Temporary regulations issued on early election of new partnership audit rules

The Bipartisan Budget Act of 2015 (BBA) provided for new partnership audit rules that significantly change the way IRS partnership audits will be handled. While these rules are not mandatory until January 1, 2018, partnerships can elect to be subject to the new rules now. Temporary regulations were issued last month, specifying how a partnership can elect into the new rules for IRS audits prior to the 2018 effective date. In addition to providing mechanical rules for early use of the new audit provision, these regulations give some insight into issues that the IRS is beginning to identify as the effective date approaches.
The new audit rules will allow the IRS in most cases to assess any additional tax resulting from the audit against the partnership itself – eliminating the need to proceed against the individual partners. Read more…
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BC Executor’s Guide to Probate and Estate Administration

The Canadian Association of Gift Planners (CAGP), Greater Vancouver Area Chapter has launched their BC Executor’s Guide to Probate and Estate Administration. This guide is prepared as a resource for the Executor of an estate where a charity is a beneficiary of a gift under a Will. It was produced with the assistance of Raman Johal of Clark Wilson LLP and is sponsored by the CAGP Greater Vancouver Area Chapter as part of its LEAVE A LEGACY™ initiative in British Columbia. To order this guide, click here.

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HOMS News Issue 1 2016

In this our latest edition of HOMS News, I would like to advise of an HOMS Project “Getting Ahead of the Curve”.

HOMS has been working with external consultants, Ingenium, (a company set up by Hugh O’Donnell formerly of Kentz) to carry out a strategic reorganisation of the business to better position the firm to grow towards 2020 and to serve your needs in an ever changing environment.

At HOMS, we are always looking forward, anticipating new developments and building effective responses to best represent you, our valued clients. We are seeking to further develop our firm to be the foremost provider of choice for expert legal services throughout Ireland. Our challenge is to keep evolving, to innovate and to deepen our relationship with you, our clients, to get you ahead of the curve. We see technology driving change and we as a business want to understand your needs further. We are undergoing a process of renewal and reorganisation to better serve your needs. We are investing in our people and building our succession plan to bring continuity in the delivery of legal services to you.

Our mission has been redefined as:-

“Providing a wide range of legal services nationwide, delivering quality, knowledge, experience and value, working in partnership with our clients, investing in our people by supporting the communities in which we operate.”

Over the coming months, we will reach out to you to engage you on this journey in Getting Ahead of the Curve.

I hope you enjoy this latest edition of HOMS News. Thank you for your continued support.

Kind regards,
Harry Fehily, Managing Partner
Holmes O’Malley Sexton Solicitors

The post HOMS News Issue 1 2016 appeared first on Holmes O'Malley Sexton Solicitors.

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2025-planen for erhvervsdrivende

Den 30. august 2016 offentliggjorde regeringen sin plan, som skal løse fremtidens udfordringer for dansk økonomi frem til 2025.

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Dress Codes at Work: increasingly relaxed or more contentious than ever?

Work dress codes appear, to this writer at least, to be somewhat more relaxed today than was the case 20 years ago, or even as recently as five years ago, when Swiss financial services giant UBS was widely ridiculed for having issued to staff a dress code 44 pages long. This more relaxed approach may be down to a variety of factors, such as a greater tolerance of personal expression, the blurring of boundaries between home and work in these days of “agile working”, and/or the example set by high profile hoodie/T-shirt-wearing billionaires.

And yet, work dress codes have been much in the news this year.

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Cut from the right cloth?

Recent board moves have reignited the discussion in relation to the composition of luxury fashion brand boards. In June of this year, Alexander Wang, Creative Director of the eponymous label he launched in 2005, added the roles of Chief Executive and Chairman to his list of responsibilities. Meanwhile, just a few weeks later, Burberry moved in the opposite direction, when it announced that Christopher Bailey, its Chief Executive Officer, was to hand over control of the company’s day-to-day management as part of a board overhaul prompted by criticism from investors. Luxury goods veteran Marco Gobbetti is to take over from Bailey as Chief Executive, whilst Bailey will become President, alongside his existing role of Chief Creative Officer.

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How to follow USCIS policy when investor is a minor

Arnstein & Lehr Attorney Ronald Fieldstone

Ronald R. Fieldstone

There has been a lot of recent discussion on an investment by a minor and how it is treated by USCIS, in addition to the corporate issues related. The key factors to be considered are the following:

  1. A minor can be an investor. This was verbally confirmed by one of the Deputies of USCIS to me personally at the Miami Stakeholders Meeting on July 28, 2016.
  2. The key component of a minor Subscriber is USCIS’s concern that the investment is not voidable or void.
  3. Generally, the state law stated in the Subscription Agreement and/or Operating Agreement would apply as to what law would determine the enforceability of the investment contract. This will be discussed below. Independently, I checked with Chinese counsel who acknowledged that a minor is generally under the age of 18 and that a parent can sign for a minor as a guardian providing there is proof of the parent’s capacity.
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Russian Federal tax service issued a review of court practice on registration of legal entities

The Federal tax service (hereinafter – the “FNS”) in its letter1 dated 04 July 2016 analyzed court cases related to the activities of registering bodies (hereinafter – the “Review”). This time FNS focused on the issues of proper introduction of various records pertaining to legal entities’ corporate status in the state register of legal entities (hereinafter – the “EGRUL”).

Key issues the FNS draws attention, confirming its position with conclusions in the case law, can be summarized as follows:

  • For the purposes of making amendments to EGRUL with regards to withdrawal of a company member from the company, it is improper to indicate in the application (under form Р14001) “entering record on new participant” as a reason of entering changes. Entering record on termination of former participant is required instead, as well as filling in, among others, page “З” featuring data on the amount of shares, belonging to the company, in the company’s charter capital.
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The surrogacy debate in India

“The parents construct the child biologically, while the child constructs the parents socially.”

Law Commission of India, Report No. 228, August 2009

Surrogacy, understood universally, as also defined in the Indian National Guidelines for regulation of IVF clinics (“National Guidelines”), means:

“an arrangement in which a woman agrees to carry a pregnancy that is genetically  unrelated to her and her husband, with the intention to carry it to term and hand over the child to the genetic parents for whom she is acting as a surrogate”.

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Gläubigerversammlung der Pohland Herrenkleidung positiv verlaufen

Köln, 20. September 2016. Heute fand die Gläubigerversammlung der Pohland Herrenkleidung GmbH & Co KG statt. Die Gläubigerversammlung unterstützt das Insolvenzplanvorhaben. Die Unternehmensfortführung läuft wie geplant.

„Wir sind sehr zufrieden mit dem Verlauf der Gläubigerversammlung“, sagt Rechtsanwältin Dr. Bettina E. Breitenbücher von der bundesweit tätigen Kanzlei KÜBLER, die Pohland mit ihrem Team beratend zur Seite steht. „Die Gläubiger unterstützen das Insolvenzplanverfahren, was für den erfolgreichen Verlauf des Insolvenzverfahrens unabdingbar ist.“

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