Tax Investigations in the New York Art World
A rise in investigations by New York's Attorney General and the Department of Taxation and Finance should give New York art galleries pause. Herrick's Vic Rocco [Investigations and White Collar Defense] and Frank Lord [Art] led a lively roundtable discussion about key issues art industry executives need to be aware of.
Discussion topics included:
- How to update shipping practices to protect yourself from unforeseen tax consequences,
- How to prepare and defend yourself in an audit,
- Exposure when acting as an intermediary for a like-kind exchange,
- Other strategies for limiting tax liability.