Elizabeth Ann Smith

She | Her | Hers

Partner

New York
T +1.212.589.4277
F +1.212.589.4201

Overview

Betsy Smith's clients know they can ask any question of her and she will get them an answer quickly and efficiently. Betsy is responsive and engaged with her clients; she understands what is important to them. Betsy has a broad tax practice, working in both transactional tax and controversy matters, with significant experience in the hedge fund industry and in New York state residency and domicile cases. 

Tenacious and resourceful, Betsy frequently advises on domestic and cross-border mergers, business acquisitions and dispositions, joint ventures, tax-free reorganizations, overall corporate and partnership tax matters such as “choice of entity”, 338(h)(10) elections and tax due diligence. She also advises onshore and offshore investment managers regarding fund formation and strategic tax planning. 

Betsy was a member of the firm’s Policy Committee from 2014 to 2019. She currently serves as New York Tax Leader and New York Deputy Business Leader. Betsy is the New York Lateral Hiring Partner and serves on the firm’s Pension Committee.

Select Experience

  • Provided tax counsel to international and domestic SPAC sponsors. 
  • Represents U.S. and foreign companies in M&A transactions.
  • Represents onshore and offshore investment managers in hedge, private equity and venture capital funds.
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Experience

  • Provided tax counsel to international and domestic SPAC sponsors. 
  • Represents U.S. and foreign companies in M&A transactions.
  • Represents onshore and offshore investment managers in hedge, private equity and venture capital funds.
  • Experienced in providing advice and counsel to digital currency companies with cutting edge tax issues.
  • Responsible for obtaining a $326 million settlement with the IRS on behalf of the SIPA Trustee in the Madoff case.
  • Extensive experience in New York State and City domicile and residency matters.
  • Frequently advises nonprofits on formation and governance issues.

Recognitions and Memberships

Recognitions

  • The Legal 500 United States (2019, 2021 to 2022)
    • Recommended in Tax - U.S. Taxes: Contentious
  • 100 Women in Hedge Funds: Angel Member
  • New York Metro "Super Lawyer" (2016 to 2019)

Memberships

  • Managed Fund Association 
  • American Bar Association: Tax Section 
  • New York State Bar Association: Tax Section

News

News

Press Releases

Community

  • Her Justice: Designated Corporate Partner
  • The Junior League of the City of New York, Inc.
    • Board of Directors (2010 to 2013)
    • Outstanding Sustainer Award (2016)
    • Outstanding Volunteer Award (2002)
    • Former Treasurer and Chief Financial Officer
  • Trinity College (Hartford, Connecticut): Parent Director (2010 to 2016)
  • Colonial Dames of New York: Assistant Treasurer (former)
  • Yorkville Common Pantry: Former Board Member
  • St. Bernard’s School: Centennial Benefit Co-Chair

Prior Positions

  • Clerk to the Honorable Charles E. Clapp II of the United States Tax Court

Admissions

  • U.S. Tax Court
  • U.S. Court of Federal Claims
  • New York
  • New Jersey

Education

  • LL.M., New York University
  • J.D., Rutgers University
  • B.A., University of Pennsylvania

Blog

In The Blogs

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Blockchain Monitor
Cryptocurrency Tax Enforcement May Soon Reward Tipsters Through Whistleblower Program and False Claims Act
By Christina O. Gotsis, Nicholas C. Mowbray, Carlos F. Ortiz, Elizabeth Ann Smith, Kayley B. Sullivan
May 24, 2022
International and state authorities could soon bolster enforcement efforts by rewarding individuals who provide information about underreporting income on virtual currency transactions. As a result, digital asset investors and their tax...
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Blockchain Monitor
Global Tax Enforcement Group Provides NFT Red Flag Guidance
By Teresa Goody Guillén, Christina O. Gotsis, Nicholas C. Mowbray, Elizabeth Ann Smith
May 3, 2022
Answering the call for guidance regarding potential issues concerning the popular cryptocurrency assets NFTs, on April 28, the J5 issued a first-of-its-kind intelligence bulletin warning the public of the dangers of dealing with NFTs...
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