Income Taxation

Menaker & Herrmann LLP provides clients with income tax advice and assistance for all phases of business and personal activities. Tax issues may arise in every business and business transaction, including planning, implementation, operation, restructuring (merger, acquisition and reorganization) and unwinding or problem resolution (e.g., litigation). In addition, tax issues may arise in personal endeavors, including marriage, divorce, employment and investment transactions. We work with clients’ accountants, actuaries and general counsel regarding tax and pension audits and administrative appeals. We assist clients who are subject to tax collection procedures and potential and actual tax fraud investigations, and represent them when formal proceedings occur.

Representative Matters

  • Structured and implemented estate distribution of moderately well known artwork to residuary beneficiaries through use of liquidating trust.
  • Structured (i) repatriation of foreign real estate corporation owned by foreign trust for the benefit of US beneficiaries, (ii) liquidation of the foreign trust, and (iii) ultimate conversion of repatriated foreign corporation to Subchapter S status.
  • Advised U.S. clients with previously undisclosed and unreported foreign accounts.
  • Advised clients regarding conversion of C Corporation to S Corporation status and planning for “built in gain” taxation.
  • Advised and assisted clients with significant IRS and NYS income and sales tax liabilities.