Connolly & Rooney can assist our clients in a broad range of income, estate, gift, generation skipping, excise and other tax matters, both federal and state. We provide such services in relation to other services we offer and for on-going clients. We generally do not prepare returns or reports for those who are not already clients in relation to other services covered. Subject to that observation, we attempt at all times to obtain for our clients “tax optimization”. For example, in a multigenerational family transaction, we will offer advice on the best manner for the entire family to pay the minimum amount of taxes to governmental authorities, in the aggregate, and over the appropriate time period, rather than focusing solely on the tax implications for one family member.
Areas of tax planning include:
— Federal and state income taxes.
— Federal and state death, inheritance and similar taxes.
— Federal Generation Skipping Transfer Tax (“GSTT”) situations.
— Creating entities and/or trusts which “sprinkle and spray” the potential income tax liability among a broad base of taxpayers, rather than just for one couple or individual.
— General considerations of alternatives, such as whether to seek a Section 1031 Like-Kind exchange to postpone income taxes, or merely sell and incur the taxes presently for non-tax reasons.
Returns which are prepared for clients include:
— Federal (Form 1040, etc.) and state income tax returns for individuals.
— Federal (Form 1041, etc.) and state income tax returns for trusts and estates.
— Federal (Form 709, etc.) and state gift tax returns for individuals.
— Federal (Form 706, etc.) and state death or estate tax returns for decedents.
— Federal GSTT returns as appropriate.