The Tax Law Practice combines expertise in tax law with strong business acumen to counsel clients on the tax aspects of business formations, taxable and tax-free purchases and sales, operations, ownership successions, estate planning and individual conduct. Our lawyers guide companies and individuals through the intricacies of federal, state and local tax laws to ensure full compliance while securing the tax savings permitted by law. We handle all tax types - corporate and individual income; property; sales and use; gross receipts and other excise taxes; and estate, gift and inheritance taxes.
Members of the firm’s Tax Law Practice enjoy excellent working relationships with government tax administrators and have exceptional knowledge of government organizations, people and procedures. Lommen Abdo also offers substantial litigation and appellate experience. We have represented clients in both administrative agencies and courts, such as the U.S. Tax Court, the Seventh and Eighth Circuit Courts of Appeals, the Minnesota Appellate Courts and the Wisconsin Appellate Courts. Lommen Abdo is positioned to help clients make wise strategy decisions.
We would be pleased to answer any questions you may have about the services of our Tax attorneys. Any questions may be directed to:
In Minnesota:
Tom Dougherty at 612-336-9330 or
thomas.dougherty@lommen.com
In Wisconsin:
Brent Johnson at 715-381-7104 or
brent@lommen.com
or any of the attorneys in this practice area pictured below.
Additional Information:
Quick Guide to Gift, Estate, and Business Income Taxes
Final Regs Issued on Treating Musical Works as Capital Assets - The IRS issued final regulations on February 4, 2011 governing how to elect to treat the sale or exchange of a musical work or copyright in a musical work as a sale or exchange of a capital asset (TD 9514).
Fourth Quarter 2010 Tax Developments that were not part of the 2010 Tax Relief Act.
Congress Passes 2010 Tax Relief Act: On December 17th, the President signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act).
The Health Care and Education Reconciliation Act of 2010 and Patient Protection and Affordable Care Act complete a massive overhaul of the U.S. Health Care System affecting nearly all taxpayers, many employers and many elements of the health care industry. The 2,400 page legislation gradually takes effect over the next eight years. For more information,
read a summary of the key provisions in the new health reform legislation and review a
time line of the tax changes.
The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for small business, paid for with various revenue raisers.
Read this brief overview of the tax changes in the new law.
Small Business Tax Incentives for 2010 - Recently enacted legislation includes tax incentives that are available in 2010 for small businesses. Eligible businesses need to take action quickly to save on their 2010 taxes. The changes include a new health care tax credit, benefits for employers that hire and retain recently unemployed workers, credits for employers who hire employees belonging to various targeted groups, exclusion of gain on the sale of certain small business stock, and a COBRA tax credit. For more details regarding these incentives, please see the attached
IRS news release, IR-2010-069.
Are You Aware of the New NonProfit Governance Requirements? - The Internal Revenue Service redesigned Form 990 in 2008 and added a new “Governance, Management, and Disclosure” section. We have recently received a significant number of questions from clients concerning this redesigned form, what it means and whether the client should take any action in response. Tom Dougherty addresses those concerns in this article.
Business changes in HIRE Act: The President recently signed into law the “Hiring Incentives to Restore Employment Act of 2010” (the HIRE Act, P.L. 111-147). The centerpiece of this Act is a payroll tax holiday and up-to-$1,000 tax credit for businesses that hire unemployed workers. In addition to these new hiring incentives, the HIRE Act also includes a one-year extension of the enhanced small business expensing option under Code Sec. 179. Both of these provisions are extremely important to many businesses.
New Tax Provisions for 2010: Key tax developments that occurred during the fourth quarter of 2009.
IRA Conversions: The tax law changes in 2010 so that everyone will have the ability to convert a traditional IRA to a Roth IRA.
Will the tax provisions of the new Economic Stimulus Act benefit you?
The stimulus act contains a wide-ranging tax plan that includes a package of tax incentives to encourage investments in renewable energy projects or more-efficient technologies, tax savings for business, and tax relief for low and moderate-income wage earners, individuals and families with college expenses, and home and car purchasers. Read a summary of the more widely applicable tax changes in the new law affecting either
you and your family,
businesses and
renewable energy.
Get answers to FAQs.
Economic Stimulus Act Q&A: The AICPA has prepared a Q&A sheet on individual and business tax-related provisions in the American Recovery and Reinvestment Act of 2009. CPAs, especially tax practitioners, will find the Q&A helpful in addressing client or employer inquiries. Among the subjects covered for individuals are the first-time home-buyer credit, college-funding tax credit, unemployment benefits, benefit for use of public transit and the alternative minimum tax exemption. For businesses, the Q&A highlights depreciation, expensing, capital gains, work opportunity credit and penalty relief from underestimating taxes.
Business.gov Gadgets for Your Site - Business information from the IRS
Tax Calendar for Small Businesses on IRS.gov - Calendar for small businesses is available from the IRS which can be downloaded into Outlook calendars.