductions.

Implementing year-round tax planning and crafting an estate plan empowers individuals to minimize tax burdens through strategic donations and wise investment decisions. It facilitates informed decision-making during significant life changes like marriage, parenthood, relocation, or home building.

Consult the Tax Attorneys at France Law Firm

For personalized tax planning and guidance on creating a year-round tax plan, individuals can turn to the tax attorneys at France Law Firm. Schedule a tax planning consultation to embark on the journey of comprehensive year-round tax planning that aligns with your financial goals and minimizes tax liabilities.

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Inheritance and Wealth: A young person may receive an inheritance from a loved one that has substantial value. Decisions about that inheritance or other accumulated wealth are left to the courts without a will.

Personal Property: Although not everything you own has substantial monetary value, the sentimental value can be priceless. What happens to personal belongings such as jewelry, automobiles, photographs and even social media accounts matters to those you leave behind.
One of the ideas that tends be missed by young adults is that a will is an act of kindness. It allows your loved ones to understand your wishes and demonstrates how you felt about them.

Parents Have Long-Term Responsibilities
There’s no arguing the fact that becoming a parent inextricably changes your life. After the birth of a child, you come to realize a powerful sense of responsibility for another human being. That duty extends beyond your lifetime as well. These are the reasons why parents need a will.

Put A Guardian In Place: If something unfortunate were to happen to you and the child’s other parent, decisions would revert to the courts. Although judges focus on the child’s best interest, they cannot know your values or the depth of relationships you have with others. Who you view as the best person to raise a child may not be the same as the courts.

Business Management: The financial resources you leave behind are likely to require some level of oversight. If you own a business, your heirs may not be old enough or have the expertise to continue its operations. Unless you are satisfied that your life’s work could be sold off, it’s imperative that a professional handle the operations going forward so your children can benefit from the revenue.

Personal Wealth Management: One of the more favorable ways that parents care for children after they’ve gone is to create a trust that portions out money to support minor and adult children. Minors will likely require a trustee to help manage affairs until they are able. In some cases, it may be your parental decision to parcel out money even after they are adults. You know your children and a will can extend your parental love.

Seniors Have Substantial Need For A Will

Unlike young immortals, elders tend to consider creating a will more seriously. Still, many of our valued elders continue to kick that can down the road. This type of procrastination about creating a living will can prove detrimental for a number of reasons.

Medical Care: A living will directs loved ones and medical professionals about the type and level of care you desire. It provides doctors with written, authorized advice about how to proceed should you become incapacitated.

Puts The Right Person In Charge: A living will gives a person of your choosing the legal authorization to help manage your health care or financial affairs in the event you are unable. It puts you in charge of who is in charge.

Peace Of Mind: A will can resolve potential family disagreements before they occur. The document can offer detailed information on a wide range of health, business and wealth distribution subjects. Knowing that family, friends and loved ones are fully aware of your wishes allows them to celebrate your life to the fullest.

There is no wrong age to create a will because that day has already passed. Regardless of age or station in life, a will is an act of kindness to the people in your life. If you would like to create a will or update an existing document, contact the compassionate attorneys at France Law.

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As a business, it’s important that you check if your accounting records reflect what you’ve been doing the whole year. They should be balancing to avoid any issues with the ‘’tax man”. Legal activities should be involved as you do this.

What’s the Focus for December?

December is recorded with slow business operations. This is because people are looking forward to the New Year with new plans that will push them to the end of the following year.

It’s important that you do a thorough review of the years financial records. They are essential in decision making for the coming year. Many companies find this challenging due to improper record-keeping and some unusual activities.

In case the business is not in the position to successfully wrap up the accounting year, problems are likely to arise. The owners are not able to read the failures or successes of the business. The problem is rolled over to inaccurate assumptions on tax filling processes. More costs are incurred if the business has to do the same for annual Government auditing.

Hiring a Lawyer

In case a taxation crisis erupts when closing the year, a lawyer may help. Although the problem may not go to this extent as many companies take the issue of taxation very serious. However, if there is an imbalance in the auditing process, you are likely to arrive here.

Working with a tax lawyer will not only help you evade the problem but it’s also less expensive than when you take the matters into your hands.

