Self-Employed Tax Credits established by the Families First Coronavirus Response Act and expanded under the (CARES) Act in December 2020 to include self-employed individuals, freelancers, independent contractors, and gig workers. The SETC provides federal legislation offering tax credits to compensate for lost income during COVID-19-related periods of sick leave. The calculation considers your daily average self-employment income and the days missed due to COVID-19-related issue and could provide you with a potential:
The Employee Retention Tax Credit is a refundable payroll tax credit designed by Congress to encourage employers to keep employees on their payroll during the pandemic . This is a complex area of the law, and not every business qualifies. But, if your business was impacted by COVID-19 restrictions, this credit could provide your company with a potential:
$5,000 per employee in 2020 and
$21,000 per employee for 2021.
If you find yourself on the wrong side of an audit, it can be a scary thing. Fortunately, you don't have to face it alone.
We can help, and specialize in the following practice areas:
Employee Retention Credit Audit Defense
Offer in Compromise
Representation in front of the State Tax Commission
Representation for IRS Appeals/United States Tax Court
Representation in Federal District Court
Penalty Abatement and Tax Relief
Probate and Estate Settlement
Review of Estate Planning
Estate Tax Planning
Revocable Living Trust Packages for Client and Spouse
Wills (Last Will and Testament)
Durable Power of Attorney
Health Care Directives
Private Annuity/Self-Cancelling Installment Note (SCIN)
Warranty and Quitclaim Deeds
We provide a number of asset protection services, including reviewing any potential existing exposure to liability you may have.
Our most popular package includes:
There are significant tax consequences to consider when creating, buying, selling, or even changing many aspects of a business. We can help with:
Formation of Limited Liability Companies (LLC), Business Corporations, and Partnerships.
"Golden Handcuffs" Arrangements
Non-Qualified Deferred Compensation Plan Arrangements
Cross Purchase Agreements
C Corporation Bail Outs
Sale or Purchase of a Business
Some of the trust work we offer includes: Restated Revocable Trusts Irrevocable Life Insurance Trusts (ILIT) Grantor Deemed Owner Trust for SCIN of Annuities (GDOT) Private Annuity or Self-Cancelling Installment Notes (SCIN) Stand-Alone IRA Trusts Grantor Retained Income or Annuity Trusts (GRAT) Qualified Personal Residence Trusts (QPERT) Charitable Remainder Trusts (CRT) Charitable Lead Trusts (CLT) Offshore Trusts
Other than the categories listed, we also can help with:
Privately-Held Insurance Recommendations
Charitable Limited Income Partnerships (CLIP)
General/Outside Counsel Representation for Businesses
Income Tax Planning for Individuals and Businesses
Nothing on this site is, or should be taken as, legal advice in any capacity. The information found on this website is purely for informational purposes.
You should consult an attorney for any advice related to your specific situation.
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