Jerald Burwick is a partner in the Business, Tax and Estate Planning Group. His practice consists of representing small businesses and individuals in respect to various business and tax matters. Jerald counsels his clients on sophisticated income tax and estate tax matters, and prepares and reviews documents relating to business transactions, income tax planning and estate plans. In addition, he represents clients before the Internal Revenue Service and the Massachusetts Department of Revenue. Jerald is also a Certified Public Accountant.
- Reorganized a foreign corporation that was losing money into a limited liability company without tax consequences so that the shareholder resident in the United States could write off the losses against his US income, resulting in a substantial income tax savings.
- Reorganized a multi-corporation entity to limit liability exposure.
- Obtained full reimbursement of insurance policy premiums for a client who was defrauded by an insurance agent.
- Obtained a $700,000 income tax refund for a client who had invested in a company that had knowingly misrepresented its earnings and profitability.
- Established a step-up in basis in assets for a company that was in existence prior to 1913, the first year in which income taxes were assessed, which resulted in a substantial income tax savings upon the sale of the company's assets.
- Generated a substantial estate tax refund for an estate after enhancing the marital deduction.