Tax Compliance and Tax Advisory

Maksin Legal Group, PLLC's ("MLG") tax practice comprises a complete range of tax planning, compliance and consulting services by competent tax lawyers. MLG's professionals have in-depth knowledge of federal income taxes, international taxes, property taxes, sales taxes, and state and local taxes.

Our approach to tax planning and consulting allows us to draw upon the vast tax experience of our firm. Our clients benefit from the wisdom of our national team of tax law attorneys, bringing together our best resources from around the country when and where you need them. Our experience serving a large, diverse client base provides us with a wealth of intellectual capital regarding tax strategies for a variety of situations.

MLG's tax services go beyond basic tax planning and preparing or reviewing federal and state tax returns. Based on our diverse expertise, we work hard to keep our clients informed of new opportunities and challenges to help expand their businesses and secure tax savings.

MLG's tax compliance professionals are continually encouraged to develop advanced tax strategies based on economic substance and sound business purpose to help fulfill client needs.

MLG's Tax Planning and Consulting services include:

  • Business Acquisitions and Dispositions
  • Employee Compensation and Benefits
  • Family Wealth Planning
  • Estate Planning
  • International Tax
  • Nonprofit Tax Services
  • State and Local Tax

International Tax

MLG can handle all aspects of International Tax, from individuals with multiple residences and countries of origin to complex corporate structures.

Our international tax planners can develop International business strategies that will minimize the amount of US tax paid, and generally position the company or the individual in a favorable cash position within the limits of the Law.

We can also assist individuals if they are temporarily sent abroad on long term assignments.

IRS Representation and Tax Litigation

MLG is comprised of experienced IRS representation attorneys and tax litigation lawyers who can represent our clients before the IRS and resolve situations where the clients have come into conflict with that agency. This can be a difficult situation to resolve without professional legal and financial assistance. We provide full analysis of our clients' tax issues and define our clients' potential tax commitments.

MLG's professionals realize that today, more than ever, a critical risk management concern is enhancing an ability to properly manage federal tax risks. New, far-reaching, and complex tax regulations, combined with the IRS's more aggressive enforcement policies, make it vital to properly plan for and manage IRS examinations in a proactive manner.

MLG's tax professionals apply new dispute resolution procedures and best practices to stay in front of the clients' IRS examinations, resolving disputes at the earliest point and reducing administrative and tax costs.

MLG offers a full range of tax controversy services related to whatever your IRS issues may be, including:

  • Pre-examination audit readiness analysis
  • Examination planning and representation
  • Appeals representation
  • Tax Litigation support
  • IRS service center matters
  • IRS penalty and interest computations
  • Compliance matters involving information reporting and withholding

With highly qualified tax controversy professionals and IRS representation attorneys with in depth knowledge of IRS practice and procedure, MLG can help clients efficiently resolve difficult IRS matters.

Estate and Retirement Planning

When you have worked diligently to build an estate, the last thing you want to worry about is having it drained of value through taxes and legal costs after you are gone. The right plan can not only protect the value of your estate, but spare your loved ones from unnecessary hassle and legal conflicts. MLG offers a variety of strategies for passing on your wealth in the most effective way possible. So make a promise to your heirs, and let us help you keep it.

At MLG, estate and retirement planning is approached as a part of your overall financial planning. Through our partners at financial and insurance institutions, we provide a complete range of insurance and investment plans that can be applied and tailored to each client's needs. This approach, coupled with the tax and legal expertise of MLG's retirement and estate planning lawyers, provides our clients with a complete plan for their retirement benefit, such as the creation of wills, pour over wills, estate transfers, living wills. Each option is tailored with the full tax and legal considerations.

MLG has specialized retirement attorneys to help you plan your estate. We will help you plan your will, your trust or handle your probate matters and assist you in ways to avoid probate and the high taxes probate creates. There are many ways to shelter your assets, and protect them both from loss and taxation. Our experts will guide you through this process. Remember, neither you nor your loved ones will have control over your assets if you die suddenly, without a plan in place.

Living Trusts

MLG works to avoid the high cost of probate and to avoid confusion at the time of an unexpected death. MLG's professional and experienced living trust attorneys have expertise in the drafting and implementing of Living Trusts including Pour Over Wills, General Powers of Attorney, Durable Powers of Attorney for Health Care and Medical Directives as well as AB Trusts, and other property dispositions.

