Welcome to DUGGAN BERTSCH, LLC — A law firm dedicated to thoughtful, innovative and uncompromising legal representation for the Private Client.

The needs of the private client are both pointed and diverse. While you require the advanced skills of a specialist, you also have diverse needs that must be understood and integrated by your lawyer. With its broad base of multi-degreed, multi-disciplinary attorneys, DUGGAN BERTSCH is uniquely positioned in the legal space to best serve the needs of Private Clients.

We look forward to showing you the DUGGAN BERTSCH difference.

 

News From DUGGAN BERTSCH

James M. Duggan Speaks on Pre-Sale Planning at Agent Summit 2018

On Monday, May 21st, Jim Duggan spoke at Agent Summit 2018 in Las Vegas.  During his presentation, he emphasized that proper exit planning involves steps to maximize value, ensure privacy, achieve asset protection, minimize income and estate taxes, and guarantee a proper succession of the business.  Click here if you would like a copy of the presentation.

TONI! TONI! TONI! – Has Done It Again…

After repeated attempts, in multiple courts, in different states, the Toni 1 Trust has lost again – this time, in the Supreme Court of Alaska.

The recent and final version of Toni 1 Trust v. Wacker is an unsurprising, but long-awaited, declaration of the statutory vulnerability of Domestic Asset Protection Trusts (“DAPTs”).

To be clear, the facts are bad and the result should be fairly obvious. At the same time, the outcome of the case should not be construed as the death knell of the DAPT. DAPTs can work. They can also fail. Toni 1 Trust v. Wacker provides more certainty in the areas where we expected them to fail.

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State and Local Tax Quarterly Update

Will Physical Presence Remain The Determinative Factor Or Will Quill Be Overturned?

Since 1992, the states have operated based upon the reasoning of Quill Corporation v. North Dakota, 504 U.S. 298 (1992) which established that a state could not require a retailer to collect sales tax unless... Click HERE to continue reading!

Illinois Supreme Court Provides Guidance With Regards To Classification Of A Retailer Under The Retailers’ Occupation Tax Act (“ROTA”).

Citibank N.A. claimed a refund of approximately $1.6 million in sales tax resulting from bad credit card debt for accounts financed by the bank.  On November 30, 2017, the Illinois Supreme Court ruled unanimously that... Click HERE to continue reading!

Compressed Natural Gas not subject to the Motor Fuel Tax Law According to First District, (at least for certain tax periods).

The Illinois Appellate Court, First District, reversed a granting of summary judgment by the Illinois Independent Tax Tribunal that determined the Motor Fuel Tax Law did not impose a tax on compressed natural gas.  The decision hinged upon... Click HERE to continue reading!

Implications of the Tax Cuts and Jobs Act

The passing of the Tax Cuts and Jobs Act (“TCJA”), P.L. 115-97, ushered into law the most far reaching tax law change in over thirty years.  The primary thrust of the TCJA is to fundamentally change how businesses will be taxed after December 31, 2017.  However, there are a number of significant last minute planning moves both businesses and individuals should consider making prior to January 1, 2018 as well as new planning opportunities for 2018 and beyond.

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Year-end Change to Partnership Audit Rules

Partnership Audits - The partnership audit procedures have dramatically changed in favor of the Internal Revenue Service, and amendments to your Operating Agreement or Partnership Agreement are required now.

There is a new party involved in partnership audits on your behalf starting on New Year’s Day 2018.  The old audit regime using the “Tax Matters Partner” (“TMP”), with its retained notice and appeal rights for the partners, is now history for most partnerships, limited partnerships (“LPs”), limited liability partnerships (“LLPs”) and limited liability companies (“LLCs”).  The new party replacing your TMP is your “Partnership Representative” (“PR”), and one must be appointed by you to be effective as of January 1, 2018.  There is a significant difference between the two types of tax representatives, and you must be aware and take appropriate steps to protect yourself as a partner or member (both “partner” in this letter and for tax purposes), as well as understand your obligations and liabilities if you become a PR.

Most of the details regarding the new laws and regulations are of interest to lawyers and accountants, but you need to be aware of the new audit regime which was enacted by the Bipartisan Budget Act of 2015 (“BBA”) and set under a new regulatory structure from the Treasury Department published on June 13, 2017.  It is generally effective on January 1, 2018. 

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