Mary Amato, CPA, serves as the Tax Practice Leader for CohnReznick’s White Plains office. She is also leading the Firm’s tax practice efforts in the cannabis industry. Mary has traditionally focused on the Construction and Commercial Real Estate industries. She has over 30 years of experience dealing with all types and phases of tax matters for middle-market entrepreneurs and closely held and public corporations.
In her role as business advisor, Mary has helped clients analyze the proper structures for business expansion and business succession. She has identified many opportunities for tax savings and has successfully represented her clients before taxing authorities. She has experience with companies operating in multiple states and often with international activities. Mary’s clients include companies in the construction industry, real estate developers and operators, as well as manufacturers and vertically integrated cannabis businesses.
Mary’s clients have presented opportunities to work closely with matters such as these:
- Representation on audit by New York State Department of Taxation and Finance under the Brownfield Cleanup Program, claiming credit of approximately $160,000,000.
- Working closely with attorneys and applicants through the New York State application process for Medical Marijuana license.
- Advising on the conversion and restructuring of Massachusetts Registered Marijuana Dispensaries
- Establishing benefits under the New York State Empire Zone program for credits such as the tentative tax reduction credit, the employee wage credit and the credit for real property taxes as well as sales tax exemptions.
- Representation before the New York State Department of Taxation and Finance regarding Sales and Use Tax implications under various local jurisdictions’ Industrial Development Agency’s agreements.
- Communications with the Internal Revenue Service granting extension of the replacement period for property subject to the provisions of Internal Revenue Service section 1033, as it relates to involuntary conversions and condemnations.
- Representation before the Internal Revenue Service upon audit for establishing material participation of a real estate professional in various activities and the grouping of significant participation activities.
- Consultations for investors in specific activities regarding the classification as an investor availed of capital gain treatment as opposed to a developer or dealer in property subject to ordinary income tax rates.
- Consultations regarding abandoned projects and or partnership interests.
- Working closely with attorneys on the restructuring of debt and the related tax consequences or benefits.
- Working closely with attorneys and family members to address transfer of wealth to multiple generations and to equalize bequests for those members continuing in the business and those outside of the business.
- Consultations and analysis of UPREIT transactions for legacy partners of the underlying properties.
Mary is certified in public accounting in the state of New York
Iona College: Bachelor of Business Administration, Financial Accounting
Pace University: Master of Science, Taxation
American Institute of Certified Public Accountants
New York State Society of Certified Public Accountants