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MBBP Named “Best Law Firm” in Boston 05/12/2014

Posted by Morse, Barnes-Brown Pendleton in Client News, Taxation.
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MBBP Best Law Firm: Litigation-TaxU.S. News and Best Lawyers, the leading survey of lawyers worldwide, have joined to rank more than 11,000 firms in 120 practice areas in 170 metropolitan areas and 8 states. Morse Barnes-Brown & Pendleton PC has received a Tier 1 ranking of Boston’s “Best Law Firm” 2014 in two practice areas: Tax Law and Litigation-Tax. The U.S.News – Best Lawyers “Best Law Firms” rankings are based on an evaluation process that includes the MBBP Best Law Firms: Tax Lawcollection of client and lawyer evaluations, peer review from leading attorneys in their field, and review of additional information provided by law firms as part of the formal submission process.

MBBP is proud of our impressive tax department. Please feel free to contact the members of our team with any tax-related questions.

MBBP Attorneys Help Demystify LLCs in MCLE Program 04/29/2014

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Events, Legal Developments, Taxation.
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Tax and Business Attorney Diana EspañolaOn May 5th, MBBP Attorneys Diana Española and Chip Wry will sit as faculty for an MCLE In-House ProgramLLCs Demystified“. The program will focus on the fundamentals of LLCs, highlighting business and tax issues frequently presented by such entities. Diana and Chip will help to debate the pros and cons of LLCs and corporations, discuss basic tax and business issues presented by LLCs, identify specific advantages and disadvantages of LLCs, report on common Corporate and Tax Attorney Charles Wry, Jr. mistakes and traps for the unwary in forming and advising LLCs, and provide practical drafting tips.

The MCLE will create an audio CD of the program and will also be rebroadcasting it as a webcast on May 12th.

For more information on LLC formations, operations and exits, please contact Diana Española or Chip Wry.

Tax Considerations in Choosing the Form of Business Entity 04/11/2014

Posted by Morse, Barnes-Brown Pendleton in Attorney News, New Resources, Taxation.
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Corporate and Tax Attorney Charles Wry, Jr. By: Chip Wry

Founders of a new business typically realize early on that they need to conduct the business through a legal entity to limit their personal liabilities for the debts and obligations the business generates. Often, the three entity types from which the founders must choose are the “C” corporation, the “S” corporation and the limited liability company (or “LLC”). While all three entity types insulate the founders from personal liability, the differences among the three types for tax purposes are substantial. A C corporation, on the one hand, reports and pays tax on its income separately from its owners. The income or loss of an S corporation or LLC, on the other hand, generally is reported by the owners on their personal returns. The choice, therefore, is often tax-driven and requires an analysis of how the founders expect to grow and profit from the business.

View the full article to learn more.

MBBP Attorneys Dissect Fundamentals of Business Tax Law — Upcoming MCLE Program 01/31/2014

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Events, Taxation.
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Tax and Business Attorney Robert FinkelMBBP Tax Attorneys Robert M. Finkel and Diana C. Española are among the faculty presenting at MCLE New England‘s in-person program “Fundamentals of Business Tax Law Dissected” on Thursday, February 13th from 2:00 pm to 5:00 pm.

This program is intended to provide non-tax lawyers with an overview of the most common taxes businesses can expect to face, and the background necessary to help spot troublesome tax issuesTax and Business Attorney Diana Española that can derail a transaction and pose problems to businesses down the road.

To learn more or to register for this event, please visit MCLE.

For more information on tax law, please contact Robert Finkel or Diana Española .

MBBP Attorneys to Panel Upcoming MCLE Program – Building Business Organizations: LLCs, LLPs, Limited Partnerships & Corporations 01/30/2014

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Corporate, Events, Taxation.
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Corporate and Tax Attorney Charles Wry, Jr. MBBP Attorneys Charles A. Wry, Jr. and Scott R. Bleier are among the faculty presenting at MCLE New England’s in-person program “Building Business Organizations: LLCs, LLPs, Limited Partnerships & Corporations” on Thursday, February 6 from 9:00 am – 12:00 pm.

