Overview
Central to every predominant investment, commercial enterprise selection or personal financial plan are the tax implications of such actions. Whether you're a multinational corporation thinking about an acquisition or joint undertaking, or the proprietor of a privately held commercial enterprise growing your succession plan, tax results require cautious consideration and interest.
Our tax specialists provide you and your enterprise with a full range of services concerning each stage of complexity and class in tax regulation. We represent people, organizations and tax-exempt groups in planning, transactional, antagonistic, reporting and crook tax subjects. The variety of our organization's huge customer base and our many special trouble referrals has advanced our enjoy in non-habitual regions of exercise.
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What We Do
We assist builders and organizations in multi-family housing and community improvement transactions. At the middle of this method is counseling related to federal, country and neighborhood help applications, qualifying for low profits housing and rehabilitation tax credits, and partnership structuring. Working in tandem with lawyers from our commercial enterprise and belongings exercise regions, we also offer assistance with construction and everlasting financing and property acquisition and development.
Our legal professionals are actively concerned with tax planning for enterprise transactions. We are well versed with the structuring, acquisition, reorganization and disposition (taxable or tax deferred) of partnerships, limited legal responsibility companies and corporations, inclusive of S groups. Much of the transactional planning and implementation includes closely held companies and the tax impact at the entity in addition to at the person owners. Transactions consist of entity sales, mergers, spin-offs, recapitalizations and liquidations for organizations, joint ventures and restrained liability companies as well as redemptions, reorganizations and valuation freezes of individual proprietor pursuits. We are consulted on state-of-the-art partnership tax regulation troubles concerning specific financial sharing arrangements. We additionally have massive experience with the New York State Empire Zone and Brownfield Tax Credit packages, representing many clients seeking to maximise their tax blessings below those applications.
Business transactions consist of:Tax-free real estate exchangesAcquisitive and break up-up business reorganizationsValuation freeze recapitalizationsShareholder agreementsChoice of entityReal property improvement activities
The instruction of earnings, gift and estate tax returns is a provider for customers with whom we seek advice from for planning or for estate and trust management topics. Our lawyers provide clients typically with advice for the tax reporting of precise profits or price troubles. We are consulted with the aid of businesses and review tax returns on topics regarding the withholding of payroll taxes, the reporting of payments to aliens, the reporting of pension and welfare advantage plans and reporting by means of tax-exempt agencies.
Corporate reorganizations include acquisitions, break up-united statesand spin-offs of a business, inventory redemptions and recapitalizations all of which need to be established to deal with targeted Internal Revenue Service Regulations to be able to achieve a desired tax end result (i.e, commonly tax deferral). Our expertise of accounting and monetary issues enables us to obtain the meant financial and business consequences inside the framework of those Regulations. In many acquisitions, our planning involves the preservation of tax attributes such as accounting techniques and net operating losses. Occasionally, the consolation of obtaining a non-public letter ruling from the Internal Revenue Service is vital.
Many of our business clients are carefully held by way of contributors of a family or by means of a few enterprise partners. Our counseling is designed to deal with the interplay of these troubles affecting the business and its owners. This is of particular importance for a business entity which passes through to the proprietors its objects of profits and deduction (e.g., partnerships, restricted liability companies and S companies). The choice of entity is of precise significance while forming a brand new business or whilst structuring an acquisition or reorganization transaction. We work carefully with our clients’ insurance experts to optimize the usage of tax efficient coverage merchandise.
Criminal subjects for corporate and character taxpayers involve the failure to report returns, the misstatement of taxable earnings and the failure to remit payroll and sales taxes. Our enjoy includes the sizeable, procedural and realistic backgrounds necessary to practice in this region. Our litigation exercise, which incorporates a former U.S. Attorney, is nicely certified to deal with prosecuted topics.
We are intimately acquainted with federal and New York State tax credit and economic incentive programs, which includes ancient tax credit, START-UP New York, the Excelsior Jobs Program, and the New York State brownfields tax credit application. Serving at the team that assisted a client with the development in their headquarters in downtown Buffalo, our tax attorneys carried out one in all the most important brownfield tax credit agreements in Upstate New York up to now.
Our exercise consists of the design, implementation and management of all sorts of retirement and welfare advantage plans for massive and small groups, which includes country wide companies, universities, hospitals and expert groups. We provide ERISA and tax consulting services on nonqualified deferred reimbursement arrangements, cafeteria plans, all kinds of certified retirement plans, such as 401(k) plans, multi-enterprise plans (consisting of withdrawal legal responsibility and delinquent organization contribution issues), fiduciary duty troubles and tax-sheltered annuities for employees of tax-exempt companies.
We additionally have interaction in ERISA protection litigation regarding gain claims and problems of fiduciary responsibility.
Specific sorts of matters with which we had been concerned encompass:
Qualified and nonqualified stock option plans
Phantom inventory plans
Employee stock ownership plans (ESOPs)
Internal Revenue Service and Department of Labor audits
Reporting and disclosure
Qualified home members of the family orders (QDROs)
Qualified scientific child support orders (QMCSOs)
Severance pay and early retirement plans
Educational assistance plans
Dependent care assistance plans
Tax-sheltered annuity plans
Golden parachute payments
Church plans
Prohibited transactions
VEBA trusts
Early retirement incentives
Estate tax planning involves the orderly transfer of property from one generation to some other at the bottom tax cost. Accomplishing those goals requires using many sophisticated tax techniques such as the marital deduction bequest (both outright and in accept as true with), technology skipping transfers, lifetime transfers (both outright or with a retained profits or the rest interest), desire of residency and diverse styles of charitable giving. Much of our estate making plans entails succession making plans for the closely held business and the tax impact on the entity in addition to on the character proprietors. We have considerable enjoy representing clients in estate tax valuation audits and residency problems among New York and Florida, in addition to probate litigation. We also provide recommendation regarding property and earnings tax planning for qualified plans and Individual Retirement Accounts (IRAs). Estate making plans involves extra than simply tax concerns, and we satisfaction ourselves in our abilties as counselors.
Sophisticated autopsy techniques can regularly keep sizeable property and earnings tax. Our dealing with of circle of relatives relationships in an goal and independent manner is often important to coping with the estate management technique.