Firm News | November 1, 2021
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
The House Ways and Means Committee recently released a draft of the tax portion of the proposed reconciliation bill. Some of the proposals affecting individual taxpayers, estates and trusts are described below. Termination of Temporary Increase in Gift and Estate Tax Exclusion Amount The gift and estate tax exclusion amount is presently $11.7 million (indexed…
Client Alerts | September 28, 2021 | Estate Planning and Administration | High Net Worth Individual Planning
Philip S. Gross, partner and chair of Kleinberg Kaplan’s Tax Department, is featured in Hedge Fund Law Report’s article “2020 Year-End Tax-Planning Considerations for Fund Managers.” In the in-depth Q&A, Phil details year-end tax-planning issues for both the principals of hedge fund managers and their funds, including any special considerations for 2020 due to the COVID-19…
Firm News | December 10, 2020 | Hedge Funds | High Net Worth Individual Planning
Philip S. Gross, partner and chair of Kleinberg Kaplan’s Tax Department, and Maurice Collada III, Private Equity and Hedge Funds partner, are featured in an S&P Global Intelligence article. In “Biden’s proposed tax plans could hit private equity in the pocket,” Phil and Maurice shared their thoughts on the concerns surrounding the possible tax increases…
Firm News | December 3, 2020 | High Net Worth Individual Planning | Private Equity Funds | Hedge Funds
November 2020 This annual newsletter briefly highlights certain tax issues and planning that hedge fund managers (and other high-net-worth individuals) should consider (or reconsider) before year-end. Although year-end tax planning is always important, the potential increase in tax rates in 2021 makes it even more important this year-end. The election may be over, but uncertainty…
Client Alerts | November 10, 2020 | Business Advice and Planning | High Net Worth Individual Planning | Hedge Funds | Private Equity Funds | Planning for Fund Managers
The Commissioner of the IRS Large Business and International Division recently announced that the Global High Wealth Industry Group of the IRS will initiate several hundred audits of high-wealth individuals. The audits are expected to commence beginning July 15 when the suspension of certain examination and collection functions of the IRS is lifted. A representative…
Client Alerts | June 22, 2020 | Business Advice and Planning | High Net Worth Individual Planning
The Coronavirus Aid, Relief, and Economic Security Act ( the “CARES Act”) was signed into law on Friday, March 27, 2020. The CARES Act contains a number of tax provisions which modify the Internal Revenue Code of 1986, as amended (the “Code”). The provisions are designed to provide relief and assistance to both individuals and…
Client Alerts | March 30, 2020 | Business Advice and Planning | High Net Worth Individual Planning
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