About Louis
Louis Vlahos practices tax law and has extensive experience in corporate, individual and partnership income taxation, and in estate and gift taxation, including tax planning, ruling requests, and tax controversy.
He advises clients in connection with corporate operations and reorganizations; sales and acquisitions of businesses; corporate distributions, redemptions, liquidations, and spin-offs; shareholder and buy-sell agreements; partnership organizations and transactions; real estate sales, exchanges, and operations; executive and deferred compensation arrangements; estate and succession planning, including the transfer of business interests, and estate and gift tax audits; charitable giving; private foundation, tax exemption, not-for-profit restructuring, charitable gift acceptance, and excess benefit issues. He is a frequent contributor to the firm’s Tax Law for the Closely Held Business blog and also writes for the firm’s New York Trusts & Estates Litigation blog.
Lou counsels not-for-profit corporations in connection with reorganizations. He has advised cultural institutions, hospitals and other nonprofit organizations on their tax-exempt status, corporate restructuring, the creation and operation of supporting organizations (including fundraising entities), the structuring and acceptance of charitable gifts (including charitable trusts), compensation and other excess benefit issues, deferred compensation arrangements, and the taxation of unrelated business income.
Additionally, he has lectured on subjects such as corporate transactions and tax issues in the not-for-profit community and has written for various legal publications.
Credentials
Education
- Columbia College
- Harvard Law School
- New York University School of Law (LL.M. Taxation)
Bar Admissions
- New York
Court Admissions
- U.S. Tax Court
Affiliations & Appointments
- Former Member, IRS Taxpayer Advocacy Panel (TAP)
- Estate Planning Council of Nassau County
- Nassau County Bar Association
- Suffolk County Bar Association
- Queens County Bar Association
Articles & Advisories
The PPP Loan: “Absolution” May Be Yours, But There is a Price
Surprise What were you doing on the afternoon of Friday, May 22, 2020? “Preparing” for the extended Memorial Day weekend,…
May 26, 2020
IRS Guidance Says No Deduction Is Allowed for Business Expenses Paid with Forgiven PPP Loans
Please see below for a memo prepared by the Congressional Research Service regarding the deductibility of ordinary business expenses paid using…
May 15, 2020
PPP Deadline Extended to May 18
On May 13, the Paycheck Protection Program’s FAQs were amended once again, adding FAQ # 47 to extend the date…
May 14, 2020
Paycheck Protection Program FAQ: What If a Furloughed Employee Refuses to Return to Work?
A number of clients that have applied for a loan under the Paycheck Protection Program (“PPP”) have expressed some concern…
May 09, 2020
New Employee Retention Credit Helps Employers Keep Employees on Payroll
The IRS released criteria for claiming the employee retention credit put forth in a fact sheet (see below). The credit…
May 08, 2020
Senate Bill Would Make Expenses Paid With PPP Loans Deductible
On May 6, 2020, a bipartisan group of senators introduced a measure – S.3612 – to clarify that the SBA’s…
May 07, 2020
Revised COVID-19-related FAQs From the IRS
The IRS has revised its COVID-19-related FAQs. The updated “frequently asked questions” – reproduced below – address estate tax return…
April 30, 2020
SBA Sets $20 Million Cap for Loans to a Single Corporate Group
The SBA yesterday supplemented the interim final rules by limiting the amount of PPP loans that any single corporate group…
April 30, 2020
Update on Paycheck Protection Program Interim Rule
The SBA last week updated the previously issued interim final rules that were promulgated under the Paycheck Protection Program (the…
April 27, 2020
CARES Act & the “Retail Glitch”
The IRS on Friday released Rev. Proc. 2020-25 to provide guidance for taxpayers who may benefit from the recent correction…
April 20, 2020
Temporary procedures to fax certain Forms 1139 and 1045 due to COVID-19
Fax Form 1139 and Form 1045 to Claim Quick Refunds of the Credit for Prior Year Minimum Tax Liability of…
April 20, 2020
Temporary Authorization to Use Digital Signatures on Certain Documents Due to COVID-19
