November 2017

Chuck Morton inducted into Legal 500 Hall of Fame, new partnership audit rules for 2018, and more in this issue of Business News Digest

3 min

Venable attorneys produce periodic alerts and newsletters covering a variety of topics and practice areas. For your convenience, we have assembled below a collection of the latest alerts and newsletters from October 2017.

Chuck Morton

Chuck Morton One of Two U.S. Middle-Market Deal Lawyers Inducted to Legal 500 Inaugural Hall of Fame

Chuck Morton, the co-chair of Venable's Corporate Practice Group, has been inducted to the Legal 500 inaugural Hall of Fame as one of two middle-market deal lawyers in the U.S. representing clients in M&A transactions of under $500M. The Hall of Fame recognition highlights, to clients, the law firm partners who have received consistent praise by their clients for continued excellence. The criteria for entry is to have been recognized by the Legal 500 as one of the elite "Leading Lawyers" for six consecutive years.

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Fund Forum

Fund Forum | October 2017

This issue of Venable's Fund Forum includes: new beneficial ownership rules for broker dealers; the SEC addresses capital acquisition brokers in pay-to-play rules; the SEC charges ICO businessman and companies with fraud; new partnership audit rules effective January 1, 2018; the Treasury Department withdraws proposed 2704 regulations; and event details on our Innovation and Risk program.

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Tax Documents

New Partnership Audit Rules Effective January 1, 2018

Pursuant to the Bipartisan Budget Act of 2015, effective January 1, 2018, new rules will govern IRS audits of partnerships, including LLCs treated as partnerships for income tax purposes. Generally, any taxes due as a result of a partnership audit are currently imposed at the partner level, meaning that the partners during the audited tax year are responsible for any unpaid tax.

Under this new regime, any taxes due as a result of a partnership audit will be imposed at the partnership level, meaning that the partnership will bear the cost of a past year’s tax liability (and indirectly, the partners of the partnership as of the current tax year, and not the partners as of the audited tax year, bear such cost). The purpose of these new partnership audit rules is to make it easier for the IRS to audit partnerships. State tax authorities are also currently considering adopting similar rules and regulations with respect to partnership audits. We are alerting you to this major change because it has significant consequences for partnerships and their partners.

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The White House

President Trump Decertifies the Iran Deal. Now What?

President Trump declared last month that he will not recertify the Iran nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA). The declaration is consistent with recent reports that the President's national security team unanimously recommended that he not recertify the JCPOA. The agreement signed under President Barack Obama was intended to thwart the potential for Iran to build a nuclear bomb by curbing nuclear activities the United States and other partners considered most troubling. In exchange, Europe lifted most sanctions on Iran while the United States lifted most "secondary sanctions."

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The CFPB finalizes its payday rule, the FTC and state AGs take on student loan debt relief companies, and more in the October 20, 2017 issue of Consumer Financial Services Practice Digest

CFPB Finalizes Payday Rule

Congressional, Executive, and Legal Developments for Government Contractors to Consider

Impact of Arbitration Rule CRA Vote on CFPB Regulations

A "New" Dear Colleague Letter: Institutions Given Greater Flexibility in Responding to Title IX Complaints

Relief for Victims of Hurricanes Harvey, Irma, and Maria

Treasury Department Withdraws Proposed 2704 Regulations