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IRS Issues Revenue Procedure 2012-17
On Feb. 13, 2012, the Internal Revenue Service issued Revenue Procedure 2012-17, which in part provides that partnerships may furnish their partners with an electronic copy of their Schedule K-1 if the partner has affirmatively consented to receive the K-1 in electronic format, such as in pdf form in an e-mail.
The Revenue Procedure provides several examples of methods that firms can use to receive confirmation of a partner's consent. Among other things, firms must: 1) provide a disclosure statement, including instructions on how to access and print the statement; 2) define the scope and duration of the consent, and the partner must be informed that he/she can withdraw the consent in writing; 3) indicate whether a subsequent request by the partner for a paper copy of his/her K-1 will be deemed a withdrawal of consent; 4) describe the hardware and software that will be necessary to access, print and retain the K-1, when the K-1 will no longer be available on the website, and inform the recipient that the Schedule K-1 may be required to be printed and attached to a federal, state or local income tax return; 5) state the conditions under which the firm will no longer furnish a K-1 electronically (for example, the recipient partner's withdrawal from the partnership); 6) state that the recipient will receive a paper K-1 if consent is not obtained.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.