Tag: Solo & Small Firm Practice Committee

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Navigating the New Normal: AABANY’s Tax Committee and Solo & Small Firm Practice Committee Present a Webinar on the One Big Beautiful Bill Act

On March 26, 2026, AABANY’s Solo & Small Firm Committee and Tax Committee co-sponsored the webinar “Navigating the New OBBBA Landscape.” This presentation arrived at a critical time as the One Big Beautiful Bill Act was signed into law on July 4, 2025, with some provisions taking retroactive effect going back to January 1, 2025.

Parag P. Patel, Co-Chair of the Tax Committee, led the session by providing a comprehensive update on how solo and small law firms can optimize their financial affairs. He emphasized that the new law offers various ways for small business owners to minimize their liabilities if they understand the specific requirements and limitations of the Act.

Several major changes affect individual taxpayers under the OBBBA through the year 2028. The State and Local Tax deduction cap has been significantly increased to $40,000, which offers substantial relief to those living in high-tax jurisdictions. Seniors who are at least 65 years old are now eligible for a $6,000 deduction, provided their income falls within the established limits. The Act also introduces new deductions for reported tips and overtime pay to assist service and hourly workers. Furthermore, individuals may now deduct interest on car loans up to $10,000 annually for vehicles that were assembled in the United States.

The legislation provides permanent benefits designed to stimulate business growth and investment for law firms and other small enterprises. Bonus depreciation is now permanently set at 100% for qualified property acquired after early 2025. The Section 179 expensing limit has risen to $2,500,000, and the phaseout threshold has been adjusted to $4,000,000 to account for inflation. Businesses may once again deduct domestic research and development expenses permanently, and some small businesses can even apply this change retroactively to 2022. Additionally, the calculation for business interest expense limits has been restored to align with EBITDA standards.

While these updates offer many advantages, taxpayers must be aware of the income-based phase-outs that could limit their total deductions. Many of the individual tax benefits are scheduled to revert to previous levels by 2030, making long-term planning essential for legal professionals. 

AABANY continues to support its members by translating complex legislative shifts into actionable strategies for the legal community. This webinar successfully provided attendees with the tools needed to navigate the new tax reality with confidence.

To learn more about the Tax Committee, go here. To learn more about the Solo & Small Firm Committee, go here. For a listing of upcoming events, check out the calendar on AABANY’s website.

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Solo and Small Firm Practice & Prosecutors Committees Host a Book Reading and Discussion of Strangers in the Land with Author Michael Luo

On March 2, 2026, AABANY’s Solo & Small Firm Practice Committee and Prosecutors Committee hosted a book reading and discussion featuring Strangers in the Land, the critically acclaimed 2025 book by Michael Luo, Executive Editor at The New Yorker. The event was moderated by the Honorable Marilyn Go (Ret.), the first Asian American woman to serve as a federal judge in the United States, and was hosted by Groombridge, Wu, Baughman & Stone LLP.

During the event, Luo shared stories from his book, tracing various aspects of Chinese and Chinese-American history from the Gold Rush era to the rise in anti-Asian hate during the COVID-19 pandemic. One story described an early Chinese immigrant who came to America after attending a missionary school in China, where the head of the school invited students to accompany him back to the United States. The individual later faced the harsh effects of the Chinese Exclusion Act, which barred Chinese immigrants from naturalization, and his citizenship was revoked. Despite these barriers, he managed to reenter the United States and even attempted to volunteer for the Union Army during the Civil War, though he was turned away.

Reflecting on the broader themes of the book, Luo noted, “This question of who gets to be an American is one that is going on right now – who belongs in America. I don’t know what it would take for this representation to reach that tipping point.”

During the audience Q&A, attendees raised questions about the absence of Asian American history in mainstream education and discussed how recent anti-Asian hate and geopolitical tensions continue to shape perceptions of Asian Americans today, focusing on how the People’s Republic of China is an increasingly powerful country and enemy to the United States. Luo shared similar concerns, highlighting how the history recounted in his book was during a period of weakness for China and that the historical developments are likely to impact the law dealing with the social issues raised by the audience.

We thank Michael Luo for sharing his work and insights, and the Honorable Marilyn Go (Ret.) for moderating the discussion. Please visit AABANY’s website for more upcoming events like this one, such as AABANY’s first book club meeting on March 19, 2026.  To learn more about the Solo & Small Firms Practice Committee click here.  To learn more about the Prosecutors Committee, click here.

