Insights

As inflation and interest rates rise, many businesses begin to restructure their balance sheet, which will, in many cases, include selling assets. When a distressed sale is carried out under bankruptcy court supervision, it is called a Section 363 Sale. Since the last down-market cycle when Section 363 Sales were more plentiful, a form of private third-party…

Client Alerts | October 24, 2022 | Business Restructuring and Reorganization | Mergers & Acquisitions

On October 18, 2022, the IRS released Revenue Procedure 2022-38, which announced 2023 annual inflation adjustments for various tax provisions. Effective January 1, 2023, the estate and gift tax basic exclusion amount and the generation‑skipping transfer (“GST”) tax exemption are scheduled to increase from $12,060,000 to $12,920,000. This is an increase of $860,000 per person or…

Client Alerts | October 20, 2022 | Estate Planning and Administration

The Securities and Exchange Commission (“SEC”) adopted sweeping amendments to the rules that govern advertising by investment advisers and payments to solicitors under the Investment Advisers Act of 1940, as amended (“Advisers Act”). These amendments combined the prior rules governing advertising and paid solicitation into a single revised Rule 206(4)-1 (the “Marketing Rule”).1 All investment advisers registered,…

Client Alerts | October 12, 2022 | Hedge Funds | Investment Management | Private Equity Funds

Getting out ahead of mandatory standards could bring organizational improvements and boost assets under management Within an asset management firm’s website may be a page that signals its commitment to diversity, equity, and inclusion (“DEI”) in ownership, leadership, employment and even investing practices. The commitments and aspirations are both admirable and responsive to the increased…

Client Alerts | September 29, 2022 | Hedge Funds | Investment Management | Private Equity Funds

2022 New York State Pass-Through Entity Election Deadline The original deadline to make the New York State pass-through entity tax (“NYS PTET”) election for 2022 was March 15, 2022, but in May was extended to September 15, 2022. (Please click here for our May 2022 alert on the extension of the NYS PTET deadline.) An…

Client Alerts | September 1, 2022 | Hedge Funds | Private Equity Funds

The stock and crypto markets are both significantly down from the beginning of 2022. Funds and other investors may have considerable realized and unrealized losses. Tax planning may help soften the economic impact. In this alert, we focus on tax planning for funds and individuals. The type of tax planning that may be available depends…

Client Alerts | June 27, 2022 | Hedge Funds | Private Equity Funds

Recent decisions from New York and Delaware bankruptcy courts reflect the unsettled state of the law regarding third-party releases. The decisions, in In re Gulf Coast Health Care LLC and In re Stoneway Capital, Ltd, do not directly refer to the groundbreaking decision of a New York district court in In re Purdue Pharma, L.P.,…

Client Alerts | June 22, 2022 | Creditors’ Rights and Bankruptcy Litigation

On June 1, 2022, the United States Attorney for the Southern District of New York and the Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation announced the unsealing of a two-count indictment for wire fraud and money laundering against Nathaniel Chastain, a top executive at Ozone Networks, Inc., d/b/a/…

Client Alerts | June 8, 2022 | Digital Assets and Cryptocurrency | Regulatory Defense | Securities and Corporate Finance

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