The program focuses on new business organizations that are typically formed as limited liability companies (“LLCs”),Corporate Attorney Scott Bleier corporations, or, less frequently, limited partnerships or limited liability partnerships (“LLPs”). The faculty will discuss how to choose a form of entity based on a number of tax and non-tax considerations and then, if the entity chosen is a corporation or LLC, whether to use Massachusetts or Delaware law. Attendees will learn how to form a corporation or LLC in Massachusetts or Delaware, including how to prepare the various organizational documents. 

To learn more or to register for this event, please visit MCLE.

For more information on building business organizations, please contact Chip Wry or Scott Bleier.

January 31st, 2014 Deadline for Information Reporting with Respect to Exercised Incentive Stock Options 01/17/2014

Posted by Morse, Barnes-Brown Pendleton in Client News, Taxation.
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Action May Be Required

Corporations, both publicly and privately held, that transferred stock in 2013 pursuant to the exercise of incentive stock options (ISOs) are required to report the transfer to both the IRS and the exercising person.

Form 3921 Exercise of an Incentive Stock option Under Section 422(b) is used for both purposes. Form 3921 requires the corporation to furnish certain information regarding the exercise, including the fair market value of the share of stock on the date the ISO was exercised. Corporations must furnish Form 3921 to the exercising person on or before January 31, 2104 and to the IRS on or before February 28, 2014 (March 31, 2014, if forms are filed electronically). In general, failure to furnish statements in a timely manner, failure to include all required information or the inclusion of incorrect information will result in the imposition of penalties.

Transfers of stock under an employee stock purchase plan (ESPP) are also subject to similar reporting requirements.

Morse, Barnes-Brown & Pendleton would be pleased to assist you in understanding and complying with these ISO and ESPP reporting obligations. Please feel free to contact Robert Finkel or Diana Española with any questions or call 781-622-5930.

 

To ensure compliance with U.S. Treasury Regulations governing tax practice, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Tax Alert: Massachusetts Sales and Use Tax on Computer and Software Services – New Law Effective July 31, 2013 07/31/2013

Posted by Morse, Barnes-Brown Pendleton in New Resources, Taxation.
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MBBP recently published a Tax Alert discussing a new law recently enacted by  the Massachusetts Department of Revenue in Technical Information Release 13-10. The law states that certain “computer/software services” performed on or after July 31, 2013 will be subject to the Massachusetts sales and use tax.

Please read our full Tax Alert which summarizes the Department’s initial guidance found in the Technical Information Release.

MBBP Attorneys Help Demystify LLCs — Upcoming MCLE Program 03/21/2013

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Events, Legal Developments, Taxation.
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Corporate and Tax Attorney Charles Wry, Jr. Business and Tax Attorneys Charles A. Wry, Jr. and Diana C. Española are among the faculty presenting at MCLE New England’s LLCs Demystified: Advising Clients on Organization and Operation on Tuesday, April 9, 2013, 2:00 pm to 5:00 pm.

The program focuses on the fundamentals of LLCs providing practical advice on selecting business entities, operating and advising LLCs, and identifying and resolving issues which arise when Tax and Business Attorney Diana Españolasuch entities are parties to customary commercial transactions, and also delves into common tax issues for LLCs.

To learn more or to register for this event, please visit MCLE.

For more information on LLC formation, please contact Diana Española or Chip Wry.

MBBP Attorneys Help Demystify LLCs in MCLE Program 03/23/2012

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Events, Legal Developments, Taxation.
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Tax and Business Attorney Diana EspañolaOn March 22nd, MBBP Attorneys Diana Española and Chip Wry sat as faculty for MCLE In-House ProgramLLCs Demystified“. The program focused on the fundamentals of LLCs highlighting business and tax issues frequently presented by such entities. Diana and Chip helped to debate the pros and cons of LLCs and corporations, discussed basic tax and business issues presented by LLCs, identified specific advantages and disadvantages of LLCs, reported on common Corporate and Tax Attorney Charles Wry, Jr. mistakes and traps for the unwary in forming and advising LLCs, and provided practical drafting tips.

The MCLE has created an audio CD of the program and will also be rebroadcasting it as a webcast on April 19th.

For more information on LLC formation, please contact Diana Española or Chip Wry.

