On October 3, Tonkon Torp partner Gwen Griffith was a featured speaker at the “Broadbrush Taxation: Tax Law for Non-Tax Lawyers” seminar hosted by the Oregon State Bar Taxation Section. The event was designed to help non-tax lawyers understand key tax issues. Gwen’s segment focused on important tax provisions that should be considered in drafting LLC operating agreements. Gwen presented a method for identifying the four common types of LLC economic structures, ranging from simple to complex, and the tax issues for each. She then guided the attendees through the complicated process of auditing and assessing tax for owners of an LLC under the new partnership audit rules. She also shared issues to consider when drafting tax distribution provisions in an Operating Agreement, since members who have been allocated income from an LLC do not necessarily receive cash to pay the taxes on that income.
Gwen's tax practice includes advice to individuals, businesses, nonprofit entities, and local governments on federal and state tax issues, including international tax. She is experienced in corporate, partnership, and individual taxation matters, as well as the income tax and transfer tax issues of trusts and estates. She chairs the Tax and Employee Benefit Practice Group at Tonkon Torp LLP and is the author of several books on federal taxation.