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.
The Department of the Treasury and the IRS proposed regulations this week that would clarify the relationship between state tax credits and federal rules regarding charitable contribution deductions. Under the proposed regulations, a taxpayer’s allowed federal charitable contribution deduction would be required to be reduced by the amount of any state or local tax (SALT) credit received by the taxpayer for the contribution. For example, if a taxpayer makes a $10,000 contribution to a charitable organization and receives a $6,000 … Continued
The new tax law has created a method of tax savings by providing tax benefits to taxpayers who reinvest capital gains into vehicles called Qualified Opportunity Funds. These funds hold at least 90% of their assets in Qualified Opportunity Zone Property, which is property in low-income communities. If taxpayers take advantage of this opportunity by investing in these funds by 2021 and holding them for at least five years, the law allows them to increase their basis in the initial … Continued
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
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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