Youngman Ericsson Scott, LLP tax planning experts analyze events or transactions that present potential opportunities for tax savings and then, using various techniques, implement a plan to avoid, defer and/or reduce income taxes that might otherwise be incurred.
Transactions or events which call for tax planning include the sale or exchange of real property (including short sales), section 1031 tax-deferred exchanges, discharge of indebtedness and debt forgiveness, deferred compensation arrangements, property liquidations, corporate reorganizations and dissolutions, partnership transactions, litigation settlements, international transactions, and the repatriation of foreign bank and investment accounts.
Many clients prefer to have us prepare their tax returns because we possess experience not only in tax preparation, but also in tax planning and tax controversies. By viewing a client’s situation from these different vantage points, we are able to prepare returns to maximize compliance in the event of review.
We are perhaps best-regarded for our ability to prepare complex estate tax returns (Form 706). Since these returns carry a high risk of dispute from the Internal Revenue Service, clients enjoy the peace of mind in knowing that we have examined each and every legal issue associated with the return before it is filed.
For over 20 years, we have prepared income tax returns for all types of clients including: individuals (Form 1040); trust & estate fiduciaries (Form 1041); partnerships (Form 1065); and corporations (Forms 1120 and 1120S). We also prepare gift tax returns (Form 709) for gifts necessitating the filing of a return. Additionally, we are experienced in the reporting of foreign bank accounts and currency transactions.
In addition to tax planning and preparation, Youngman Ericsson Scott, LLP represents clients in tax audits/examinations and administrative appeals/protests relating to federal and state income taxes, federal and state employment taxes, federal transfer (estate and gift) taxes, and California sales and use taxes.
Over the years, Youngman Ericsson Scott, LLP has developed excellent working relationships with the federal and California tax collection agencies. For clients who owe delinquent taxes or have unreported foreign accounts and are facing governmental collection efforts such as liens or levies, we negotiate installment payment plans, review the potential for compromise of the tax and/or abatement of penalties, and file collection due process (CDP) appeals. We counsel clients in defensive measures to keep their businesses in operation.
At Youngman Ericsson Scott, LLP we shield our clients from governmental over-reaching when the Internal Revenue Service makes mistakes in calculating taxes that are due and/or takes aggressive legal positions against taxpayers in hopes of collecting more taxes than are owed.
By working directly with representatives of the IRS we are often able to resolve the tax disputes without having to go to tax litigation court. However, when a dispute cannot be resolved administratively, we will file a petition in United States Tax Court to have a judge review the actions of the Internal Revenue Service, or bring a suit for refund in United States District Court to collect any overpayment of taxes.
We represent defendants, targets, witnesses, and victims in connection with pending or anticipated California or federal criminal investigations of tax and related financial crimes.