Jeffrey M. Palley

Tax Partner

Jeffrey Palley, CPA, MST, is a tax partner at Anchin as well as a member of the Firm's Private Client Group and many industry groups. He has more than 30 years of experience helping his clients minimize their tax obligations.

Jeffrey specializes in tax planning and all compliance issues involving the formation, restructuring, and affairs of high net worth individuals and their privately held corporations, partnerships, limited liability companies, sole proprietorships and trusts. He is also involved in several specialty areas that include investment partnerships, broker/dealers, financial products, real estate, manufacturing and retailers.

Jeffrey has written articles for various accounting and tax publications and frequently lectures to high-level tax professionals. He has both chaired and presented to the New York State Society of Certified Public Accountants Partnership and LLC annual Tax Conference for many years.

Jeffrey is a member of the American Institute of Certified Public Accountants (AICPA) and the New York State Society of Certified Public Accountants (NYSSCPA), where he was the Chairman of the Partnership and Limited Liability Tax Committee.

  • Art
  • Private Client
  • State and Local Taxation
  • Tax Planning and Compliance
  • Architecture and Engineering
  • Chemicals and Energy
  • Construction
  • Fashion
  • Financial Services
  • Food and Beverage
  • Law Firms
  • Life Sciences
  • Manufacturing and Distribution
  • Private Equity
  • Public Relations and Advertising
  • Real Estate


  • Crypto-Investors Get Long-Awaited Guidance on TransactionsNovember 26, 2019

    For the first time in five years the Internal Revenue Service issued guidance on the tax treatment of cryptocurrency transactions. This guidance sheds light on how cryptocurrency holders should address “hard forks” in an existing blockchain. Hard forks occur when there has been a change to the rules governing the underlying blockchain.

  • There’s a new sheriff in town: the not-so-new IRS Consolidated Partnership Audit Regime (“CPAR”)September 6, 2018

    On January 01, 2018, the CPAR (promulgated under the Bipartisan Budget Act of 2015) went into effect. Two sets of related regulations were issued in August 2018. As a result, there is the potential for a federal entity level tax if an election out of the CPAR is not made with each year’s federal partnership tax return. Under the CPAR default regime, tax will be assessed on the partnership in the year that the partnership tax examination or audit becomes final - not the reviewed year (the year under audit). As such, the tax assessed may not be equitable due to partner ownership shifts in subsequent years. The goals of the new regime are two-fold: to increase the IRS collection efficiency and to reinvest resources into increasing the number of partnership audits. Since almost all partnerships and their partners will be effected, this alert summarizes some of the key issues that you will need to consider.

  • Proposed “Pass Through” Deduction Regulations - What does It mean for My Business?August 14, 2018

    The Pass Through deduction established as part of the Tax Cuts and Jobs Act (TCJA) allows sole proprietors and non-corporate owners of pass-through entities a maximum deduction up to 20% of their Qualified Business Income (QBI).  The deduction is limited to the lesser of 20% of the QBI or the greater of 50% of the amount of wages paid to employees or 25% of wages paid to employees plus 2.5% of the unadjusted cost of qualified property. It may be further limited by taxable income at the taxpayer (individual) level.

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