Working to ensure maximum tax advantages for business and individual clients. Tax Law

Tax considerations are integral to the structure of virtually every business transaction. The Farrell Fritz team of tax attorneys helps Long Island and New York metropolitan area businesses, charities and individuals with federal, state and local tax planning across a broad spectrum of matters, including:

Our tax attorneys also represent clients in all levels of tax controversy work, including IRS and New York audits, IRS Appeals and New York Conciliation Conferences, United States Tax Court and New York State Division of Tax Appeals. We also secure rulings from the Internal Revenue Service on a variety of tax matters on behalf of clients.

Success Spotlight

Our tenacious tax attorneys’ discovery of a will our clients never knew existed saved the heirs of a successful businessman an estimated $100 million in...

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Representative Matters:

  • Secured an IRS ruling for the reformation of a testamentary trust to enable the estate to obtain a refund of estate tax.
  • Obtained an IRS ruling for the spin-off of a corporation’s real estate assets in order to protect such assets from other corporate liabilities.
  • Secured an IRS ruling for the structure of a joint venture between a tax-exempt charitable organization and a number of for-profit businesses to ensure the charity’s continued tax-exempt status.
  • Obtained a decision from the U.S. Tax Court rejecting the assertion by the IRS of a large deficiency against an estate comprised almost entirely of stock in a closely held corporation.

Business Organization and Operation

Experienced in the various legal and tax issues inherent in how a business is organized and operates, our tax attorneys:

  • Help clients select the most beneficial legal and tax form in which to organize a new business. We are experienced in structuring and advising partnerships, limited liability companies, S corporations and C corporations to address both of these objectives.
  • Offer counsel on tax matters affecting all aspects of business operations, including capital contributions, the admission or removal of a shareholder or partner, distributions, redemptions, recapitalizations, reorganizations and other restructurings, S corporation issues, cancellation or restructuring of indebtedness, and liquidation and dissolution.
  • Advise on the structure of strategic transactions involving either tax-free or taxable sales or acquisitions of stock and assets, including mergers, reverse mergers, spin-offs and joint ventures.
  • Assist in the preparation of shareholder and partnership/LLC agreements, the resolution of shareholder disputes, the structure of executive and deferred compensation arrangements (including phantom stock plans and stock options) and the settlement of litigated business matters.

Real Estate Investments

Our tax attorneys work with real estate investors on income tax and New York transfer tax matters involving acquisitions, refinancings, leases, dispositions and like-kind exchanges of real property. We also advise owners and charities in connection with the bargain sale of real property and with the granting of conservation easements.

Estate and Gift Planning

We advise individual clients in connection with planning for the disposition of their business and investment assets for estate and gift planning (and business succession) purposes, including recapitalizations, grantor trusts, GRATs, QPRTs, charitable remainder trusts, sales to intentionally defective trusts and family limited partnerships/LLCs. We also represent clients in estate and gift tax audits.

Employee Benefit Plans

The firm’s tax practice encompasses all aspects of ERISA and employee benefits, including the establishment and operation of qualified plans, pensions, health and welfare benefits and related tax issues, including their continued qualification, compliance obligations and IRS and New York State audits of such plans.

Not-For-Profit Creation & Organization

Private foundations and public charities alike trust the counsel of Farrell Fritz in all stages and aspects of their operations, including the creation of their not-for-profit organizations and the filing of their exemption applications. We represent not-for-profits in corporate restructurings, mergers, joint ventures, executive compensation matters and dissolutions. In addition, our tax attorneys counsel not-for-profits (and defend them in IRS audits) on issues related to excise taxes and to the maintenance of their not-for-profit status, including private inurement, self-dealing, taxable expenditures, jeopardy investments and excess benefit transactions.