Central to each primary investment, enterprise choice or non-public financial plan are the tax implications of such actions. Whether you’re a multinational company considering an acquisition or joint mission, or the proprietor of a privately held commercial enterprise growing your succession plan, tax consequences require careful consideration and attention.
Our tax specialists provide you and your enterprise with a complete variety of services related to every degree of complexity and class in tax regulation. We constitute individuals, corporations and tax-exempt corporations in making plans, transactional, hostile, reporting and crook tax matters. The diversity of our company’s large customer base and our many special trouble referrals has advanced our enjoy in non-routine regions of exercise.
Personal income tax and property planning had been staples of our practice for decades, attracting customers of a wide variety with unique circle of relatives making plans needs. Our enjoy with succession planning for carefully held businesses and their owners includes the interplay of tax, estate making plans and enterprise issues.
We provide commercial enterprise tax making plans to optimize the blessings of the various styles of commercial enterprise entities, together with guidance regarding desire of entity and capitalization systems. We also offer recommendation concerning the shape of taxable and tax deferred merger and acquisition transactions and worldwide commercial enterprise transactions and assist in the due diligence of acquisitions and divestitures to make sure most tax protection for our clients. Our regions of specific enjoy extend into low cost housing tax credit, real estate funding trusts, partnership tax, sales tax, monetary development and related tax credit packages, and issues associated with no longer-for-earnings companies, charitable trusts and foundations. Our counseling for tax-exempt corporations includes setting up and retaining the exemption in addition to unrelated enterprise tax problems.
Employee blessings also represents a substantial part of our exercise. We regularly help clients in the design, implementation and management of all varieties of retirement and welfare benefit plans for massive and small agencies, including country wide corporations, universities, hospitals and professional agencies.
Attorneys in our tax practice have vast experience in all tiers of tax litigation. When possible, we negotiate with government tax auditors and tax counsel to acquire the excellent end result. Throughout litigation or negotiation, our recognition is on accomplishing the best result viable for you in an expeditious and price-effective way. Through our office in Albany, we also provide the way to address many New York State tax topics, mainly rules and tax evaluation controversies.
Links of Interest
Internal Revenue Service
New York State Department of Taxation and Finance
Social Security Administration
Employee Benefits Library
What We Do
We help developers and businesses in multi-own family housing and network development transactions. At the middle of this procedure is counseling associated with federal, country and nearby assistance packages, qualifying for low earnings housing and rehabilitation tax credits, and partnership structuring. Working in tandem with legal professionals from our business and property practice regions, we additionally offer assistance with production and permanent financing and property acquisition and development.
Our attorneys are actively involved with tax planning for commercial enterprise transactions. We are well versed with the structuring, acquisition, reorganization and disposition (taxable or tax deferred) of partnerships, restricted liability companies and businesses, which includes S agencies. Much of the transactional planning and implementation includes closely held corporations and the tax effect at the entity in addition to on the person owners. Transactions encompass entity income, mergers, spin-offs, recapitalizations and liquidations for groups, joint ventures and limited liability organizations in addition to redemptions, reorganizations and valuation freezes of individual proprietor pastimes. We are consulted on state-of-the-art partnership tax law troubles related to particular monetary sharing arrangements. We additionally have enormous enjoy with the New York State Empire Zone and Brownfield Tax Credit programs, representing many customers searching for to maximise their tax advantages beneath those applications.
Business transactions consist of:Tax-free actual property exchangesAcquisitive and break up-up enterprise reorganizationsValuation freeze recapitalizationsShareholder agreementsChoice of entityReal property improvement activities
The instruction of profits, gift and property tax returns is a carrier for clients with whom we seek advice from for making plans or for estate and trust management subjects. Our lawyers provide customers generally with advice for the tax reporting of unique earnings or rate issues. We are consulted by means of agencies and overview tax returns on matters related to the withholding of payroll taxes, the reporting of bills to aliens, the reporting of pension and welfare gain plans and reporting by using tax-exempt groups.
Corporate reorganizations encompass acquisitions, cut up-americaand spin-offs of a business, stock redemptions and recapitalizations all of which should be based to cope with particular Internal Revenue Service Regulations which will gain a preferred tax end result (i.e, typically tax deferral). Our know-how of accounting and monetary troubles facilitates us to gain the meant economic and business outcomes within the framework of those Regulations. In many acquisitions, our making plans entails the protection of tax attributes such as accounting techniques and internet working losses. Occasionally, the comfort of acquiring a personal letter ruling from the Internal Revenue Service is critical.
Many of our business clients are carefully held through individuals of a circle of relatives or by way of some enterprise partners. Our counseling is designed to cope with the interaction of these problems affecting the commercial enterprise and its owners. This is of precise significance for a enterprise entity which passes via to the owners its items of profits and deduction (e.g., partnerships, restrained liability businesses and S corporations). The preference of entity is of precise significance when forming a brand new business or while structuring an acquisition or reorganization transaction. We work closely with our clients’ coverage specialists to optimize using tax efficient insurance products.
Criminal topics for corporate and individual taxpayers involve the failure to file returns, the misstatement of taxable profits and the failure to remit payroll and income taxes. Our revel in consists of the noticeable, procedural and sensible backgrounds essential to exercise on this place. Our litigation exercise, which incorporates a former U.S. Attorney, is well certified to address prosecuted topics.
We are intimately familiar with federal and New York State tax credit and monetary incentive programs, which include ancient tax credit, START-UP New York, the Excelsior Jobs Program, and the New York State brownfields tax credit score application. Serving on the team that assisted a customer with the construction in their headquarters in downtown Buffalo, our tax lawyers finished one in every of the most important brownfield tax credit score agreements in Upstate New York thus far.
Our exercise includes the layout, implementation and management of all varieties of retirement and welfare advantage plans for huge and small groups, consisting of country wide businesses, universities, hospitals and professional corporations. We provide ERISA and tax consulting services on nonqualified deferred reimbursement preparations, cafeteria plans, all styles of certified retirement plans, including 401(k) plans, multi-business enterprise plans (such as withdrawal liability and antisocial agency contribution problems), fiduciary obligation issues and tax-sheltered annuities for personnel of tax-exempt corporations.
We also interact in ERISA protection litigation involving advantage claims and issues of fiduciary responsibility.