Greater Danbury Business and Individual Tax Planning Lawyers Help Clients Minimize Liability
Skilled attorneys advise Connecticut clients on state and federal tax issues
At Collins Hannafin, P.C. in Danbury, our clients benefit from our ability to integrate tax planning into business and individual transactions, including mergers and acquisitions, wills and trusts and even divorce settlements. With more than 60 years of experience, we know state and federal tax law and stay on top of legislative developments that affect compliance and planning, taking the burden off of clients so they can focus on their business and personal interests. Our clients trust us to have their interests and their tax priorities at heart.
Strategic tax planning for businesses
For business and corporate clients, we provide legal services in connection with financial and commercial transactions from a tax planning viewpoint. This approach not only helps our clients to minimize tax exposure in the current tax year but also affords them protection against liability for unforeseen tax liabilities in the future based on reporting, documentation or characterization errors.
For small businesses, we can help owners avoid common pitfalls and unwelcome surprises on tax day. We stay abreast of changes at the state and federal level such as Connecticut’s newly enacted pass-through-entity tax (PET), which for the first time makes partnerships, S corporations and limited liability companies subject to state income tax. The PET, which took effect January 1, 2018, is balanced by a credit that owners of interests in these entities partners can claim on Connecticut returns.
In addition to monitoring changes to tax laws, we work closely with our clients to align business matters with tax concerns. If your company is considering a merger or acquisition, we can advise you on tax issues that could impact your decision or that may alter your tax-planning strategy once your company’s ownership structure has changed. We also vigorously defend business clients facing audits by the IRS or the Connecticut DRS.
Comprehensive tax planning for individuals and families
Our tax attorneys help individuals and families with matters that bring potentially significant tax consequences. This includes advising clients about the tax implications of:
- real property transactions, purchases and sales of business interests, mergers and dissolutions and operating decisions such as equipment purchases and leases
- wills, trusts, charitable contributions and other estate planning methods
- business-succession arrangements, buy-sell agreements and other retirement planning devices
- prenuptial agreements, property settlement agreements in divorce and investment mechanisms such as Section 1031 like-kind exchanges and other rollovers of otherwise taxable gains
Our attorneys customize tax planning to each client’s unique situation as relates to current tax law. Although some Connecticut residents will now owe less in federal taxes under the Tax Cuts and Jobs Act (TCJA) that took effect for tax years after December 31, 2017, others will owe the same or more. We follow changes to the tax law that significantly affect estate and tax planning, such as the recent increase in Connecticut’s estate and gift tax exemptions to $2.6 million in 2018 and its lowering of the cap on maximum payable estate and gift tax to $15 million from $20 million starting in 2019.
We also represent clients who are being audited by the IRS and/or the Connecticut DRS. The collection activities of these taxing authorities can be quite burdensome on individuals and our goal is to resolve any and all tax disputes in a manner desirable to our clients.
For more information on taxation and tax planning, see our Taxation – FAQs page.
Contact skilled attorneys to help with your Connecticut tax planning strategy
To make sure that your business and individual affairs will remain tax efficient, consult with an experienced tax planning attorney at Collins Hannafin. Call us at 203-885-1938 or contact us online to schedule a consultation at our Danbury office.