I PRESS RELEASE I
Distinguished Panel For Nassau County Bar Association Event Includes O&A Tax Specialist
WALL STREET, NY, June 6, 2007 -- A distinguished panel of experts today addressed the Nassau County Bar Association's Tax and Corporation Committee and provided insight into the anatomy of buying or selling a business.
(L - R) Panelist Mark Stone of Olivier & Associates, Nassau Bar's Tax Committee Chairperson Karen Tenenbaum and other bar members converse after the event.
Mark L. Stone of Olivier & Associates was selected as a panel participant and spoke to more than 60 business lawyers about bulk sale rules and the potential of inadvertently buying someone's sales and use tax liability.
The veteran sales and use tax specialist focused on transferee liability, tax on assets sold, and capital contributions / liquidations of assets not being a taxable transaction.
"I think the most important tax aspect that a business buyer or seller should focus on is careful planning in order to avoid any unintentional adverse tax liabilities," says Stone, a former Sales and Use Tax Auditor with the New York State
Department of Taxation and Finance.
Stone cleared up a misconception among many business lawyers regarding the amount of sales proceeds to hold in escrow. "You should hold as much as possible, up to the sales price of the business," Stone says. "Since the State will hold
the purchase liable for amounts up to the purchase price (until 90 days after reporting the sale) it is difficult to justify holding a minimal escrow.
About Olivier & Associates
Olivier & Associates, headquartered on Wall Street, is a highly specialized team of nationally recognized accountants, attorneys and former state tax auditors who understand Sales, Use & Transaction Tax law from both sides of the table. Our specialists provide premium tax consulting
services to businesses doing under $250,000 annually to Fortune 1000 companies with revenues in the billions.
Mark L. Stone, contact
1-516-931-1500
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