Business & Tax Practice Group

Overview

The Business & Tax Practice Group provides a broad range of services to its business clients in planning the structure and operation of the closely-held business as well as working with the owners in developing estate and business succession plans that minimize the estate and income tax consequences of transferring their interests in the business.

As general counsel for most of our business clients, we provide integrated legal representation in the many areas of practice that impact upon the day-to-day operations of the business as well as in those unexpected complex areas in which a client may find itself from time to time.

Our Business & Tax Practice Group is composed of attorneys in varied areas of the law who work closely together to provide our clients with the expertise and resources of a large firm, but with the attention, efficiencies and responsiveness expected from a smaller specialty firm.

Attorneys within the Business & Tax Practice Group are involved in all aspects of corporate governance including acquisitions, mergers and reorganizations of the business. We also counsel our clients with respect to contract negotiation, preparation and dispute resolution for domestic as well as international transactions.

Today’s complex and continuously evolving tax laws require the individual, entrepreneur and business owner to rely on the assistance of tax professionals who have the experience and knowledge required to effectively counsel them on particular matters. Whether it’s counseling our clients with the acquisition, reorganization or sale of a business, the structuring of an estate plan or negotiating on their behalf before the State Department of Taxation or the Internal Revenue Service, the attorneys who are members of our Business & Tax Practice Group have earned their reputation for achieving results and peace of mind for their clients.

Our tax professionals are frequently invited to be lecturers before bar associations and state and local professional organizations on various complex tax topics such as estate tax planning, mergers, acquisitions, tax free reorganizations and business succession planning.

Business Development and Formation
Buying and Selling of Businesses
Estate and Tax Planning and Administration
Federal and State Income Taxation
Limited Liability Companies
Mergers and Acquisitions
S Corporations
Succession Planning

capabilities

Areas of practice include:

Agribusiness Planning
Business Development and Formation
Buying and Selling of Businesses
e-Commerce and B2B & Transactional Planning
Estate and Gift Taxation
Estate and Trust Planning and Administration
Federal and State Income Taxation
Generation Skipping Tax
Limited Liability Companies
Mergers and Acquisitions
Not for Profit Corporations and Organizations
Partnerships and Joint Ventures
Sales and Use Tax
S Corporations
Succession Planning

attorneys

For more information on our firm and its Business Practice Group, please contact any of the following attorneys:

Jeffrey M. Fetter, Chair | [email protected] | Biography
Daniel J. Fetter | [email protected] | Biography
Anthony J. Grizanti | [email protected] | Biography
Mark N. Levy | [email protected] | Biography
William B. Magnarelli | [email protected] | Biography
Stewart M. McGough | [email protected] | Biography
R. Michael Shafer | [email protected] | Biography

publications

Benefits of Employee Handbooks, by Daniel J. Fetter

Business and Business Owner Year-End Tax-Planning Strategies Should be Reviewed in November 2015, by Jeffrey M. Fetter

Disgruntled Employee Claims and the Importance of Record Keeping, by Chaim J. Jaffe

Does Your Business Have a Buy-Sell Agreement in Place?, by Thomas Bezigian, Jr.

Estate, Business and Succession Planning for the Family Owned and Closely Held Business in New York, by Jeffrey M. Fetter

Increased Penalties for Violations of Federal Immigration Laws, by Daniel J. Fetter

IRA Qualified Charitable Distribution (QCD) Provision Now Permanent, by Thomas Bezigian, Jr.

New Partnership Tax Audit Rules Demand Your Attention, by Stewart M. McGough

“New York Just Can’t Seem to Let You Go”, by Jeffrey M. Fetter

New York State Approves Changes to Minimum Wage and Paid Leave Act, by Richard D. Boyle

New York State’s WBE Program, by Shannon B. O’Neill

Overtime Rules Modified by U.S. Department of Labor, by Stewart M. McGough

Proposed IRS Regulations to Curtail Valuation Discounts to Family-Controlled Entities, by Thomas Bezigian, Jr.

Protecting Your Corporation From Outsiders, by Richard D. Boyle

Some Quick and Easy Year-End Tax Strategies, by Jeffrey M. Fetter

Year-End Planning: Watch Out for the Required Minimum Distribution Rules to Avoid Penalties, by Jeffrey M. Fetter

Resource Area

Business First, your one-stop shop for all of the statewide economic development programs New York has to offer.

Empire State Development – Central New York State Regional Office – The Central New York Regional Office of Empire State Development will work closely with you to identify and fulfill your business goals. Economic development programs are available to assist in building a new facility, relocating a business, expanding operations and workforce, and entering new markets and international arenas.

Empire State Development – Small Business – Small business represents 98 percent of all business in New York State. Empire State Development’s Division for Small Business is established in New York State Economic Development Law to represent the interests of small businesses and to support the development and expansion of small businesses with under 100 employees.

Excelsior Jobs Program provides job creation and investment incentives to firms in such targeted industries as biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing. Firms in these industries that create and maintain new jobs or make significant financial investment are eligible to apply for up to four new tax credits.

The Program encourages businesses to expand in and relocate to New York.

Internal Revenue Service Resources – Sign up for tax tips filing session updates.

New York State Tax Calculator – The New York tax calculator is updated for the 2015/16 tax year. This tax calculator performs as a standalone State Tax calculator for New York. It does not take into account federal taxes, medicare deductions, et al.

New York State Wine, Beer, Spirits & Cider – This site was designed for beer, wine, cider, and spirits producers, as well as farmers, industry officials, and tourism experts to provide information on permits, incentives, and ways to start your business, continue your business, and to flourish in New York!

Additional Resources

Corporate Tax Reform – The 2014-15 New York State Budget enacted on March 31, 2014, contains the most significant reform of New York State’s corporate tax system since the 1940s. (Part A of Chapter 59 of the Laws of 2014). The changes are generally effective for tax years beginning on or after January 1, 2015.

Estate, Business and Succession Planning for the Family Owned and Closely Held Business in New York

New York State Department of Tax and Finance:

Client Alert

CLIENT ALERT: On April 4, 2016 Governor Andrew Cuomo signed into law two pieces of legislation that employers, as well as employees, need to be aware of: (1) A statewide incremental increase in the minimum wage to $15.00 per hour; and (2) Mandated paid family leave (“Paid Leave Act”).

CLIENT ALERT: New York snowbirds must carefully plan before changing their residency to Florida as New York just can’t seem to them go.

CLIENT ALERT: Business and Business Owner Year-End Tax-Planning Strategies Should be Reviewed in November 2015