Tax Law Group

TAX LAW GROUP

Nordman Cormany Hair & Compton LLP
1000 Town Center Drive
Sixth Floor
Oxnard, California 93036

[T] (805) 485-1000
[F] (805) 988-8387

Overview

Our Tax Law Group provides services to clients in the areas of federal and state income, gift, estate, generation-skipping transfer, employment and excise taxes; state sales and use taxes; and local real property and business license taxes. We represent all forms of corporate and other limited liability entities, individuals, families and nonprofit organizations, estates and trusts, foundations and tax-exempt cooperatives.

Services Offered

The Tax Law Group attorneys assist in structuring proposed transactions to identify tax traps and achieve the most beneficial tax results. We welcome a team approach with accountants, financial advisors and other attorneys in identifying and planning for tax opportunities in transactional or litigation settings. Our attorneys represent clients in IRS, Franchise Tax Board, State Board of Equalization, and local property tax controversies. The Tax Law Group also provides technical assistance to many of the other practice groups at Nordman Cormany Hair & Compton LLP, including the following:

Assistance to the Real Estate Law Group

  • Structuring tax-deferred real estate like-kind exchanges
  • Structuring real estate transfers to minimize any increase in real property taxes due to reassessment
  • Planning real estate acquisitions for condemnation and or involuntary conversion proceeds to qualify for tax-deferred treatment
  • Property tax assessment appeals
  • Tax planning for real estate development projects

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Assistance to the Corporate and Business Law Group

  • Structuring complex acquisitions and divestitures to achieve the most tax favorable outcome for the client
  • Advising startup clients on the best form of legal entity and structure to achieve the tax and business objectives of a new venture
  • Determining whether a new or operating corporate client should make the S corporation election
  • Drafting tax provisions of partnership agreements and limited liability company operating agreements, including special allocation provisions
  • Designing deferred compensation plans
  • Advising on all tax aspects of stock and asset transactions and mergers
  • Entity conversions
  • Multi-generational family business succession and tax planning
  • Planning for business wind-downs and liquidations

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Assistance to the Litigation Group

  • Analyzing the tax ramifications of various settlement structures or litigation outcomes and structuring the settlement to minimize adverse tax consequences

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Assistance to the Family Law Group

  • Analyzing the income tax ramifications of various property settlement agreements and alimony/spousal support and child support payments
  • Designing the equitable division of marital assets and drafting property settlement agreements to account for the tax ramifications of marital assets such as homes and other real estate, stock in closely-held businesses, marketable securities, qualified and non-qualified stock option plans and retirement plans

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Assistance to the Employment and Labor Law Group

  • Assisting employers with reporting and other tax compliance issues of employee compensation and benefits
  • Designing incentive and deferred compensation plans
  • Reviewing and drafting employment agreements to minimize the tax consequences of incentive compensation and benefit provisions
  • Analyzing the tax implications of various employee benefits and other forms of indirect compensation, including qualified and non-qualified stock option plans and retirement plans
  • Representing clients in "100% penalty" cases for failure to deposit employee withholding taxes, and in other employment tax matters

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Assistance to the Estate Planning, Probate and Trust Law Group

  • Planning estate, gift and generation-skipping transfer tax matters, including the preparation and audit of federal estate tax returns
  • Drafting family limited partnership agreements, limited liability company operating agreements, irrevocable life insurance trusts, charitable remainder and lead trusts, qualified personal residence trusts and other estate tax-related trusts
  • Handling will and trust contests and other probate litigation matters

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Assistance to the Creditors' Rights and Bankruptcy Law Group

  • Analyzing the tax consequences to clients who are debtors in bankruptcy or who are creditors of bankrupt debtors
  • Analyzing the tax consequences of debt relief in the context of real estate foreclosures and short payoffs
  • Assisting clients with the income tax issues of Chapter 11 and 13 workouts

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Tax Controversy Services

The Tax Law Group attorneys also have substantial practical experience in assisting clients with all tax controversy matters before the Internal Revenue Service, the Franchise Tax Board and the State Board of Equalization, including representation at the audit, administrative, appeals, litigation and collection levels. They have filed numerous administrative appeals, Tax Court petitions and offers in compromise, as well as property tax assessment appeals. Most controversy matters have been settled without the need for litigation. The firm has found that the earlier a client contacts a Tax Law Group attorney following communication from a governmental agency, the more likely it is that the group will be able to help minimize the adverse tax consequences, penalties and interest to the client.

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