State & Local Tax

Policies on state and local taxation, often referred to as SALT, are literally as varied as the number of jurisdictions throughout the U.S. Knowledge of local, county, and state tax laws concerning a wide array of transactions, entity types, and properties is necessary in order to make ironclad tax plans, which is why access to highly skilled local attorneys is key.

At Hart David Carson, we have a wide range of experience in structuring entities and transactions, dealing in multiple industries and sectors, and seeking after the fiduciary interests of our clients throughout Chicago and the state of Illinois. Whether you are planning to open a small business in the outskirts of the Chicago-Metro area or structuring a complex merger across state boundaries, our attorneys are here to advise you on every detail.

SALT Issues

Virtually anything you do with respect to finances, investing, maintaining property, operating a business, and so forth can have some tax implication on the local and state level. Therefore, comprehensive tax planning will incorporate policies specific to your jurisdiction as well as those with whom you do business.

Our attorneys advise clients through all manners of state and local tax issues. These can take many forms depending on the nature of your activities within your jurisdiction, including:

• Financial reporting
• Personal income taxes
• Capital gains and sales taxes
• Documentary transfer taxes on real estate transactions
• Representation during appeals and litigation
• Planning and structuring complex corporate transactions
• Structuring real estate and investment transactions
• Audit defense
• Representation in administrative proceedings on both state and local levels
• Corporate structuring and policymaking
• Reducing tax exposure to buyers, sellers, investors, etc.

As the laws governing these issues vary from one jurisdiction to another, it is vital to have assistance from attorneys who are familiar with the vagaries of SALT issues.

Constantly Evolving Laws

The complexity of dealing with state and local tax laws is compounded by the constant evolution of individual jurisdictional policies. These laws constantly shift as new budgets and bills are passed year after year, and the impacts these laws can have on the way you manage your affairs in the area can be significant, not to mention detrimental if you’re not careful.

Not only must your attorney have experience with the laws and regulations within your jurisdiction, but they must also be constantly abreast of the changes in those laws. Our attorneys are constantly up to date on the new laws passed throughout Illinois, and we are conscious of the ways those can affect you.

Industries and Sectors

The nature of your financial activities will have a significant impact on the way state and local tax laws will influence your ability to thrive in today’s economy. These activities take numerous forms, including:

• Incorporation of entities
• Structuring of operations and fiduciary practices
• Investing in special purpose vehicles, real estate, and other property
• Trading, selling, and buying assets, futures, securities, etc.
• Making improvements to personal or commercial property
• Managing and depreciating rental property

The ultimate goal is to minimize your tax burdens while keeping within the allowances set by local and state laws. Hart David Carson, can help you do that. 

To learn more or to set up a consultation, contact us today.