A tax lawyer will help in the following ways:

• A medium sized company is not complete with only an accountant. The tax lawyer chips in to assist in strategies for tax planning and accounting practices. Some companies opt to employ the lawyers as employees of the company.
• Corporate tax law. In fact, many of the attorneys have specialized in this and can really come in handy in such a crisis. They are mainly essential in big companies as they oversee the legal relationships with business structures. Their workload is during the taxation season.
• Some companies operate overseas. The fact that they operate away does not mean that they can evade taxes. This is a vice that is not tolerated in any country. However, it’s important to be aware that you should still meet your tax obligations no matter the crisis. The law attorneys have the knowledge and they can advise you accordingly in this complex area of taxation.

What about the Back Taxes?

Back taxes are the taxes that you are unable to pay when the year comes to a close. In case you find yourself in this situation, be prepared to pay extra penalties and interests. Asking for an extension makes no change.

According to attorneys, it is reasonable to pay back the back taxes as soon as possible. You can never get away with the back taxes. In addition, the revenue collectors will ensure that they do whatever it takes to get it.

These include placing levies on banks, accounts and garnishing your wages. In some cases, they can come and possess the business or sell it to clear the tax. However, this is not likely to happen as there are laws that govern the tax collection. It is advisable that you find a way of clearing up the back taxes before it is too late.

Bottom Line

Closing the year is not only important for taxation purpose but also for the general performance of the business. To ensure that you have a smooth ending of the year, ensure that you have kept proper accounting records right from the beginning of the year.It is advisable that you hire an attorney that will work in conjunction with the financial department for a smooth running of the business.

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Before dubbing the IRS the “Scrooge” of gift giving, keep in mind that without some standard many transactions could be recorded as gifts. But the federal government also recognizes that things such as land, homes, stock investments and other assets can be gifts in the truest sense, even though they may have high dollar values. That’s why there are certain short- and long-term tax exemptions in place.

What Qualifies as a Gift?

The IRS takes a similar approach to define a “gift” as the common birthday present. It was purchased by one person and transferred to another with no strings attached. In other words, the recipient is under no obligation to pay the donor back or perform a duty.

Like the birthday gift, the recipient takes immediate possession and control. That’s important to understand in terms of more complex asset transfers. The federal government would generally not allow something to be considered tax-exempt if it involved a future transfer. In other words, you wouldn’t be able to gift a home and portion out the value at $15,000 annually to stay under the limit. But there are avenues you can utilize to gift wealth over time and stay under the annual cap.

Gifts and Trusts

There are a variety of trusts that can be established to provide annual benefits under the annual $15,000 limit. For example, a minor’s trust can have a single beneficiary and provide that person with an annual tax-exempt amount under the gift exclusion. Although this type of irrevocable trust generally gives the beneficiary full control over the assets at age 21, its value tends to be that sums exceeding the annual limit can be easily moved and doled out over time.

Gifts that May Enjoy Unlimited Tax Exemption

In the IRS’ eyes, any gift can be counted. That might seem unreasonable in terms of modest birthday and holiday gifts. Fortunately, the federal government is pragmatic about excluding certain ones. These types may enjoy an unlimited annual exemption.

• Tuition and other educational expenses paid on another person’s behalf.
• Medical expenses for another person.
• Gifts made to a spouse.

Gifts made to charitable organizations.

The federal government sets an annual limit before taxes on many others. The threshold for 2014-2017 was $14,000 and that number increased to $15,000 in 2018. Married couples may also give away items they co-own and the limit doubles. Jointly owned gifts for 2014-2017 would enjoy a limit of $28,000 and $30,000 for 2018.

In addition to these annual limits, the IRS provides a lifetime maximum. That figure was set at $5.45 million in 2016 and $5.49 million in 2017. The recent Tax Cuts and Jobs Act boosted the lifetime limit to $11.18 million in 2018 and $11.4 million in 2019.

It’s important to keep in mind that gifts you make above the annual limit may simply be deducted from your lifetime exemption. If you are uncertain about how gifts made over the course of your life have impacted your ability to make non-taxable asset transfers, speak with an experienced tax and estate planning attorney.

