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

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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Timothy Liam EPSTEIN joins the Terms & Conditions Power Panel at this years IEBA Conference & Awards in Nashville, TN

The International Entertainment Buyers Association (IEBA), is an annual conference that is unlike any other in the festival/entertainment industry. The conference schedule includes live music from some of the most current artists, provides diverse entertainment options for buyers and offers exceptional networking opportunities. 

 

State and Local Tax Quarterly Update

This issue addresses: Market Based Sourcing of Receipts, the recent Illinois ruling of Shared Imaging, LLC v. Brian Hamer et al, 2017 IL App (1st) 152817, and areas of interest regarding Illinois’ recent tax increases/changes. 

  1. Apportionment and Market Based Sourcing of Sales of Receipts from Services – Confusing, But An Opportunity to Plan! 
  2. Shared Imaging, LLC v. Brian Hamer et al, 2017 IL App (1st) 152817 – Guidance from Illinois courts regarding the temporary storage exemption.
  3. Illinois Tax Increase Highlights – Highlights from the Illinois Department of Revenue’s Informational Bulletin

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