Tax & Estate Planning
Business Tax Planning & Compliance
Due to the complexity and constantly changing nature of the federal, state and local tax laws, the tax aspects of almost every type of business and personal transaction require scrutiny by a tax attorney. At Vedder Price P.C. this experience is provided by the members of the tax group, each of whom has had substantial formal tax education, including in some cases advanced degrees in taxation, as well as practical experience in resolving tax problems.
Vedder Price’s tax attorneys engage in intensive continuing education, both in-house and through outside seminars and bar association activities, to maintain and update their experience in taxation. By combining this dedication to continuing education with the practical skills and technical proficiency gained through practice in the tax area, the firm’s tax group members can provide creative and practical approaches to resolve a wide array of federal, state and local tax issues.
In addition to advising the firm’s business clients with respect to the tax issues involved in the everyday operation of a corporation, limited liability company, partnership or sole proprietorship, Vedder Price’s tax attorneys plan for and provide advice on the tax aspects of taxable and nontaxable acquisitions of business entities, mergers, recapitalizations, the organization and liquidation of entities, taxable and nontaxable sales and exchanges of assets, foreign operations, redemptions, distributions and the public and private offering of securities.
Besides representing corporations, limited liability companies, partnerships and sole proprietorships, members of Vedder Price’s tax group have substantial experience with respect to a wide variety of other entities, including S corporations, professional service corporations, regulated investment companies, real estate investment trusts and unit investment trusts, and provide advice regarding the desirability of using these entities and the special tax issues encountered by each of them.
Estate & Financial Planning
Estate and financial planning is a highly complex and sophisticated area of practice whose importance to individuals and businesses is widely recognized. Virtually every personal and financial transaction in which individuals engage, and many common business transactions, involve estate and financial planning ramifications. Given the continuing changes in the tax laws, the increasing complexity of financial products and the unprecedented growth of personal wealth, Vedder Price believes that this area of the law will continue to be an important part of our lives.
Tax Conflicts
Vedder Price’s tax attorneys have extensive experience in representing clients before the Internal Revenue Service and state revenue departments. This representation has covered the full range of tax conflicts, from initial interviews with the IRS to representation before the U.S. Tax Court, other federal courts, or state courts, and has involved a broad range of income and other tax issues.
Vedder Price has been involved in some of the largest cases before the U.S. Tax Court and has also represented individual clients in their disputes with the IRS or state revenue departments.
Tax-Exempt Entities
Through representation of clients of Vedder Price’s health & not-for-profit practice, tax group members have developed substantial knowledge in the various tax issues encountered by tax-exempt entities. Such issues include qualification for exempt status, lobbying and political activity restrictions, unrelated business income tax issues, private foundation rules and restrictions, joint ventures with taxable entities and private inurement issues for employees of exempt organizations. Through the firm’s experience in these and other tax-exempt entity issues, Vedder Price ensures that its clients’ exemptions are preserved as they engage in various business transactions and that the variety of income and excise tax issues associated with exempt status and private foundation status are considered and properly treated.
State and Local Taxation
With the increasing need for state and local governments to find sources of revenue, there has been substantial pressure on these governments to increase tax rates and to improve enforcement activities. This has increased the importance of state and local tax considerations in tax planning and has resulted in a greater number of state and local tax problems for businesses and individuals. Vedder Price’s tax group has extensive experience in planning to avoid these problems as well as in representing taxpayers in disputes with state and local tax authorities concerning income, sales, use and other taxes. Members of the tax group combine their experience in federal income taxation with a knowledge of state and local tax problems to address fully our clients’ tax-planning concerns and to resolve all aspects of tax controversies.
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