  • What are Living Trusts? Living (or inter vivos) trusts are trusts you create while you are alive. These are different from testamentary trusts which you create in a will. One of the advantages of a living trust over a testamentary trust is that living trusts avoid probate while testamentary trusts do not.
  • What is a Revocable Living Trust? The most common form of living trust is the revocable living trust. This kind of trust can be amended in any way or fully revoked while you are alive. By contrast, an irrevocable trust cannot be amended or terminated once it has been created.
  • Settlors, Trustees, and Beneficiaries. The person who creates a trust is generally called the trust "settlor". The person legally entitled to manage the trust property is the "trustee." The person for whose benefit the trust is created and managed is the "beneficiary." The settlor, trustee, and beneficiary can be the same person or persons, or they can be different persons.
  • Joint and One-Settlor Trusts. Trusts can be created by multiple persons, for example couples (married or otherwise), or one person.
  • Probate Avoidance. Revocable living trusts are very useful in states where probate is a burdensome process. By creating and implementing a living trust you can avoid a probate. At death, trust assets are distributed according to your instructions in the trust by the successor trustee named in the trust instrument without court involvement. Trust provisions need not become public.
  • Trustees During Life. Generally the settlor is the trustee (and beneficiary) of a revocable living trust during life. Thus the settlor retains complete control over and ownership interest in the trust assets. Both spouses generally act together as co-trustees of a joint trust. When one spouse becomes incapacitated or dies the remaining spouse can be the sole trustee.
  • Successor Trustees. When the settlor/trustee becomes incapacitated or dies, the successor trustee named in the trust instrument takes over management of the trust property without court involvement. The successor trustee(s) can be children or other relatives or friends who are responsible and in whom the settlor has confidence. The successor trustee can also be a bank. This is called a "corporate trustee." If the successor trustee is also the beneficiary of the trust at the settlor's death, the successor trustee's only duty may be to distribute the property to him- or herself at that time.
  • No Conservatorship. As mentioned above, should the settlor/trustee become incapable or unwilling to manage his or her assets during life, the successor trustee named in the trust instrument can take over the management of the assets without a court having to appoint a conservator.
  • Subtrusts. After death, assets which would otherwise be paid outright to beneficiaries can continue to be held and administered in one or more irrevocable subtrusts according to the trust instructions, for example, for minor or disabled children. The subtrust can remain in existence for the entire life of the beneficiary or terminate with the trust property being distributed outright to the beneficiary at a specified age. Holding property in trust for a minor or incapacitated beneficiary can avoid a court-appointed guardian or conservator for that beneficiary.
  • Trust Funding. If a living trust is used in an estate plan it is essential to "fund" it; that is to transfer assets into it during the life of the settlor. If this is not done the probate-avoidance advantages of a living trust may not be realized. The attorney who prepares your living trust should assist you in the funding process. Assets can be added to or taken out of trust at any time without having to amend the trust instrument.

Incorporation and Entity Creation

MLG is experienced in incorporation and entity creation and operation of corporations (both domestic and foreign), general and limited partnerships, and limited liabilities companies (LLC's). MLG has the ability to create these entities on an expedited basis.

MLG's services include answers to the following:

  • Corporations

    • When you really should set up a corporation (and when you really shouldn't)
    • How to lower your taxes by forming a corporation
    • Positive aspects of incorporation, including credibility, attracting investors, or transferring ownership
    • The truth about double taxation
    • Making sure your limited liability is not undermined by personal guarantees (many people get this wrong)
    • Registration and maintenance of a corporation

  • S Corporations Versus C Corporations

    • S-Corporation vs. C-Corporation and when to pick one instead of the other
    • Taxes: what you can do with a C-Corporation that you cannot do with an S-Corporation
    • Differences in tax rates and structures between C-Corporations and S-Corporations
    • One major advantage of an S-Corporation over an LLC that most people rarely know
    • Important limitations of S-Corporations

  • Statutory Close Corporation

    • What it is and how it is different from a regular C-Corporation
    • When to go for a close corporation instead of a C-Corporation
    • How you can distribute profits of a close corporation in a way that is prohibited for a C corporation
    • Limitations of close corporations
    • Professional corporation -- what it is and who can create it
    • What a professional corporation can and cannot do
    • Important differences for limited liability of a professional corporation
    • When is incorporation not the way to go?

  • LLC

    • What a Limited Liability Company (LLC) is
    • Tax flexibility of an LLC
    • Special allocation of income
    • Limited liability of an LLC and how not to jeopardize it
    • What taxes to pay with an LLC
    • Disadvantages of an LLC
    • Buy-out -- what it is, the benefits and disadvantages, how to prepare for a buy-out from the start

Contract Law

The ability of individuals, partnerships, corporations and other types of entities to enter into binding and legally enforceable contractual obligations is truly one of the cornerstones of a civilized society. Contract law has evolved into an immensely complex and intricate component of our modern legal system. Although many types of contracts can be handled in the routine course of business, as contracts increase in size, scope, value or complexity, the need for competent legal advice also increases in a concomitant fashion.

A contract can be defined as a promise or set of promises for which the law gives a remedy, or the performance of which the law, in some way, recognizes as a duty. Therefore, by establishing a mutual agreement, the parties to a contract create enforceable duties or obligations that are legally binding. Obviously, in most instances, it is preferable to establish written contractual relationships. However, written contractual instruments that are ambiguous or poorly drafted, can create more problems than they solve.

MLG attorneys draft clients' contracts in a clear, concise and understandable fashion. We clearly delineate and enumerate the rights, duties, responsibilities and obligations of all of the parties to a contract, while keeping in mind and advocating our client's interests and preferences. We also review contracts for its terms, conditions, and provisions.

Mergers and Acquisitions

MLG's unique multi-professional approach allows us to advise on mergers and/or acquisitions from both legal and accounting points of view.

Representing both large and small private companies, MLG's goal is to minimize overall tax costs while accomplishing our client's objectives in structuring mergers, acquisitions, takeovers, reorganizations, divisions and liquidations.

We also strive to minimize ordinary income and the potential risk of double taxation from a seller's standpoint while maximizing the tax benefits of purchase price allocations for buyers.