Tag: tax 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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AABANY Asia Practice Committee and Tax Committee Host Dinner at Chi Restaurant & Bar

On March 12, 2026, AABANY’s Tax Committee and Asia Practice Committee co-hosted a vibrant dinner event at Chi Restaurant & Bar. The gathering brought together a diverse group of attendees, including seasoned attorneys, young professionals, and NYU tax LLM students, all eager to connect and share insights. Conversations ranged from emerging trends in Asian markets to recent developments in tax law, fostering both professional growth and community building. Guests enjoyed an array of Asian-inspired dishes while networking with new acquaintances and reconnecting with familiar colleagues in a welcoming atmosphere.

Building on the success of this event, the Tax Committee intends to host additional networking events throughout the year, collaborating with other AABANY Committees to broaden participation. We warmly invite professionals from all backgrounds to join our future gatherings and stay connected with our growing community.

For more information on AABANY’s Tax Committee, click here. For more information on AABANY’s Asia Practice Committee, click here. You can also check out AABANY’s website for information on other committees, as well as a calendar of upcoming events.

– Written by Eric Min, Co-Chair of AABANY’s Tax Committee

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Tax and Trusts & Estates Committee Gather for Joint Dinner at Tang Pavilion

On October 16, 2025, tax and trusts & estate professionals convened for a highly anticipated joint committee dinner. The event welcomed a diverse group of AABANY members and non-members, including ambitious students and experienced professionals contemplating a career transition into these specialized legal fields. The evening served as a dynamic platform for invaluable knowledge exchange, with discussions spanning a broad spectrum of critical topics such as strategic career advancement, recent legislative updates, and effective practice management strategies.

The group met at Tang Pavilion, which provided a cozy and inviting atmosphere perfectly conducive to engaging conversations and reconnecting with peers. Attendees delighted in a culinary journey featuring an array of delectable dishes, thoughtfully selected by those present. The group savored perennial favorites like the crispy sesame chicken, the flavorful mapo tofu, and perfectly prepared string beans. Complementing the exquisite meal, guests enjoyed a selection of fine wines and refreshing Sapporo beer, creating a perfect ambiance to unwind and socialize after a busy workday. The camaraderie and shared enjoyment truly enhanced the collaborative spirit of the evening.

The Trusts and Estates Committee holds regular virtual meetings, dedicated to discussing topics of interest to its members, with the next meeting scheduled for November 7, 2025. For more details and to register for this upcoming meeting, please click here. To delve deeper into the activities and mission of the Trusts & Estates committee, further information is available here. Similarly, to learn more about the Tax Committee and its initiatives, please click here. To stay informed about all upcoming events hosted by these two committees, as well as other exciting AABANY events, we encourage you to visit the calendar on AABANY’s website for the latest information.

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AABANY Hosts Tax and Trusts & Estates Career Panel at Cardozo Law School

On the evening of September 30, the AABANY Student Outreach, Tax, and Trusts & Estates Committees, in collaboration with Cardozo Law School’s APALSA, presented a Tax and Trusts & Estates Career Panel. The program was organized as a single event divided into two parts, offering students a comprehensive look into two dynamic and specialized areas of law.

In the Tax Law portion, Eric Min of Baker McKenzie, Co-Chair of AABANY’s Tax Committee, and Hardy Zhou of Cooley, Co-Chair of AABANY’s Asia Practice Committee, discussed their career paths and the intricacies of cross-border tax practice. The session was moderated by Christine Shea, AABANY Student Outreach Committee Student Ambassador.

The Trusts & Estates portion featured Yi Stewart, Litigation Associate at Farrell Fritz and Co-Chair of AABANY’s Trusts & Estates Committee; Shu-Ping Shen, Wealth Advisor at JPMorgan Bank; George Martin, Senior Associate at ArentFox Schiff; and Bich-Nga Nguyen, Executive Director at Morgan Stanley. The panelists shared insights from their work in litigation, private practice, and wealth management, providing students with a well-rounded understanding of the field. This section was moderated by Bich-Nga Nguyen.

