Mysock, Chevaillier & Bolden, L.L.P. specializes primarily in Taxation, Estate Planning, ERISA, Elder Law and Business Transactions for Corporations, Limited Liability Companies, Partnerships and Individuals.
We provide comprehensive estate planning consultation and document preparation for small and large estates. Because of our expertise in taxation, we can coordinate your financial, business and estate planning to insure the maximum transfers of wealth to successive generations. We often provide these services on a fixed fee basis for living trusts and wills, irrevocable life insurance trusts, family limited partnerships and family limited liability companies, charitable trusts, education trusts, asset protection programs, private foundations, and domestic asset protections plans. We provide legal representation in all probate matters.
We provide our clients business expertise in business transactions, ranging from entity selection and business organization, mergers and acquisitions, contracts, financial planning, retirement plans, succession planning, and comprehensive planning.
We offer experienced and knowledgeable tax counseling and professional preparation in the areas of federal, state, and local and foreign taxation to individuals, business entities, trusts and estates.
We represent individuals and companies in civil and criminal tax litigation. We also represent individuals and companies in tax collection matters in Federal and state courts or before administrative agencies.
This month, the IRS will begin implementation of new procedures affecting individuals with “seriously delinquent tax debts.” These new procedures implement provisions of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. The FAST Act requires the IRS to notify the State Department of taxpayers the IRS has certified as owing a seriously delinquent tax debt. See Notice 2018-1. The FAST Act also requires the State Department to deny their passport application or deny renewal of … Continued
Layman’s version of Deduction for Qualified Business Income of an Individual under Sec. 199A The Qualified Business Income tax deduction gives the owners of pass-through businesses like sole proprietors, partnerships, S corporations and real estate investors a deduction equal to 20% of qualified business income. What is Qualified Business Income? The qualified business income includes the profit from an active trade or business and then also rental income as long as you operate as a pass-through entity. … Continued
‘Tis the season of employee rewards and bonuses. Below is a quick guide for the tax consequences of gift giving: Bonuses Year-end bonuses are subject to the same payroll taxes that an employee’s normal pay is subject to. This includes all federal and state withholding requirements and the employee’s share of FICA taxes (which includes social security and Medicare). Bonuses are considered to be “supplemental wages” by the IRS and are subject to special withholding rules. See IRS … Continued
An employee stock option is a contract that gives employees the right to buy a certain amount of the company’s stock at a predetermined exercise price after a specified vesting period. The exercise price is normally the fair market price of the stock at the time the option is granted, and the option is typically exercisable for a certain period of time. Incentive stock options are a form of qualified stock options that are granted to an employee by … Continued
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Mysock, Chevaillier & Bolden, L.L.P.
2021 S. Lewis, Suite 700
Tulsa, OK 74104
918.747.6099 FAX 918.747.6299