Robert Finkel Quoted in Boston Globe Article 02/27/2012

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Legal Developments, Taxation.
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Tax and Business Attorney Robert FinkelOn Saturday, February 25th, the Boston Globe published an article discussing tips and tricks that all tax filers can use by following the example set by Mitt Romney’s 2010 tax returns he released to the public last month. The author explains that it is the right of the taxpayer to take advantage of the legal tax breaks even though some may seem unfair or unwise. MBBP Tax Attorney Robert Finkel was quoted in response to skeptics:

If there are any grounds for complaints, they should probably be directed at Congress. Congress is the one that writes the tax laws.

Please visit Boston.com for the full article.

Feel free to contact Robert with any tax questions.

Robert Finkel Selected To Best Lawyers in America 2012 09/08/2011

Posted by Morse, Barnes-Brown Pendleton in Client News, Legal Developments, Taxation.
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Tax and Business Attorney Robert FinkelEvery year, Best Lawyers, a peer-review publication for the legal industry, compiles a list of outstanding attorneys chosen by surveys completed by their professional peers. MBBP tax attorney Robert M. Finkel has been selected for inclusion in The Best Lawyers in America® 2012 in the area of Tax Law. Robert has more than 25 years experience as a tax and business lawyer, with his practice focused on the areas of individual and business taxation including tax controversy and tax litigation. In addition, Robert is an adjunct professor at both the Boston University School of Law Graduate Tax Program, where he teaches partnership taxation, and the Radzyner School of Law at the Interdisciplinary Center, Herzliya, Israel. He is a frequent lecturer on tax-related topics.

Congratulations Robert!

For more information on tax law, please contact Robert Finkel.

Robert Finkel to Lecture On the Taxation of Business Entities 06/07/2011

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Events, Legal Developments, Taxation.
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Tax and Business Attorney Robert FinkelOn June 23rd, Massachusetts Continuing Legal Education (MCLE) is hosting an In-Person Program titled “Business Lawyer’s Guide to Taxation of Business Entities“. This program will answer the most common questions you have – or should have – and helps you to spot troublesome tax issues that can derail a deal and pose problems for your clients down the road. MBBP Corporate Tax Attorney Robert Finkel will be attending the conference as a faculty member and help to analyze tax law through the study of practical hypothetical cases relating to your choice of entity, day-to-day operations, buying or selling a business, and state tax issues.

For more information and to register for the program, please visit MCLE.

For questions on tax law, feel free to contact Robert Finkel.

MBBP Attorneys Help Demystify LLCs — Upcoming MCLE Program 03/17/2011

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Events, Legal Developments, Taxation.
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Corporate and Tax Attorney Charles Wry, Jr. Business and Tax Attorneys Charles A. Wry, Jr. and Diana C. Española are among the faculty presenting at MCLE’s LLCs Demystified on Thursday, March 24, 2011, 1:30 pm to 5:30 pm. The program focuses on the fundamentals of LLCs providing practical advice on selecting business entities, operating and advising LLCs, and identifying and resolving issues which arise when such entities are parties to customary commercial transactions, and also delves into common tax issues for LLCs.

Tax and Business Attorney Diana EspañolaChip is the author of one of mbbp.com’s most popular tax articles of all time, Stock Options and Restricted Stock. He recently authored Tax Aspects of Investor Financings. Diana is a co-author of Basic Tax Issues in Choosing a Business Entity, as well as Life Cycle of an IRS Audit.

Robert Finkel Co-Authors Real Estate Tax Abatement Book 07/08/2009

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Events, Legal Developments, Taxation.
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Tax and Business Attorney Robert FinkelMassachusetts tax attorney Robert M. Finkel along with Patricia Ann Metzer have authored Real Estate Tax Abatement Practice and Procedure, 3rd Edition 2009, published by Massachusetts Continuting Legal Education. The book covers tax abatement application, hearing and appeal procedures, and explains the motions available at the pre-hearing stage. Also covered are: property inspection, exchange of experts’ reports, forms of discovery and the pre-trial conference, as well as practical considerations, such as scheduling, consolidation and opening statements. For more information, or to order the book, please see the MCLE web page.

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