A business sale, partnership buyout, entity change, or family business succession can create significant tax and legal considerations. The decisions made before a transaction or ownership change can affect how the transaction is structured, reported, and handled for tax purposes.
Bakke Norman’s tax attorneys work with Wisconsin businesses, farmers, individuals, and high-net-worth families on federal, state, and local tax matters.
The firm’s tax practice includes business and corporate tax planning, entity structuring, mergers and acquisitions, business sales, partnerships, succession planning, and administrative and judicial tax matters.
What Does a Business Tax Attorney Do?
A business tax attorney helps owners address the legal and tax issues connected to business formation, ownership changes, transactions, succession planning, and tax disputes.
While tax preparation focuses on reporting income and filing returns, tax planning considers the potential tax consequences of decisions before they are made.
For example, a business owner preparing to sell a company in Eau Claire may need to consider the structure of the transaction, while an owner transferring a family business in Baldwin may need to consider business succession, estate planning, and tax issues together.
Bakke Norman’s tax attorneys advise clients at the federal, state, and local levels and work with businesses and individuals on a range of tax matters.
The firm is also associated with Richardson Tax & Accounting LLC, which has provided tax preparation and tax planning services to farmers, businesses, and individuals for more than 40 years.
Tax Planning Before a Major Business Decision
Tax planning can be especially important before a significant ownership or business transaction.
Depending on the circumstances, business owners may need to evaluate:
- How a transaction will be structured
- Whether an asset or equity transaction is being considered
- How a business entity affects tax treatment
- Partnership and ownership agreements
- Potential tax consequences of a business sale
- Business succession and ownership transfers
- How business and personal tax considerations interact
The right approach depends on the business structure, transaction, ownership arrangement, applicable tax rules, and other facts. A tax attorney can help identify legal and tax considerations before documents are finalized.
Tax Considerations in Mergers, Acquisitions, and Business Sales
Mergers, acquisitions, and business sales can involve complicated tax and legal questions.
The tax consequences can differ depending on how a transaction is structured. For example, an asset transaction and an equity transaction can have different tax implications for the parties involved.
Bakke Norman’s tax attorneys advise clients on tax issues related to mergers, acquisitions, sales, partnerships, and joint ventures.
This work can include:
- Reviewing potential transaction structures
- Identifying tax issues that may affect a proposed deal
- Advising on partnership and ownership arrangements
- Coordinating legal and tax considerations with the client’s accounting professionals
- Helping business owners understand potential tax consequences before a transaction closes
For an owner in New Richmond, Menomonie, Baldwin, Eau Claire, or elsewhere in Northwest Wisconsin who is considering selling a business, bringing in a partner, or completing another major transaction, early legal and tax review can help clarify the issues before agreements are finalized.
Choosing the Right Business Entity
The choice of business entity can affect taxation, ownership, management, liability, and future business transactions.
Common structures include:
- Limited liability companies (LLCs)
- S corporations
- C corporations
- Partnerships
There is no single entity structure that is appropriate for every business. The right choice depends on factors such as the company’s activities, ownership, tax considerations, financing plans, and long-term goals.
Bakke Norman advises businesses and individual owners on business formation, corporate structuring, entity selection, tax matters, and related transactions.
Entity planning can also become important when an existing company grows, adds new owners, changes its operations, or prepares for a future ownership transition.
Business Succession and Estate Planning
For family-owned businesses, business succession and estate planning can overlap.
A business owner may need to consider how ownership will transfer, who will take over management, how the business will be valued, and what tax and legal issues may arise as part of the transition.
Bakke Norman’s tax attorneys work with business owners on succession planning and related tax matters. The firm’s attorneys also handle estate planning, trusts, probate, and business transactions.
This can be particularly relevant for Wisconsin farmers and other closely held businesses where the company or farm represents a significant portion of a family’s assets.
Wisconsin Estate Tax: What Business Owners Should Know
Wisconsin does not currently impose a state estate tax for deaths occurring after December 31, 2007. Wisconsin also does not impose an inheritance tax for deaths occurring on or after January 1, 1992.
However, federal estate tax rules can still apply to qualifying estates. For 2026, the federal basic estate tax exclusion amount is $15 million.
Estate planning for a business owner can involve more than determining whether an estate is subject to federal estate tax. Ownership interests, business succession, trusts, gifting strategies, and the transfer of business assets may all need to be considered.
Because federal tax laws can change, business owners should discuss their individual circumstances with qualified legal and tax professionals rather than relying on general thresholds.
When a Tax Matter Becomes a Dispute
Not every tax issue ends with a return or planning discussion. Some matters develop into disputes with a taxing authority.
Bakke Norman’s tax practice includes administrative and judicial tax actions, as well as legislative tax matters.
Tax disputes can involve questions about the interpretation or application of tax laws, assessments, filings, or other issues involving a taxing authority. The appropriate response depends on the facts and the stage of the matter.
Getting legal advice early can help a business owner understand the available options and deadlines that may apply to a particular dispute.
Why Work With a Wisconsin Business Tax Attorney?
A business tax attorney can be useful when a tax issue is closely connected to a legal transaction or ownership decision.
You may want to consult a tax attorney when you are:
- Buying or selling a business
- Forming or restructuring a company
- Adding or buying out a business partner
- Negotiating a merger or acquisition
- Planning a business succession
- Transferring a family-owned business
- Reviewing a partnership or ownership agreement
- Dealing with a tax dispute
- Coordinating business and estate planning
Bakke Norman’s tax practice serves farmers, businesses, high-net-worth families, and individuals on federal, state, and local tax matters.
Talk to a Wisconsin Business Tax Attorney
Business tax questions depend on the specific facts, structure, transaction, and applicable tax rules.
Bakke Norman provides tax and business legal services from offices in New Richmond, Menomonie, Baldwin, and Eau Claire, serving clients throughout Northwest Wisconsin.
If you’re planning a business sale, restructuring an entity, transferring ownership, or dealing with a tax matter, contact Bakke Norman to discuss your situation with a Wisconsin tax attorney.
Business Tax Attorney FAQs
Do I need a tax attorney if I already have an accountant?
Not necessarily, but the two professionals can serve different roles. An accountant may handle tax preparation, accounting, and financial reporting, while a tax attorney can provide legal advice concerning tax matters, business transactions, entity structures, and tax disputes.
Bakke Norman is associated with Richardson Tax & Accounting LLC, providing clients with access to both legal and tax/accounting resources.
When should I contact a tax attorney about selling my business?
It is generally best to seek legal and tax advice before the terms of a transaction are finalized. The structure of a business sale can affect its tax and legal consequences, so addressing those issues early can give the parties a clearer understanding of the transaction.
Does Wisconsin have an estate tax?
No. Wisconsin does not impose an estate tax for deaths occurring after December 31, 2007. Wisconsin also does not have an inheritance tax for deaths occurring on or after January 1, 1992.
Federal estate tax rules may still apply. For 2026, the federal basic exclusion amount is $15 million.
What types of businesses can benefit from tax planning?
Tax planning can be relevant to many types of businesses, including closely held companies, partnerships, corporations, farms, and other business entities. The issues to consider depend on the company’s structure, ownership, operations, and planned transactions.
What tax matters does Bakke Norman handle?
Bakke Norman’s tax practice covers federal, state, and local tax matters, including tax planning, corporate structuring, mergers and acquisitions, sales, partnerships, joint ventures, and administrative and judicial tax actions. The firm also works with farmers, businesses, high-net-worth families, and individuals.