For many business owners, it seems like they devote more time to planning a vacation or where to eat dinner than they do deciding who will inherit their estate. Sure, estate planning isn’t as fun as booking a trip or checking out restaurant reviews, but without it, you can’t choose who gets everything that you worked so hard for.
So you are a successful business owner, used to controlling your own destiny; but for numerous potential reasons whether it is the desire to spend more quality time with the family, a recent health event or changing business circumstances, the necessity to take less of a role in the day-to-day management of your business is increasingly important to you.
Under IRC Section 7525 (A) (enacted 7/22/98): With respect to tax advice, the common law protections that apply to a communication between a taxpayer and an attorney applies to a communication between a taxpayers and any Federally Authorized Tax Practitioner (“FAPT”) (which includes attorneys, cpas, enrolled agents, see IRS Pub 947, and Treasury Dept. Circular 230) does not apply in criminal matters.