Tax Planning

Tax News You Can Use . . .

IRS Rules on written advice have been tightened...

The IRS rules that govern the degree of risk we can legally take when providing you with advice have been tightened.

Originally these rules were designed to deal with traditional tax shelter avoidance schemes and the tax professionals who were advocating their use. The use of these rules now covers any transaction that has a significant purpose of avoiding income taxes.

We wanted to make you aware of these rules so that you understand the IRS’s increased focus on collecting taxes and penalties from those who have, and prepare, aggressive tax returns and use tax avoidance schemes.

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Sometimes even more important than tax compliance is tax planning. Analyzing transactions for their potential tax impact can save substantial amounts of money. We meet with our clients routinely to discuss potential tax planning ideas. We work with many closely held business owners to discuss income tax implications of transactions affecting their business and the owner personally. Areas that overlap with tax planning are succession planning and estate planning. These are described below.

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Napier & Company, LCC

Certified Public Accountants & Business Consultants

Tax News You Can Use . . .

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Tax Planning

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