Tax consequences are a very important consideration no matter what area of law you are dealing with. Unfortunately, many lawyers fail to remember to check on what sort of tax consequences your case will have on you. When this happens, serious consequences can occur.
Have you incurred negative tax consequences because of the negligence of a past attorney? Bryan Murphy can help. Contact his Portland-based law office for guidance through your malpractice claims.
Different Damages Are Taxed Differently in Oregon
Depending on what type of case you have, the money you receive could be taxed at different rates. For instance, if someone is injured and can no longer work, the compensation for lost wages will be taxed differently than the compensation for property damage or personal injury.
The structure of your transaction could also greatly impact how money is taxed. Whether you decide to allocate money between the purchase price of an asset and/or future income through noncompetition agreements can have drastic tax implications.
The main point is that how your attorney structures how you get paid matters. If he or she forgets that, you could have a claim against him or her for malpractice.
Business Formation Errors and Tax Consequences
When forming a business entity, it is critical to have an attorney who knows what he or she is doing. If the wrong entity is chosen, you could be paying way more tax than you should. If you have suffered because a lawyer decided to form an S corp or C corp instead of an LLC (or vice versa), Bryan Murphy will help you.
Mr. Murphy is experienced with all types of entity selection and the tax consequences that come with each one.
Consult With Bryan Murphy Regarding Legal Malpractice in Portland
For answers to your questions regarding legal malpractice when a lawyer fails to consider the tax consequences of your claims, call 503-505-7954. Attorney Bryan P. Murphy is fully capable of resolving your case and getting you back on your feet.