Taxation

Business Planning

We devote a major portion of our attention to matters dealing with businesses and their problems. We have expertise in many areas of corporate and tax law that require more than a casual acquaintance with the complex system of statutory and regulatory requirements. The area of corporate taxation has experienced radical changes in recent years, including the repeal of many favorable provisions for taxpayers.

Corporate and Partnership Tax

We provide assistance in the following:

  • Choosing the proper entity for housing the business organization, whether corporation, partnership, limited liability company, or sole proprietorship, giving consideration to corporate, legal, and tax implications, liability concerns, and the need for an effective management structure.
  • Business planning assistance concerning mergers, acquisitions, and other corporate reorganizations.
  • Utilization of net operating losses and other tax attributes.
  • Maximizing benefits and avoiding problems associated with consolidated income tax returns for affiliated corporations.
  • Use of Subchapter S, limited liability companies, and partnerships to utilize lower individual tax rates and avoid double taxation.


Employee Benefits

We provide services in the following areas:

  • Qualified Retirement Plans: designing and drafting of profit sharing plans, defined benefit pension plans, money purchase pension plans, Section 401(k) plans, employee stock ownership plans, and target benefit plans; plan amendments and terminations; plan mergers and spin-offs; statutory and regulatory compliance; interpretation of plan provisions; Social Security integration requirements; compliance with USERRA; Qualified Domestic Relations Orders; deductibility of employer contributions; advising on participant appeals; and multiple employer plans.
  • Tax-Exempt Employers: tax-sheltered annuities (Section 403(b) plans); Section 457 plans; governmental and church plans.
  • Mergers and Acquisitions: advising on benefits-related issues; purchase and sale agreements; and post-acquisition planning.
  • Prohibited Transaction Issues: advising on transactions; applications for exemptions; and structuring exempt ESOP loans.
  • Employee Communications: summary plan descriptions; summaries of materials modifications; administrative forms; denials of claims and appeals.
  • Welfare Benefit Plans: designing and drafting health plans, cafeteria plans, life insurance plans, disability plans, flexible spending arrangements, tax-exempt welfare benefit trusts; advising on cafeteria plan administration; avoiding or complying with state regulation; retiree medical benefits (including FAS 106); COBRA compliance and forms; employer deduction limits; IRS nondiscrimination rules; Americans with Disabilities Act; Family and Medical Leave Act; Age Discrimination in Employment Act; and Qualified Medical Child Support Orders.
  • Governmental Relations: IRS determination letters; prohibited transaction exemptions; DOL advisory opinions; IRS private letter rulings; "VCR" and "CAP" submissions; PBGC advisory opinions; IRS and DOL audits; and informal inquiries to government officials.
  • Executive Deferred Compensation: salary deferred agreements; supplemental executive retirement plans; responding to the annual compensation limitation; special rules for tax-exempt employers; rabbi trusts; corporate owned life insurance; split-dollar arrangements; and phantom stock plans.
  • Benefits Litigation: enforcing subrogation rights; defending participant claim denials; fiduciary litigation; alternative dispute resolution; and counseling and negotiation.
  • Governmental Reporting: annual reports (Form 5500 series) review; summary annual reports; IRS Form 990; and resolution of reporting penalties.
  • Fiduciary Matters: review of fiduciary liability insurance policies; ERISA Section 404(c) compliance; conducting internal audits; exempt ESOP loans; investment management agreements; and handling DOL audits.


Exempt Organizations

We have been fortunate to assist many of the State's finest and largest charitable organizations. We can provide assistance with:

  • Minimizing director and officer liability in the conduct of an organization's charitable activities.
  • Obtaining and maintaining tax-exempt status for an organization.
  • Avoiding excise taxes and penalties against charitable organizations.
  • Satisfying special requirements for publicly supported charities and operating foundations.


Individual Tax Planning

Planning for after-tax income maximization and wealth accumulation presents a major challenge for us all. We are skilled in various techniques which may be helpful to you in reaching these objectives. These services include:

  • Advice concerning tax deferral and planning for uncertainty with regard to capital gains.
  • Planning for retirement through deferred compensation and qualified plan benefits.
  • Representation before the Internal Revenue Service, Tax Court, Federal District and Appeals Courts and other state and federal tribunals concerning all types of tax controversies, including interpretations of statutory or regulatory provisions and valuation determination and other questions of fact.
  • Income and estate planning through charitable giving.


Sales and Use Tax

We regularly represent clients before the Arkansas Department of Finance and Administration concerning income, estate, and sales and use taxes. We will provide planning guidance in avoiding state tax problems as well as provide representation in tax controversies with state authorities.

Tax Controversies

We represent clients before the Internal Revenue Service, Tax Court, Federal District and Appeals Courts and other state and federal tribunals concerning all types of tax controversies, including interpretations of statutory or regulatory provisions and valuation determination and other questions of fact