Throughout the evening, students gained a valuable overview of the diverse issues that tax law and trusts & estates law encompass—from corporate transactions and international matters to estate planning and fiduciary litigation. Panelists also offered practical advice on career development, networking, and coursework selection to help students distinguish themselves in the job market.

At the conclusion of the program, the panelists—joined by Trusts & Estates Committee Co-Chair Natasha Chang—networked with attendees, answering follow-up questions and sharing additional insights in an informal setting.

Special thanks go to Cardozo APALSA for hosting the event and providing catering, and to all participating committees and volunteers for making this collaborative event a success.

To learn more about the Tax Committee, click here. To learn more about the Trusts & Estates Committee, click here. To learn more about the Student Outreach Committee, click here.

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AABANY Tax Committee Hosts a Dinner at Blue Willow in Midtown, Manhattan

On March 12, the Tax Committee hosted a dinner at Blue Willow, a Chinese restaurant in midtown Manhattan.  The Committee had an open discussion on various tax questions from attendees and future plans for the Tax Committee. 

Attendees ranged from newcomer students to partners who were part of the original creation of the Tax Committee that provided a historic perspective on how and why the Committee was created. Future networking and outreach activities were discussed as well as the sharing of career advice, some current thorny substantive questions encountered at work and various ways to substantively enhance one’s practice. 

To learn more about the Committee, go here: https://www.aabany.org/page/453.

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Contribute Your Expertise in a Meaningful Way: Become a NAPABA Co-Chair!

NAPABA committees and networks enable our members to gain access to a robust knowledge-sharing network of seasoned AANHPI professionals. NAPABA’s committees focus on substantive practice specialties or specific service areas, such as civic engagement. NAPABA’s networks encompass individuals with similar experiences, such as solo practice or military service. These peer-led groups serve as a networking community and enable members to learn best practices and stay on top of the latest legal trends.  

NAPABA is seeking committee or network co-chair recommendations from the membership to fill vacancies and we urge you to consider contributing your expertise and experiences in a meaningful way within NAPABA. Serving as a co-chair presents a unique chance to take up a leadership role within NAPABA, connect with AANHPI attorneys in your practice area or who share similar experiences, and enhance your professional profile. Many of our committee and network co-chairs have later served on NAPABA’s Board of Directors. 

Who can become a co-chair?

An appointee must: 

  • Have demonstrated proven leadership skills; 
  • Have demonstrated the highest standards of personal integrity and trust professionally and personally; 
  • Have personal and professional experience relevant to the goals/objectives of the Committee; 
  • Have demonstrated a commitment to the furtherance of the Committee’s goals, including leadership and pipeline development; 
  • Be a member in good standing of NAPABA or a NAPABA affiliate; and 
  • Be willing to serve for a six-year term.

What information do I need to provide?

We request applicants submit the following materials in a SINGLE PDF:

  • A Resume or similar material that demonstrates personal or professional experience relevant to the goal(s) and objective(s) of the committee or network.
  • A Statement of Interest demonstrating the following:  
  • Proven leadership skills in NAPABA, local NAPABA affiliates, or other professional activities
  • The highest standards of personal integrity and trust in all professional and personal activities
  • Additional details outlining your personal or professional experience relevant to the goal(s) and objective(s) of the committee or network not outlined in your resume.
  • Biography

Where do I apply?

Ready to apply? Click on the button below to start your application! The deadline to apply is Monday, September 18, 2023 at 5:00 pm ET.

Committees and networks with co-chair vacancies:

Committees

  • Bankruptcy & Restructuring Committee 
  • Cannabis/CBD/Hemp Law & Policy Committee 
  • Civil Rights Committee 
  • Corporate Transactions Committee 
  • Data Privacy & Security Committee 
  • Dispute Resolution Committee 
  • Diversity and Inclusion Committee 
  • Energy, Environment & Sustainability Committee 
  • Entertainment Law Committee 
  • Government Enforcement & Compliance Committee 
  • Immigration Committee 
  • Insurance Law Committee 
  • Litigation Committee 
  • Mass Torts & Class Actions Committee 
  • Pro Bono & Community Service Committee 
  • Real Estate Committee 
  • Tax Committee 
  • Trusts & Estates Committee 
  • Wellness Committee 

Networks

  • In-House Counsel Network
  • Law School Professors & Administrators Network 
  • LGBTQ Network 
  • Partners Network
  • Public Sector Network 
  • Solo & Small Firm Network

If you have any questions about our committees or networks or the application process, please contact [email protected].

