Insights

NYS PTET Election Deadline for 2022 Extended to September 15, 2022 On May 6, 2022, Governor Hochul signed into law a bill that extends the New York State Pass-Through Entity Tax (the “NYS PTET”) election deadline for the 2022 tax year to September 15, 2022. Previously, the election deadline for 2022 was March 15, 2022.…

Client Alerts | May 17, 2022 | Hedge Funds | Private Equity Funds

On April 9, 2022, Governor Hochul signed legislation which creates an elective NYC Pass-Through Entity Tax (the “NYC PTET”) that is very similar to the New York State Pass-Through Entity Tax (the “NYS PTET”). The NYC PTET allows certain partnerships and S corporations to elect to pay an entity level tax at a rate of…

Client Alerts | April 20, 2022 | Hedge Funds | Private Equity Funds

This newsletter serves as a reminder regarding several deadlines and action items regarding the New York State Pass-Through Entity Tax (the “NYS PTET”). March 15, 2022, Deadline The deadline to elect into the NYS PTET for 2022 is March 15, 2022. The election is made on an annual basis, so an election for 2022 will…

Client Alerts | February 17, 2022 | Hedge Funds | Private Equity Funds

Fund managers may be required to file Treasury International Capital (“TIC”) Form SHC, Report of U.S. Ownership of Foreign Securities, Including Selected Money Market Instruments (“Form SHC”), for 2021 by March 4, 2022, based on the fair value of foreign assets owned by U.S. persons determined as of December 31, 2021. For 2021 and other benchmark…

Client Alerts | February 11, 2022 | Hedge Funds | Private Equity Funds

Each year, we send an annual newsletter to our clients and friends regarding Section 475(f) mark-to-market elections. A 475(f) election must be made by partnerships early in the year (by March 15, 2022, for 2022) and can be overlooked while people are focused on preparing tax returns and K-1 estimates for the prior year. A…

Client Alerts | February 8, 2022 | Hedge Funds

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

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 Capital

Tax Planning for Fund Managers and Other High-Net-Worth Individuals Earlier this year, New York State enacted a new elective pass-through entity tax (the “PTET”). The PTET generally allows individuals who are members of pass-through entities to effectively receive a federal deduction for New York State income taxes that they would otherwise not be able to deduct. On…

Client Alerts | September 1, 2021 | Hedge Funds | Private Capital