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- Federal Income Tax: Planning for future tax payments can aid in
minimizing income tax liability and protecting against the expense of noncompliance.
As nearly all income is taxable and as nearly all sales/exchanges
constitute taxable events, guidance through the federal income tax maze of the
Internal Revenue Code is invaluable.
- Estate and Gift Taxes: The transferor of property must be aware of the
federal transfer taxes applicable to lifetime gifts and transfers at death. These taxes
should be examined prior to any transfer of property, including money by gift.
- Tax Controversies: The complexity of tax laws may lead to disputes with
the Internal Revenue Service or the Texas Comptroller of Public Accounts. Your
attorney can protect your rights in examinations, appeals, collections, or petitions for
relief in one of several tax courts.
- Tax Exemptions for Nonprofit Organizations: Even if your organization
is a nonprofit organization, it must apply for an exemption from federal and state
income taxes unless the organization intends to pay the same income taxes that a
business corporation pays.
- Employment Taxes: Employment taxes, in the form of Social Security
taxes, self-employment taxes, and unemployment insurance payments, affect nearly
all workers. Awareness of the law in these areas helps minimize errors and the
expensive consequences of such.
- Franchise Tax: Every business corporation doing business in Texas must
consider the application of the Texas Franchise Tax to its operations. This tax
applies, generally, to the net surplus and capital of the business and is payable
annually, where applicable.
- Sales Tax/Use Tax: Sales tax is to be collected by every "seller" making a
nonexempt sale. Advice as to the application of the tax, the liability for noncompliance and the procedure to effect compliance is essential to every business.