Income Taxation

As the primary field of concentration, the firm's tax law practice includes the following areas:

Tax Planning | Tax Return Preparation | Representation Before Tax Authorities
Retirement Planning | Tax Planning With Trusts | Tax Exempt Organizations
Tax Law Changes

Tax Planning

Every commercial transaction or transfer of assets requires an evaluation of the potential tax costs of the proposed structure and thorough consideration of alternative approaches to accomplish the desired result at the lowest tax cost. The firm's experience in counseling both individuals and business entities on a transactional basis, within the framework of overall income and estate tax planning, allows the firm to provide these services on a cost effective basis. Both domestic and international tax planning situations are handled by the firm. Comprehensive tax projections are prepared to illustrate proposed options and the relative tax costs of alternative approaches.

Tax Return Preparation

The firm prepares hundreds of complex tax returns each year for individuals, trusts, and estates. Using the latest computerized tax return preparation and tax planning software, returns are prepared to ensure the most advantageous tax positions are taken. The firm prepares tax returns for both domestic clients, United States clients with interests or employment outside the United States, and for non-United States clients with interests or employment subject to United States tax. These tax returns include reporting positions under United States tax laws and treaty based tax positions under applicable income tax treaties.

Representation Before Tax Authorities

Vacovec, Mayotte & Singer provides representation for clients before the Internal Revenue Service, the Massachusetts Department of Revenue, the Massachusetts Appellate Tax Board, the U.S. Tax Court, and state and federal courts. Services include representation in audits, at Appeals, requests for private letter rulings, representation in tax collection procedures, and other administrative functions before tax authorities.

Retirement Planning

By formulating an appropriate strategy before retirement plan payments begin, substantial income and estate tax savings can be achieved. The firm regularly counsels individuals who are participants in qualified retirement plans regarding the income and estate tax aspects of distributions and plan benefits. The retirement tax planning process, with comprehensive income tax planning, is usually part of the estate planning process which the firm provides to clients.

Tax Planning With Trusts

The use of trusts to reduce estate taxes and to shift income is essential to reduce overall tax burdens. Different types of trusts are structured to suit the particular objectives of each family and are coordinated with gift giving programs to achieve the greatest overall tax benefit. The firm also provides service in the administration of trust investment accounts.

Tax Exempt Organizations

The firm establishes and advises various tax exempt entities including charitable foundations, business leagues, clubs and fraternal organizations, and operating charities.

Tax Law Changes