Many taxpayers do not understand our complex tax laws, and occasionally make simple errors that lead to extremely harsh consequences.
Think of a corporation that pays Capital dividends (typically tax free), one day before they were allowed to. This means that the dividend is subject to tax simply because it was paid out one day early.
Here at Rosen Kirshen Tax Law, we can assist with the use of the Doctrine of Rectification. Essentially, we can help by rescinding or revising a transaction where the tax consequences are not as you thought they would be, or intended them to be. For more information please contact us today.
This posting provides information of a general nature only. It does not provide legal advice nor can it or should it be relied upon. All taxation situations are specific to their facts and will differ from the situations in the articles and postings. If you have specific legal questions you should consult with a lawyer.