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Attorney Allie Petrova

Allie Petrova focuses exclusively on business and taxation matters. Allie Petrova works with businesses ranging from newly formed startups and professional practices to mature companies in a variety of industries. A broad base of knowledge enables Allie to view a matter from tax, business, and financial perspectives. Attorney Petrova regularly advises on complex tax structuring, high stakes business negotiations, and strategic milestone events. She also handles tax disputes before the Internal Revenue Service and in the U.S. Tax Court. For the benefit of her clients, she focuses exclusively on business and taxation matters.

awards allie petrova

Awards and Recognition

  • Best Lawyers in America®, Business Organizations; Tax Law; Tax Controversy and Litigation, 2021-2024
  • Best Law Firms in America®, 2023-2024
  • Super Lawyers, North Carolina, Taxation and Mergers & Acquisitions, 2019-2024
  • Business North Carolina, Legal Elite, Business Law and Tax/Estate Planning, 2018-2024
  • Nolan Fellowship, American Bar Association, Section of Taxation, 2020
  • Triad Business Journal, Forty Under 40, 2020

Education

  • LL.M., Taxation, Georgetown University Law Center
  • LL.M., International Economic Law, La Sorbonne in Paris
  • J.D., Georgetown University Law Center

    • Symposium Editor, Georgetown Journal of Legal Ethics
  • B.S., magna cum laude, Business Administration and Economics, Greensboro College

    • Wall Street Journal Award
    • Omicron Delta Kappa Honor Society
    • Alpha Chi Honor Society

Bar Admissions

  • North Carolina
  • New York (First Department)

Court Admissions

  • U.S. Supreme Court
  • U.S. Tax Court
  • All North Carolina State Courts
  • U.S. District Court for the Middle District of North Carolina

Professional Engagement
American Bar Association, Section of Taxation

  • Closely Held Businesses Committee, Chair (2019-2021), Vice Chair (2017-2019)

American Bar Association, Health Law Section

North Carolina Bar Association, Tax Law Section

  • Chair (2022-2023)
  • Vice Chair (2021-2022)
  • Treasurer (2020-2021)
  • Secretary (2019-2020)
  • Tax Council, Member (2017-2019)
  • Membership Committee, Chair (2016-2020)
  • Young Lawyers Division, Liaison (2016-2018)

North Carolina Bar Association, Business Law Section

New York State Bar Association

Greensboro Bar Association

  • Board Member (2018-2020)
  • Newsletter Editor (2019-2020)
  • High Point Bar Association Liaison Committee, Chair (2017-2019)
  • Herb Falk Society Inductee (2019)
  • Holiday Party Committee, Co-Chair (2018)

24th Judicial District Bar

Society of Financial Services Professionals, Greensboro Chapter

Community Involvement

Greensboro College, Board of Trustees

  • Chair (2022-present)

Greensboro College, School of Business, Advisory Council

  • Chair (2017-2021); Board Member (2015-16)

Greensboro Foundation for Financial Services Professionals

  • Board Member (2017 – 2020)

Greensboro Bar Association Foundation

  • Board Member (2019 – 2020)

Georgetown Law Alumni Admissions Interview Program, Prospective Student Interviewer (2012-2022)

Opportunity Greensboro Fellows Program, Mentor (2016-2019)

North Carolina Museum of Art, Contemporaries, Past Board Member (2005-2007)

Presentations

“Hot Topics in Partnership Tax,” North Carolina Bar Association, Tax Section, 2021 Tax Section Program, 2021.

“Representing the Professional Selling to or Purchasing a Minority Interest in a Corporate Practice,” American Bar Association, Section of Taxation, 2021 May Tax Meeting, National Webinar, 2021.

“Cleaning Up a Client’s Past Behavior,” Section 9100 Relief, American Bar Association, Section of Taxation, 2020 Tax May Meeting, National Webinar, 2020.

“The Road to PPP Forgiveness and Payroll Tax Relief under the CARES Act,” American Bar Association, Section of Taxation, National Webinar, 2020.

“Thinking Through Tax Strategies When Selling a Business,” Tax Round Table at Society of Financial Services Professionals, Greensboro, North Carolina, 2019.

“Closely Held Businesses from Start to Finish — Part III — The End,” American Bar Association, Section of Taxation, 2019 Joint Fall Meeting, San Francisco, California, 2019.

“Section 197 and Personal Goodwill in Professional Practices,” American Bar Association, Section of Taxation, 2019 May Meeting, Washington, D.C., 2019.

“Qualified Opportunity Zone Funds: Capital Gains Reinvented,” The J. Nelson Young Tax Institute, Chapel Hill, North Carolina, 2019.

