Firm Newsletter | March 2025

Mar 31, 2025
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Dear Clients and Friends:

We write to update you on recent activities at FRB.

We are thrilled to announce Moish Peltz has been promoted to Co-Managing Partner, joining Kenneth Falcon in leading FRB into its next chapter of growth. While much will remain the same, his leadership and vision continue to drive innovation at the firm. Read the full announcement here. Congratulations, Moish!

Also, FRB is excited to share news of our continued growth, with Mark Powell joining the firm as a Partner in our Private Client Practice Group (Irvine, California) and the addition of Vaughn Collopy as an Associate in our Corporate & Securities Practice Group (New York City). Learn more about each of their practices and experience below.

Next, congratulations to FRB Partner Rachael Harding on being named to City & State New York's Law Power 100! As Chair of the Election Law & Campaign Finance Practice Group, Rachael’s leadership in navigating complex regulatory landscapes continues to make an impact. Read more about this recognition here. 

Further, we are proud to share that FRB's Ruth Kraft, Partner and Chair of the Labor & Employment Practice Group, and Moira Laidlaw, Partner in our Estate Planning Practice Group, have once again been named 2025 Top Women Lawyers in the New York Metro area by Super Lawyers. Check out the full list here. Congratulations, Ruth and Moira! 

Lastly, we invite you to join FRB Partner Matthew Foreman for the CPE/IRS CE webinar "Bobbleheads, Baseballs, and Beanie Babies: The Taxation of Collectibles" on Thursday, April 24 from 1:00 - 2:00 PM ET. This engaging session will explore how collectibles are taxed, whether they qualify for capital gains treatment, and what deductions may be available. Application for New York CLE is pending. Learn more and register below.

 

Register for Our Upcoming Webinars

 

Determining Basis of Gifted Assets: Passive Loss Carryovers, Spousal Transfers, Gifts of Loss Property (2.0 CPE Credits)

  • Join FRB's Vice Managing Partner Matthew E. Rappaport, Esq., LL.M. alongside Taxation Partner Matthew E. Foreman, Esq. on Wednesday, April 2 from 1:00 PM - 2:00 PM ET to explore the basis rules for gifted assets, strategies to minimize taxes, and key considerations for tax practitioners. 
  • Learn more and register here.

 

Bobbleheads, Baseballs, and Beanie Babies: The Taxation of Collectibles
(1.0 CPE/CE for IRS Enrolled Agents)

  • Join FRB Partner Matthew E. Foreman, Esq., LL.M. on Thursday, April 24 from 1:00 PM - 2:00 PM ET and explore the various tax implications, including whether the income is subject to tax at capital gains or ordinary income rates. Additionally, learn what types of expenses related to collectibles can be deducted, when they can be deducted, whether you can deduct expenses in excess of income, and whether sales tax needs to be applied to the transactions. Application for New York CLE is currently pending.
  • Learn more and register here.

 

Check Out Our Latest Podcasts

   

How Tax Works - Ep. 21 
Why Foreign Persons Probably Shouldn’t Own LLCs

  • In this episode of How Tax Works, FRB Partner Matthew E. Foreman, Esq., LL.M. delves into the intricacies of taxation, breaking down complex concepts for a clearer understanding of how tax laws impact your financial decisions.
  • Listen to the episode here.

 

Block & Order #31
Memecoins, Crypto Reserve, LIBRA, Token Taxonomy, Bybit, + More!

  • In this episode of Block and Order, hosts Kyle M. Lawrence, Esq. and Moish E. Peltz, Esq. unpack the SEC’s decision to classify memecoins as non-securities and what that could mean for investors and the industry. They also discuss the SEC dropping several cases, Argentina’s President Milei making waves by promoting memecoins, and a massive Ethereum heist from Bybit—allegedly pulled off by North Korean hackers. Plus, they dive into A16Z’s latest take on token classification and President Trump’s plans for a Crypto Reserve.
  • Watch the episode here.

 

 

FRB Welcomes Mark E. Powell

  • Mark E. Powell, Esq. joins the firms as a Partner in FRB's Private Client Practice Group. With nearly 30 years of experience, Mark specializes in asset protection and charitable planning, helping families craft estate plans that align with their values. He is certified as a specialist in Estate Planning, Trust & Probate Law by the California State Bar, a distinction held by only 1% of California lawyers. Mark holds an AV (Preeminent) rating from Martindale Hubbell and is a Fellow of ACTEC. In addition to his legal practice, he’s an experienced speaker, writer, and active in nonprofit leadership.

 

Vaughn C. Collopy Promoted to Associate

  • FRB proudly welcomes Vaughn C. Collopy, Esq. as an Associate in our Corporate & Securities Practice Group. Vaughn focuses on a broad range of corporate and private securities transactions, including business formation, mergers & acquisitions, private placements, joint ventures, and corporate compliance. He also advises on government contracts, data privacy, and transactional employment law matters. Prior to his admission to the New York Bar, Vaughn was a Law Clerk at FRB, a member of Volume 41 of the Hofstra Labor & Employment Law Journal, and volunteered with the IRS’s VITA program.

 

Check Out Our Past Webinars

 

Single Member LLCs: Avoiding Risks and Seizing Opportunities (MCLE Credit Varies by State)

  • Alexander R. Migliorini, Esq., MBA and Samuel J. Brady, Esq. cover critical topics including pros and cons of Single Member LLCs (SMLLCs), best practices for formation and operation, tax-efficient structuring & asset protection, and SMLLCs in litigation and ethical considerations. 
  • Watch here.

Revenue Rulings 99-5 and 99-6: Tax Implications of Restructured Partnerships and LLCs (2.0 CPE Credits)

Navigating Digital Asset Legal, Accounting, and Tax Issues: Entity Structures, Tax Planning, Valuation, and More (1.5 CPE/CLE Credits)

  • Kyle M. Lawrence, Esq. explores the evolving legal and tax landscape for digital assets, including recent IRS regulations, reporting requirements, and key tax planning strategies.
  • Watch here.

Deducting Digital Asset Losses: Worthless Assets, Rev Prec 2024-28 Basis Safe Harbor, Theft, and Casualty Loses

  • Matthew E. Foreman, Esq., LL.M. provides an overview of deducting digital asset losses, including guidance on lost keys, theft, and reporting requirements under Rev Proc 2024-28.
  • Watch here.

 

Check Out the Latest News from Our Blog

 

Are You Impacted by the Changes to the Consumer Directed Personal Assistance Program?

  • Urgent changes to New York’s Consumer Directed Personal Assistance Program (CDPAP) require Medicaid recipients to take essential steps before the March 28, 2025, deadline. Read more.

 

Shielding Your Cryptocurrency: Essential Estate Planning and Asset Protection Strategies in the Digital Age

  • With Bitcoin touching $100K and crypto investments skyrocketing, Jeffrey M. Verdon, Esq. outlines essential estate planning and asset protection strategies for cryptocurrency holders. Read more.

 

Understanding the Tax Implications of Prediction Market Winnings

  • Matthew E. Foreman, Esq., LL.M. sheds light on the tax treatment of prediction market winnings, emphasizing the IRS’s stance that all earnings—whether reported on a tax form or not—must be disclosed as income. Read more.

 

Disruptions to the Medicaid System, Alongside Trump Administration’s Freeze of Federal Funding to Agencies, Results in Lawsuit by Impacted States, Federal Court Injunction

  • Dana Walsh Sivak, Esq. examines the recent disruptions to the Medicaid system caused by the Trump Administration’s temporary federal funding freeze, the resulting legal challenges by impacted states, and the swift federal court injunction that followed. Read more.

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