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PHILIP S. GROSS

PARTNER

ADDRESS

551 Fifth Avenue, 18th Floor
New York, NY 10176

DIRECT DIAL

212.880.9828

EMAIL

pgross@kkwc.com

Phil Gross chairs the firm's Tax Department and advises clients on the taxation (federal, state, local and international) of hedge funds (including domestic funds, offshore funds, and funds-of-funds), private equity funds and real estate funds. Phil counsels clients on structuring (and restructuring) funds, structuring investment managers and general partners, compensating managers and employees, investing in funds and seeding management entities. He also advises clients on how to avoid being subject to ERISA and what to do if they are, how to plan and structure securities transactions, foreign investment in U.S. real estate, nonqualified deferred compensation, moving to Puerto Rico and numerous other tax issues.

New York Super Lawyer 2014 to present.

EDUCATION

New York University School of Law (LL.M. in Taxation, 1989)
Certified Public Accountant, New York 1989
Vanderbilt University School of Law (J.D., 1986)
College of William & Mary (B.B.A., 1983) (beta gamma sigma)

BAR ADMISSION

1988, New Jersey
1990, New York
1992, U.S. Tax Court

LECTURER

Compensation of Fund Managers and Employees
Speaker, Taxation of Financial Instruments and Transactions Conference, New York State Society of Certified Public Accountants, January 2020

Implications of 163(j) Within Effective Tax Planning
Speaker, Private Investment Fund Tax and Accounting Forum, Financial Research Associates, November 2019

Carried Interest Update; Other Compensation Ideas and Tax Considerations
Speaker, Effective Hedge Fund Tax Planning, Insight Exchange Network, September 2019

Tax Planning for Management Companies and Compensating Employeesand Ask Us Anything
Speaker, Private Investment Funds Tax and Accounting Master Class, Financial Research Associates, May 2019

Ready for the New Partnership Audit Rules—Tax Regulatory and Practical Considerations
Speaker, CSC, March 2019

Carried Interest Legislation Update
Speaker, Private Investment Fund Tax & Accounting Forum, Financial Research Associates, November 2018

Hedge Fund Tax and Regulatory Update: An Overview of the Tax Cuts & Jobs Act and Other New Developments
Speaker, Private Investment Funds Tax Master Class, Financial Research Associates, May 2018

Trader vs. Investor and Trade or Business Income & Ask the Experts - Get Answers to Specific Questions about K-1s and other Hot Topics
Speaker, Financial Research Associates, Hedge Fund Tax 101 & K-1 Boot Camp, January 2018

Taxation of Financial Instruments and Transactions Conference
Co-Chair, NYSSCPA Foundation Accounting Education, January 2018

Family Offices Year-End Income Tax Planning in Light of Potential Tax Changes
Speaker, KPMG Sunrise Series: Preparing for Individual Year-End Tax Planning, December 2017

Effective Fund Structures, Terms and Compensation in the Current Environment
Speaker, Effective Tax & Accounting Practices for Hedge Funds and Private Equity Funds, Financial Research Associates, November 2017

The New Partnership Audit Rules and Their Impact on Investment Partnerships
Speaker, New York State Society of Certified Public Accountants, January 2017

Exploring the Future of 457A: How to Move Forward Without Offshore Fee Deferrals
Speaker, 18th Annual Advanced Hedge Fund Tax Forum, Financial Research Associates, November 2016

Tax Considerations When Making Seed Deals and Mergers and Acquisitions of Managers
Co-Speaker, The Private Investment Fund Tax Master Class, Effective Hedge Fund Tax Practices, May 2016

Alternative Investing Mid-Year Tax Update
May 2016, EisnerAmper Webinar, May 2016

Impact of New Partnership Audit Rules
Co-Speaker, Goldman Sachs 2nd Annual Prime Services GC/CCO Conference, March 2016

What Should Investment Partner Professionals be Thinking of?co-speaker
Co-Chair, NYSSCPA Taxation of Financial Instruments and Transactions & DMS Webinar, January 2016

Basic Tax Considerations Affecting Hedge Funds
Financial Research Associates, Hedge Fund Tax 101, January 2016

Taxation of Peer-to Peer Lending and Debt Instruments
Co-Speaker, Effective Hedge Fund Tax Practices, Financial Research Associates, November 2015

Management Compensation & Incentive Allocations – Mastering the Basic’s
Co-Speaker, Private Equity Tax 101, Financial Research Associates, December 2015

Compensation: Trends and Strategies in Structuring Manager and Employee Compensation
Co-Speaker, The Private Investment Fund Tax Master Class – Effective Hedge Fund Tax Practices, Financial Research Associates, June 2015

