In the April-June 2017 issue of Risk & Compliance, tax partner Kat Gregor and tax associates Kathryn Seevers and Veronika Polakova discuss certain governance concerns raised by the new partnership audit regulations that were released by the Department of Treasury on January 18, 2017. The article focuses on two issues: (1) the ability of partnerships to opt out of the rules and (2) the approach to the selection of the partnership representative given the partnership representative’s powers under the rules.

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Kat Gregor and Nicholas Berg published an article in the Journal of Taxation and Regulation of Financial Institutions that examines the ways in which the IRS has recently brought its strategy of piggybacking onto SEC, DOJ, and other agencies’ enforcement actions to the asset management industry. This article describes the trend, the risks, and steps asset managers can take to prepare for IRS piggybacking.

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Tax controversy partner Kat Saunders Gregor is featured in a special report on litigation and alternative dispute resolution published by Financier Worldwide in November. In a Q&A on resolving tax disputes, Kat discusses the current tax regulatory environment, including a reallocation of resources by the Internal Revenue Service that has resulted in increased scrutiny of industries like life sciences and technology despite overall examinations trending down.

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The Potential Threat

Class-action lawyers have set their sights on retirement savings plans offered by colleges and universities, focusing on “jumbo” plans, often with assets of more than $1 billion (though that amount may decline as the pickings become slimmer). These lawsuits are founded in claims of ERISA breaches of fiduciary duty. Colleges and universities need to understand these claims, and know what they need to do to prepare. Continue Reading UNDER ATTACK: ERISA Class-Action Lawyers Target Colleges and Universities

In August 2016, Ropes & Gray LLP published an article commenting on IRS’s practice in seeking increasing amounts of discovery during the examination process, where IRS benefits from substantially looser enforcement standards than those available under the Federal and Tax Court Rules. Continue Reading Facebook Summons Controversy Deepens, Further Illustrating Divergent Standards Applicable to IRS Summons Enforcement and Court-Ordered Discovery

A hotly contested appeal regarding the IRS’s authority to promulgate regulations is underway in the Ninth Circuit. Last year, in Altera Corp. & Subsidiaries v. Comm’r, the Tax Court entered a unanimous reviewed decision invaliding, under Administrative Procedure Act (APA), a 2003 IRS transfer pricing rule limiting the availability of a safe harbor under Section 482.  145 T.C. 91 (2015).  Continue Reading Ninth Circuit Appeal in Altera Could Have Broad Implications for IRS’s Rule-Making Authority