Business Taxation

Reliable guidance on issues that threaten your bottom line

Business success depends on proper planning, meticulous management and timely filing of all necessary federal and state taxes. Errors in understanding and record-keeping can create costly compliance problems that drain resources and divert your attention from essential business operations. The Law Offices of Alan F. Segal & Associates can save your business from the waste of capital and time that tax confusion inevitably causes. For more than 45 years our business tax lawyers have provided prompt corrective measures that get businesses back on track, and have vigorously defended business operators in state and federal enforcement actions.

Having devoted so much energy to the success of our firm, we appreciate how much of your life is invested in the success of your business. We strive to offer friendly service, take decisive action and deliver reliable results.

Comprehensive representation for all your business tax needs

Business tax requirements fall into four major categories, each with its own filing requirements. Segal & Associates advises business owners on planning business activities around their tax obligations and ensures accurate and favorable filings. Alan F. Segal & Associates also helps companies prepare for business and employment tax audits and vigorously defend them through administrative and court procedures.

Income tax — All businesses must report annual income and pay taxes on net earnings. The tax burden on a particular business often depends on how the business was formed, with different entities being more favorable than others depending on individual circumstances. Most businesses must pay quarterly estimated taxes, which can create cash-flow problems. Segal & Associates tax attorneys assist with tax planning strategies for a variety of entities, including:

  • Sole Proprietorships
  • Partnerships
  • Corporations
  • S Corporations
  • Limited Liability Company (P.C.)

Employment taxes — Businesses with employees are responsible to:

  • Collect (i.e. withhold) their employees' income tax, Federal Insurance Contributions Act (FICA) taxes, and Medicare taxes depositing those sums with the government on strict schedules.
  • Match their employees' FICA and Medicare withholdings, and simultaneously deposit that sum with the government.
  • Pay the federal unemployment tax (FUTA) for each employee.
These taxes often cause cash flow problems for small business because the law requires regular deposits, as often as once a week. The IRS can assess a trust fund recovery penalty equal to the amount of the missed deposits. Inexperienced small businesses frequently accumulate failure to deposit late payments before the IRS informs them of the error. When combined with the failure to file penalty, the unknowing business owner can easily owe 40% more than the tax reflected on the returns.

Self-employment taxes — The sole proprietor of a business is technically self-employed, and must pay both sides of the FICA taxes as well as making quarterly estimated tax payments of both the self-employment tax and the income tax. This can cause quite a hit in April if the sole proprietor has not anticipated and planned for the payment.

Excise Taxes — If your business sells goods (such as motor fuel) or provides services (such as indoor tanning or gaming) which are subject to excise taxes, the government expects you to include that amount in the price and pay the tax later. Businesses that do not figure excise taxes into their cost of operation will not survive.

The Law Offices of Alan F. Segal & Associates has problem-solving strategies for your business tax issues in the Chicago area and nationwide.
Please call today to schedule an appointment at 312-444-1700.