The IRS has officially reversed its prior guidance and will allow a federal income tax deduction for expenses paid with a forgiven PPP loan.
Emily is a tax lawyer with an emphasis on optimizing tax outcomes for project finance transactions, including real estate acquisitions and subsidized financings.
Emily is an attorney in Fredrikson & Byron’s Tax Planning & Business Organization Group. Emily’s business law practice covers all phases of the business cycle, from counseling start-up clients trying to secure development funding to helping clients buy and sell established businesses. In particular, she has experience working with real estate partnerships, tax credits and other subsidies, nonprofits, and family-owned businesses.
Emily has closed several New Market Tax Credit transactions at Fredrikson & Byron, including a construction business incubator in the Twin Cities, manufacturing operation in Thief River Falls, a headquarters expansion in Iowa and a high-tech business facility in North Dakota. Emily regularly consults on other New Market Tax Credit transactions, including advising buyers of target companies with NMTC financing in place.
In the past year, Emily has consulted with real estate developers, local economic development professionals, and business owners regarding a number of Opportunity Zone transactions, resulting in several successful real estate closings and a number of single-investor fund formations.
Emily regularly represents business owners in in all aspects of strategic business sales and acquisitions. She brings a practical and team-oriented approach to business advisory.
Prior to joining Fredrikson & Byron, Emily worked as a tax associate for a Minneapolis law firm where she analyzed and structured financing transactions involving a variety of tax credits, including New Markets Tax Credits and public-private joint ventures. Emily counseled lenders, finance companies, corporations and partnerships on tax issues including SEC filings and various reorganizations. Emily gained additional experience clerking for the Honorable Mark V. Holmes at the United States Tax Court in Washington D.C.
- Represented real estate developer in drafting partnership documents to make use of more than $30 million in Opportunity Zone investments.
- Served as borrower tax credit counsel for New Market Tax Credit borrowers in Iowa, North Dakota, and Minnesota.
- Drafted distribution and allocation mechanics for several venture capital funds backed by Techstars, as well as several real estate and angel investment funds.
- Structured transactions to take advantage of more than $180 million in Section 1603 cash grants.
- Formed and successfully requested tax exemption for several nonprofit organizations.
- Counseled partnership and corporate clients on tax effects of debt workouts, anti-churning laws and tax-free reorganizations.
Articles & Presentations
November 10, 2020
As of November 9, 2020, owners of partnerships and S corporations in those states allowing pass-through entities to pay state tax at the entity level can deduct those taxes on their federal returns with the U.S. Department of the Treasury’s blessing.
May 8, 2020
In a rare twist of political cooperation, a bipartisan group of U.S. senators has introduced legislation to allow federal income tax deduction of expenses paid with a forgiven Paycheck Protection Program (PPP) loan.
October 23, 2018
Taxpayers looking for a way to defer and potentially reduce or exclude taxes on capital gains have their answer in a new tax incentive called a Qualified Opportunity Fund.
PUBLICATIONS & PRESENTATIONS
- Presenter, “Opportunity Zones,” presented by Minnesota Association of Professional County Economic Developers (MAPCED), September 27, 2019
- Co-Presenter, “Navigating Opportunity Zone Client Representation,” presented by Minnesota Opportunity Collaborative, June 26, 2019
- Presenter, “Opportunity Zone Basics,” presented by Stevens County Economic Improvement Commission, June 6, 2019
- Co-Presenter, “Choice of Business Entity After Tax Reform: Re-Evaluating the Best Option,” Minnesota CLE: Business Law Institute, May 7, 2018
- Co-Presenter, “Business Provisions Under the New Law,” Minnesota CLE: The New Federal Tax Law, February 15, 2018
- Co-Presenter, “New LLC Law: The Impact of the New Audit Rules on Multi-Member LLCs,” Minnesota CLE Webcast, January 24, 2018
- Co-Presenter, “The Impact of the New Audit Rules on Multi-Member LLCs,” Minnesota CLE: Significant Changes for Minnesota LLCs, December 7, 2017
- Co-Presenter, “Organizing a Mission-Driven Business,” Minnesota CLE: Starting a Business in Minnesota, August 24, 2017
- Presenter, “Kickstarter – Crafting Your New Market Tax Credits Strategy,” Ehlers School Finance Seminar, April 21, 2017
Honors & Education
- University of Minnesota Law School, J.D., 2008
- University of Michigan, B.A., 2005
- Minnesota, 2009
- United States Tax Court, 2012
- Minnesota State Bar Association, North Star Lawyer, 2012-2013, 2018-2019
- Minnesota Journal of International Law, Editor
- Order of the Coif, Member
- Minnesota Bar Association