Media Mentions
2007
Peter Faber was quoted in the October 10 issue of the New York Sun about how Congress is backing off legislation to raise taxes that would hit the New York's private equity industry, but now London has announced plans to do just that. "Anything that arguably makes London a less attractive place to do private equity deals or anything else benefits New York because we are in direct competition," Mr. Faber said.
Peter Faber was quoted in the May 29 issue of Dow Jones Newswires about several steps to guard against being doubly taxed if you live in one state but spend a lot of time relaxing in another. "There are an awful lot of people who play games with this, who have a winter place in Florida and spend only four months down there," said Mr. Faber.
Peter L. Faber, Tax, Tax Controversy, Tax Exemption
Peter Faber was quoted on May 22 on The Wall Street Journal Online about the challenge by a Kentucky couple to a Kentucky state law that exempts interest on bonds issued within Kentucky while taxing interest on most non-Kentucky municipal bonds. Most states that have a state income tax, such as New York and California, have similar laws. "This is an issue of great national importance that involves many investors in state and local bonds," said Mr. Faber.
Peter L. Faber, State & Local Tax, Tax, Tax Controversy, Tax Exempt Bonds
Peter Faber was quoted in the March 27 edition of The New York Times in an article about the New York governor's office closing "loopholes" that corporations use to reduce their tax bills in order to balance the state budget, although many business leaders say there are no loopholes to close.
Peter L. Faber, State & Local Tax, Tax
Peter Faber was quoted in the March 27 edition of The New York Times article about the New York governor’s office closing "loopholes" that corporations use to reduce their tax bills in order to balance the state budget. However, many business leaders say there are no loopholes to close. "All the way back to 1945, New York has held out its refusal to adopt a unitary tax system as an inducement to headquarters companies to locate here," Mr. Faber said. With this change, he added, "you could have a company with an out-of-state subsidiary that has no operations in New York but sells to New York customers, and that company could be dragged into a New York tax return."
2006
Peter Faber was mentioned in the September 5 issue of Tax Analysts about State Tax Notes publishing its 15th anniversary issue. Mr. Faber's essay on changes in tax practice over the last 15 years will appear in the issue.
Peter L. Faber, State & Local Tax, Tax
Fred Chilton, Peter Faber, Jerry Kaplan, Peter Nias, Arndt Raupach, James Riedy, Art Rosen and Lowell Yoder were recommended in the Cross-border Tax on Corporate Transactions: PLC Which Lawyer Handbook published by Practical Law Company. McDermott was highly recommended.
Frederick Chilton, Peter L. Faber, Jared Kaplan, Peter M.W. Nias, Arndt Raupach, James A. Riedy PC, Arthur R. Rosen, Lowell D. Yoder, Germany, International, International Tax, London, Tax, Tax - Germany, Tax - London
Peter Faber was quoted in the May 31 issue of The Wall Street Journal regarding New York's new stance on the rule affecting telecommuters. When an employee lives in another state and is assigned to the employer's New York office, the days the person works at home won't be counted as New York days if the home office is a "bona fide employer office." Thus, these employees owe New York taxes only on their income from work actually done in the New York office. "The changes open the door for more genuine telecommuters to qualify," Mr. Faber said.
Peter Faber was quoted in the May 31 issue of Technology News in regarding New York's new stance on the rule affecting telecommuters. When an employee lives in another state and is assigned to the employer's New York office, the days the person works at home won't be counted as New York days if the home office is a "bona fide employer office." Thus, these employees owe New York taxes only on their income from work actually done in the New York office. "The changes open the door for more genuine telecommuters to qualify," Mr. Faber said.
2005
Letters, written by Peter Faber and Alan Schwartz, to the Department of Treasury and the IRS, expressing concerns with proposed regulations on the treatment of intercompany transactions among members of consolidated groups in order to calculate the domestic production activities deduction under section 199, were published in the November 29 issue of Tax Notes Today.
Peter L. Faber, Alan J. Schwartz, Tax
Peter Faber and Art Rosen were listed in "The New York Area's Best Lawyers" guide, published in the August 1-8 issue of New York Magazine .
Peter L. Faber, Arthur R. Rosen, Tax
Peter Faber was mentioned in the July 17 issue of The Wall Street Journal - Sunday in a tax Q&A column in regard to filing of an appeal to the U.S. Supreme Court on behalf of Tennessee man, a Firm client, who had to pay New York taxes on all of his income even though he spent only about 25 percent of his working days in New York. Mr.Faber mentioned he knows of other similar cases.
Peter L. Faber, State & Local Tax, Tax
Peter Faber was quoted in the July 13 issue of The Wall Street Journal in a business brief about his filing of an appeal to the U.S. Supreme Court from the New York's Court of Appeals' ruling that a Tennessee man, a Firm client, had to pay New York taxes on all of his income from a New York employer – even though he spent only about 25 percent of his working days in New York.
Peter L. Faber, State & Local Tax, Tax
Peter Faber was quoted in the June 1 issue of International Tax Review about the IRS and Treasury Department issuing revisions to the standards for the written tax advice that were released at the end of 2004. "The rules won't affect the substance of the advice we give but they will affect the amount of paperwork we have to do and, frankly, the cost to the client," Mr. Faber said.
Peter L. Faber, International Tax, Tax
Peter Faber was quoted in the May 2005 issue of International Tax Review in an article regarding the IRS and Treasury Department's issuance of the recent revisions to the standards for written tax advice that were release at the end of last year. "The rules won't affect the substance of the advice we give but they will affect the amount of paperwork we have to do and frankly the cost to the client," Mr. Faber said.
