H. Karl Zeswitz, Jr.

H. Karl Zeswitz, Jr.

Sutherland Asbill & Brennan LLP

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Latest Publications


Simplified Partnership Audit Procedures Radically Alter the Federal Income Tax Treatment of Partnerships

On November 2, 2015, President Obama signed the Budget Act of 2015 (the “2015 Budget Act”), which makes significant amendments to the procedural rules governing federal income tax audits and judicial proceedings that apply to...more

11/6/2015 - Audits Income Taxes Partnerships TEFRA

Master Limited Partnerships: Proposed Tax Regulations Scale Back Activities Giving Rise to Qualifying Income

The Treasury Department (Treasury) and the Internal Revenue Service (Service) have issued proposed tax regulations (Proposed Regulations) that provide guidance on, and significantly scale back, the types of activities...more

6/25/2015 - Corporate Taxes IRS Limited Partnerships Master Limited Partnerships Oil & Gas Passive Activity Proposed Regulation Publicly-Traded Companies Qualifying Income U.S. Treasury

Deadline Approaching for Submission of 2014 BEA Surveys of U.S. Direct Investment Abroad and Foreign Direct Investment in the U.S.

The Bureau of Economic Analysis (BEA) of the U.S. Commerce Department is conducting its quinquennial (every five years) survey of investment in foreign entities. The BE-10 Benchmark Survey (BE-10 Survey) is the most...more

6/25/2015 - BEA Deadlines Foreign Direct Investment Foreign Subsidiaries Form BE-10 Reporting Requirements

New Jersey Creates More Difficult Independent Contractor Test for State Wage Law Purposes

On Wednesday, the Supreme Court of New Jersey articulated the test to be used in determining whether a worker is an independent contractor or employee for purposes of the state’s Wage Payment Law and Wage and Hour Law. Any...more

1/19/2015 - Employee Definition Employer Liability Issues FLSA Independent Contractors Wage and Hour

S.D.N.Y. Judge Permits Novel Theory And Allows SEC To Use Unpaid Taxes As Measure Of Disgorgement In Securities Fraud Case

In a case against Dallas billionaires Sam Wyly and the estate of his late brother, Charles, Judge Shira Scheindlin of the U.S. District Court for the Southern District of New York agreed with the U.S. Securities and Exchange...more

9/30/2014 - Corporate Counsel Disgorgement IRS Offshore Funds Popular Prejudgment Interest SEC Securities Fraud

What Financial Advisers and Accountants Should Know About Expanded IRS Streamlined Filing Compliance Procedures for U.S. Taxpayers...

The Internal Revenue Service (IRS) recently announced “major changes” to its offshore compliance programs, including the Streamlined Filing Compliance Procedures (Streamlined Procedures), the delinquent international...more

9/17/2014 - Filing Requirements Foreign Bank Accounts IRS Offshore Companies Offshore Funds OVDP

Congress Scrutinizes Hedge Funds’ Use of Financial Derivatives

This week the Senate Permanent Subcommittee on Investigations, Committee on Homeland Security and Governmental Affairs (Subcommittee), in conjunction with the Subcommittee’s hearing on July 22, 2014, released a report on...more

7/28/2014 - Derivatives Financial Regulatory Reform Fraud and Abuse Hedge Funds IRS TEFRA

To the Direct Acquirer Belong the Tax Attributes: Proposed Regulations Modify the Definition of Acquiring Corporation for Purposes...

On May 7, Treasury and the IRS published proposed regulations addressing which corporation succeeds to the tax attributes of another corporation that transfers assets in an acquisitive asset reorganization described in IRC §§...more

5/13/2014 - Acquisitions Asset Transfer Business Assets Internal Revenue Code (IRC) IRS Proposed Regulation Reorganizations Subsidiaries U.S. Treasury

Camp Goes All-In with Comprehensive Tax Plan: Highlights, Tax Reform Status and Impact on Taxpayers

On February 26, Representative Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, released his much-awaited comprehensive tax reform plan (the “Camp Proposal”). That proposal seeks to cut marginal tax rates...more

3/6/2014 - Capital Gains Corporate Taxes Employee Benefits Energy Executive Compensation Foreign Nationals Income Taxes Insurance Industry Net Investment Income Partnerships Real Estate Market REIT RICs S-Corporation Tax Credits Tax Deductions Tax Reform Tax Returns

A New Way to Unwind (Leveraged Partnership Structures): Treasury and IRS Propose Draconian Changes to the Partnership Liability...

On January 29, Treasury and the IRS issued proposed regulations that would dramatically change the manner in which partnership liabilities are allocated among the partnership’s partners under IRC § 752 (the Proposed...more

2/5/2014 - IRS Partnerships U.S. Treasury

DQ’d: New Inversion Regulations Expand the Reach of the Public Offering Rule and Offer a Few Other Surprises

On January 17, Treasury and the IRS published new temporary and proposed regulations under Section 7874 of the Internal Revenue Code that expand the reach of the so-called “public offering rule” of Section 7874(c)(2)(B) to...more

1/23/2014 - De Minimus Quantity Exemption Internal Revenue Code (IRC) Inversion IRS Public Offerings Stocks U.S. Treasury

New Final Regs on Use of Differential Income Stream in Evaluating Cost-Sharing Arrangements

On August 26, 2013, the United States Treasury Department issued new final regulations under Internal Revenue Code (IRC) Section 482. The new regulations provide guidance on the “income method” for determining taxable income...more

9/3/2013 - Cost-Sharing Internal Revenue Code (IRC) Licensing Rules New Regulations U.S. Treasury

Legal Alert: Not Exactly a Day in the Sun: U.S. Court of Appeals Holds Private Equity Fund Is Engaged in a Trade or Business

In Sun Capital Partners III LP v. New England Teamsters & Trucking Industry Pension Fund, No. 12-2312, 2013 WL 3814984 (1st Cir. July 24, 2013), the U.S. Court of Appeals for the First Circuit effectively found that the...more

8/1/2013 - ERISA Fund Managers Investment Funds Pensions Pooled Investment Vehicles Private Equity Private Equity Funds Sun Capital Partners

Legal Alert: New Extended FATCA Implementation Dates

On July 12, 2013, the IRS, in Notice 2013-43, and the Department of the Treasury in a Press Release of the same date, extended the implementation dates by six months for many of the withholding and account due diligence...more

7/16/2013 - Deadlines Delays FATCA FFI Foreign Jurisdictions IGAs Internal Revenue Code (IRC) IRS U.S. Treasury

Legal Alert: The End of an Era: IRS Expands “No-Rule” Policy for Spin-Offs and Other Common Corporate Transactions

On June 25, the IRS expanded its “no-rule” policy with respect to spin-offs and other tax-free corporate separations, liquidations, contributions, and reorganizations. Effective for letter ruling requests received by the IRS...more

6/27/2013 - IRS Liquidation Spinoffs

At Last: Final Regulations Issued Under Section 336(e)

In a move that was nearly 27 years in the making, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued long-awaited final regulations under §336(e) (the Final Regulations) on May 10. Section 336(e)...more

5/14/2013 - Corporate Taxes Distribution Rules IRS Proposed Regulation Stocks

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