Tax Planning for the International Small Business (Outbound Edition)
Tax Planning for the International Small Business
An arbitration by any other name…
When entering into a contract, parties need to know that they could be agreeing to arbitration without knowing it. A New York federal court recently held that the parties’ agreement to utilize a third-party appraisal procedure in the event of a dispute entitles the successful party to exercise important enforcement rights relating to arbitration, even…
On April 22, 2014, the Wall Street Journal (BJ’s Restaurants, Shareholders Come to Board Agreement) and others reported on the settlement between Kleinberg Kaplan client, Luxor Capital Group, LP, together with other investors, and BJ’s Restaurants, Inc. (Nasdaq: BJRI), an owner and operator of casual dining restaurants.
On April 22, 2014, the Wall Street Journal (BJ’s Restaurants, Shareholders Come to Board Agreement) and others reported on the settlement between Kleinberg Kaplan client, Luxor Capital Group, LP, together with other investors, and BJ’s Restaurants, Inc. (Nasdaq: BJRI), an owner and operator of casual dining restaurants. Under the agreement, BJ’s Restaurants has agreed to…
Changes to NY Trust & Estate Tax Treatment
In February we alerted you that Governor Cuomo’s budget bill proposed important changes to the New York estate tax and the New York income taxation of certain trusts. The changes just enacted, described below, were scaled back from the original proposals, though still represent significant and important changes. Estate Tax Exclusion. The New York estate…
Analyst Indicted for Stealing Hedge Fund Trading Data
The New York County District Attorney’s Office recently announced the indictment of a former analyst with a New York City hedge fund alleging that the analyst illegally accessed and duplicated proprietary and highly confidential information relating to the firm’s trading methods. The analyst is charged with multiple counts of Unlawful Use of Secret Scientific Material,…
FATCA Extension Announced
The IRS has just announced that the April 25th deadline for fund managers to register their offshore funds and offshore master funds with the IRS and obtain Global Intermediary Identification Numbers (“GIINs”) has been extended to May 5th. Obtaining a GIIN by May 5, 2014, will allow a fund to avoid withholding under FATCA. IRS…
Everything you wanted to know about contractual boilerplate: Play chess, not checkers
The first article in this series emphasized the need for thoughtful, strategic consideration when using boilerplate in contracts in order to minimize the likelihood of a problem down the road. This segment addresses three widely used contractual terms to illustrate the point: limitations on liability, merger (also known as integration), and indemnification. Too often, these…
–FATCA– What Hedge Fund Managers Need To Do Now
Most hedge fund managers, understandably, have held off doing heavy lifting regarding FATCA in anticipation of guidance to be issued and forms to be finalized (and possibly holding out hope that FATCA would be delayed for another 6 months or even repealed). At this point, hedge fund managers that manage offshore funds need to take…
New Yorkers Take Note – Action May Be Needed By March 31
Governor Cuomo’s recently released budget bill proposes important changes to the New York estate tax and the New York income taxation of certain trusts. Proposed changes require high net worth individuals and trustees of certain trusts to consider taking action between now and March 31st. Taxing Gifts. One proposed change is to increase, for New…
Hedge Funds – Tax Issues and Planning to Consider Before Year-End
This annual newsletter briefly highlights certain tax issues and planning that hedge fund managers should consider (or reconsider) before year-end. Tax rates are scheduled to remain the same in 2014. FATCA compliance deadlines are beginning to approach (unless they are further delayed) and net investment income tax final regulations were just issued. Federal Income Tax…