Tax and Financial Planning — Orland/Tinley Park and Chicago Southwest Suburbs
Tax law and financial planning are inseparable. The decisions you make about your business structure, retirement accounts, real estate investments, and estate plan all carry tax consequences that can either preserve wealth or erode it. The difference often comes down to whether you have an advisor who understands both sides of the equation.
Paul Lechner holds a Juris Doctor, a Master of Laws in Taxation (LLM), and is a licensed Certified Public Accountant. He is admitted to practice before the U.S. Tax Court — a distinction that matters when a tax dispute escalates beyond the administrative level. He has served as past President of the Illinois Chapter of the Financial Planning Association and as an Adjunct Professor of Retirement and Estate Planning at Saint Xavier University and Governors State University.
We provide tax counsel to individuals, professionals, business owners, and estates throughout Orland Park, Tinley Park, Frankfort, Mokena, and the Chicago southwest suburbs.
Tax Planning Services
Individual & Business Tax Planning
Proactive tax planning goes beyond filing returns. We analyze your income, investments, business structure, and retirement strategy to identify opportunities to reduce your current and future tax liability. For business owners, that includes entity selection, compensation planning, fringe benefit strategies, and timing of income and deductions.
IRS Resolution & Tax Appeals
When the IRS asserts a deficiency, initiates an audit, or levies penalties, you need representation that understands both the tax law and the procedural rules. We represent individuals and businesses in IRS examinations, appeals, and U.S. Tax Court proceedings. Our goal is to resolve disputes at the earliest possible stage — and to negotiate penalty abatements and installment arrangements when appropriate.
Business Retirement Planning
Business owners have access to retirement plan structures that are unavailable to employees — and that can shelter significantly more income from tax. We analyze SEP-IRAs, SIMPLE IRAs, Solo 401(k) plans, defined benefit pension plans, and cash balance plans to determine the strategy that maximizes deductions while building wealth for your retirement.
Private Foundation Planning
For clients with significant philanthropic goals, a private foundation can provide a structured vehicle for charitable giving, family involvement in philanthropy, and a meaningful estate tax deduction. We advise on formation, governance, excise tax compliance, and grant-making procedures for private foundations.
Closing an Estate: Tax Forms and IRS Process
One of the most common questions personal representatives ask is: how do we close the estate from a tax standpoint and confirm that no further IRS claims are outstanding? There is no single “certificate of no tax due” for an entire estate, but the IRS has a defined set of forms and procedures to address each category of tax liability. Understanding these tools is essential for any executor or trustee navigating the post-death tax process.
Form 5495 — Discharge of Personal Liability
This form allows the executor to request discharge from personal liability for the decedent’s income and gift taxes. After filing all required Form 1040s and gift tax returns, the executor files Form 5495 to ask the IRS to formally assess (or confirm no assessment of) those taxes within nine months. If the IRS does not respond within nine months of the request, the executor is automatically discharged from personal liability for those obligations. Critically, this discharge applies to the executor personally — the IRS retains the right to collect any outstanding tax from estate assets.
Form 4422 — Release of Federal Estate Tax Lien
Federal law automatically places a lien on all assets in a decedent’s gross estate for any unpaid estate tax, regardless of whether a Form 706 is required. When the estate intends to sell real property, this lien must be released from that specific property before a clear title can be conveyed. Form 4422 requests release of the lien on specific property and, in cases where no estate tax return is required, can also be used to obtain a letter from the IRS confirming that no Form 706 filing is required — which title companies typically require for the sale of estate real estate.
Form 4810 — Request for Prompt Assessment
Under normal rules, the IRS has three years from the date a return is filed to assess additional tax. A fiduciary can file Form 4810 to shorten that assessment window to 18 months for the decedent’s income and gift tax returns. This accelerated assessment period can allow a fiduciary to close an estate with greater certainty that no future IRS claim will arise — though it cannot be used for Form 706 estate tax returns, which have their own assessment rules.
Form 706 — Federal Estate Tax Return
Required for estates exceeding the applicable federal exclusion amount (currently over $13 million per individual for 2026). The IRS reviews Form 706 and, upon request, issues an Estate Tax Closing Letter (ETCL) confirming that the estate tax examination is complete. The ETCL does not discharge the estate from future assessments in all circumstances, but it is the primary administrative indication that the IRS has concluded its review of the estate tax return.
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Related Practice Areas
- Estate Planning — wills, trusts, and tax-efficient wealth transfer strategies
- Business Succession Planning — tax-efficient ownership transfer and exit planning for business owners
- 1031 Like-Kind Exchanges — deferring capital gains tax on real estate investment sales
- Corporate Law — entity selection, corporate maintenance, and tax-efficient business structures
- Tax Litigation — IRS appeals and U.S. Tax Court representation