Gifts between Spouses have a Wrinkle

It generally holds true that gifts between spouses are exempt under the federal guidelines. The importance of married couples ability to move property to each other is widely known as unlimited because couples share the wealth.

But the federal government does place a high limit on gifts made to spouses who are not U.S. citizens. Gifts made to non-citizen spouses enjoy a special annual exemption of $152,000 for 2018. Anything above that would be subject to taxation or deduction from your lifetime limit.

If you are thinking about making a substantial gift, it’s important to work with an experienced tax and estate planning law firm. Contact the France Law Firm.

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Infrastructure

Infrastructure is a word we’ve heard in the news recently as our government considers spending money to refurbish roads, bridges and federal buildings. These construction projects promise to provide jobs for our citizens and circulate money throughout local economies. However, without the Federal Income Tax (FICA), corporate taxes and tariffs, there would be no way that our roads and bridges could remain operable. No private entity, even a group of them, would be able to fund large-scale federal infrastructure spending. Without taxes, you may not have a road to drive to work on.

Subsidies

Speaking of driving, part of the expense to build the car you’re driving may well have been subsidized by the federal government or revenue collected by your state government. From manufacturing to research and development to corporate tax breaks, these government forces combine to allow companies to build and sell relatively cheap cars and to distribute relatively cheap fuel. Subsidies help a range of local industries from agriculture to education.

Education

College will be one of the most expensive endeavors for most families that send kids to get a higher education. Student loans will likely eat up a substantive chunk of the salaries of those college graduates. Yet, without some help from federal, state and local government revenues, some families may not even be able to send their kids to high school if their families had to pay. Our tax dollars collectively pay for secondary school education for the vast majority of kids in the United States. And when they graduate and attend college, federal programs help fund college courses, offer grants for those who wouldn’t be able to afford college and provide loan subsidies to bridge the gap of some expenditures. There are even federal programs that help to mitigate the expense of student loans. Many from prior generations used a federally funded program known as the G.I. Bill to help former members of the armed services pay for college.

Military

Our military protects us at home and advances our interests abroad. We spend about $500 billion on our military (the approximate amount capped by legislation in 2011). That’s 15% of the federal budget. We can disagree on whether we should spend that much; however, few believe that we don’t need a military, and we all fund that through taxes.

Protective and Emergency Services

Our taxes also fund other organizations that aim to benefit the public good. Taxes primarily fund police forces and fire departments. Taxes subsidize emergency health care through deductions and, under the Affordable Care Act, insurance subsidies. Taxes fund the prisons we use to house criminals as they rehabilitate or pay their debt to society. At a local level, the things we take for granted in our everyday lives are funded or subsidized by tax revenue.

In the farewell address of our first President, George Washington, the “father of our country” told his audience “. . . that to have revenue there must be taxes,” and “that no taxes can be devised which are not more or less inconvenient and unpleasant . . .” It’s never fun to pay taxes. Yet, for us to be able to fulfill the promise of life, liberty and the pursuit of happiness, we all have to chip in. If you have, for some reason, fallen behind in keeping your obligation to pay income taxes, a seasoned tax attorney can help. A lawyer can help you negotiate with the IRS to get caught up or take more direct action if your situation is direr.

The post Why You Should Be Thankful for Taxes appeared first on France Law Firm.

If you’re an hourly or salaried employee, perhaps you can sidestep the cost of hiring professional help. But if you own a business, manage a trust or have multiple investments, filing your taxes may still be too complicated to file without professional oversight. And, the legal ramifications of a mistake on your taxes can be severe. Before making a decision about hiring a professional, consider these reasons why an experienced tax attorney may make more sense than a CPA.

What a Certified Public Accountant Brings to the Table

These tax professionals generally have earned a degree in business and have passed the CPA examination. There are also continuing education mandates for many CPAs. Chain tax businesses often require their employees to undergo up to 80 hours of training as well. In all, CPAs are generally qualified tax preparation professionals.

