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GREENSBORO, N.C. /ScoopCloud/ -- Petrova Law, a boutique tax law firm, which represents high net worth clients and companies nationwide, has been ranked by Chambers USA among the nation's best for its work on complex and high-stakes tax law matters.

Chambers USA, a premier legal data provider, publishes the most prestigious legal rankings in the United States. The rankings are so demanding in their selection that only two percent (2%) of lawyers and 0.5% of law firms in the United States make the cut. It is truly a client's guide to the best of the best in law.

"I am honored by the recognition. This is like the Oscars, but for law firms and lawyers," Attorney Allie Petrova describes her law firm's recent honor as a Band 2 tax law firm by Chambers USA. "Chambers rankings give a voice to the complexity of the work we do and the care we take to deliver the highest level of results-driven client service in the tax realm."

Only seven North Carolina firms in tax law were recognized by Chambers USA with the high honor this year. The selection utilizes a rigorous and independent research process, ranking lawyers based on legal skills, caliber, professional conduct, and client service among other criteria valued by clients.

"We maintain a reputation for excellence. We are known for handling high stakes matters in tax law, when very significant amounts are in question," says Ms. Petrova. Many of Petrova Law's clients are multi-millionaires and large companies, for whom omissions in tax filings can have a snowball effect when combined with penalties and interest over a number of years.

Petrova Law's Tax department advises business owners, investors, and growth-oriented businesses on business tax matters. The firm represents clients before the United States Tax Court, the Internal Revenue Service, and the state taxing authorities. Attorney Petrova and her team tackle some of the most challenging cases in asset protection and tax structuring, tax-related litigation, IRS audits and administrative appeals.

Ms. Allie Petrova, an experienced tax lawyer from North Carolina, is distinguished to be among a handful of lawyers in her field with a Chambers USA recognition in the state. Chambers USA ranks law firms and lawyers separately. Ms. Petrova is highlighted as a preeminent practitioner for her strength in assisting clients with tax structuring and with legal representation in disputes before the IRS.

"Creating a guided step-by-step process for a stress-free client experience rooted in discretion is a pillar in our work," explains Ms. Petrova. It all starts with a user-friendly visit to the firm's website at www.petrovalaw.com, where clients can arrange a private and confidential consultation with one of the firm's attorneys.

About Petrova Law:

Petrova Law is a national tax law firm which exclusively represents high-income taxpayers and businesses with high-stakes, high-value tax debt before the IRS and state tax authorities.

For more information about Petrova Law, visit: https://petrovalaw.com/

Petrova Law, a boutique tax law firm, which represents high net worth clients and companies nationwide, has been ranked by Chambers USA among the nation's best for its work on complex and high-stakes tax law matters.

Related link: https://www.petrovalaw.com/

WEST PALM BEACH, Fla. /ScoopCloud/ -- Tax Help MD helps self-employed individuals and small businesses to resolve tax issues. From basic tax filings to more complex situations, Tax Help MD wants its clients to come out on top. That's why it empowers them with information, so they can get the best tax benefits available.

"For example, many businesses are not aware that the qualified business income deduction (QBI) is a tax deduction that allows eligible, self-employed and small-business owners to deduct up to 20 percent of their qualified business income on their taxes," Ekaterina Drouin, president, Tax Help MD says.

Here, Tax Help MD lists the five steps small corporations need to follow to accurately calculate QBI:

1 - Identify eligible business activities: Determine which activities conducted by the small corporation qualify for the QBI deduction. Generally, most trades or businesses other than specified service trades or businesses (SSTBs) are eligible. SSTBs include professions such as law, accounting, healthcare, consulting, financial services and others.

2 - Calculate the QBI for each eligible business activity: For each eligible business activity, calculate the QBI separately. The QBI is generally the net income or loss from the activity, excluding certain items such as capital gains or losses, dividends and interest income.

3 - Consider limitations and thresholds: QBI calculations may be subject to various limitations and thresholds. One such limitation is the taxable income threshold, which can affect the availability and amount of the QBI deduction. For tax years beginning in 2021, the threshold is $329,800 for married filing jointly or $164,925 for individual taxpayers.

4 - Apply W-2 wage and qualified property limitations (if applicable): For certain businesses, there are additional limitations based on W-2 wages and qualified property. If the small corporation is subject to these limitations, calculate the allowable QBI deduction based on a combination of the QBI, W-2 wages paid by the business and the unadjusted basis of qualified property used in the business.

5 - Determine the QBI deduction: Once the QBI is calculated for each eligible business activity and relevant limitations are applied, then the overall QBI deduction for the small corporation can be determined. The QBI deduction is generally a percentage (up to 20 percent) of the total QBI from all eligible activities.

Tax Help MD staff warns that it's important to note that tax laws and regulations are subject to change, and there may be additional considerations and complexities involved in calculating QBI for small corporations. Therefore, consulting with a qualified tax professional or accountant who is familiar with specific circumstances is highly recommended to ensure accurate and compliant calculations.

"We're a small business - just like many of our clients - so we're intimately familiar with their situations and how to help them achieve the best outcomes possible," Drouin says.

About Tax Help MD:

In business since 2012, Tax Help MD is a results-driven, full-service tax resolution organization which specializes in helping taxpayers get free of the stress and strain of tax debt. It has a CPA and tax attorney on staff and will help to set up IRs payment plans as needed too.

FOR MORE INFORMATION:

Tax Help MD: https://www.taxhelpmd.com/

Tax Help MD helps self-employed individuals and small businesses to resolve tax issues. From basic tax filings to more complex situations, Tax Help MD wants its clients to come out on top. That's why it empowers them with information, so they can get the best tax benefits available.

Related link: https://www.taxhelpmd.com/

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Tag Archives: tax attorney

Tax Attorney to Millionaires Among Nation’s Best by Chambers USA, Defends High Stakes Tax Cases Before the IRS

Tax Help MD Provides Five Steps to Help Small Corporations Calculate QBI