“Partnership Audit Rules: Update and Practical Considerations for Closely Held Businesses – Part II,” American Bar Association, Section of Taxation, 2018 Joint Fall Meeting, Atlanta, Georgia, 2018.

“Section 199A: Update and Analysis,” American Bar Association, Section of Taxation, 2018 Joint Fall Meeting, Atlanta, Georgia, 2018.

“Understanding the New Guidance on Section 199A,” American Bar Association, Section of Taxation, National Webinar, 2018.

“Worker Classification – The States, IRS and DOL,” American Bar Association, Section of Taxation, 2018 May Meeting, Washington, D.C., 2018.

“Partnership Audit Rules: Update and Practical Considerations for Closely Held Businesses,” American Bar Association, Section of Taxation, 2017 Joint Fall Meeting, Austin, Texas, 2017.

“Practical Uses of Sales of Business Interests to Intentionally Defective Grantor Trusts and Grantor Retained Annuity Trusts for Closely-Held Business Owners,” American Bar Association, Section of Taxation, 2017 Joint Fall Meeting, Austin, Texas, 2017.

“Dental Associate Contracts: Connecting the Dots,” UNC School of Dentistry, Chapel Hill, North Carolina, 2017.

“Protect Your Growing Business,” LaunchCamp Creative, Greensboro, North Carolina, 2017.

“Estate Planning in Divorce,” Winston Salem State University, Winston-Salem, North Carolina, 2017.

“U.S. Taxation of the Investment Income of Individuals,” Eucotax Conference, Rome, Italy, 2011.

Publications

Co-Author, “Representing the Professional Selling to or Purchasing a Minority Interest in a Corporate Practice,” The Practical Tax Lawyer (American Bar Association’s Publication), Fall 2021.

Co-Author, American Bar Association’s Section of Taxation, “Comments on Specific Substantive and Procedural Provisions Impacted by the COVID-19 Emergency,” April 2020.

Co-Author, “Worker Classification Best Practices and Remedies for Error: Options for Professional Practices,” The Practical Tax Lawyer (American Bar Association’s Publication), Fall 2018.

Co-Author, American Bar Association’s Section of Taxation, Initial Comments Concerning the Aggregation and Disaggregation of Trade or Business Activities for Purposes of Section 199A, May 2018.

Author, “Are Concierge Physician Fees Payable Tax-Free from Health Savings Accounts and Reimbursable Health Flexible Spending Accounts?,” Health eSource (American Bar Association’s Publication), July 2017.

Co-Author, American Bar Association’s Health Law Section, Comments on “Hospital Inpatient Prospective Payment Systems,” June 2017.

Author, “The New Partnership Tax Audit Regime: 20 Takeaways,” Tax Assessments (North Carolina Bar Association’s Publication), Winter 2016.

Author, “State Corporate Income Tax: A Stance on the Sales Factor,” Tax Assessments (North Carolina Bar Association’s Publication), Fall 2015.

Author, “U.S. Taxation of Investment Income of Individuals (U.S. Citizens, Resident Aliens and Nonresident Aliens),” EUCOTAX Journal, 2011.

Co-Author, “Modeling Optimal Mandates: A Case Study on the Controversy over Mandatory Professional Liability Coverage and Its Disclosure,” 22 Geo. J. Legal Ethics 1029 (2009).

Allie Petrova focuses exclusively on business and taxation matters.  Allie Petrova works with businesses ranging from newly formed startups and professional practices to mature companies in a variety of industries.  A broad base of knowledge enables Allie to view a matter from tax, business, and financial perspectives.  Attorney Petrova regularly advises on complex tax structuring, high stakes business negotiations, and strategic milestone events.   She also handles tax disputes before the Internal Revenue Service and in the U.S. Tax Court.  For the benefit of her clients, she focuses exclusively on business and taxation matters.

Attorney Petrova developed her tax and transactional expertise as a senior M&A tax consultant at Ernst & Young in New York City.  In New York, Allie focused on complex tax structuring and planning for transactions of $5 million to $1 billion.  She advised a range of domestic and international business entities.  Before founding Petrova Law, she practiced corporate and tax law with Schell Bray PLLC in downtown Greensboro.  Attorney Petrova has worked at the Office of Chief Counsel of the Internal Revenue Service in Washington, D.C.

Allie is admitted to practice in North Carolina and New York.  She also represents clients in the U.S. Tax Court.

Allie is active in leadership roles in professional organizations:

Attorney Petrova chairs the School of Business Advisory Council at Greensboro College, her alma mater. Allie has served on the boards of two foundations — Greensboro Foundation for Financial Services Professionals and Greensboro Bar Association Foundation.

She is a frequent speaker on tax and business law topics for professional audiences and is a published author of legal articles in professional periodicals.