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Student Outreach Committee and Corporate Law Committee Co-host Program on “What Do Corporate Lawyers Do?”

On March 31, 2023, the Student Outreach and Corporate Law Committees presented the panel: “What Do Corporate Lawyers Do?” at Orrick’s New York office. Moderators Long Dang (litigation associate at Cleary) and Jay Hawlader (law student at Brooklyn Law School) spoke to corporate attorneys Alice Hsu (Capital Markets partner at Orrick), Chris Min (Finance partner at Orrick), Cherry Liu (M&A/PE associate at Paul, Weiss), and Ashley Wong (M&A/PE and Capital Markets associate at Sidley). 

In a relaxed setting with pizza and soft drinks, students listened to Alice and Chris speak about building relationships with clients, managing associates, and how they succeeded in becoming partner at their firm. Cherry and Ashley gave advice on how law students should judiciously select practical law classes, how they can ace the law firm interview process, and how to be resourceful, self-starting junior associates.

The panelists also shared what drew them into their respective fields. Ashley, for example, was inspired by purchasing Teavana tea from a Starbucks menu and was then intrigued by high-level transactions that affected consumers. Chris was drawn into her group because she enjoyed the personalities and the work combination.

Students on Zoom and in person listened closely as Alice described her day in a life as a partner and when Cherry gave advice on interviewing with law firms. The event concluded with Q&A and light mingling among the panelists and students.

Thanks to the Student Outreach Committee and Corporate Law Committee for organizing this helpful and informative program, and thanks to all the speakers for sharing their knowledge and insights.

Join the Student Outreach Committee  and Tax Committee for “What Do Tax Lawyers Do?” on April 26. For more details and to register, go here.

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Tax Club Dinner Returns to a Great Turnout on February 7th

The Tax Committee rebooted the Tax Club Dinner series on February 7, 2023, with a great turnout for dinner at Tang Pavilion.  It was the first in person dinner since the pandemic and the Tax Committee was happy to welcome old and new faces. 

Shiukay Hung presented an overview of domestically-controlled REITs, the typical structuring of such REITs, and recent proposed Treasury Regulations that may affect structuring of this kind. 

 It was great to be reunited, and the Tax Committee looks forward to regular dinners going forward.

Click here to learn more about the Tax Committee.

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Tax Committee Holds First Tax Club Dinner of 2020

On Thursday, January 30, 2020, the Tax Committee held another Tax Club dinner at Wu Liang Ye.  The attendees discussed estate planning in light of the current transfer tax landscape with a specific focus on estate planning for the moderately wealthy, including both tax and non-tax ramifications.  With the increase in estate and gift tax exemption as a result of tax reform, fewer individuals will be subject to transfer taxes. However, everyone should still have an essential set of documents prepared, and individuals who have at least $5.5 million in assets should consider taking advantage of the increased exemptions before these provisions sunset in 2026. Thanks to everyone who attended. To learn more about the Tax Committee go to https://www.aabany.org/page/453 .

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AABANY Tax Club Quarterly Dinner

AABANY Members enjoying the food at Tang Pavilion

On Tuesday, August 6, 2019, the Tax Committee held its quarterly Tax Club dinner at Tang Pavilion.  Daniel Ng, Senior Manager at KPMG, presented on issues related to Controlled Foreign Corporations prior to and as a result of recent tax reform as well as Global Intangible Low Tax Income.  The next Tax Club dinner will take place in the fall, and it is anticipated that the discussion will focus on estate planning and transfer tax issues.

The Tax Committee would like to thank everyone for coming out to this successful event. To learn more about the Tax Committee and how to contact the Co-Chairs, go to https://www.aabany.org/page/453.

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