Frequently Asked Questions

Since 2005

Our tax consultants include lawyers and CPA’s.

No, Tax Law Solutions is a tax planning and consulting firm that employs various professionals, including tax lawyers, tax accountants, and highly experienced business executives.

No. We work exclusively with business owners or individuals who can control the way they receive their income.

No. We work exclusively with individuals who have active income resulting from their trade or business.

Yes

We will conduct a complete analysis of your current tax situation, and in order to do that we need to review your last 2 years business and personal tax returns so that we have performed a thorough and complete diagnostic.

We will ensure confidentiality of your personal and financial information with a bilateral NDA and providing a secure link to upload your financials.

We believe our job is to first provide you with a thorough assessment of your current tax situation before we can offer any recommendations. You will only pay if you want us to create and implement a new tax plan for you.

Our criteria for qualification are simple. If you’re currently paying $15,000 or more in taxes each year, and you’re a business owner or professional who has the ability to control the way you receive your income, chances are we can help you substantially reduce your income tax liability.

We take a forward thinking approach to tax planning. We can only help you with the current and future year taxes.

No

Sometimes it really is about knowing the right people – in tax planning or in any other skilled profession. Because we are extremely narrow in our focus, we are also deep in our knowledge and understanding of applicable IRS tax code to business owners. CPAs typically do tax reporting, not forward tax planning and analysis. Plus, it’s quite literally impossible for any one person to have a complete understanding of all of the tax laws that could benefit you. There are tens of thousands of pages of fine print that make up the Internal Revenue Code. In addition, there are hundreds of thousands of pages of other tax law in the form of IRS regulations, tax court cases, treasury regulations, revenue rulings and other published guidance that has the force of law.

We will be applying tax savings strategies that have been used for years by America’s wealthiest and most successful businesses and business owners, to your business and personal situation. Everything we will recommend is already well-tested tax law. TLS Strategies reflect the application of existing statutes, IRS regulations, tax court cases, treasury regulations, revenue rulings and other published guidance that has the force of law. No consideration has been given to proposed legislation.

It’s a myth that reducing your taxes would result in an audit. Do you really want to pay significantly more in taxes than you legally owe based on the false fear of an audit? Wouldn’t it make more sense to utilize available laws to reduce your tax liability to the legal minimum?

Yes, and it’s not at all unusual for a successful business owner to be audited. In fact, you should behave as if you will be audited – by doing the right things, and doing things the right way regarding your documentation. If an audit occurs that relates to a strategy recommended by TLS and the client is still active, then TLS will assist in your defense.

Yes, TLS will offer support for TLS recommended strategies for all active clients.

While the strategies we recommend have been part of the IRS tax code for many years, and change is unlikely, if a change in the strategies we recommend does occur, we will inform our clients.

We don’t know, but presumably, because they are not familiar with these strategies. Typical CPAs do not do forward-looking tax planning; they are basically backward-looking historians who record tax information for a year that is already over. To do that type of work does not require knowledge of tax laws that COULD apply to you; it only requires knowledge of tax laws that DID apply to you. While we all need and use CPAs, their skill sets are different.

No. In fact, we work with many of our clients CPAs. If you move forward with the tax reduction strategies we recommend, we will also train your CPA and help them properly file your tax returns.

Absolutely. After you’ve decided to move forward with TLS, we recommend inviting your CPA to the final presentation meeting. We will also include them in as many implementation meetings/calls that they’d like to attend. We will ask them to sign our tax advisor NDA.

Then you should ask them on what basis. Demand that your CPA be as thorough and detailed in their explanation of why they believe a strategy won’t work, as we will be in explaining and documenting and proving that it does work. Their opinion – or our opinion – doesn’t matter. What matters is what the law allows. TLS Strategies reflect the application of existing statutes, IRS regulations, tax court cases, treasury regulations, revenue rulings and other published guidance that has the force of law. No consideration has been given to proposed legislation. We know and understand tax law.

No. Tax Law Solutions does not prepare tax returns; we are not a CPA firm.

Absolutely. We work with a lot of really great CPAs that we can recommend, who are very familiar with our strategies.

