New York City and Long Island Tax Attorneys

Since 1983, our tax firm has skillfully represented individuals and corporations in New York City and Long Island, across the country and throughout the world.

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Tax Structuring And Due Diligence

Strategies For Reducing Taxes Or Resolving Tax Baggage

The bottom line is that taxes eat into your finances. Reducing your tax burden in transactions and operations is a worthy goal that enables you to be more profitable or reinvest in the business and your key employees.

The tax attorneys of provide sophisticated tax structuring strategies and tax due diligence to business owners and investors in New York City and Long Island. These are not shortcuts or shell games that will come back to haunt you, but legitimate tax mitigation strategies that hold up to IRS scrutiny. In fact, our tax consulting strategies are derived from decades of experience defending clients in tax audits and U.S. Tax Court litigation. We know where the lines are drawn and what actually works.

Tax Structuring For Businesses

We assist startups and established companies throughout the NYC area with strategies to minimize their potential taxation, including:

Tax implications in forming the business entity (e.g., LLC vs. S-corp or C-corp).
Structuring stock plans and compensation in the most tax-advantaged way
Anticipating capital gains taxes in mergers, acquisitions and asset sales
Structuring considerations for family-owned businesses and succession
Maximizing business deductions
Timing and efficiencies in corporate tax payments
Mitigating international taxes

Tax structuring is a combination of reducing tax burdens in the short term and avoiding common pitfalls that can result in tax “bombs” down the road. We likewise advise owners, partners, executives, board members and investors on related tax planning in their private affairs, such as stock transactions and exit strategies.

Tax Due Diligence: Anticipating Exposures

Business acquisitions are fraught with many unknowns. Similar to having a mechanic inspect a used car before you buy, our lawyers examine the company or business asset for hidden tax burdens. We examine tax returns and other diagnostics to gauge income tax, sales tax, payroll tax, property tax and other taxes, as well as liens, lawsuits, employment contracts, questionable deductions or other baggage that could lead to tax problems. Our attorneys advise on resolving any outstanding issues prior to consummating the deal or accounting for these liabilities in negotiating terms of the transaction.

Comprehensive Tax Planning Counsel

The attorneys of can knowledgeably address the tax aspects of many specific scenarios, such as:

Qualified Opportunity Zones (QOZs): Under the Tax Cuts and Jobs Act (TCJA), those who invest in a designated QOZ property can defer the capital gains tax to December 2026 or sale (whichever comes first). If the property is held for at least 10 years, the capital gains are not taxed.
Qualified business income (QBI) deduction (199a): Another provision of the TCJA, known as 199a or QBI, allows small businesses to deduct 20 percent of qualified income (the net of income, gain, deductions and losses) from a qualified trade or business. It also applies to qualified income from real estate investment trusts (REITs).
Cryptocurrency transactions: The IRS has determined that virtual currency is subject to capital gains taxes. In 2019, the IRS began issuing letters informing holders of Bitcoin, Ethereum and other cryptocurrencies that they must declare transactions and file amended returns for previous years.
Marijuana businesses: Entrepreneurs in the marijuana and cannabidiol (CBD) industry can deduct certain labor, material, maintenance, utility and other costs of business under IRS tax code 280E. Meticulous record-keeping is key to determining what is taxable and deductible.