In the Media

January 24, 2018
Investing with borrowed money can be a big win — for some

“Occasionally, I see clients borrowing 401(k) dollars or from their home equity to get a rental property going or a small business,” said Allie Petrova, founder and managing partner of Petrova Law PLLC, a tax- and business-law firm in Greensboro, North Carolina. “My recommended age cut-off would be 50.

August 7, 2017
For Consumer Problems, Sometimes The Best Advocate Has A Law Degree

When you’re confused And that happens more often than you think. You read a contract one way; a company interprets it differently. “Everyone can read a document and understand what the literal meaning is,” says Allie Petrova, the managing partner of a tax and business boutique law firm based in Greensboro, N.C. “A contract may tell you that New York law applies, but will not show on its face how a savvy attorney or a judge would interpret the contract under New York case law and statutory law.” People often miss nuances and details that could work in their favor. A lawyer can help with that.

June 5, 2017
6 Questions to Ask When Your Company Changes Its 401(k)

What kind of ‘glitches’ can I expect from the switch? Employees would be wise to ensure no snafus result from the account switch, says Allie Petrova, managing partner at Petrova Law, a tax and business boutique law firm based in Greensboro, North Carolina. “For example, a participant may want to review statements generated under the new plan to confirm the balance from the old plans has been transferred in full,” she says. … (continues)

June 22, 2017
Work Life Balance in Law

Allie Petrova, the managing attorney of the Petrova Law boutique law firm, recommends every prospective law student shadow an attorney, gain work experience in a legal setting or conduct informational interviews with practicing lawyers before applying to law school.

October 25, 2021
11 Facts You Should Know About the Federal Estate Tax

There are workarounds for unrealized capital gains if you plan ahead. Allie Petrova, Managing Partner of Petrova Law, says, “Assets with the potential to appreciate in value can be transferred to certain trusts that can help avoid Estate Tax on that increase in dollar value.”

She explains, “Good examples of qualifying trusts are grantor retained annuity trusts (GRATs) and intentionally defective grantor trusts. No estate tax would apply to capital gains once the assets are in a qualifying trust until the assets are sold or exchanged, or the gains are otherwise realized. Assets that are great candidates include business interests, marketable securities, an art collection, or real property.”

JUN 27, 2017
5 Ways Your Client’s Taxes Are Impacted by Retirement – And What to Do About It

Investment plan distributions – Clients should know that distributions from various tax-deferred vehicles become taxable when received, presumably after retirement, states Allie Petrova, a tax attorney at Petrova Law, in Greensboro, N.C. “Good examples are Traditional IRAs and 401k accounts,” Petrova says. “Unlike Roth IRAs, traditional IRAs and 401k plans allow contributions to grow on a tax-deferred basis until the funds are distributed. When the funds are distributed, they become subject to federal and state income taxes.” In most cases, any additional income would be subject to federal income tax in retirement, Petrova notes. “Some retirees who do not expect large pensions or large 401k or IRA distributions may be in tax brackets lower than the ones in their working years,” she adds. “Others may be in the opposite position and typically those might opt for Roth IRAs.”

October 25, 2021
When Does a Business Tax Lien Become a Tax Crime?

A tax lien does not spontaneously transform into a crime. According to Allie Petrova, the managing partner of Petrova Law, “For a civil federal tax matter to go criminal, the IRS must refer the case internally—to its Criminal Investigation division.” Only if the IRS believes a business owner intentionally evaded taxes through fraudulent activities, the criminal investigation begins.

(note: article no longer available, linked to archived article)