Comprehensive Tax Liability Insurance for Complex Transactions and Operations
Hastings brings together a leadership team with over five decades of experience across law, banking and underwriting. This cross-disciplinary approach allows us to assess and underwrite complex tax risks with uncommon speed and accuracy. Our deep understanding of deal structuring, tax controversy, and the insurance market positions us to deliver results in real time – without sacrificing rigor or precision.
Uncertain tax positions can lead to parties walking away from sensible M&A transactions or failing to execute ordinary course tax planning. Tax positions are never free from doubt, no matter the opinion level. With tax liability insurance, transactions can be completed without heavily negotiated seller indemnities or self-insurance. Private letter rulings are often unavailable or would not be timely, given the long lead time required. Tax liability insurance provides a cost-efficient and time-effective way to protect against a tax position not qualifying for its intended treatment.
Valuations, recapture, and general structure issues.
Cover for known target tax exposures including S Corp, PTP, RIC and REIT qualification issues.
Spinoffs, internal reorganizations or efficiency transactions, including valuation issues.
Cover for tax exposures, including ECI, REIT, and withholding risks.
Risks associated with regular business operations, including transfer pricing.
Craig Farber is a highly respected and trusted tax adviser and risk manager with almost 30 years of experience advising on high-stakes, high-complexity tax matters from the idea inception phase through the tax authority examination phase. Before co-founding Hastings, Craig served as a Managing Director and Co-Head of US Tax Planning & Advisory for Goldman Sachs. Prior to that, Craig practiced as a tax attorney at Fried Frank, advising clients on M&A, private equity and capital markets. Craig holds a BS from Wharton and a JD from Harvard Law School. O: 212.220.7123 M: 516.857.5050 Craig.Farber@hastingstaxunderwriters.com
Russ Young has almost 30 years of experience practicing as a tax attorney in the tax controversy groups of the Chicago offices of two prominent national law firms, Mayer Brown and Baker McKenzie. He has defended taxpayers during IRS audits, represented taxpayers in court challenges to tax adjustments, and advised on tax positions that were likely to be subject to examination in the future. This extensive experience in the complete lifecycle of tax risks gives Russ the ability to accurately assess those risks at the time when tax liability insurance is sought. Russ holds a BA in Economics from Washington University and a JD from Harvard Law School. O: 312.348.7947 M: 312.860.2612 Russell.Young@hastingstaxunderwriters.com