Tax and Estate Planning

Tax Act Reviews

During current economic conditions, companies should be fully utilizing any new tax regulations that could have a positive impact on their tax planning and cash flow. Brown Smith Wallace can help you utilize the benefits of the 2008 Tax Act, which gives businesses the opportunity to decrease their taxes from various perspectives, and the American Recovery and Reinvestment Act of 2009.

Benefiting from Operating Losses - Quick Refunds

Based on current economic circumstances, your company can possibly generate unexpected cash flow from prior year income taxes and, if planned properly, can file for Quick Refunds. If your company is anticipating a net operating tax loss for the year, we can help you file your returns as quickly as possible. The current  year net operating loss can be used to offset tax paid in the prior two years. This could generate cash flow for some companies.

Business Health Checkup^TM

To help companies looking to strengthen their financial position, Brown Smith Wallace has developed the Business Health Checkup^TM.  Our tool provides companies with an assessment that identifies opportunities for cost control and reduction, process improvement, tax and estate planning, along with financial analysis and structuring.  From this assessment, we can help you develop a step-by-step action plan that can be the foundation of your company's long-term success and enable the business to effectively move forward, even in a challenging economic environment.

Estimate Income/Long-Term Planning 

Brown Smith Wallace can help you be more precise with your tax estimates, which can help you, your company and your management team reduce the amount of tax being paid in estimates and help your officers/management plan for their individual tax returns.

Gifting/Succession Planning

The current economic conditions make this an opportune time for you to take advantage of gifting shares of closely held company stock to the next generation of owners. It is also a good time to consider gifting shares of stock held in investment portfolios to the next generation due to the decrease in the market value of publicly traded securities.

Some people are complaining that the value of their portfolio has decreased anywhere between 20-50%. Historically, if you have given gifts of stock, you can now increase that gift two times - if the value has truly decreased by 50%. This is a great time to evaluate your gifting activities from estate planning and business succession perspectives, due to the decrease in value of publicly traded and closely held companies.

State and Local Tax Planning

Brown Smith Wallace has the expertise to make sure your organization is utilizing the various advantages different state and local tax jurisdictions are offering.