Tax, Trusts & Estates
Local, state and federal taxes affect every individual and business in New York and New Jersey. A successful tax strategy allows you to pay less in taxes and keep more of your money for yourself or your business. Winne Banta’s team of experienced tax attorneys has partnered together for more than 30 years to provide professional tax advice.
At Winne Banta, our experienced tax lawyers understand local, state and federal tax laws and regulations. We keep current on the latest revisions of the tax codes, tax law changes and court decisions regarding taxes.
For our clients, this experience and knowledge means our attorneys can provide you with accurate, effective legal advice that helps you and your business save money by giving due consideration to the tax consequences of your financial decisions. Our attorneys guide you through the process of Internal Revenue Service (IRS) and New York and New Jersey state audits, giving you peace of mind and the confidence of achieving a successful outcome. We advise clients on the entire range of local, state and federal taxes including:
- Corporate tax
- Payroll tax
- Income tax
- Self-employment tax
- Gift tax
- Estate tax
- Capital gains tax
- New Jersey tax law
- New York tax law
Failure to pay required taxes can carry severe penalties, ranging from civil to criminal actions. While our law firm can represent you and defend you in any and all actions brought against you, more importantly, we can also help you avoid problems with sound legal advice about your tax obligations.
Tax Planning and Workouts
Proper tax planning is essential for every business and individual. Our tax group, supported by a comprehensive tax library and outside professional affiliates, provides guidance on the tax ramifications of business decisions and transactions, including prompt and aggressive workouts of corporate business and bulk sales tax issues in the sale of business and asset sales. Our goal is to provide solutions that take maximum advantage of federal and state tax laws for our clients. In conjunction with our litigators, we represent taxpayers in audits, collection and tax liability litigation with the state and federal governments.
Tax Audits
When federal, state and local government examiners approach our clients concerning a tax audit or tax controversy, those clients need the assistance of tax attorneys who can deliver the most advantageous outcome possible.
The tax audit process requires the thorough examination of several levels of a business’s financial transactions and business practices. We represent clients engaged in an administrative audit with taxation authorities in some of the following matters:
- Gift tax audit
- Eggshell audit
- Estate tax audit
- Income tax audit
- Sales and use tax audit
- International tax audit
- Financial services audit
- Customs transfer pricing
- Foreign accounts tax audit
- Securities transaction audit
- Offers in compromise audit
- Independent contractor tax audit
When a federal, state or local government tax audit involves the enforcement of collections by the IRS or New Jersey or New York’s Department of Revenue, those proceedings may move onward from an administrative audit to be presented before judicial proceedings. We have represented clients through such proceedings.
Estate Planning
Winne Banta provides a full range of estate and trust services, from the preparation of a simple will to the creation of a complex estate plan. Regardless of a person’s age or family circumstances, the Wills, Trusts and Estates Practice Group assists our clients in focusing on the critical issues involving the preservation and transfer of wealth and in tailoring estate plans best suited to a client’s unique concerns.
Our estate planning services involve assisting clients in structuring their assets in the most tax-efficient manner possible. A client must consider U.S. and state estate tax, generation skipping transfer (GST) tax and income tax on assets such as IRAs and 401(k)s, which will be subject to income tax when distributed to a beneficiary. We prepare all documents needed to implement an estate plan, including: wills and revocable trust agreements utilizing estate and GST tax exemptions, QTIP trusts for a spouse, QDOT trusts where the spouse is not a U.S. citizen, irrevocable life insurance trusts, qualified personal residence trusts, living wills/health care proxies and durable powers of attorney.
We give full consideration to non-tax issues as well. Many of these issues can be even more important than tax reduction, including a beneficiary’s special needs, the need to protect assets from a beneficiary’s existing or future creditors and the desire of the testator to control the future disposition of assets. Family business succession planning and charitable planning may require extensive planning. A succession plan for a family business is essential to insure the survival of the business and the successful transition to new leaders. Of great importance to the family of a deceased business owner is insuring that they receive financial remuneration for their interest in the business. Charitable planning offers many opportunities to assist charitable organizations, while resulting in significant tax savings to the donor and his or her family. Charitable remainder trusts, charitable lead trusts and family foundations are all vehicles that can help to accomplish these objectives.
Estate Administration
We handle all aspects of estate administration, from probate to assisting the executor to marshal assets and pay debts and prepare federal and state income and estate tax returns and accountings. We represent many New Jersey and New York banks as well as individual executors and trustees.
Elder Law
Our attorneys represent clients with legal issues concerning aging and disability. The complexity surrounding this constantly changing area of the law can sometimes feel overwhelming. It does not need to be. Caring for the elderly and ensuring their assets are protected are some of the primary services offered by our attorneys.
Every partner has an advanced degree in tax law.