Steven Hollingworth, a partner at the law firm Solomon Dwiggins & Freer, is a tax attorney who advises clients on the tax treatment of settlements and litigation recovery, as well as forming and advising nonprofit organizations.
What is your role within Solomon Dwiggins & Freer?
I enjoy solving problems involving complex tax issues. I help individuals, businesses and nonprofit organizations with their tax planning and litigation matters.
Have you noticed a rise in the number of nonprofits in the valley?
There has been a significant increase in the number of nonprofit organizations not only locally but nationwide. There is certainly no shortage of worthy causes to support. Because I have two autistic children, I am particularly grateful for the local organizations that serve the special needs community.
What is the most challenging part of your job?
Tax laws change so frequently that this can consume a significant amount of time. However, the positive side of continuous change is that my work is never boring, at least from my wonkish perspective.
What has been the most rewarding part of your job?
I often am called upon to solve the kinds of problems that keep people up at night. Much of my time is spent negotiating the minefield of the tax code and fixing transactions that have gone awry. It is hard work, but it is very rewarding to see the relief on a client’s face after resolving a dispute with the IRS or completing a complicated estate plan.
What are you reading right now?
“The Code of the Woosters,” by P.G. Wodehouse. Wodehouse can spin a tale that will make you laugh out loud while reading it — a welcome change after a day spent wrestling with the tax code.
What do you do after work?
I am married with four children ranging from 2 to 18 years old, so most of my “free” time already is scheduled for me. In the few moments I have to myself, I enjoy learning to play classical guitar.
Describe your management style.
I try to treat everyone at the firm as an equal entitled to respect. I believe in spreading, rather than hoarding, knowledge, so I am a believer in the importance of training and mentoring. When people go out of their way to help me, I try to let them know my appreciation.
Whom do you admire and why?
I am a big fan of George Washington. His integrity and love of country were truly remarkable. At a critical time in our nation’s history, Washington had the opportunity to seize power and make himself a dictator for life, but for the good of the country, he declined to do so. One of his biographers rightfully refers to him as the “indispensable man.” Few political leaders rise to the standard he set.
What is your biggest pet peeve?
The biggest complaint a tax lawyer can have is being brought in at the last second to review a complex transaction, as if tax issues were only an afterthought. It isn’t fun taking flak for pointing out major tax problems that can derail a deal. Those problems often can be solved, but it is much easier to deal with them earlier in the process.
What is something that people might not know about you?
I love the Bulgarian language, history and culture. Bulgarian food is the best!
Anything else you want to tell us?
Part of my practice involves cleaning up others’ mistakes, such as a poorly drafted will, an ambiguous operating agreement, an unreported taxable transaction or simply the receipt of bad advice. While many of these mistakes can be corrected, it sometimes can be very difficult to do. I wonder how many mistakes could have been prevented if the person involved picked up the phone to discuss the idea with someone who had experience and training in the relevant subjects. As Benjamin Franklin wisely said, “An ounce of prevention is worth a pound of cure.”