January 2016

ACA reporting deadline extensions, new audit procedures for partnerships, and more in this edition of Business News Digest

3 min

ACA Reporting Deadlines Extended by IRS

As we explained in an earlier Client Alert, the Affordable Care Act imposes two different reporting obligations on employers. The deadlines were to have been in the first quarter of 2016. However, the IRS recently announced that it has extended those deadlines.

Click here to find out when the new deadlines are.

Fund Forum – December 8, 2015

This issue of the Venable Fund Forum provides guidance to funds investing in NYC real estate on property tax exemptions and clarifies the important securities law distinctions between being classified as a finder and a broker-dealer. On the compliance front, we look at renewed regulatory interest in fee and expense allocation and the SEC's continued focus on the "custody rule."

Click here to continue reading.

New Audit Procedures for Partnerships Create Potential Entity-Level Liabilities

On November 2, 2015, President Obama signed into law the Bipartisan Budget Act of 2015. The Act significantly changes how partnerships (including LLCs taxed as partnerships) are audited by the IRS. Partnerships may now be directly liable for any tax deficiency resulting from an adjustment to partnership items (e.g., income, gain, loss deduction and/or credit). Thus, the current partners in a partnership could bear economic responsibility for improper tax reporting in prior years, even if one or more of such partners was not a partner in the year in which the improper reporting occurred.

Continue reading for an overview of the changes and how they could affect your business.

Additional Articles:

Aloe Vera (Non-Decolorized Whole Leaf Extract) and Goldenseal Root Powder Now Included on California’s Proposition 65 List

Brace for Impact of 421-a Statute, MIH and Issue of Subsidies

CFPB Digest - December 2, 2015

The FTC Awakens: Native Advertising Enforcement Statement Released

New Year/New Requirement for Employers: DC's Employer Transit Benefit Ordinance to Take Effect January 1, 2016

SCOTUS to Provide Guidance on "Implied Certification" FCA Liability

SOLAS Container Weight Verification: How Will the New Requirement Affect You?

Upcoming Event:

Impact Investing and Nonprofits: Opportunities, Innovative Structures, and Creative New Ways to Raise Funds and Further Your Mission – Washington, DC

Thursday, January 14, 2016 | 12:00 – 2:00 p.m. ET

Join Venable and InsideNGO for an insightful, practical discussion led by two trailblazers in the field from the in-house legal side, and one of the nation's leading nonprofit tax attorneys. The program will focus on some case studies—from The Nature Conservancy, ACCION International, and others. It will help you to better evaluate the potential impact investing opportunities that are consistent with your mission, risk tolerance, governance structure, and funding strategy.

Click here for more information and to register.