Volume 10 Issue 4
What We Do
© by Tax & Business Professionals
In the May/June issue, we mentioned that we may have to curtail sending this
newsletter to some readers simply because we have not heard from them in a while. Happily,
many readers wrote or called and asked not to be removed from the list.
Quite a few respondents also asked for additional information about us, The Tax
and Business Professionals, Inc. (T&BP) Apparently, some of our readers initially
contacted us so long ago that they have forgotten what we do, other than send out free
newsletters! These free bimonthly newsletters began about four years ago and are designed
as a way to keep in touch with those professionals who have contacted us. Incidentally,
the comments we have received about the newsletters have been very encouraging.
If you have not saved back issues of Tax & Business Insights, but remember
that a particular subject was discussed in one of our newsletters, you can now see it
again on the Web. We are located at www.tax-business.com. From our homepage, you can link
to all of our newsletters in their entirety, as well as more. In the future, we hope to
expand our Web site to bring you more information pertinent to a wider range of tax issues
and business planning.
The Web site will also soon include more information about T&BP, as well as
sample work products. As you may have guessed, most of our cases are challenging because
if the answers were obvious or easy to find, our clients would do the work themselves!
What you may not know is that we handle a lot of the more difficult "What
if .... ?" or "How do you do that?" type of planning problems. Some
examples might be:
- Mr. X, a trustee of local Swaverly College, wants to give a valuable piece of
land owned by his "S" corporation to Swaverly. His accountant calls and wants to
know, "Which would be best - a gift of "S" stock, or the land - or some
- A Japanese equipment manufacturer establishes a business in Virginia and needs
help with state and local tax questions. The company's C.P.A. calls us for help.
- "How do I advise my client about like-kind exchanges?," a C.P.A. in
Bedford, MA, asked. After discussing the basic principles by telephone, we faxed copies of
our newsletters on that subject to him.
We often are asked something like, "My client received an IRS 30-Day
letter, and we can't decide if it makes better sense to: (1) ask that a 90-Day letter
(Notice of Deficiency) be issued; (2) go to Appeals; or (3) attempt to deal with the IRS
Revenue Agent and his supervisor, now."
Since the founders of T&BP have been litigating tax cases for 30 years
(most recently through Newland & Associates, PLC, a law firm owned by the same
persons), we can assist in this and other litigation areas.
Chris Green, a C.P.A. in Texas, recently asked for our assistance in evaluating
the tax treatment of a proposed merger among several medical corporations that were
conducting a medical practice through a partnership.
Recently, Hector Rivera, C.P.A. of New York City called about a corporate
liquidation question. An attorney had apparently advised their mutual client on the basis
of the long-repealed IRS Code Section 337. We were able to provide guidance and charged
Hector for a half hour of work.
To illustrate the range of the subject areas we deal with, within the last year
alone we have handled questions involving the following tax areas:
- The tax consequences of a complex divorce settlement agreement and ensuing
litigation to change its terms;
- The best method of reporting salary payments made by a foreign parent
corporation to foreign workers residing in the U.S. and working for a U.S. subsidiary;
- The planning alternatives and tax consequences for employees participating in
stock option plans;
- Planning alternatives for a group of consolidated corporations that wished to
restructure and stop filing consolidated returns;
For our clients who are attorneys, we also provide wide range of legal
research, litigation assistance, planning, and analysis in virtually all business,
commercial law, and tax areas.
Our hourly fees range from $150 to $165. When appropriate and permissible, the
law firm of Newland & Associates, PLC can, if requested, provide document preparation
and legal opinions on tax and business matters.
Usually, we quote a budget and get a retainer from new users. We always try to
take the necessary information by phone rather than forcing you to prepare something in
writing, although sometimes we do need to see relevant documents.
We hope this newsletter gives you a better idea about our company.
The important thing to keep in mind the next time you need help with a difficult or
unusual matter is that in addition to research we provide tax and business planning,
advice and guidance.
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Published jointly by The Tax & Business Professionals, Inc. and the law firm of Newland & Associates as a service to their clients.
If you are a tax professional and would like more information about the subjects covered in this newsletter or any other tax and business matter, please call the Tax & Business Professionals, Inc. at (800)-553-6613, e-mail us at
, or visit our web site at http://www.tax-business.com.
For a full range of business law and tax-related services, call the law firm of Newland & Associates at (703) 330-0000.
If you are reading this newsletter but are not on our mailing list, and would like to be, please contact us at (800) 553-6613.
While designed to be accurate, this publication is not intended to constitute the rendering of legal, accounting, or other professional services or to serve as a substitute for such services.
Redistribution or other commercial use of the material contained in Tax & Business Insights is expressly prohibited without the written permission of Tax and Business Professionals, Inc.
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