Firm News | November 1, 2021
This alert is a reminder of the approaching deadlines and action items regarding the New York State Pass-Through Entity Tax (the “NYS PTET”) and the New York City Pass-Through Entity Tax (the “NYC PTET”). Deadline: March 15, 2024 The deadline to elect into the NYS PTET and the NYC PTET for 2024 is March 15,…
Client Alerts | March 6, 2024 | Hedge Funds | High Net Worth Individual Planning | Private Equity Funds
Each year, we send a newsletter to our clients and friends regarding Section 475(f) mark-to-market elections. A 475(f) election must be made by partnerships before March 15th of the year in which the election is to be effective and can be overlooked while people are focused on preparing prior year tax returns and K-1 estimates.…
Client Alerts | February 28, 2024 | Hedge Funds | High Net Worth Individual Planning | Private Equity Funds
Background on the Limited Partner Exception Section 1401 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), imposes self-employment tax on an individual’s self-employment income. Self-employment income is generally defined as the net earnings from self-employment, which is “the gross income derived by an individual from any trade or business carried on by…
Client Alerts | January 10, 2024 | Hedge Funds | High Net Worth Individual Planning | Private Equity Funds
This newsletter briefly highlights certain tax issues and planning that fund managers and high-net-worth individuals should consider (or reconsider) before and shortly after the end of 2023. There does not appear to be any proposed tax legislation that is expected to be enacted in the near-term, but that is always subject to change. There have…
Client Alerts | December 21, 2023 | High Net Worth Individual Planning | Hedge Funds | Private Equity Funds
Premier boutique law firm Kleinberg Kaplan has been recognized in the 2024 edition of Best Law Firms® for providing outstanding legal counsel in three practice areas: Trusts & Estates, Commercial Litigation, and Tax. Kleinberg Kaplan was named a Tier 1 law firm for Trusts & Estates at both the National and New York City Metropolitan…
Firm News | November 2, 2023 | Estate Planning and Administration | Commercial and Corporate Litigation | High Net Worth Individual Planning | Tax Controversy
This tax alert briefly highlights certain tax issues and planning that hedge and private equity fund managers and high-net-worth individuals should consider (or reconsider) now that we are in the new year. Our 2021 year-end tax alert highlighted many items to consider and potential tax moves to take before year-end and highlighted proposed tax changes.…
Client Alerts | January 10, 2022 | Hedge Funds | High Net Worth Individual Planning | Private Equity Funds
Kleinberg Kaplan Partner Phil Gross was recently published in Bloomberg Tax’s year-end series featuring the top submissions covering tax tips and topics to watch out for in the new year. The article, “Tax Tip: Planning for the Excess Business Loss Rules,” discusses important considerations in planning for excess business loss (“EBL”) in light of potential…
Firm News | January 3, 2022 | High Net Worth Individual Planning | Business Advice and Planning | Hedge Funds
This annual client alert briefly highlights certain tax issues and planning that hedge fund managers and high-net-worth individuals should consider (or reconsider) before the end of 2021. Although year-end tax planning is always important, the potential increase in tax rates in 2022 and other potential tax changes make it even more important this year-end. The…
Client Alerts | December 7, 2021 | High Net Worth Individual Planning | Hedge Funds | Private Equity Funds
Premier boutique law firm Kleinberg Kaplan has been recognized in U.S. News & World Report’s 2022 edition of “Best Law Firms” for providing outstanding legal counsel in three practice areas: Trusts & Estates, Commercial Litigation, and Tax. Kleinberg Kaplan was named a Tier 1 law firm for Trusts & Estates at both the National and…
Firm News | November 4, 2021 | Estate Planning and Administration | Commercial and Corporate Litigation | High Net Worth Individual Planning | Tax Controversy
Kleinberg Kaplan recently sent a Trusts & Estates Client Alert discussing potential changes to the tax law that were proposed by the House Ways and Means Committee (click here for the Client Alert). A recent report issued by the House Budget Committee regarding the proposals has important implications concerning the proposed provisions related to grantor…
Client Alerts | October 6, 2021 | Estate Planning and Administration | High Net Worth Individual Planning
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