McNally Peterson, S.C. | Personal and Business Taxation
Call Us at 414-257-3399
Practice Areas

Personal and Business Taxation

Nearly all business and personal planning decisions made by clients have consequences for income, estate, or sales and use taxes. The firm’s attorneys combine backgrounds in law, accounting and tax to provide valuable advice to individual taxpayers, families and business owners.  Our team develops and implements practical planning solutions geared to protect our clients’ assets, minimize taxes and preserve wealth for the next generation. Keeping abreast of changes in the tax regulations with an eye towards our clients’ goals produces desired results.  We have a deep knowledge of tax law in the following areas:
 
  • Estate and trust income tax planning  
  • Personal tax planning
  • Real estate
  • Business taxation
 
BUSINESS AND TRANSACTION STRUCTURING

When buying, selling or reorganizing a business, proper structuring of the transaction can result in significant tax benefits. Properly assessing the tax advantages and disadvantages of various forms of business ownership may determine the success of the venture. We take into account Federal and state income and transfer taxes in structuring the affairs of clients to best achieve their wealth preservation objectives.
Our familiarity with the complex structures that frequently characterize business transactions is comprehensive and includes:
 
  • Helping clients clarify their goals and strategies for the proposed transaction
  • Determining which form of business entity is best
  • Structuring offer letters and letters of intent, and preparing necessary contracts
  • Establishing and maintaining shareholder agreements, buy sell agreements and partnership or operating agreements
  • Analyzing and structuring ownership succession planning among family generations or third-party purchasers  
 
PERSONAL TAX PLANNING

Our lawyers provide guidance to clients in understanding how relationships among business, estate and personal decisions affect their tax planning decisions. Clients look to us for practical and tax-efficient solutions that will accomplish their specific estate planning goals for protecting wealth for their beneficiaries and addressing other matters most important to them. 
We are sufficiently diverse and have the experience to provide advice and a complete range of services, including guidance with asset management, business succession analysis, corporate transactions and retirement benefits planning. Documents commonly used to fill your estate planning needs, include:
 
  • Wills
  • Durable powers of attorney
  • Health care powers of attorney
  • Guardianships for minor children
  • Revocable living trusts to access assets
  • Irrevocable life insurance trusts and other asset protection trusts
  • Supplemental /special needs trusts and tax planning
  • Charitable remainder and annuity trusts
  • Estate planning for nontraditional families
  • Specialized forms of grantor trusts and generation-skipping trusts
 
TAX AUDITS AND INVESTIGATIONS

When our clients are faced with state or Federal tax audits or investigations, our tax attorneys represent and vigorously defend them before the Wisconsin Department of Revenue (WDR) or U.S. Internal Revenue Service (IRS). Our assistance is most effective when we are engaged very early in the process, as we are prepared to offer the following services and advice:
 
  • Identifying the most effective approach to achieving resolution
  • Representing clients in any responses to the IRS and WDR
  • Seeking rulings and managing audit proceedings
  • Documenting and pursuing any settlements or refund claims
 
SALES AND USE TAX MATTERS

Wisconsin has a well-deserved reputation as a state with significant state and local tax burdens. That, coupled with the State's rigorous auditing and tax collection practices, underlines the importance of obtaining sound advice to avoid or remedy complicated and confusing sales and use tax problems. We offer tax planning and aggressive pursuit of tax refund opportunities and represent clients in any applicable audit processing.