Nicholas Mowbray focuses his practice on U.S. federal income tax matters, with an emphasis on international tax, the taxation of financial products, and renewable energy credits and incentives. He also frequently advocates for clients before the Internal Revenue Service as well as at the Treasury Department.
Nicholas’s multidisciplinary tax practice allows him to holistically counsel his clients and provide them with practical and comprehensive solutions that guide them throughout the lifecycle of their commercial transactions. In this regard, Nicholas regularly advises clients on how to mitigate tax risks, as well as enhance the tax efficiency of commercial transactions and operating structures. He regularly advises domestic and multinational companies, private equity clients, technology, renewable energy and non-renewable energy, agriculture, blockchain and manufacturing businesses on all facets of taxation, including technical and policy issues, transfer pricing, treaties, international tax issues (i.e., GILTI, FDII, BEAT and foreign tax credits), renewable energy credits passed under the Inflation Reduction Act and issues relating to financial products (i.e., character of income, timing of income and issues with respect to hedging).
Nicholas is the co-author of the leading treatise Financial Products: Taxation, Regulation and Design. Prior to joining the firm, he spent more than six years in public accounting, working in both Chicago and London.
Federal Tax Planning
- Advised a private equity fund on a cross-border funding agreement for the development and commercialization of a pharmaceutical product.
Environmental Tax Issues and Renewable Energy Credits
- Advised several battery manufacturers on excise taxes that apply to taxable chemicals, which included submitting a comment letter to the IRS advocating for future guidance.
Transactional Tax Advice
- Advised an investment fund on its disposals of deeply distressed debt instruments, including the proper tax accounting treatment and method.
Crypto and Blockchain Advice
- Advised a blockchain company on how to structure the operations related to the development of its protocol and eventually issuance of its tokens.
Tax Controversy
- Negotiated a favorable settlement at IRS appeals for a foreign-based manufacturing company where the IRS proposed transfer pricing adjustments to the company's intercompany debt.