Peter L. Faber, International Tax, Tax
Peter Faber was mentioned in the April 6 issue of the Wall Street Journal. The article discusses a recent ruling by New York's Court of Appeals that a computer specialist from Nashville, Tennessee has to pay New York taxes on 100 percent of his income from a New York employer – even though he spent only about 25 percent of his time in New York and the other 75 percent in Tennessee. The decision will be appealed to the U.S. Supreme Court. Mr. Faber commented, "If this decision stands up, there will be virtually no limit on the ability of states to tax nonresident telecommuters."
Peter L. Faber, State & Local Tax, Tax
Peter Faber was quoted in the January 3 issue of the New York Law Journal in an article regarding a case that bears critical importance to the future of telecommuting in the state of New York. Even though Thomas Huckaby of Tennessee spends little time in New York and virtually does no work in New York, the state of New York claims it can tax 100 percent of his income since his employer is based in Queens. "Mr. Huckaby's case presents the plight of a nonresident telecommuter. Telecommuting did not exist when the regulation at issue first appeared on the scene, but it is widespread now," Mr. Faber argued in his brief.
Peter L. Faber, State & Local Tax, Tax
2004
Peter Faber was quoted in the August 26 issue of BNA's Daily Tax Report in an article regarding how recent regulations issued by the IRS describe methods for determining loss, including the basis disconformity method. The IRS will also accept other methods for determining loss, such as the tracing approach. "There are many ways of skinning the loss of disallowance cat and I think this is one of them," commented Mr. Faber. "It's clear that IRS and Treasury are looking at different approaches and recognizing that an approach that addresses legitimate concerns with respect to one company may not legitimate concerns with respect to another company."
Peter Faber was quoted in the New York Sun on August 4 regarding the proposal that would require states to tax the income of nonresidents based on the physical location of the employee during work hours, not the address of the employer. Mr. Faber explained that "as applied to telecommuters the current rules are just awful. Federal legislation is what happens when state tax departments adopt positions that people regard as unfair."
Peter L. Faber, State & Local Tax, Tax
Peter Faber was quoted in the May 3 edition of the New York Law Journal in an article regarding a ruling that a Tennessee resident, who telecommutes to his New York employer must pay income tax on 100 percent of his earnings even though he only spends a quarter of his time there. Under the convenience of the employer test, out-of-state employees of in-state employers are allowed to allocate income between their home and working states, but only if they work out of New York due to the employer's necessity. Mr. Faber argued that the test contradicts Tax Law §631, which allows New York to tax nonresidents only on income resulting from work "carried on" in this state.
Peter L. Faber, State & Local Tax, Tax
Peter Faber was quoted in the April 30 weekend edition of The New York Sun in an article regarding a lawsuit challenging New York's income tax on telecommuters from other states. McDermott is representing a computer programmer, Thomas Huckaby, from Tennessee who lost in a lower appellate court and plans to take his case to the Court of Appeals. In November, the Court of Appeals rejected a similar case from a Manhattan law school professor, who worked part-time from his home in Connecticut. Mr. Faber said the case failed because the court focused on the fact that professor's real job was in New York. "...In Huckaby's case, in contrast, his real job is working in Tennessee...He's a computer programmer, so he could do that anywhere," commented Mr. Faber.
Peter L. Faber, State & Local Tax, Tax
2003
Peter Faber was quoted in Forbes magazine on July 7 in an article comparing the advantages and disadvantages of C corporations, S corporations and LLCs in the light of new tax laws. Mr. Faber commented that when starting a new business the entity of choice is typically an LLC due to increased flexibility and tax advantages, including creating the ability to have different classes of ownership interests with different profit draws.
2002
Peter Faber was quoted in the December 4 issue of The Wall Street Journal in an article addressing the SEC's proposed rules that could ban accounting firms from selling tax strategies to their auditing clients. These proposed rules are part of amendments to auditor-independence standards to reduce conflicts. Mr. Faber commented that the rules, if finalized, could prohibit accounting firms from doing tax planning for audit clients.
Peter L. Faber, Corporate Responsibility - SEC Enforcement, Tax
2001
Peter Faber commented on the inherent fun of tax issues in the November 7 issue of The Wall Street Journal.
Peter Faber was quoted in the June 22 issue of The New York Times in regard to two recent court decisions that rejected the IRS's efforts to limit tax shelters. Mr. Faber said that the decisions indicate that transactions with legitimate business purposes will be upheld even if they are motivated in part by tax considerations.
Peter Faber was quoted on the front page of the Wednesday, June 6 edition of the Wall Street Journal. He commented on a recent Tax Court case victory for the IRS that called for the capitalization of business expenses. Mr. Faber called the decision "wrong" noting that the appeals courts have been "more sympathetic to taxpayers on this issue than the Tax Court."
Peter L. Faber, Tax, Tax Controversy
Peter Faber was interviewed on CNNfn on April 6. Mr. Faber spoke about current tax and legal issues including possible individual tax cuts.
Peter Faber was quoted in the April 2 issue of Business Week in regard to New York state's practice of taxing non-residents on all of their income, including income earned outside the state. Mr. Faber argued that the practice is unfair citing a case he is working on where he has petitioned the state commissioner of taxation and finance to reconsider the issue.
