At Porter Wright, we assist our clients in deciding what type of entity will best fit their needs. The choice between being a C corporation, S corporation, tax partnership, sole proprietor, independent contractor or employee is even more important to consider after passage of the Tax Cuts and Jobs Act. Our Tax team partners with clients to help guide all federal tax concerns surrounding the successful operation of a business and the passing of a business to either the next generation or new ownership.
We also assist with executive compensation and work with our clients in the design and implementation of qualified and nonqualified retirement plans, incentive and deferred compensation arrangements, golden parachute plans and split-dollar life insurance. Our team also helps companies to design tax qualified fringe benefit arrangements.
In addition, we work with clients regarding acquisitions, dispositions, taxable and tax-free reorganizations, and refinancings. We work closely with the client and business lawyers to develop strategies to minimize the after-tax cost of these transactions to business entities and their owners. We have experience handling stock transactions, asset transactions and stock sales treated as asset sales under Section 338 of the Internal Revenue Code.
Furthermore, we assist clients in settling disputes with the IRS at the audit level, appeals and the courts, if necessary. We help clients obtain private letter rulings and make voluntary disclosures regarding failure to file FBARs with respect to foreign bank accounts.
State and local tax
Today's businesses must leverage their SALT strategies in order to effectively manage growing state and local tax burdens. Our attorneys provide advice on sales and use, franchise, personal property, commercial activity and real estate taxes. We represent clients before the Ohio Department of Taxation, the Ohio Board of Tax Appeals, the Ohio Supreme Court, and other state and local administrative agencies. We have extensive experience representing clients in real property tax appeals.
We provide practical advice in the complex area of international taxation. As businesses expand globally, our attorneys draw on their vast international tax experience to provide in-depth advice on a broad spectrum of multi-jurisdictional tax concerns. These issues are particularly crucial to consider after passage of the Tax Cuts and Jobs Act.