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In the News: AABANY Connects Fung Family with Pro Bono Legal Services to Assist Baby Faye who Suffers from Inoperable Brain Tumor

On April 13, 2023, State Senator Iwen Chu invited AABANY and other community leaders to join a press conference to bring attention to the Fung family, who faced many hardships when their 9-month-old daughter Faye was diagnosed with an inoperable optic-chiasm tumor in her brain when she was only three months old.

The bureaucracy of multiple agencies denied Faye and her family critical support on numerous occasions. However, with the help of AABANY’s Pro Bono and Community Service Committee, the Fung Family was connected with Yen-Yi Anderson whose firm, Anderson & Associates, provided pro bono services to the family and established a trust to help pay for Baby Faye’s medical and other needs.

At the press conference, AABANY Co-VPPO Beatrice Leong, and Board Liaison to the Pro Bono and Community Service Committee, spoke about AABANY’s mission to help the Asian community for the past 34 years, and our monthly pro bono clinics. Various Chinese newspapers were there, including World Journal and Sing Tao.

If you would like to donate to help the Fung Family with Faye’s medical bills please click here.

We thank Anderson & Associates for their pro bono legal services. We also acknowledge Yen-Yi Anderson for volunteering to serve as Co-Chair of the Solo & Small Firm Practice Committee during the 2024 Fiscal Year.

Here is an article in BKReader about the Fung Family and Baby Faye.

Here is an article in the World Journal about the Fung Family and Baby Faye

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AABANY’s Annual Picnic Returns to Central Park on August 13

On August 13, 2022, the Young Lawyers Committee (YLC) Co-Chairs, Jasmine Chean, Jimmy Kang, Jenny Park along with Vice Chair of Solo & Small Firm Practice Committee Yifeng Chen planned and organized AABANY’s Annual Picnic in Central Park. This was the first time in three years that AABANY held the picnic in Central Park. We could not have asked for better weather for this return: The temperature was in the low 80s with no humidity. The Spector Playground Lawn, where the picnic took place, had shade from the trees to keep the guests cool.

Over 55 guests attended, and AABANY members brought their children, siblings, spouses, and even their parents to enjoy the perfect picnic weather. YLC Co-Chairs ordered dumplings from Vanessa’s Dumplings and provided sandwiches and snacks for the guests to enjoy.

Board Members in attendance included Andy Yoo, the Board Liaison for the YLC, Vice President of Programs & Operations Beatrice Leong, and Board Director David Sohn. It was David’s 40th Birthday, and he made time to bike to the park to say ‘hi’ to members and guests!

Pro Bono and Community Service Committee Co-Chair May Wong sold kites and toys to fundraise for the Pro Bono Clinic.

We thank everyone who made it out on a beautiful Saturday to celebrate this annual event with us, and we thank the leaders from the YLC and the Solo & Small Firm Practice Committee for all their hard work to make it happen.

For more information about YLC, go to https://www.aabany.org/page/123. For more information about the Solo & Small Firm Practice Committee, go to https://www.aabany.org/page/111.

To see all the photos from the picnic, go to:

https://photos.app.goo.gl/wDsx62GrLhnK7ry16

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AABANY Hosts February Monthly Membership Mixer at Atwood

On Wednesday, February 19, 2020, AABANY’s Membership Committee, together with Corporate, Issues, Litigation, Solo & Small Firm Practice, and Professional Development Committees hosted a Membership Mixer with members, colleagues, and friends at Atwood Bar & Lounge in Midtown East. Over twenty attendees filled a private section reserved for our group. Our membership programs provide opportunities to network and to learn more about AABANY by meeting current members and leaders. Keep an eye out for our future events including an outing to see “West Side Story” on Broadway on March 19. To learn more about the Membership Committee, go to https://www.aabany.org/page/130

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AABANY Presents: Dress for Success

On Tuesday, November 19, 2019, AABANY’s Career Placement Committee presented its inaugural Dress for Success event. The event took place at J.Crew Fifth Avenue. Over 20 people attended the event. The event provided attendees with personal styling advice, an opportunity to shop, and wardrobe demonstrations that would allow each attendee to put their best foot forward in dressing. Special thanks to the Government Service & Public Interest Committee, Litigation Committee, Solo & Small Firm Practice Committee, Student Outreach Committee, and Women’s Committee for co-sponsoring the event. Special thanks to Flavor Fuzion Catering and Ashvini Persaud, Sr. Business Banker at Capital One, for her generous donation.

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