Ms. Petrova received her J.D. from the Georgetown University Law Center, one of the top legal programs in the nation as reported by U.S. News.  She completed her advanced tax law studies with an LL.M. in Taxation degree also from Georgetown Law.  Ms. Petrova’s well-rounded legal education includes an LL.M. in International Economic Law degree from a bilingual program at The Sorbonne in Paris.

Attorney Petrova received her B.S. degree in Business Administration and Economics with a Finance concentration, magna cum laude, with departmental honors from Greensboro College.

Allie enjoys being outdoors, loves the mountains, and takes hiking seriously.  She also likes the beach and has traveled to 17 countries.

Favorite foods: Mediterranean, French, Japanese, homemade, and farm-grown.

Favorite music: Motown, jazz, live music events.

Favorite movies: Meet Joe Black, Along Came Polly, The Bourne Identity, Babel.

Favorite place to visit: Rome.

Superpower: Seeing possibilities.

Most meaningful volunteer activity: Wills for Heroes.

Most passionate about: Helping others take their game to the next level.

Dream occupation if not a lawyer: Visual Artist or Teacher.

Item on your bucket list: French Polynesia.

Fun fact people may not know: I once lived near the Eiffel Tower.

Something you can’t live without: Family.

Full Profile

Ms. Petrova has followed a path that has shaped her in a trusted advisor with well over a decade of experience in finance, tax, and M& A transactions. Allie offers a unique perspective, supported by experience, which seamlessly blends tax law with business law and financial savvy. Ms. Petrova’s integrated knowledge allows her to understand and handle the various parts of a single matter. Allie was born and raised in Bulgaria, a beautiful country in Southeastern Europe, and grew up in a family of true entrepreneurs. She had an affinity for math and problem solving that developed her analytical capacity. Allie’s knack for numbers and passion for business guided her undergraduate studies.

Allie gained her foundational tax and transactional experience while consulting on M&A tax work at the headquarters of Ernst & Young in New York City. Mere steps from Times Square, Allie’s practice focused on complex tax structuring and planning for a wide range of domestic and international business entities. She assisted with acquisitions of businesses ranging from startups worth a couple of million dollars to publicly traded companies with billion dollar acquisition values that account for some of the largest transactions nationwide. Allie worked on cutting edge projects, including one of the last-to-be-admitted private letter rulings on corporate spinoffs. Advising on the structures of Fortune 500 companies that are household names, Allie developed a technical acumen that she now deploys for the benefit of her business clients.

Missing her family and home, Allie returned to North Carolina. Before founding Petrova Law, Allie practiced corporate and tax law with Schell Bray PLLC in downtown Greensboro. At Schell Bray, Allie continued to advise on tax issues and expanded her practice into working with closely held businesses.

Allie’s experience incorporates tax work at the Internal Revenue Service in Washington, D.C. At the IRS Office of Chief Counsel, Allie analyzed global business models of multinational companies to assess financial transactions and transfer pricing issues from the government’s perspective. She worked at the Large Business and International Division Headquarters, which handles tax law analysis associated with the examinations of corporations, partnerships, and individuals with assets in excess of $10 million.

At the D.C. headquarters of the Taxpayer Advocate Service, Allie drafted parts of the National Taxpayer Advocate’s Annual Report to Congress and reported on the most litigated tax issues — business expense deductions and summons enforcement — and drafted a legislative recommendation for tax relief to family caretakers of foster children. With the ground breaking developments she has achieved on behalf of small businesses, nonprofits, and individuals, the IRS’s National Taxpayer Advocate inspired Allie to dedicate her practice to the service of others.

Allie’s cross-border experience spans across the Atlantic and enables her to connect the dots in business and legal activities abroad. At Ernst & Young in New York and at Schell Bray in Greensboro, Allie worked on the structuring of crossborder transactions in jurisdictions including Canada, the UK, the Netherlands, Luxembourg, and Ireland. In Brussels, Allie worked on international trade cases at Van Bael & Bellis and coordinated EU member states’ contributions to fund the European Union’s budget at the European Commission Headquarters. In Stockholm, Allie drafted commercial contracts and researched trademarks at RydinCarlsten, now Lindahl. In Paris, Allie received legal training in international business contracts, international commercial arbitration, and international trade through an intensive bilingual program at The Sorbonne. In London, Allie explored European law and international law. At Georgetown Law, Allie studied advanced international law, advanced transfer pricing, and EU tax law.

Before law school, Allie settled operating and investment account activity at a Fortune 500 company and managed a segment of the corporate financial reporting of a privately owned multinational company based in Cary, North Carolina.

What’s next? Contact us Today.

Petrova Law is a boutique business law firm focused exclusively on tax and business law matters. The firm assists businesses with tax strategy, IRS representation, sales and purchases of businesses (M&A), and general corporate law from startup launch through growth and maturation to exit and succession.