Vol. 72, No. 3 - Spring 2019

Taxation

Section 199A and Choice of Passthrough Entity

Karen C. Burke

In 2017, Congress drastically reduced the corporate tax rate and provided an unprecedented deduction under section 199A for qualifying passthrough business income. Although purportedly necessary to maintain tax parity between income earned in corporate and noncorporate form...

Taxation

What’s Wrong with Strict Liability and Nonmonetary Penalties? The Case for Reasonable Fault-Based Civil Tax Penalties and Procedural Protections

Eric Lopresti

Deterrence theory suggests that an increase in penalty rates should increase compliance. There is, however, little real-world evidence that they do. Disproportionate penalties could reduce compliance, if they are perceived as unfair. ...

2019 Erwin N. Griswold Lecture Before the American College of Tax Counsel: Proper Application of the Judicial Doctrines and the Elimination of Section “I Don’t Like It”

Richard M. Lipton

I am honored to have been asked to deliver the Griswold Lecture this year. I know that it is customary at these presentations to say a few words honoring Dean Griswold, but I am unable to do so because I never met or heard Dean Griswold, and I am loath to repeat stories I have heard from others, which would be hearsay at best. ...

Should My Lawyer Do My Taxes? Income Tax Preparation, Accounting Services, and the Scope of the Attorney-Client Privilege

Nicholas E. Hakun

A small-business owner has questions about his taxes. He debates between asking an accountant or an attorney—and opts for the latter (thinking that whatever he says to an attorney is surely privileged). He meets with an attorney and discusses his tax concerns...