Certain Fund Managers May Be Required To File TIC Form SHL By August 30, 2019
August 21, 2019Client Alerts, FEATURED PUBLICATION Fund managers may be required to file Treasury International Capital (“TIC”) Form SHL, Report of Foreign-Residents’ Holdings of U.S. Securities, Including Selected Money Market Instruments (SHL (2019)) by August 30, 2019, based on the fair value of certain U.S. securities determined as of June 28, 2019, issued to foreign persons. This newsletter focuses on the…
Kleinberg Kaplan Attorneys Featured in Law360 Article on Largest First-Half Hotel M&A Deals
July 23, 2019Firm News Kleinberg Kaplan attorneys were recently featured in Law360‘s article on the Largest First-Half Hotel M&A Deals. Kleinberg Kaplan’s contribution includes the $420 million venture with GFI Capital Resources Group (“GFI Capital”) and Elliott Management Corporation (“Elliot”) to acquire the Parker Hotel in New York. Kleinberg Kaplan acted as counsel to both GFI Capital and Elliott.…
Proposed Regulations May Substantially Mitigate CFC Tax Issues for Funds – Certain Funds May Want to Issue Amended 2018 K-1s
June 20, 2019Client Alerts, FEATURED PUBLICATION The Internal Revenue Service issued proposed regulations on Friday, June 14th, addressing various aspects of the controlled foreign corporation (“CFC”) rules, including with respect to global intangible low-taxed income (“GILTI”) and, significantly, who is a 10% or more shareholder for inclusion purposes regarding subpart F income and GILTI income. Among other things, the proposed regulations…
Mark-to-Market Election – Whether to Make or Revoke a Section 475(f) Election on or Before March 15, 2019
March 11, 2019Client Alerts, FEATURED PUBLICATION Section 475(f) of the Internal Revenue Code of 1986, as amended, provides that a trader in securities or commodities can make elections to “mark-to-market” their securities and/or commodities and treat increases or decreases in value as ordinary. A fund must be a trader, and not an investor, in order to be able to make a…
Tax Planning for Losses
December 26, 2018Client Alerts, FEATURED PUBLICATION This newsletter is a brief follow-up to our recent year-end tax newsletter. Click here for our year-end newsletter. Since our 2018 year-end newsletter was distributed, the stock market has been very volatile and decreased significantly (although the market was up a lot today, December 26th, fortunately). Many funds may have significant unrealized losses. This newsletter…
Hedge Funds – Tax Issues and Planning to Consider Before Year-End
December 5, 2018Client Alerts Year-end has always been a time for tax planning and we send our clients and friends our year-end tax planning newsletter on an annual basis. Unlike the end of 2017, there does not appear to be significant tax legislation on the horizon, although there still could be some changes enacted in 2019, including some potential…
So You Manage a Fund? Watch Out for the Excess Business Loss Rules!
October 18, 2018Client Alerts, FEATURED PUBLICATION Following tax reform, there is a restriction on the deductibility of business expenses. Under the new “excess business loss” rules, trade or business expenses are not deductible to the extent they exceed trade or business income. (Provided that taxpayers filing joint returns are allowed to deduct up to $500,000 of such excess expenses, and other…
Potential One-Time Opportunity Today For Federally Deductible Charitable Contribution With A Credit Against State And Local Taxes -Check Must Be Mailed Today, August 27th-
August 27, 2018Client Alerts The Internal Revenue Service and Treasury issued proposed regulations on August 23rd which are proposed to be effective beginning tomorrow, August 28th. As such, the proposed regulations offer a potential opportunity, which expires today, August 27th, in which to make contributions to a state charitable fund to potentially receive a charitable deduction for federal tax…
Hedge Fund Managers No Longer Need To Worry About the DOL Advice Fiduciary Rule
July 27, 2018Client Alerts, FEATURED PUBLICATION On June 21, 2018, the United States Court of Appeals for the Fifth Circuit issued a mandate that officially vacated the Department of Labor’s advice fiduciary rule, which generally had gone into effect for investments made on or after June 9, 2017. For discussion of the Fifth Circuit’s March 15th, 2018, decision to vacate the…
New Connecticut Tax on Pass-Through Entities — Impact on Hedge Funds and Hedge Fund Managers
June 12, 2018Client Alerts, FEATURED PUBLICATION On May 31, 2018, Connecticut enacted the “Act Concerning Connecticut’s Response to Federal Tax Reform”. Among other things, the Act imposes a 6.99% tax on certain pass-through entities (which, prior to the Act, were not subject to any Connecticut entity-level income tax). This tax may have significant implications for fund managers and other businesses with…
Cayman AEOI Portal Going Offline June 1; Reporting Deadline Effectively Extended to July 31
May 30, 2018Client Alerts, FEATURED PUBLICATION The Cayman Islands Department for International Tax Cooperation (“DITC”) has announced that the Cayman AEOI Portal (for Common Reporting Standard (“CRS”) and US FATCA reporting) will be taken offline on Friday, June 1, 2018, at 12:00 noon. The statutory deadline for 2017 CRS and US FATCA reports remains May 31, 2018. The DITC intends for…
