Loretta R. Richard
Loretta Richard is a partner in the tax & benefits department of Ropes & Gray. She concentrates on general federal income tax matters and employee benefits. She has special proficiency in tax and benefits controversy matters (including administrative controversy and litigation), and is nationally recognized tax-exempt bond tax counsel. She also has special knowledge in executive compensation and employee benefit matters and tax planning for high net worth individuals.
As part of her tax controversy practice, Loretta regularly represents partnerships, corporations and individuals in connection with tax litigation matters. She represents clients who are under audit in connection with tax shelter matters and is an active coalition member in defending against IRS attacks. She is a member of the U.S. Tax Court and Federal Court of Claims. As part of her benefits controversy practice, Loretta represents corporations, individuals and committees in connection with ERISA litigation matters including breach of fiduciary duty claims, preemption and common stock-related claims.
Loretta regularly represents public and private companies in connection with employee benefit and executive compensation matters. In this regard, she is involved in tax and benefit planning and design as well as ongoing compliance issues. She has represented clients in benefits litigation matters involving claims relating to company common stock, benefit plan contract matters, ERISA preemption, and benefit claim denials, among other things. She regularly represents clients before administrative agencies, such as the IRS, the DOL and the PBGC. She regularly represents clients in connection with mergers and acquisitions, involving both U.S. domestic and international. She advises clients on equity and equity-related compensation matters, relating to employees located in the United States and abroad.
In connection with her public finance practice, Loretta has advised on tax issues (as bond or borrower’s counsel) relating to over 350 tax-exempt bond transactions. Loretta renders federal tax advice relating to bonds issued by Massachusetts Port Authority, Massachusetts Water Resources Authority, the Commonwealth of Massachusetts, the Rhode Island Clean Water Finance Agency, the New Hampshire Municipal Bond Bank, the City of Worcester, Massachusetts, and more than 100 cities and towns located in The Commonwealth of Massachusetts, and the State of New Hampshire. Loretta has also rendered advice in connection with conduit issues, including the Massachusetts Development Finance Agency and Massachusetts Health and Educational Facilities Authority with respect to bonds issued for, among others, Harvard University, Massachusetts Eye and Ear Infirmary, Amherst College, and Elderhostel. Loretta also acts as borrower tax counsel to Stanford University Health Services. Loretta regularly renders advice to bond purchasers both in connection with the initial acquisitions and also with respect to work outs.
Also as part of her tax controversy practice Loretta regularly represents borrowers, issuers and bond purchasers before the Internal Revenue Service in connection with examinations, closing agreements and before the Department of Justice in responding to IRS summons.
- Kat Gregor, Loretta Richard and Brenda Coleman, “Shifting Sands: When Tax Planning Morphs Into Tax Avoidance,” Perspectives (October-December 2015)
- Presenter, "Nuts and Bolts of a Partnership Tax Controversy," PLI’s Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2013 (May 2013)