Law
Best Lawyers 2011
By Seattle Business Magazine January 3, 2011
Every year brings opportunities and challenges, and 2011 is likely to be no exception. Competitive pressures, economic woes, high rates of unemployment, difficult to obtain financing and slow economic growth are among the challenges that businesses face. In addition, state and federal legislation could add to these business challenges with higher taxes, piles of administrative burdens, more rigorous enforcement and collection activities.
During 2011, obstacles are likely to arise in a number of areas. Obtaining sound legal advice would be beneficial in handling these obstructions and it could lead to a successful year.
Federal, state and local governments are short of revenue. While some government cutbacks have occurred, more are likely in view of the November elections. New and higher tax rates are generally viewed by those in government as the prescription.
Changes to the tax laws will be on the table during 2011. Various tax breaks may stay or lapse as the Bush-era income and estate tax cuts are scheduled to expire January 1. President Obama has proposed business tax breaks and a reform of United States tax rules applicable to international business and investment activities. Any reshuffling of the tax rules and rates will create uncertainty for businesses and require assessment of how tax situations should be handled.
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