In terms of helping you negotiate a complex tax situation, CPAs bring value to the table. They are trained at reviewing finances and coming up with strategies to lower your tax liability. Keep in mind that some are more adept at this than others. Also, it would not be uncommon for more aggressive CPAs to walk up close to the federal tax code line. While they may be on secure footing in their tax thinking, the IRS may not agree.

What a Tax Attorney Brings to the Table

A tax attorney is an entirely different type of tax professional. Lawyers generally have a 4-year bachelor’s degree, earn a post-graduate degree from an accredited law school and pass the rigorous bar examination. These professionals often focus their practice on business and tax law.

Tax attorneys are uniquely skilled at recognizing the legal ramifications of a filing. Before clicking the electronic filing button or sending out that certified mailing to the IRS, it may be in your best interest to have an experienced tax lawyer review the ways that you are attempting to reduce your tax liability. This proactive step may help avoid getting embroiled with the IRS. And everyday people know that a legal fight with the IRS can be long, drawn out and expensive.

Benefits of Hiring an Experienced Tax Attorney

There are several key benefits of working with a tax attorney rather than a CPA. Obviously, the less complicated tax system may allow people with small businesses, trusts, estates, and investments to bypass the expense. However, the legal elements of a tax disagreement remain the same. These are some of the key benefits of working with an experienced tax attorney.

• Prevention: A tax attorney provides a second set of eyes on your returns. They can advise changes to avoid legal complications with the IRS.
• Intervention: In the event the IRS has questions or challenges your filing, a tax attorney is better equipped to communicate and resolve issues in the early stages. In other words, keep you out of court.
• Life Changes: When people marry, retire or restructure their financial portfolio, the lead person tends to be a law firm with financial planning experience. That’s because laws and regulations routinely change and require an attorney. The challenges of the shifting regulatory landscape spill over into tax law.
• IRS Contact: When the federal government contacts you about your taxes, it’s imperative that you have legal representation. The implications could range from a line-item being challenged to you being accused of a taxation crime. When the IRS calls, even good people face high fines and incarceration.

At the end of the day, the major difference between a tax attorney and a CPA is that legal representation is comprehensive. A tax lawyer can advise you before filing your taxes, communicate with the IRS in the event of a dispute, and defend you in court if necessary. An experienced tax attorney can also provide ongoing guidance during key financial planning phases.

If you have been contacted by the IRS, are considering restructuring your financial portfolio or would just like to be proactive about tax liability, contact the France Law Firm.

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If you have not filed an annual tax return, it’s important that you address this problem sooner rather than later. Thumbing your nose at, arguably, the most powerful U.S. agency could have dire consequences. Call an experienced tax law attorney immediately and avoid being the subject of one of the following frightening scenarios.

Punishing Late Penalties

It would be an understatement to say that the Internal Revenue Service operatives through negative reinforcement.

For each passing day you owe the government money, that debt increases. Failure to make a tax filing will not stop the mounting fees and penalties. In fact, they are likely to be accumulating right now if your check is not in the mail. Consider these two scenarios.

• Failure To File: The late fees on unpaid taxes run 5-percent for each month they are outstanding. Those penalties max out at 25 percent. But the damage doesn’t stop there. If you fail to file or file more than 60 days late, the IRS could make you pay a penalty of 100 percent of the total tax liability.
• Filed But Unpaid: Sending in a completed tax filing is definitely a good first step. Unfortunately, the IRS won’t wave some penalties without a check for the full amount. You can expect to be charged interest at a monthly rate of 0.5, up to 25 percent. The unpaid taxes are basically treated like a short-term loan.

Reimbursements Withheld

Late filers can suffer a penalty they don’t see coming. The IRS can simply sit on your refund as a punitive measure. Because late filings are subject to penalties, those who have a refund coming can find themselves in a tough reimbursement spot.

While you might think the IRS will simply deduct late penalties, the agency can be particularly slow at sending you that long-awaited check. This type of administrative punishment is commonplace when IRS officials see a sketchy tax history. Withholding money shows the horrific power the IRS wields to punish tardy taxpayers.

Late Filers Lose Refunds

It may seem odd, but some individuals treat the IRS like a piggy bank. Although they have refunds coming, they delay filing taxes.

