New York City Department of Finance (“NYC DOF”) recently began notifying property owners by mail that they may be subject to the City’s new Non-Primary Residence Surcharge, which will be imposed annually on certain high-value residential properties that are not used as primary residences.[i] Although the surcharge is commonly referred to as the “Pied-à-Terre Tax,” it applies to a broader range of non-primary residences. Receipt of a notice does not necessarily
Douglas S. Stransky, partner and leader of the Tax Practice Group, has published a new post on the LexisNexis blog examining a recurring problem in cross-border acquisitions: entity classification errors discovered in tax due diligence. Using a hypothetical fact pattern in which a target’s foreign subsidiary never filed its check-the-box election, the post explains why classification mistakes persist, how a missing Form 5471 can leave the assessment statute open indefinitely under
Sullivan & Worcester represented Datavault AI Inc. (Nasdaq: DVLT), an Artificial Intelligence Platform company focused on data monetization, tokenization and digital asset technologies, in its acquisition of NYIAX, Inc., a pioneer in blockchain-enabled exchange technology and contract management infrastructure. The acquisition adds NYIAX's institutional-grade exchange technology, blockchain settlement infrastructure and portfolio of intellectual property assets to Datavault AI's platform, strengthening the company's capabilities across the digital asset and real-world asset tokenization
Since the publication of this Client Alert on July 30, 2026, several significant developments have affected the implementation of NYC’s Non-Primary Residence Surcharge (the “Pied-à-Terre Tax”), including the NYC Department of Finance (“NYC DOF”) extending the deadline for property owners to submit exemption applications to September 18, 2026. On August 7, 2026, three NYC homeowners filed a lawsuit challenging the City’s implementation of the surcharge, including the City’s process of identifying
On July 29, 2026, the Securities and Exchange Commission (the "SEC") notified Nasdaq that it had received notices of intention to petition for review of the SEC's July 22, 2026 order approving Nasdaq's proposed rule change requiring listed companies to maintain a minimum Market Value of Listed Securities ("MVLS") of $5 million. Pursuant to Rule 431(e) of the SEC's Rules of Practice, the July 22, 2026 approval order has been
Sullivan partner Tehila Levi Lati will speak at a webinar held in collaboration with Amazon and Digate titled "Going Live in China" on September 8, 2026. Designed for decision-makers and technical leaders navigating regional expansion, the program will explore key technical, legal and operational considerations for launching in China, including cloud infrastructure, local licensing, data privacy and corporate risk management. During the webinar, Tehila will leverage her deep experience leading Sullivan's China and
John Graham was quoted in the article "IRS Proposed Rules for Trusts Eliminate Reporting Headaches," published by Bloomberg Tax [sub. req'd] on August 17, 2026. The article focuses on proposed IRS rules that would ease reporting requirements for trusts with certain charitable deductions, helping them avoid late-filing penalties while simplifying the process for both taxpayers and the IRS. “It’s favorable to taxpayers,” John said, summing up the benefit of the proposed rules.
Simon Cook, in his role as ITFA's Head of Education, will jointly moderate a Q&A on “The next generation: Three emerging leaders, three ideas”, together with Charlie O'Mulloy, chair of ITFA’s Emerging Leader Committee and Associate Banker at EBRD, at ITFA’s 52nd Annual International Trade and Forfaiting Conference in Split, Croatia on September 9. The Q&A will follow the presentations made by the finalists of the 2026 ITFA Emerging Leader
Geoffrey Wynne will participate in a panel discussion at ITFA's 52nd Annual International Trade and Forfaiting Conference alongside Ailsa McNeil, Director at Texel, and Hernan Mayol, Board Member and Representative of ITFA Americas and Chair of ITFA’s Latin America Regional Committee (LARC). The session, titled “Financing the future: From defence to critical raw materials,” will be moderated by Clarissa Dann, Editorial Director at Deutsche Bank AG. The session will explore how trade
New York City Department of Finance (“NYC DOF”) recently began notifying property owners by mail that they may be subject to the City’s new Non-Primary Residence Surcharge, which will be imposed annually on certain high-value residential properties that are not used as primary residences.[i] Although the surcharge is commonly referred to as the “Pied-à-Terre Tax,” it applies to a broader range of non-primary residences. Receipt of a notice does not necessarily
Douglas S. Stransky, partner and leader of the Tax Practice Group, has published a new post on the LexisNexis blog examining a recurring problem in cross-border acquisitions: entity classification errors discovered in tax due diligence. Using a hypothetical fact pattern in which a target’s foreign subsidiary never filed its check-the-box election, the post explains why classification mistakes persist, how a missing Form 5471 can leave the assessment statute open indefinitely under
Sullivan & Worcester represented Datavault AI Inc. (Nasdaq: DVLT), an Artificial Intelligence Platform company focused on data monetization, tokenization and digital asset technologies, in its acquisition of NYIAX, Inc., a pioneer in blockchain-enabled exchange technology and contract management infrastructure. The acquisition adds NYIAX's institutional-grade exchange technology, blockchain settlement infrastructure and portfolio of intellectual property assets to Datavault AI's platform, strengthening the company's capabilities across the digital asset and real-world asset tokenization
Since the publication of this Client Alert on July 30, 2026, several significant developments have affected the implementation of NYC’s Non-Primary Residence Surcharge (the “Pied-à-Terre Tax”), including the NYC Department of Finance (“NYC DOF”) extending the deadline for property owners to submit exemption applications to September 18, 2026. On August 7, 2026, three NYC homeowners filed a lawsuit challenging the City’s implementation of the surcharge, including the City’s process of identifying
On July 29, 2026, the Securities and Exchange Commission (the "SEC") notified Nasdaq that it had received notices of intention to petition for review of the SEC's July 22, 2026 order approving Nasdaq's proposed rule change requiring listed companies to maintain a minimum Market Value of Listed Securities ("MVLS") of $5 million. Pursuant to Rule 431(e) of the SEC's Rules of Practice, the July 22, 2026 approval order has been
Sullivan partner Tehila Levi Lati will speak at a webinar held in collaboration with Amazon and Digate titled "Going Live in China" on September 8, 2026. Designed for decision-makers and technical leaders navigating regional expansion, the program will explore key technical, legal and operational considerations for launching in China, including cloud infrastructure, local licensing, data privacy and corporate risk management. During the webinar, Tehila will leverage her deep experience leading Sullivan's China and