Pursuant to Governor Cuomo’s Executive Order 202.15 issued in response to the Coronavirus COVID-19 situation, the Department of Taxation and…
April 17, 2020
Deferral of employment tax deposits and payments through December 31, 2020
The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the…
April 16, 2020
PPP Loans for The Self-Employed: New Guidance
The SBA published a new interim rule under the CARES Act regarding the application of the PPP to individuals who…
April 15, 2020
Tax Challenges & Disputes Update
As the COVID-19 pandemic continues to impact our lives, federal and state taxing authorities understand the challenges individuals and businesses…
April 10, 2020
FAQs Under The Paycheck Protection Program
As guidance continues to evolve, the Treasury Department has set up a Frequently Asked Questions (“FAQs”) page on their website.…
April 07, 2020
SBA 7(a) Loans Under the Paycheck Protection Program
By: Louis Vlahos, Tax Partner The CARES Act established a new Paycheck Protection Program (the “PPP”) to allow small businesses…
April 04, 2020
Paycheck Protection Program: What You Need To Know
To help businesses keep their workforce employed during the COVID-19 crisis, the recently enacted CARES Act established a new loan…
April 04, 2020
Extended Filing and Payment Deadlines for Federal Transfer Taxes
The IRS has determined that any person required to pay Federal gift tax or generation-skipping transfer tax or to file…
March 30, 2020
Coronavirus Aid, Relief, and Economic Security Act: Impact Summary
On Friday, March 27th, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or “Act”) into law.…
March 29, 2020
Employment Tax Credits Under the Families First Coronavirus Response Act
The IRS today informed us, in Notice 2020-21, that the tax credits for qualified sick leave wages and qualified family…
March 27, 2020
Selling S Corporation Stock – Are You Sure?
Lou Vlahos‘ blog post “Selling S Corporation Stock – Are You Sure?” was published in the December 2019 edition of…
February 14, 2020
Checked the Box? Feeling GILTI Now?
Louis Vlahos, partner, was published in Chapter 9 of the e-book publication The Tax Cuts and Jobs Act: Lessons Learned. The…
January 13, 2020
S Corps, CFCs & The Tax Cuts & Jobs Act
Louis Vlahos, partner, was published in Chapter 6 of the e-book publication The Tax Cuts and Jobs Act: A Guide for…
December 26, 2018
“Tax-Free” Exchanges May Not Be Free of Tax
Business owners love to hear the words “tax-free” when considering the disposition of business assets. Unfortunately, many fail to grasp…
June 07, 2017
Elder Law/Trusts & Estates: Disposing of Real Property in a Tax-Advantaged Manner
This article is reprinted with permission by the Nassau County Bar Association. Many of our clients are heavily invested in…
March 01, 2017
Did You Say a Taxable Partnership?
To learn about partnerships, partnership audits, the Bipartisan Budget Act of 2015 (“BBA”), the BBA’s changes, the “taxable partnership” and…
July 08, 2016
“Partnering” With an S Corp.
Reprinted with permission from The Suffolk Lawyer, January 2016 issue. Why, Oh Why? We’ve heard it before: “Why would you…
February 03, 2016
SCIN Alive?! A Tale of Death, Taxes, Doubt, and Redemption
Reprinted with permission by The Suffolk Lawyer, Vol. 31, No. 2, October, 2015. Davidson was dead to begin with —…
October 23, 2015
Good Deeds and Good Business
Reprinted with permission from This is Queensborough magazine, February 2014 issue. Many successful business people are also community-minded. They have…
February 09, 2015
Arm’s Length Merger or Gift?
Reprinted with permission from The Suffolk Lawyer, Vol. 30, No. 4, January 2015. Every now and then, a case…
January 15, 2015
Transferring the Family Business – Part IV: Not Just Gifting
Reprinted with permission from The Suffolk Lawyer, November 2014 issue. Our last post covered certain gifting techniques. Today, we will…
December 12, 2014
Transferring the Family Business – Part V: Compensation
Reprinted with permission from The Suffolk Lawyer, Vol. 30, No. 3 – December 2014 “Call it what you want, incentives…
December 01, 2014
Succession Planning: Several Ways to Skin a Cat
Reprinted with permission from IMA. One of the issues most often encountered by the owner of a closely held…
October 02, 2014
Family Transfers, Part II: Gifts
Reprinted with permission from The Suffolk Lawyer, September 2014. In an earlier post, we noted that a parent who…
September 01, 2014
Prodigal Son Redux?
