Audits

News & Analysis as of

Partnership Audit Regime Shakeup

The recent Bipartisan Budget Act of 2015 (the “Act”) sets forth a new tax audit regime for partnerships (and limited liability companies taxed as partnerships) that will have far-reaching consequences. The new audit...more

New IRS Audit Rules: Partnerships and LLCs Should Name A Partnership Representative For IRS Audits

New legislation will govern IRS audits of partnerships and LLCs for tax years beginning after December 31, 2017. The new rules will affect both existing LLCs and partnerships as well as new partnership and LLC agreements,...more

Sweet Home Alabama for Daily Fantasy?

Alabama Senator Sanford introduced a bill February 2 that would exempt fantasy from Alabama’s gambling law The bill also would establish the Fantasy Contests Act to regulate the operation of fantasy or simulated contests in...more

SLAPP Statute and the Mixed Cause of Action

The California Supreme Court is reviewing the mixed cause of action conundrum in Baral v. Schnitt (2015) 233 Cal.App.4th 1423. According to the Court’s docket, the issue is whether the SLAPP statute, Code of Civil Procedure...more

The Nuts and Bolts of a Labor and Employment Compliance Audit

Over the last few weeks, we have written about significant changes in labor compliance in 2016. In addition to being prepared for those challenges, employers should consistently evaluate their employment policies and...more

Increased Scrutiny of Drug Pricing What Should Pharmaceutical Companies Know

As U.S. spending on pharmaceuticals continues to rise, reaching $373.9 billion in 2014, government scrutiny of drug pricing practices has increased in response. Early last year, the U.S. Department of Health and Human...more

Electing into New Partnership Audit Rules

As previously discussed, TEFRA, the audit regime that has long applied to partnerships, has been repealed and a new partnership audit regime is poised to go into effect for tax years beginning in 2018. The new audit rules...more

Recent Changes to the Tax Matters Partner Designation May Prove Costly to the Unwary

One choice all joint venture devotees face in negotiating each new venture is who to designate as the tax matters partner. Recent changes to the law make this decision much more important and may prove costly to those who are...more

Groundhog Day: Don’t Get Stuck When Collecting New Data Types

February 2nd is Groundhog Day, and while we all know of the tradition of Punxsutawney Phil’s famous shadow forecasting the arrival of spring, many of us can’t help but think of the 1993 film starring Bill Murray. In it, he...more

Navigating the New Partnership Audit Rules: Sea Change or Same Course?

The recently enacted Bipartisan Budget Act of 2015 amended existing Internal Revenue Code of 1986, as amended (the “Code”) rules governing tax audits of partnerships in the U.S. These new rules primarily impact partnerships...more

CMS Proposes Expansion of RAC Program to Medicare Part C – All Medicare Advantage Contracts to Become Target of RADV Audits

On December 22, 2015, the Centers for Medicare & Medicaid Services (CMS) released a request for information (RFI) and a proposed statement of work (SOW) seeking industry feedback on the expansion of the recovery audit...more

Focus on Tax Strategies & Developments - January 2016

Protecting Americans from Tax Hikes Act of 2015—the Year-End Legislation f/k/a Extenders - Just in time for Christmas, Congress passed, with bipartisan support, and the President signed, the “Protecting Americans from...more

Religious Institutions Update: January 2016

Timely Topics - The Internal Revenue Service (IRS) issued on Dec. 17, 2015, a memorandum instructing its examiners not to conduct employment tax audits of churches without getting in touch with a high-ranking Treasury...more

To Audit, or Not to Audit: That is the I-9 Question

For some time, employers have been confused about how to handle situations relating to potential undocumented workers in their workforces. On December 14, 2015, to address some of this confusion, the U.S. Department of...more

Budget Act of 2015 Alert

New Partnership Audit Rules Will Impact New and Existing Partnership Agreements - The Bipartisan Budget Act of 2015 will change significantly the audit, assessment, and collection procedures applicable to entities...more

DOL Announces Expansion of Defined Benefit Pension Plan Audit Program

The U.S. Department of Labor (DOL) recently announced that it is expanding an audit program directed at large defined benefit pension plans. The program, which originated in the DOL’s Philadelphia region and is expanding, is...more

New Partnership Audit Rules Require Careful Review of Partnership and LLC Agreements

If you are a partner of a partnership or a member of a limited liability company (LLC) taxed as a partnership, or are entering into a new partnership or LLC, you may have some important decisions to make in light of impending...more

"Hong Kong Stock Exchange Opens Doors to Russia-Incorporated Issuers"

On January 15, 2016, the Stock Exchange of Hong Kong Limited (HKEx) published its Country Guide on Russia and placed Russia on its list of “acceptable jurisdictions,” formally signifying that Hong Kong’s sole regulated stock...more

"Major Changes to Tax Audit Procedures to Impact Most Partnerships"

Legislation enacted in November 2015 will fundamentally change the way the Internal Revenue Service (IRS) examines entities treated as partnerships for U.S. federal tax purposes, including how it assesses and collects tax...more

CRA Ends Political Activities Audit Program for Charities

On January 20, the CRA announced that its controversial political activities audit program for charities has been wound-down. From the CRA news release: The results of the political activities audit program have shown...more

How to self-audit your I-9 forms

U.S. Immigration and Customs Enforcement (ICE) intends to increase its investigation efforts during 2016 to ensure employers have met their obligations to properly verify the identity and employment authorization of its...more

Employer Beware: Be Prepared for New Labor Regulations Coming in 2016

The Fair Labor Standards Act (“FLSA”) is quite possibly the labor law that employers grapple with more than any other. The regulations can be murky at best when actually applied and the price tag for running afoul of the...more

Independent audit recommends updates to CFPB privacy policies

The CFPB has released a report for FY 2015 prepared by KPMG LLP of its independent audit of selected CFPB operations and budget. An annual independent audit is required by the Dodd-Frank Act. The report dated December 18,...more

PCAOB Adopts Audit Engagement Partner Disclosure

On December 15, 2015, the Public Company Accounting Oversight Board (PCAOB) continued its pursuit of providing investors with improved audit transparency and audit accountability by adopting new rules requiring auditors to...more

Regular audits of technology license agreements may reduce your patent royalty payments

Patent license royalty payments can be habit-forming. Some patent licenses have terms extending for potentially two decades or longer. As a result, patent licenses are frequently filed away never to be seen again....more

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