Tax & Business Law Solutions
Emerson Law Firm, PC helps small businesses, consultants, executives, & individuals reduce taxation, solve IRS problems, file income tax returns, protect assets from future lawsuits, and plan for a retirement that is free from financial worries. We assist clients in passing generational wealth to your family while avoiding taxes & probate. We negotiate contracts and advise businesses on a range of services. Importantly, we perform most services for one reasonable fee set for the entire calendar year to provide you with financial peace of mind in accessing our services. Though we are based in Dallas, we serve clients across Texas. For US federal & international tax issues, we serve clients anywhere in the world.
Tax Law
Tax laws are complex and constantly changing. As a result, tax law is a specialized field requiring a deep understanding of tax regulations, statutes, and court precedents. We provide expertise in a comprehensive range of services for US federal & international taxes. First, we provide the same services as CPAs in filing income tax returns and related accounting work. However, we go beyond the professional limitations of a CPA to analyze the law to maximize your benefits. For example, we negotiate & structure your business transactions, such as contracts and business formations, to legally avoid taxation as much as possible. The ability to access legal tools, beyond just knowing accounting rules, truly matters in helping clients. Finally, we assist clients in avoiding & potentially winning IRS audits.
Business Law
We assist businesses in forming the best business entity for your specific needs. We negotiate contracts & other business transactions to protect your interests. We work hard to resolve conflicts within a company and with outside parties to avoid litigation wherever possible, as litigation expenses are detrimental to clients unless it is a necessary last resort. We act as management consultants to advise businesses on financial & legal matters to increase profitability & cashflow as well as avoid pitfalls. We use every legal means available to protect client assets and businesses from the possibility of a lawsuit, making our clients as judgement-proof as possible in advance of problems. Finally, we coordinate with specialist attorneys on regulatory matters to comply with the complex regulatory environment specific to your industry. Our goal is to minimize risks while allowing you to succeed and grow.
Estate Planning
Our clients want to pass on your hard-earned assets to your family while avoiding estate taxes and probate as much as possible. We draft wills and other estate planning documents to accomplish those goals. As necessary, we can form revocable or irrevocable trusts, limited liability companies, and/or limited partnerships to avoid probate, protect client assets from potential lawsuits, and reduce as much as legally possible any estate taxes that might otherwise be owed. Unfortunately, US tax law often makes it difficult to simultaneously reduce overall taxation while also protecting assets and avoiding probate at the same time, and you need an attorney with the breadth of knowledge to view all of these goals simultaneously to find the best mix of risks and rewards for your specific circumstances.
TAX PLANNING
Tax planning is the process of organizing a person’s or business’s financial affairs to minimize their tax liability. This involves anticipating and proactively addressing tax consequences of financial decisions and taking advantage of available tax incentives and deductions. Tax planning can include strategies such as deferring income to a later year, maximizing deductions, and reorganizing a business’s structure to reduce tax exposure. It is important to regularly review and update a tax plan to stay current with tax laws and regulations and ensure that the plan remains effective in minimizing tax liability. Consulting with a tax attorney is highly beneficial in developing a comprehensive and effective tax plan.
BUSINESS ENTITY FORMATION
Business entity formation is the process of establishing a legal entity for a business, such as a sole proprietorship, partnership, limited liability company (LLC), corporation, or non-profit organization. This involves filing the necessary legal documents and registering the business with the appropriate state agencies. The type of business entity chosen will impact the business’s liability, tax status, ownership structure, and other legal and financial aspects. It is important to carefully consider the different types of entities and select the one that best fits your business goals and objectives. An attorney can assist with the process of business entity formation and provide guidance on the legal and financial implications of each type of entity.
IRS COLLECTIONS
Receiving a notice of audit or amount due by the Internal Revenue Service is nerve-wracking. We will fight the IRS if an assessment or penalty is not correct through the internal appeals process and/or in tax court. Additionally, if a new client has unresolved tax debts, we can negotiate payment plans that can reduce the penalties & interest you would have paid in the absence of expert help, and we will assist you in determining a payment plan that best accomplishes that goal. In some unique cases, we may be able to settle IRS tax debts for a lower amount.
There are many advertisements by “tax” companies claiming that they solve IRS problems easily. In most cases, these advertisements are grossly exaggerated or simply false. In contrast, we will quickly evaluate your case to see what remedies may be possible, and we will be truthful if your chance of a write-off or write-down is not possible. If a settlement is not possible, we will explore instead what legal options you do have that are legitimate. We will not waste your time or money with false promises while your tax debt grows larger by the day. We will find a way to help you ultimately leave IRS problems in the past – never to be repeated.
RETIREMENT PLANNING
In conjunction with tax & estate planning, we help clients save for retirement. We determine how much you can save while reducing your taxes, and we also assist in determining how much in total you should save during your career based on your spending patterns and future goals. Most Americans do not save enough for retirement, and we want our clients to be an exception to that problem. We can review your cash flow to determine how to maximize savings, and we will work with your investment advisor or broker to establish the proper plans and accounts for you to accomplish those goals. We also work with 401(k) and pension providers to establish retirement plans if you have a business. For executives, we will review your benefits to help you make the most from what your company may offer.