This idea that you have a federally-funded savings account doesn’t fly with the IRS. The agency will not hold on to your refund indefinitely. The government allows filers three years to claim any refund on the books. After that, you lose the money.

The scary part of that scenario is the IRS will put your refund down in its books as a “donation.” Try sleeping at night knowing you just made a “donation” to the IRS.

IRS Will Ghost File

The IRS is more than happy to file a return on your behalf, but it won’t be pretty.

The agency goes to great lengths to identify delinquent tax filers and prompt them to take action. But when they cannot find you or get no response, a bureaucrat will go ahead and fill one out. Needless to say, helpful deductions and items that lower your liability are unlikely to be considered.

What can happen is that the clock will start ticking on interest and penalties at the highest possible amount owed. This substitute filing can be grossly expensive. If you tried to side-step the April deadline due to lack of funds, the IRS could bankrupt you.

Scofflaws Could Go To Jail

Ignoring the IRS’ efforts to contact you about delinquent taxes can end in a nightmare.

For those that typically owe $25,000 or more, strong collections efforts are made. The agency often begins by garnishing wages, seizing assets and ultimately will have you arrested for tax evasion and other charges if the situation persists. Scofflaws rarely get over on the IRS.

The worst part of this IRS horror story is that you could be sitting behind bars while penalties and interest accrue.

If you have failed to file a tax return on time, call an experienced attorney. The last thing anyone wants is to fall under the powerful gaze of the IRS.

The post Scary Stories: What Happens When You Don’t File Your Taxes appeared first on France Law Firm.

Solo Practitioner Calling it a Day

If you’re self-employed, as in all the proceeds from your work go into your personal bank account, there won’t be much for you to do. You’ve been running an unincorporated enterprise. You should have been using form Schedule C to report your business expenses and your income. There will be nothing to do but to stop using Schedule C if you’ve got a full-time job. This will be the case for most people like freelancers who used their home computer and worked out of a small corner of the house.

Disposal of Business Assets

If you do have business assets that you are disposing of, like a home computer or perhaps a food truck, you’ll have to report the disposal of these assets. Most likely, with an asset like a food truck, you’ll be selling it, but disposal doesn’t have to mean an actual sale. You can donate assets or leave them lying around. You’ll still need to report them as a business asset loss (or gain if you sell).

You’ll need to determine a fair market value for each asset and note this on your return on the appropriate form. If you sell the asset, you’ll have to note how much you sold it for. You’ll then be able to determine whether you had a loss or gain regarding the asset and make the appropriate deduction. However, you can only get the deduction if you sell the asset before the business closes. Note that you can receive a charitable deduction if you donate the asset. However, you won’t be able to claim the full value if you have previously received a business deduction on the asset.

You may have been using some personal items in a dual-use capacity and taking a partial business deduction for depreciation. You will have to prorate the deduction for the time during the year you were in business when filling out your taxes.

You’ll report the sales on different forms depending on the action you take. There’s a form for a bulk sale of assets and one for a partial sale.

Small Businesses and Payroll Taxes

If you have employees, it will involve more work as you might expect. You’ve been paying an employment tax and withholding income for those employees. Once you take care of their W-2 forms for the tax year, you will note that you’re shutting down your business on either the annual or quarterly employer’s federal tax return forms.

In Florida, you’re free to give your employees their final paycheck within a reasonable time after their last day of work. If you’ve agreed to give your employee vacation time and they haven’t taken those days, you may have to pay them for those vacation days they did not take in their last check. So then, you should account for this when looking at debts and taxes you need to pay at the dissolution of your business.

Ending the Business in Debt

Hopefully, you decided to end your business because you are seeking a change or you received an offer you couldn’t refuse. However, you may have had to end the business because of rough economic times. In this case, you may have incurred significant debt, including back taxes. You should seek help in looking for ways of repaying the debt. Bankruptcy is an option, but perhaps not the best one. You can attempt to negotiate a payment plan with the IRS yourself or have your tax lawyer handle it.

If your business had assets, sold taxable goods or had employees, you may have serious tax issues that you should keep an eye on during the chaotic changes surrounding the close of your business. You should discuss issues related to taxes with an experienced tax attorney when you’re ready to shutter your business.

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