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California Riding Magazine • September, 2010 Hey & Hey Attorneys At Law |
Well established as equine law experts, Hey & Hey Attorneys At Law adds an important layer to its full service approach by bringing tax law attorney Jessica Poursohi on board. “For years now we’ve had a lot of clients asking questions that involve tax law and we felt it was time to bring on a specialist in that area,” says Polly Hey Panos, a partner the law firm with her father, veteran trial attorney Randy Hey. Panos and Poursohi are friends dating back to law school, but Poursohi’s more important credential is extensive experience with tax law. She moves to Hey & Hey from the giant firm, PricewaterhouseCoopers. “It was a nice place to start off my career because it was like a tax bootcamp,” says Poursohi. “That gave me a wide exposure and knowledge base from working with a variety of client situations. We did a lot of problem solving together, which enabled me to see many different ways to help individuals and businesses create effective tax plans.” Unlike Hey, Poursohi is not a horse person. “Yet!” she laughs. “I have always admired Polly’s passion for horses and I am looking forward to learning everything I can about the business and the sport of horses.” “Already I see a lot of familiar tax concepts,” she continues. Many of those stem from the fact that strapped state and federal governments are looking hard for revenue. As such, it’s even more important to be proactive about tax planning. The IRS National Research Project is one of several examples of the government launching what Poursohi says the industry describes as “massive audit initiatives.” Although employment law is the main area of focus, small businesses and those that could be construed as a hobby or tax shelters are likely to be the target of intense focus, she predicts. The IRS often perceives small horse endeavors that way. Like any other segment of society, equine enthusiasts need to plan ahead. “It’s all about taking steps to ensure that you are following the rules, being smart and being honest with your record keeping, and using common sense,” Poursohi says. She promotes proactive rather than retroactive tax planning. “Especially in the 2010 tax year. It’s a transitional year and there are a lot of benefits to be had,” she explains. “It’s certainly worth reviewing your tax situation.” This is especially true if clients are starting or expanding their business or doing something new. “Even though tax advantages are not the primary business objective, understanding tax laws and their impact is something to do at the front end,” she notes.
For more information, call 650-216-6012 or visit www.blueribbonlaw.com. |