Reprinted with permission from The Suffolk Lawyer, Vol. 29, No. 9 – June 2014. “There was a man who…
July 01, 2014
From The Experts – The NY Nonprofit Revitalization Act of 2013 enacted some major changes to the rules governing not-for-profits in New York, (Part 1).
April 01, 2014
New York Business, Federal Tax Return and New York Domicile
Reprinted with permission from The Suffolk Lawyer. We all know a story like Bill’s: Bill is a New Yorker that…
March 01, 2014
New York Nonprofit Revitalization Act of 2013 – What NFPs Need to Know
The NY Nonprofit Revitalization Act of 2013 enacted some major changes to the rules governing not-for-profits (“NFPs”) in New York. …
February 10, 2014
Related Party Sales
Reprinted with permission from The Suffolk Lawyer. In the context of a family business, we are sometimes presented with…
January 10, 2014
Client Advisory: Obama’s 2014 Budget Estate and Gift Tax Proposals: How Might They Impact Your Estate Plan?
As we reached the end of 2012 and the expiration (or so we thought) of the $5 million gift/estate tax…
July 24, 2013
Client Advisory – IRS Eases Qualifications for Employers to Reclassify Independent Workers as Employees
The Internal Revenue Service (IRS) has recently announced expansion of its Voluntary Classification Settlement Program (VCSP). This program, developed by…
April 02, 2013
Advisory — Deferred Compensation Under the American Jobs Creation Act of 2004
November 01, 2004
News
Are Guaranteed Payments ‘Payroll Costs’ for New CARES Act Loans?
The definition of payroll costs in the CARES Act has some practitioners wondering if guaranteed payments to partners can count…
April 06, 2020
How Nonprofit Organizations Can Benefit From the CARES Act
For taxpayers who itemize, deductions for charitable contributions are typically subject to a limit of 50 percent of adjusted gross…
April 03, 2020
Spin Doctors: Attorneys, M&A Advisors Assist Clients With Corporate Spin-offs and Divestitures
A whole is often better than the sum of its parts, but some business owners choose to roll the dice…
December 10, 2019
Not So Fast, Mr. Trump! Relocating to a Low-Tax State Is Hard to Do
Farrell Fritz tax partner Lou Vlahos provided insight for this article, which explores the current issues facing President Trump in his…
November 12, 2019
Will Trump escape New York taxes with Florida move?
President Trump on Thursday night said he changed his residency to low-tax Florida after paying “millions of dollars” in taxes as a New…
November 11, 2019
Tax Travails Trump Could Face In Trying To Escape New York
Lou Vlahos was mentioned in a Don’t Mess With Taxes article which discusses possible challenges facing President Trump that might…
November 08, 2019
All The Reasons Trump’s Move From New York To Florida For Tax Purposes Could Be ‘Doomed’
Louis Vlahos was quoted in a MarketWatch article which discussed possible obstacles President Trump might face in his attempt to…
November 05, 2019
Taxing College Athletes’ Scholarships? How It Could Work
Lou Vlahos was quoted in a Fox Business article regarding the impact of compensation for collegiate athletes and whether or…
November 04, 2019
Made money on bitcoin? IRS wants a bite!
The IRS is coming after cryptocurrency traders. And the government isn’t being nice about it. At the end of July,…
August 06, 2019
Clever Techniques To Defer Capital Gains – Maybe Too Clever
Does MIS Work? Mr. Greenwald told me that he thinks [monetized installment sales] work provided the transaction is executed as…
July 10, 2019
Wealth Tax – That Pesky Constitution Might Get In The Way
I reached out to Louis Vlahos of Farrell Fritz for some thoughts on the constitutionality of a wealth tax. After a pretty…
June 27, 2019
Whether a Taxpayer Qualifies for 199A Depends on Who You Ask
Disagreements over business owners’ use of the new passthrough deduction and the application of the aggregation rules have made for…
April 19, 2019
Selling Your Business – Watch Out For Effect On 199A Pass-Through Deduction
My conclusion is that 199A considerations are unlikely to make or break a deal and in many contexts, they will…
April 05, 2019
Zone Defense: Panel Discusses Limits and Advantages of New Opportunity Zones Program
Louis Vlahos, partner at Farrell Fritz, is quoted in this Long Island Business News article. The opportunity zones program, which…
February 21, 2019
Speakers: TCJA Means Treating Nonprofits More Like For-Profits
The Tax Cuts and Jobs Act has a number of provisions that both directly and indirectly affect not-for-profit organizations, but…
January 18, 2019
Property Rules
Why investing in real estate can boost your retirement income. Louis Vlahos, partner at Farrell Fritz, was quoted in this…
January 14, 2019
Boom time ahead for Long Island?
