It’s easy to get caught up in the uncertainty of what might happen to the tax landscape after a U.S. Presidential Election and the end of an election year. In our last blog post, we discussed possible tax benefits with Trump’s re-election. We believe that you and your company should approach the impending tax changes by starting small and avoiding any attempts to scale the entire mountain of change as we end tax year 2024. Any changes to tax law, positive or negative, will have significant influence on tax preparation in the future.
It is important to start by examining how the stock market reacts to election results, specifically about potential changes in tax laws and regulations, how the market will be affected by these changes, and how investors are hoping to end the year. The types of strategic planning tactics that will be necessary in keeping individuals and businesses moving forward primarily depend on the ability to recognize indicators of economic stability.
At WTLG, we believe in establishing and creating tax priority lists according to the order in which they affect the operations and financial health of your businesses or personal financial situation. How can you and/or your business protect your interests to redirect planning if needed? How will your future business planning needs be impacted by tax law changes and will you and/or your business have the resources to change course? With these considerations, we urge our readers to stay alert and be proactive in addressing any potential tax implications with the trusted advice of a tax law attorney wherever possible. Leave the unpleasant complexities and tax controversies to the tax professionals.
To find out more about how Wilson Tax Law Group, could help with your tax litigation and defense needs, we invite you to set up a consultation with our firm.
Wilson Tax Law Group, APLC is a boutique Orange County tax controversy law firm that specializes in representation of individuals and businesses before federal and state tax authorities with audits, appeals, FBAR, offshore compliance, litigation and criminal defense. Firm founder, Joseph P. Wilson, is a former Federal tax prosecutor and trial attorney for the IRS and California Franchise Tax Board. Wilson Tax Law Group is comprised of former IRS litigators & Special Agents, and Assistant US Attorneys from the US Attorney’s Office, Central District of California, Tax Division, which at the time handled both civil tax lawsuits and criminal tax prosecutions on behalf of the United States of America.
For further information, or to arrange a consultation please contact: Wilson Tax Law Group, APLC
Tel: (949) 397-2292 (Newport Beach Office)
Tel: (714) 463-4430 (Yorba Linda Office)