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Why Does It Hurt When I Pay?
Are all those new partners lining up at your door wondering why they went from having to file personal income tax returns in one state to a multitude of 15, 20, or maybe more? As a firm administrator, you reassure them; don't worry, this won't hurt a bit. Just sign this composite return election and the firm will file a return on your behalf. You tell them that since they live in such a high-tax jurisdiction (more on that later), they will be getting virtually a full credit toward their home state's taxes. Moreover, after you take out all of the other state taxes from their distributions for the year, it really shouldn't end up costing them much more ' or does it?
At times like this you should be thankful if your firm is based in a high-tax-rate state like New York, California, or Massachusetts. Partners in these states are already accustomed to paying high income taxes, and they should be paying more than enough home state taxes to offset the expense of all these other state tax obligations. But what about the partners from your offices in Florida, Texas, Nevada, South Dakota, and other states where there is no personal income tax? They have no resident state tax to credit against the other state tax obligations, so any out-of-state tax translates to an out-of-pocket expense to them. Too often, these partners were not aware of other state tax obligations before they signed their partnership agreements, so you may have a lot of explaining to do. The following information may help.
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.