Louis Vlahos, partner, who leads the Farrell Fritz tax practice group is quoted in this article. Tax reform, Wayfair case and…
August 01, 2018
To C or Not to C?
Louis Vlahos, partner at Farrell Fritz is mentioned in this article. C-Corp offers tax treasures and traps as new code…
July 09, 2018
Understanding the Specifics of a Business Divorce
Breaking up is hard to do, so Uniondale-based law firm Farrell Fritz has set up a practice group to make…
June 30, 2016
Farrell Fritz Counsels Disputing Partners with Business Divorce Practice Group
The attached advertorial, published in the May 27, 2016 issue of Long Island Business News, discusses the launch of Farrell Fritz’s…
June 02, 2016
Estate Planning Client Strategies
Louis Vlahos has recently been published in the book, Inside the Minds: Estate Planning Client Strategies. The book provides insider…
September 18, 2014
Uniondale Business, Farrell Fritz, P.C. Attorneys at Law, Supporting St. Mary’s Healthcare System for Children With Spec
April 30, 2009
LI People on the Move: Louis Vlahos Named to Long Island City Business Development Corp. Board
February 17, 2009
JLNS: Louis Vlahos Appointed to the Board of Directors of Long Island City Business Development Corporation
February 05, 2009
Newsbriefs: Louis Vlahos Appointed to Long Island City Business Development Corporation Board of Directors
February 04, 2009
On Demand Webcasts
Expert Webcast: Opportunity Zones — Tax Planning for Closely Held Businesses
July 18, 2019
“Business Purpose” And Dividing The Family Corporation: Think Before You Let it Rip
Lou Vlahos, tax partner at Farrell Fritz, will present this Celesq webcast. The “family” is sometimes described as the smallest…
April 01, 2019
Maximizing Proceeds in Private Company Exits: ESOPs and Other Alternatives
Louis Vlahos, tax partner at Farrell Fritz, will be a speaker for the webcast, along with David Johanson, partner at…
December 13, 2018
The New Section 199A Qualified Business Deduction: Opportunities and Stumbling Blocks for Your Business
Press Releases
29 Farrell Fritz Attorneys Recognized as 2019 Leading Lawyers in Their Respective Areas of Practice
Farrell Fritz has a combined total of 29 attorneys selected to the 2019 New York Metro Super Lawyers and New…
September 17, 2019
30 Farrell Fritz Attorneys Recognized as 2018 Leading Lawyers in Their Respective Areas of Practice
Farrell Fritz had a combined total of 30 attorneys selected to the 2018 New York Metro Super Lawyers and New…
September 13, 2018
31 Farrell Fritz Attorneys Recognized as 2017 Leading Lawyers in their Respective Areas of Practice
Farrell Fritz had a combined total of 31 attorneys selected to the 2017 New York Metro Super Lawyers and New…
September 20, 2017
30 Farrell Fritz Attorneys Recognized as 2016 Leading Lawyers in their Respective Areas of Practice
Farrell Fritz had a combined total of 30 attorneys selected to the 2016 New York Metro Super Lawyers and New…
September 21, 2016
Farrell Fritz Launches Business Divorce Practice Group
Farrell Fritz is pleased to announce the launch of the firm’s Business Divorce practice group. Led by Peter A. Mahler,…
June 06, 2016
30 Farrell Fritz Attorneys Recognized as 2015 Leading Lawyers in their Respective Areas of Practice
Farrell Fritz had a combined total of 30 attorneys selected to the 2015 New York Super Lawyers and New York…
September 16, 2015
30 Farrell Fritz Attorneys Recognized as 2014 Leading Lawyers in their Respective Areas of Practice
Farrell Fritz had a combined total of 30 attorneys named to the 2014 New York Super Lawyers and New York…
September 23, 2014
Farrell Fritz Partner Louis Vlahos Recognized at SmartCEO 2014 CPA & ESQ Awards Program