The strategies we recommend are tailored specifically to meet our client’s personal and business situation. The basis of our plans involves three components: Structure, Strategies, and Savings. After we’ve been able to review your tax returns and business financials, we can dive deeper into each element.

No. Webster’s definition of loophole is, “a means of escape or evasion.” There is no evading the law, and TLS Strategies reflect the application of existing statutes, IRS regulations, tax court cases, treasury regulations, revenue rulings and other published guidance that has the force of law. No consideration has been given to proposed legislation.

The tax plan we design for you is sustainable, enabling you to significantly and permanently reduce your income tax liability year after year. However, as your business and personal situation evolves, your tax situation may change. If your situation changes dramatically, we recommend a review of your new situation to determine if there are additional recommendations we can offer to help you remain tax efficient.

There is no cost for us to review your current tax situation. If you decide to move forward with Tax Law Solutions, we will charge a fixed fee to develop and implement your tax plan. The fee is based on the scope of the project.

There are no ongoing fees associated with the design or implementation of your tax plan. If you decide to rehire us for continued ongoing support after your first year of service, there is a small annual fee.

Some of our strategies won’t require any of your time; some could take up to 90 minutes each month depending on which strategies you decide to utilize.

We move pretty fast. Typically, we are prepared to present your tax plan, within a week or two of receiving your signed contract and retainer check. Full design/implementation can take up to 90 days depending upon your availability. Of course, it is important for you to be responsive to our tax experts as delayed responses will prolong the process.

Have you been there? It’s a beautiful tropical island with great weather all year long. We live there because we can! Notwithstanding the fact that it’s a great place to live and work, we practice what we preach – and Puerto Rico is a US Possession that has incredible tax benefits as a result of various laws that have been passed to incent business development on the island. From that perspective, you might think of Puerto Rico as an “economic development zone”. We also have TLS employees working from their home offices throughout the United States.

An economic development zone is an area selected by local or state authorities to receive assistance from government-sponsored economic programs. Assistance may take the form of tax incentives or low-interest loans for businesses that locate or expand in the area. (Source: businessdictionary.com)

There are hundreds of areas across the US that offers various tax and financial incentives to business owners.

On January 17, 2012 Puerto Rico enacted Act No. 20 of 2012, as amended, known as the “Export Services Act” (the “Act”), to offer the necessary elements for the creation of a world class international economic center. The Act provides tax exemptions and tax credits to businesses engaged in eligible activities in Puerto Rico.

Act No. 22 of 2012 seeks to attract new residents to Puerto Rico, by providing a total exemption from income taxes on all passive income realized or accrued after such individuals become bona fide residents of Puerto Rico. The goal of this act is to stimulate economic investment in the island.

Act No. 73 of 2008, known as the Economic Incentives Act for the Development of Puerto Rico, is similar (and was a predecessor) to Act 20. Act 73 was established to provide the environment and opportunities necessary to stimulate the economic development of Puerto Rico, with the goal attracting direct investors from outside of Puerto Rico through tax and other significant financial incentives.

Puerto Rico is a territory of the United States, and has been since 1898, when it was acquired from Spain after the Spanish-American War. With its approximately 3.5 million residents, Puerto Rico is the most highly populated of all United States territories. People who are born in Puerto Rico are U.S. citizens.

Sure. After we’ve reviewed and analyzed your tax returns and tax situation, we would be happy to present our findings and recommendations in person. We can also conduct meetings remotely via teleconference.

As you can imagine, your or any others client’s business and personal tax situation is a highly confidential matter, and we protect our client’s information as diligently as you would expect us to protect your information. Since all of our clients – including you – will have signed a confidentiality agreement with TLS, the identities and tax situations of our clients remain confidential information. Having said this, you may have been referred to us by an existing TLS client. Because you probably already have a relationship with that person, we would encourage you to talk to him/her and see if they are willing to reveal specifics about how they felt about TLS.

No. Tax Law Solutions in not an investment firm.

The first step is for you to send us your last 2 years business and personal tax returns. The team will then analyze your financials, schedule a follow-up call with you to obtain additional information and then schedule a date for the presentation of our recommendations to you. If you would like additional information, please contact us.