Trader vs. Investor and Trade or Business Income
Speaker, Hedge Fund Tax 101, Financial Research Associates, January 2015

2015 Taxation of Financial Instruments and Transactions Conference
Co-Chair, 2015 NYSSCPA Conference, January 2015

Hedge Fund and Private Equity – Current Tax Developments
Co-Speaker, Hot Issues in U.S. Taxation of Financial Products and Financial Institutions, Bloomberg BNA, November 2014

Structuring Compensation: Trends and Strategies in the Current Environment"
Co-Speaker, Effective Hedge Fund Tax Practices, Financial Research Associates, November 2014

Impact of Revenue Ruling 2014-18 on Compensation of Hedge Fund Managers and Employees
KKWC Webinar, June 2014

K-1 Kombat: How Rising Tax liabilities Will Change the Behavior of HNW Investors
2014 Private Placement Life Insurance and Variable Annuity Forum, Institute for International Research, June 2014

How Some Funds are Handling Increasing Tax Rate Burdens
Private Investment Funds Tax Master Class, Financial Research Associates, May 2014

FATCA Focus Webinar
Co-Speaker, Presented by Kleinberg Kaplan and DMS, January 2014

Multiyear manager compensation; Hedge fund employee compensation
Co-Chair, Panelist, 2014 NYSSCPA Taxation of Financial Instruments and Transactions Conference, January 2014

Puerto Rico - Taxation, Tax Incentives & Lifestyle
Co-Speaker, Lawline, November 2013

Hedge Funds and Private Equity Funds - Current Tax Developments
Co-Speaker, Hot Issues in U.S. Taxation of Financial Products and Financial Institutions, Bloomberg BNA, November 2013

The Ins and Outs of Insurance Dedicated Funds
Co-Speaker, seminar by Kleinberg Kaplan and Concept Capital, July 2013

The Investment Side of the Equation
Co-Speaker, 2013 Private Placement Life Insurance and Variable Annuity Forum, Institute for International Research, June 2013

Taxation of Fund Investments in Real Estate
Speaker, The Private Investment Fund Tax Master Class – Effective Hedge Fund Tax Practices, Financial Research Associates, May 2013

Tax and Legislative Update: Making Sure That Your Fund is Prepared for the Upcoming Tax Season
Co-Speaker, Optimizing Hedge Fund Business Operations Conference, Hedge Fund Business Operations Association, January 2013

Unrelated Business Taxable Income — What every fund should know,and "State income and state tax withholdings,
Co-Speaker, Hedge Fund Tax 101 and The K-1 Boot Camp, Financial Research Associates and Hedge Fund Business Operations Association, January 2013

Taxation of Financial Instruments and Transactions Conference
Co-Chair, Co-Speaker, Foundation for Accounting Education, Taxation of Informed Investments, January 2013

Hedge fund & private equity — Current developments
Co-Panelist, Current Issues in U.S. Taxation of Financial Products and Financial Institutions, BNA CITE, December 2012

Taxation of Fund Investments in Real Estate
Co-Speaker, Effective Hedge Fund Tax Practices, Financial Research Associates, November 2012

Foreign Account Reporting for Alternative Investment Funds and Their Investors: FBAR and Form 8938
Co-Speaker, Thomson Reuters webinar, June 2012

Tax and Regulatory Update: What Has Changed and How Do These Changes Affect Hedge Funds
Co-Speaker, Effective Hedge Fund Tax Practices, Financial Research Associates, May 2012

Unrelated Business Taxable Income -- What Every Fund Should Know
Co-Speaker, Hedge Fund Tax 101 Seminar, Financial Research Associates, January 2012

Latest Hedge Fund Tax Issues
Co-Speaker, Surgent McCoy Webinar, January 2012

Tax and Legislative Update, Optimizing Hedge Fund Business Operations
Co-Speaker, Hedge Fund Business Operations Association and Financial Research Associates, January 2012

Taxation of Financial Instruments and Transactions Conference
Co-Chair, NYSSCPA conference, January 2012

Equity Derivatives & the HIRE Actand "Hedge Funds & Private Equity - Current Tax Developments
Co-Speaker, Hot Issues in Taxation of Financial Products, BNA/CITE Seminar, December 2011

Unrelated Business Taxable Income
Co-Speaker, Financial Research Associates, 13th Annual Hedge Fund Tax Practices, November 2011

Fund Formation
Panelist, iGlobal Forum:2nd Alternative Investments Summit, May 2011

Unrelated Business Taxable Income
Private Investment Funds Tax Master Class, May 2011