Farrell Fritz is pleased to announce that partner Louis Vlahos was an Attorney of the Year finalist at Citibank’s SmartCEO…
June 30, 2014
Queens Organizations Honor Two Farrell Fritz Partners
On Thursday, May 15, 2014, tax partner Louis Vlahos will be among the honorees at Flushing Town Hall’s 35th Anniversary…
May 09, 2014
Farrell Fritz Partner Louis Vlahos Re-Elected to the Queens Chamber of Commerce Board of Directors
Farrell Fritz is pleased to announce that tax partner Louis Vlahos was recently installed as secretary on the Queens Chamber…
June 04, 2013
Farrell Fritz Tax Partner, Louis Vlahos, to Receive Pro Bono Service Award from LANY
Louis Vlahos, a Port Washington resident, will receive the Lawyers Alliance for New York’s Cornerstone Award at a volunteer recognition…
November 09, 2011
Louis Vlahos Appointed to the Board of Directors of the Long Island City Business Development Corporation
February 03, 2009
Farrell Fritz Sponsors Not-for-Profit Education & Assistance Corp.’s 8th Annual Spring Luncheon
May 21, 2008
Pro Bono
Helping The Unisphere Foundation Beautify the City
The Unisphere Foundation is a not-for-profit foundation that was founded in 2003 and operates out of Queens, New York. Its…
August 11, 2011
MovINNg Along: Buying & Selling Buildings, Revising Certificates of Incorporation
The INN (Interfaith Nutrition Network) is a not-for-profit corporation that provides food, shelter, and support services to the hungry and…
July 26, 2011
Long Island Arts Alliance
Thanks to Long Island’s diverse and impressive cultural institutions, residents don’t have to go far to see a Rodin or…
January 01, 2010
Nassau County Museum of Art
Farrell Fritz has been in the legal picture for Long Island’s leading art museum for years. Louis Vlahos, who heads…
January 01, 2010
Long Island Alzheimer’s Foundation
LIAF began in 1988 in typical grass-roots fashion. Five women, each of whom had a parent or grandparent with Alzheimer’s…
January 01, 2010
Queens Theater in the Park
Queens Theatre in the Park, located in Flushing Meadows Corona Park, is one of the borough’s premier venues for theater,…
January 01, 2010
Separating Church and Housing Development
A local area church faced a tricky political problem that required the skills of Farrell Fritz attorneys. The problem occurred…
January 01, 2010
The Donna Dennis Foundation
Over the years, Farrell Fritz has reached out through its pro bono program to numerous Long Islanders, most of whom…
January 01, 2010
East River Development Alliance
“Think Local” is a guiding principle of the East River Development Alliance, an organization founded in 2003 specifically to assist…
January 01, 2010
Queensbridge Scholarship Fund
Farrell Fritz first became involved with the Queensbridge and Ravenswood public housing projects in Long Island City through its pro…
January 01, 2010
Recognition
Lawyers Alliance for New York
Cornerstone Award 2011
SmartCEO CPA & ESQ
Attorney of the Year Finalist 2014
Super Lawyers
New York Metro (Tax) 2013–Present
Long Island Pulse
Top Legal Eagle 2013
Queens Chamber of Commerce
Business Person of the Year 2010
Long Island Business News
Who’s Who in Tax & Bankruptcy Law 2008, Who’s Who in Tax Law 2006
AV Preeminent Martindale-Hubbell
Peer Review Rating
Community Work
Lou serves on the advisory board for the Long Island Community Foundation.
Lou is a member of The Society of Columbia Graduates board. The Society, comprised of fewer than 1,000 members, brings together alumni who have supported Columbia’s undergraduate schools, libraries, teams, programs, clubs, and publications, and mentors its students and graduates during the decade or more following their graduations. He is a former board member of the Queens Theatre in the Park and the Queens Economic Development Corporation.