Dallas, TX

Experienced Tax Planning Law Firm in Dallas, Texas

​NDHA offers individual, business and foreign tax planning services.

Individual Tax Planning

NDHA can assist you with individual tax planning pertaining to:

  • Capital gains and losses;
  • Suspended passive losses;
  • Like-kind exchanges;
  • Retirement plan and IRA planning issues, including the income tax consequences of any estate planning with respect to these types of assets; and
  • Employment contracts, including agreements to receive stock or equity interests in an employer.   

Business Tax Planning

NDHA performs a full range of business tax planning services, including:

  • If an entity is being formed, determining the best type of entity for use by the client and the best classification of the entity for federal tax purposes;
  • On-going tax planning (including year-end tax planning) for corporations (both C corporations and S corporations), partnerships and limited liability companies;
  • Franchise tax planning;
  • If a business is being purchased or sold:
    • Determining how to structure the transaction, whether as an asset sale, a sale of the equity interests in the target company or a merger or consolidation transaction;
    • Determining whether the transaction will be tax-free, fully taxable, the tax consequences to the client and if applicable, its equity holders, the basis effects and the effect on and NOL carryforwards; and
  • If an entity is being terminated:
    • Determining the extent to which the entity and its equity holders in the entity will be required to recognize gain upon termination of the entity and distribution of assets to the equity holders of the terminated entity; and
    • Determining equity holders' basis in the assets received.

Business Succession Planning

Frequently, business succession planning is considered an estate planning issue, particularly if the entity is family-held.

However, business succession planning (whether in the context of a family-held business) or among unrelated shareholders or business partners is a mixture of business planning, estate planning and tax planning.  For a business succession plan to be effective, all of these elements must be properly coordinated.

If, for example, the business is conducted by a corporation, which is owned by unrelated shareholders:

  • An agreement between the shareholders and the corporation providing for the buy-out of a shareholder upon his or her death is essential.  Whether the agreement is among the shareholders or an agreement between the corporation and its shareholders usually depends upon whether the corporation is a C corporation or an S corporation.
  • The shareholders' agreement should be funded by insurance on the life of each shareholder.  The beneficiaries of each policy will depend upon the type of shareholders' agreement being used.
  • The will of each shareholder must provide that his or her shares will be sold in accordance with the terms of the shareholders' agreement.

If the entity is a partnership or limited liability company, everything is substantially similar except that buy-out of the deceased equity holder is usually contained in the partnership agreement in the case of a partnership and in the company operating agreement in the case of a limited liability company.

Foreign Tax Planning

NDHA can assist you with foreign tax planning and foreign tax compliance, which has become increasingly important in recent years.

If an individual holds assets in foreign accounts, foreign tax compliance is an extremely important issue. 

  • First, the income from these foreign accounts must be reported on the owner's tax return. 
  • Second, there are also a number of reporting obligations.  FBARs will need to be filed unless the amount held in foreign accounts is never more than $10,000.  Other IRS reporting obligations may also apply depending upon the amount held in foreign accounts and how the funds are held in those foreign accounts.

If business is being conducted through a foreign entity, the key question is whether the income must be recognized currently or when the income is distributed or repatriated to the owner of the foreign entity.  This requires a close examination of the ownership of the foreign entity and the income and activities of the foreign entity.

Put NDHA's Expertise to Work for You

NDHA can handle any tax-related issue. Call 972-934-2830 or contact the firm online today.  

© 2019 N. Dean Hawkins & Associates, Inc. | Disclaimer
12801 N. Central Expressway, Suite 540, Dallas, TX 75243
| Phone: 972.934.2830

Business Planning | Tax Planning | Estate Planning | Tax Litigation & Foreign Tax Compliance |

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