Marc practices tax and general business law.
Marc’s tax practice encompasses federal, Rhode Island, and other state and local taxation. Marc uses his broad experience to help individuals and businesses in the following ways:
(1) plan for and structure domestic and international tax implications of business transactions;
(2) resolve tax disputes with the IRS and state tax authorities; and
(3) assist with tax compliance issues for tax returns and information returns.
Because of his experience working for two public accounting firms, Marc understands that tax return mistakes can become complex tax problems with the IRS, Rhode Island, and other states and can result in substantial unpaid tax, penalties, and interest. Marc also enjoys helping others understand and navigate federal and state tax laws.
Marc’s corporate practice complements his tax practice. Marc works with business entities of all sizes, high net worth individuals and their trusts, as well as private foundations and public charities. Marc can assist both for-profit and non-profit organization by drafting and counseling with respect to:
(1) business legal entity formation, including choice of entity and federal tax exemption under 501(c) for non-profit organizations;
(2) stockholder agreements, partnership agreements, LLC operating agreements, and corporate bylaws;
(3) contracts for every type of business transaction; and
(4) executive compensation plans, including equity incentive plans.
Across industries, Marc has a passion for helping structure start-up companies and new non-profits, where he assists clients with making business entity selection.
Aside from his legal work, Marc is also the co-owner, with his wife, of a small e-commerce business. This experience and his experience having “hung his own shingle” as a solo lawyer gives Marc a business perspective uncommon among lawyers. Additionally, Marc serves on several nonprofit boards.
- Tax Law
- Business Law
- Tax-Exempt Organizations
- Free Consultation
- Rhode Island
- Tax Court
- Adler Pollock & Sheehan P.C.
- - Current
- Practice tax and business law, assisting individuals, for-profit businesses, and nonprofit organizations.
- Georgetown University Law Center
- LL.M. | Taxation
- The John Marshall Law School
- J.D. (2007)
- Tufts University
- B.A. (1998)
- AV Preeminent Peer Review Rating
- New RI real estate conveyance tax: what you need to know now.
- Adler Pollock & Sheehan P.C.
- Tax Credits Available Beginning Today Under The Families First Coronavirus Response Act
- Looks Can Be Deceiving – RI’s New 10-Year Limit On Tax Collections
- Three Landmines In Rhode Island’s Post-Wayfair Sales Tax Law And How To Avoid Them
- RI Bills Put Remote Retailers And Marketplace Facilitators In Crosshairs
- Wayfair And Gobstoppers
- Consider A Tax Entity Conversion Now
- Recent Developments in State and Local Taxation, Year End Tax Seminar, Providence, Rhode Island
- Discussion of sales tax after the South Dakota v. Wayfair case.
- Affect of TCJA on Choice of Legal Entity, Adler Pollock & Sheehan P.C. Spring Seminar Series, Providence, Rhode Island
- Adler Pollock & Sheehan P.C.
- This seminar addressed how the Tax Cuts and Jobs Act changed the calculus for determining whether a pass-through entity or C corporation is the best choice for legal entity structure for a business.
- Choice of Legal Entity for Your Business, Start Your Business. Grow Your Business, Providence, Rhode Island
- Hatch Entrepreneurial Center
- Tax perspective on formation, business structures, steps for formation, and an explanation of the primary business tax forms.
- Adler Pollock & Sheehan profile
- Q. I have owned my home for 2 Years, 5 months. The first year we owned it, it underwent massive renovations
- A: There's no clear answer provided in the tax laws that would establish your right to the income exclusion for the sale of a principle residence under IRC section 121. The regulations provide that in the case of a taxpayer using more than one property as a residence, whether property is used by the taxpayer as the taxpayer's principal residence depends upon all the facts and circumstances. In establishing whether a taxpayer has satisfied the 2-year use requirement, occupancy of the residence is required. However, short temporary absences, such as for vacation or other seasonal absence (although accompanied with rental of the residence), are counted as periods of use. It seems that your situation is somewhere between the following two examples provided by the regulations. Taxpayer D, a college professor, purchases and moves into a house on May 1, 1997. He uses the house as his principal residence continuously until September 1, 1998, when he goes abroad for a 1-year sabbatical leave. On October 1, 1999, 1 month after returning from the leave, D sells the house. Because his leave is not considered to be a short temporary absence under paragraph (c)(2) of this section, the period of the sabbatical leave may not be included in determining whether D used the house for periods aggregating 2 years during the 5-year period ending on the date of the sale. Consequently, D is not entitled to exclude gain under section 121 because he did not use the residence for the requisite period. Taxpayer E purchases a house on February 1, 1998, that he uses as his principal residence. During 1998 and 1999, E leaves his residence for a 2-month summer vacation. E sells the house on March 1, 2000. Although, in the 5-year period preceding the date of sale, the total time E used his residence is less than 2 years (21 months), the section 121 exclusion will apply to gain from the sale of the residence because, under paragraph (c)(2) of this section, the 2-month vacations are short temporary absences and are counted as periods of use in determining whether E used the residence for the requisite period. A tax lawyer or your tax return preparer could help you develop facts and circumstances that might assist you with claiming the gain exclusion.
- Q. Does RI impose a RE coveyance tax if the real property is transferring the controlling interest only?
- A: Effective July 1, 2015, Rhode Island now imposes a realty conveyance tax on the transfer of controlling interests in a “real estate company,” in addition to any other state taxes. Please see an article that I just co-authored on the topic: https://www.linkedin.com/pulse/new-ri-real-estate-conveyance-tax-what-you-need-know-now-marc-lewin?trk=hp-feed-article-title-publish