15 Golan Christie Taglia attorneys were named to 2023 Illinois Super Lawyers and Rising Stars Lists, five of whom celebrate being selected to the list for the first time.

Katherine M. Oswald and Nichole M. F. Siedlarczyk have been elected by firm leadership as Partners at GCT in 2022.

The Bipartisan Budget Act (“BBA”) repealed and replaced the preexisting audit rules with a new set of centralized partnership tax audit and tax litigation rules. The most significant BBA Rule is that any “imputed underpayment” or “partnership adjustment” (collectively, “Partnership Adjustment”) will now be paid by the partnership, not the individual partners/members. The BBA Rules also replaced the role of a “Tax Matters Partner” with that of a “Partnership Representative,” who will have sole authority to act on behalf of the partnership. Additionally, either the partnership or its partners/members (as discussed below) will pay any tax assessed during the tax year in which the audit is resolved (“Adjustment Year”), not the tax year to which the audit is subject (“Reviewed Year”). Taking effect for all partnership taxable years that begin on or after January 1, 2018, these new BBA Rules govern IRS tax audits of partnerships, limited liability companies, and other entities and arrangements classified as partnerships for U.S. federal income tax purposes.

Starting a business can be one of the most exciting times in an entrepreneur’s life – and it should be! However, a young business should not be swept away in the honeymoon stage. It is imperative for business owners to think ahead and prepare for the good, the bad and the ugly at the very beginning of their business’s life (or even before they open their doors).

Effective January 1, 2016, certain business and establishments are required to post a new notice in connection with human trafficking and slavery prevention. Affected businesses must post the notice in a conspicuous place near its public entrance or in clear view of the public and employees on its premises. If a business fails to post the new notice, it is subject to a $500 penalty for a first time offense and $1,000 for each future offense.