Carried Interest and the HIRE Act
Co-Speaker, NYSSCPA Seminar discussing recent and anticipated tax law changes, January 2011

NYSSCPACurrent Trends in Structuring Funds for Optimum Efficiency
Effective Hedge Fund Tax Practices, Financial Research Associates, December 2010

Simplifying the Taxation of Passive Foreign Investment Companies
Financial Research Associates Webinar, July 2010

Unrelated Business Taxable Income -- What Every Fund Should Know
Hedge Fund Tax 101 Seminar, Financial Research Associates, June 2010

Taxation of Hedge Funds: Onshore and Offshore Concerns
ACI's 6th National Advanced Forum on Regulation and Enforcement of Hedge Funds & Investment Advisers, American Conference Institute, June 2010

Current Hedge Fund Tax Issues
Viteos Fund Services Annual Hedge Fund Forum, May 2010

Controlled Foreign Corporations; Impact on Hedge Funds and Private Equity Funds
Effective Hedge Fund Tax Practices, Financial Research Associates, May 2010

Structuring and Restructuring Funds and Managers in Light of Recent Tax Changes and Proposed Changes
Co-Speaker, NYSSCPA Taxation of Financial Products Seminar, January 2010

Current Developments in Taxation Including TALF Issues
Co-Speaker, NYSSCPA Investment Comany Conference, November 2009

Avoiding Tax Traps for Investments in Controlled Foreign Corporations and Passive Foreign Investment Companies
Co-Speaker, Effective Hedge Fund Tax Practices, Financial Research Associates, November 2009

Tax Consequences of Hedge Fund Structures
Co-Speaker, Financial Research Associates Webinar, October 2009

U.S. Distressed Debt Investing, Structuring Funds to Minimize Doing Business Risks
2009 Taxation of Financial Instruments and Transactions Conference, Foundation for Accounting Education, Debt Modification Panel, January 2009

Realizing Your Maximum Potential through Offshore Funds
Institute for International Research’s Hedge Fund & Compliance Forum, June 2008

Key Tax Issues Affecting Hedge Funds
Hedge Fund Tax Accounting, and Administration Master Class, FRA, May 2008

Establishing Investment Management Operations in London — U.S. Income Tax Planning
FRA Webinar Series, January 2008

Structuring Offshore Funds for Tax Efficiency and Compliance — Avoiding Costly and Complicated Mistakes When Starting an Offshore Fund
FRA Webinar Series, December 2007

Accounting For Uncertainty in Income Taxes — FIN 48
Effective Hedge Fund Tax Practices, FRA, November 2007

The Impact of the American Jobs Creation Act of 2004
Institute for International Research Conference on Tax and Reporting Practices for Hedge Funds, October 2004

PUBLICATIONS

Considerations for Hedge Fund Managers When Evaluating Management Shares for Their Cayman Funds
Hedge Fund Law Report, June 2019

Hedge Funds - Tax Issues and Planning to Consider Before Year-End
Bloomberg BNA Daily Tax Report, December 2016

How to Draft Key Hedge Fund Documents to Take New Partnership Rules Into Account
The Hedge Fund Law Report, February 2016

Tax Court Decision Upholding “Investor Control” Doctrine May Nullify Tax Benefits for Some Policyholders Investing in Hedge Funds through Private Placement Life Insurance
The Hedge Fund Law Report, July 2015

The Impact of Revenue Ruling 2014-18 on Compensation of Hedge Fund Managers and Employees
The Hedge Fund Law Report, June 2014

Tax Practitioners Discuss Taxation of Foreign Investments and Distressed Debt Investments at FRA/HFBOA Seminar (Part Three of Four)
The Hedge Fund Law Report, January 2014

Potential Tax Benefits of Private REITs for Hedge Funds and Private Equity Funds
Marcum Private Investment Forum, Spring 2012

Tax Issues in Structuring Your Hedge Fund
Marcum & Kliegman LLP's Private Investment Forum, Second Quarter 2004

Tax Planning for Offshore Hedge Funds - the Potential Benefits of Investing in a PFIC
Journal of Taxation of Investments, January 2004

To Defer or Not to Defer
Private Investment Forum, First Quarter 2001

Tax Advantages of the Section 83(b) Election Can Be Significant
The Journal of Taxation, January 1997

MEMBER

New York State Bar Association (Tax Section, Committee on Taxation of Financial Instruments)
New York City Bar Association (Former Chair - Committee on Taxation of Business Entities)
Managed Funds Association (Tax Section)
New York State Society of CPAs (Taxation of Financial Products Committee)
The Tax Club
Wall Street Tax Association

PRACTICE AREAS


ARTICLES, LINKS AND PUBLICATIONS

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