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Tax Planning & Preparation

Business Tax Services

Peter Shannon & Co. is committed to helping you realize savings through effective tax planning.  We emphasize ongoing tax planning, timely communication and working with you to create a team approach to maximize savings.  Frequent communication with your management team and hands-on partner involvement is critical to our ability to be proactive with advice and innovative, timely ideas.  We will schedule several tax planning meetings during the year to ensure that you are able to capitalize on any tax-savings opportunities and will be available for consultation on tax issues as they arise.  Some of our tax services and resources include:

Tax Planning and Projections

Tax “surprises” can be minimized by proper planning and projections to minimize the tax burden and properly plan cash flow.

• Federal Tax Planning – We are at the forefront in identifying emerging issues and, more importantly, formulating solutions.  Our clients are kept up-to-date on the latest regulatory and legislative developments, Internal Revenue Service rulings and other critical tax issues.

• State and Local Taxes – Peter Shannon & Co. tax professionals provide consultation on all state and local tax matters, including income and franchise, sales and use, property, unemployment, transfer and net worth.  These specialties perform a variety of reviews, including multistate operational or structural analysis, transaction reviews, compliance reviews, systems reviews and merger and acquisition consultation.

• Nexus Consulting – We can assist with understanding when and where a company is required to collect taxes, file a return and pay taxes to state and local jurisdictions.

Tax Return Preparation

We will prepare or review federal and state income tax returns in a timely fashion.

Audit and Appeals Defense

Our tax professionals will represent a company before federal, state or local taxing authorities in the capacity of a taxpayer advocate.

Tax Structuring

Guiding a client through a merger, acquisition, sale or divestiture requires an understanding of their objectives in their long-range plans, competitive position and the opportunities they face in the marketplace.  While taxes are always a critical element in negotiating and structuring transactions, taxes must not inappropriately dictate the overall business objectives.  We will advise and recommend the appropriate actions to maximize tax opportunities.  Our knowledge of taxes in general and our vast experience with provisions of the federal and local laws that specifically apply to business combinations enables us to provide valuable counseling on any tax that may be involved.  We have been very involved in helping our clients in requesting favorable IRS rulings on proposed transactions.

Real Estate Cost Segregation Services

Real estate acquisition and building improvement costs can be significant for any business owner.  Using an engineering-based cost segregation analysis, we are able to identify shorter-lived assets qualifying for five-to fifteen-year write-off periods that had normally been depreciated over 39 years.

Estate and Trust Planning

Wealth preservation and transfer techniques are integral services offered by our tax professionals.  Additional services include business succession planning, charitable planning, qualified plan and IRA distribution planning and estate settlement services.

Unclaimed Property

Businesses of all kinds are holders of unclaimed or abandoned property that must be reported annually to the Illinois Department of Revenue.  As enforcement of laws and audits has increased, our professionals are working with clients to properly identify unclaimed property and comply with government requirements.

Tax Updates

We provide information and insights on new tax pronouncements, compliance issues and other notable developments relevant to your business throughout the year.

Individual Tax Services

Changes in the tax environment are opportunities for you.  Our tax professionals keep abreast of these changes in order to provide you with tax counsel that minimizes tax payments.  Planning is the foundation of our work.  You can count on us for creative and objective planning and guidance and the hands-on attention of a partner.  And, we can assist when special situations arise which affect your current and long-term financial picture.  Turn to us for help with: