News & Analysis as of

Partnerships Compliance

Rivkin Radler LLP

Drop & Swap Like-Kind Exchange Passes Muster in New York

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New York’s personal income tax law, like that of other states, conforms with the federal system of income taxation. The reason typically given for such conformity is to simplify tax return preparation, improve compliance and...more

Mayer Brown

The Finalized Disclosure Requirements for Partnership Basis-Shifting Transactions: Slightly Less Onerous, but Still Premature

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On January 14, 2025, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) published final regulations (the “Final Regulations”) addressing reporting obligations with respect to certain...more

Rivkin Radler LLP

Transferring the Family Business To A Private Foundation? Are You Sure About That?

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Charitable organizations are dependent, in no small part, upon the financial support of many successful business owners. The generosity of these individuals and their organizations may be a manifestation of several factors...more

IR Global

The Role of Legal Counsel in Tech Startups

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For tech startups, having the right legal framework in place is critical to long-term success. The journey of a tech startup is filled with excitement, innovation, and rapid growth. But alongside product development and...more

Proskauer - Tax Talks

Final Regulations Issued for Certain Partnership Related Party Basis Adjustment Transactions

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On January 10, 2025, the Treasury Department and the U.S. Internal Revenue Service (the “IRS”) released final regulations (the “regulations”) classifying certain partnership related party basis adjustment transactions and...more

Proskauer - Tax Talks

Final Regulations Issued on Allocation of Partnership Liabilities Under Section 752

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On December 2, 2024, the U.S. Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “IRS”) published final regulations (the “Final Regulations”) on section 752 regarding the allocation of partnership...more

Carey Olsen

Amendments to the BVI Business Companies Act

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On 2 January 2025, the BVI Business Companies (Amendment) Act, 2024 and the BVI Business Companies and Limited Partnership (Beneficial Ownership) Regulations, 2024 (the “Amendments”) came into effect. The Amendments impact...more

Goodwin

Compliance Covenants in Fintech Investment Side Letters

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Fintech companies that partner with banks to deliver financial products and services can be among the most compliance-fortified financial services companies. A fintech with a lending solution can operate with at least seven...more

Mandelbaum Barrett PC

Startup Legalities: Essential First Steps for Success

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Did you know that according to The NY Times, about half of new businesses fail within the first five years? This reality underscores the critical importance of establishing a strong business plan and legal foundation from the...more

Goodwin

10 Considerations for Fintechs Partnering with Community Banks

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As banking and technology become more integrated, banks are increasingly partnering with fintechs to expand their customer offerings. The rapid rise of these partnerships has generated questions for both banks and fintechs on...more

Allen Barron, Inc.

What is the “Abusive Use of Partnerships” and Why does the IRS Care?

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What is now considered as the “abusive use of partnerships,” and why would this matter to the IRS? The agency recently released IR-2024-166, which is intended to provide “new guidance to stop partnerships from using...more

Goodwin

15 Questions Fintechs Should Ask Potential Bank Partners in Due Diligence

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Out of recent banking agency focus on fintech-bank partnership arrangements, we’ve had a number of fintech clients inquire about the questions they should ask potential bank partners in due diligence. This Fintech Flash...more

Lighthouse

Need Innovative Solutions in eDiscovery? Look to Partnerships

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As complexities mount in eDiscovery today, legal teams are looking for innovative ways to reduce risk, manage costs, drive ROI, and increase efficiency. The fast pace of technology evolution—new generative AI tools, chat...more

Ankura

PE OPERATORS | Identifying the Right CFO and Consultants

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During our recent Ankura OCFO® Conference, we hosted a panel of private equity professionals moderated by Dave Owen (Senior Managing Director, Ankura OCFO®) and Dana Stefanczyk (Managing Director, Ankura OCFO®). The panel...more

Allen Barron, Inc.

How Does the IRS Use AI to Identify Tax Cheats?

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Could Artificial Intelligence (AI) increase the likelihood of an IRS audit in your future? How does the IRS use AI to identify US taxpayers who attempt to hide assets, under-report income or otherwise cheat the IRS? In...more

Warner Norcross + Judd

The IRS is Shifting Audit Attention to Large Partnerships and Wealthy Individuals

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In 2009, the IRS created its Global High Wealth Industry Group, known more familiarly as the “Wealth Squad.” This group starts with an examination of a “key case,” which is typically a wealthy person’s individual tax return,...more

Foodman CPAs & Advisors

Inteligencia Artificial Asiste Al IRS Con Los Evasores De Impuestos

El 20/09/23, el IRS anunció que planea establecer un área especial para centrarse en entidades de transferencia grandes o complejas para ayudar con los esfuerzos de cumplimiento de altos ingresos. Con la ayuda de tecnología...more

Foodman CPAs & Advisors

Artificial Intelligence To Assist IRS With Tax Cheats

On 9/20/23, the IRS announced that it plans to establish a special area to focus on large or complex pass-through entities to help with high-income compliance efforts. With the assistance of improved technology as well as...more

Ankura

U.S. DOJ’s New Safe Harbor Policy: Conducting Enhanced M&A Due Diligence

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Last month, U.S. Deputy Attorney General Lisa O. Monaco announced a new Safe Harbor Policy for voluntary self-disclosure (the “Policy”) made in connection with merger and acquisition activity. The Policy is intended to bring...more

Foodman CPAs & Advisors

IRS Y Sus Nuevos Esfuerzos De Cumplimiento

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En 9/8/23, el IRS anunció nuevos esfuerzos de cumplimiento que se centrarán en aumentar el escrutinio de los contribuyentes de altos ingresos/altos patrimonios, sociedades, corporaciones y promotores que abusan de las normas...more

Foodman CPAs & Advisors

New IRS Compliance Efforts

On 9/823, the IRS announced new compliance efforts that will focus on increasing scrutiny on high-income taxpayers, partnerships, corporations and promoters abusing tax rules on the books by using Artificial Intelligence and...more

Holland & Knight LLP

IRS Announces Sweeping Enforcement Effort Targeting Partnerships

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The IRS announced a "sweeping" and "historic" enforcement effort focused on partnerships and is establishing a special group within its Large Business and International (LB&I) Division to focus exclusively on large and...more

BakerHostetler

Naughty or Nice: Five Tips for Cause Marketing Legal Compliance This Holiday Season

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Fall is in the air, and that means brands are planning holiday promotions. The season of buying is also the season of giving, and Q4 is prime time for brand + charity partnerships and cause marketing campaigns. Often, a...more

Kohrman Jackson & Krantz LLP

Artificial Intelligence Allows IRS to Increase Scrutiny of High-Earners & Partnerships

The Internal Revenue Service (IRS) recently announced a renewed effort to ensure compliance with federal tax law, specifically focusing on high-income earners, partnerships, and large corporations. This additional scrutiny...more

McDermott Will & Schulte

IRS Strengthens Its Large Partnership Audit Teams

Back in October 2021, the Internal Revenue Service’s (IRS) Large Business and International (LB&I) division announced the Large Partnership Compliance (LPC) program. This new audit program adopted features of the Large...more

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