Tax Planning in an Uncertain Environment

Tax Planning in an
Uncertain Environment

Businesses are facing challenges we could have never imagined, requiring owners to react quickly to the changing tax environment created by the CARES Act and other legislation. As a result, companies’ tax situations became more complex seemingly overnight. Our tax advisors are continuously monitoring the situation closely and are prepared to review your business’ tax situation to strategically identify solutions to not only navigate the current crisis, but to come out stronger on the other side.

Access Our Webinar:
Tax Planning in an Uncertain Environment
Our tax experts, Jenny Kramer and Drew Long discussed several tax planning items, such as:
  • 2020 tax planning strategies (and beyond)
  • CARES Act second chances such as QIP, interest expense limitations, NOL carrybacks and more
  • Long-term tax planning strategies (depreciation strategies, income and deduction acceleration or deferral strategies)

Proactive Tax Planning Strategies

Check out how we’ve helped clients like you take proactive steps to come out stronger on the other side.

Advised client on how to defer tax on a gain of $1,250,000 on the sale of real estate by a like-kind exchange for land located in an opportunity zone, and then how to qualify the improvements on the land to take advantage of opportunity zone gain deferral of other gains of $2,300,000. After holding the new property for 7 years, tax on $345,000 of the gain is avoided completely and there will be no tax future appreciation of qualified opportunity zone property if held an additional three years.
Advised family of decedent on elections and allocations allowing client to step up the basis of partnership property (including lower tier partnerships) and allowing clients to claim additional annual depreciation deductions of $50,000 per year.
Advised a client on liquidation of partnership to allow one partner with high basis to sell a parcel of land with no tax while another partner (elderly and in ill health) keeps remaining land with low basis which is stepped up at death ultimately avoiding tax on a potential gain of $19,000,000.
Advising client on how to restructure an acquisition of a C corporation to allow for deduction of interest on acquisition loan as trade or business interest not subject to investment interest limitations.
Previous slide
Next slide

“Our Sikich advisors immediately provided us with creative, tax-advantageous solutions—offering depths of resources and knowledge. Since we approached Sikich more than three decades ago, their team has been pivotal in helping us manage our operational complexities and challenges. We continue to rely on Sikich not just as our business consultant, but as a trusted partner in our growth.”

Jim Voelz, President/Owner
The Redmond Company, a commercial design + build company

“Out of our 100+ product and service suppliers, I would put Sikich in the top 5 percent. Whenever we need help, their team will come in a minute’s notice, no questions asked, and the job always gets done.”

Phil Knoebel, CEO
Renaissance Manufacturing Group, a multi-ferrous metal caster

“The people at Sikich are intelligent and consistent—I have no doubt that I will continue to work with them through all of my business’ challenges and growth. They are the only firm I know that can meet my company’s expectations and position us for rapid advancements.”

David Wierdsma, President
Everything 2 Go, a wholesale company

“2020 brought a lot of unique challenges for businesses. We were lucky to have Sikich on our side to guide us through everything within the CARES Act. It would have been impossible to digest our options and secure the necessary resources to keep our business operating without their team of professionals.”

Lexi Southall, President, Brieser Construction Co.

Contact uS

When your business is navigating uncertain times, you want access to the latest guidance and timely advice, not just a bill for your tax return. To meet with our experts and review your current tax situation, contact us today.