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Recent Posts by Claudia Mullen

IRS Releases More Proposed Carried Interest Regulations
Posted by Claudia Mullen on Jul 31, 2020 4:12:10 PM

The IRS released proposed updates to clarify its carried interest rules, provisions that put restrictions on how much investment related income can qualify for a lower tax rate. The expansive proposed regulations released on July 31 are designed to provide some additional application and implementation guidance for private equity and venture capital fund managers to the carried interest regulations enacted by the tax reform law commonly known as the Tax Cuts and Jobs Act (TCJA).

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Topics: Claudia Mullen, IRS, Private Equity & Venture Capital, PE/VC, carried interest, Carried Interest Regulations

How Private Equity and Venture Capital Firms Can Improve Their Internal Tax Processes
Posted by Claudia Mullen on May 16, 2020 8:25:00 AM

It might be time for a check-in with your internal tax department. Private equity (PE) and venture capital (VC) fund activity comes with some time-intensive tax reporting requirements, from managing the completion and delivery of the Schedule K-1 to tax obligations for the funds themselves. If it’s been a while since your firm last evaluated its tax function, you may want to consider a quick self-assessment.

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Topics: Claudia Mullen, Private Equity & Venture Capital, PE/VC, co-sourcing, tax co-sourcing

Coronavirus Relief: Considerations for PE/VC Funds and Portfolio Companies
Posted by Claudia Mullen on Apr 1, 2020 10:47:21 AM

The spread of the COVID-19 pandemic through the U.S. has led to the beginnings of a financial and economic crisis with dimensions that, as of yet, cannot be estimated. Social distancing and statewide shutdown orders are grinding businesses to a halt and have been accompanied by several phases of emergency legislation and Treasury guidance aimed at providing financial and administrative relief to taxpayers facing cash flow concerns.

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Topics: Claudia Mullen, Private Equity & Venture Capital, PE/VC, COVID19, Coronavirus, Families First Coronavirus Response Act, COVID-19, CARES Act, Coronavirus Aid, Relief, and Economic Security Act

Clarity Offered for Business Interest Expense Limitation
Posted by Claudia Mullen on Jan 14, 2019 4:48:27 PM

The IRS recently released proposed regulations to provide taxpayers with guidance on applying a tax reform provision related to business interest expense deductions. The 2017 tax law, commonly known as the Tax Cuts and Jobs Act (TCJA), set new limits on business interest expense deductions for most businesses, including C corporations and partnerships.

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Topics: Claudia Mullen, TCJA, Private Equity & Venture Capital, PE/VC, Business Interest Expense

How Private Equity and Venture Capital Portfolio Companies Can Prepare for the Tax Impact of New Accounting Changes
Posted by Claudia Mullen on Sep 14, 2018 3:57:56 PM

Accounting updates are not the only changes coming as a result of the new revenue recognition and leasing standards. The new ASC Topic 606 (Revenue from Contracts with Customers) and changes to ASC Topic 842 (Leases) also have tax ramifications. Private equity and venture capital firms and their portfolio companies need to be aware of the potential tax impact, as changes to financial reporting practices could create differences between book and tax accounting.

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Topics: Claudia Mullen, David Lewin, Lease Standards, Leasing, leasing standard, Private Equity & Venture Capital, PE/VC

Tax Implications of the New Rev Rec Standard for Portfolio Companies
Posted by Claudia Mullen on Sep 14, 2018 3:56:49 PM

Companies generally must use the same method of accounting to recognize revenue for tax accounting as they do for financial reporting, unless the financial reporting method is inconsistent with tax regulations or guidance. This can create scenarios where private equity and venture capital groups and their portfolio companies may have different methods of accounting for tax and financial reporting purposes. The adoption of the new revenue recognition standard under ASC Topic 606 can introduce additional complexities, as tax accounting methods do not automatically conform to the new financial reporting standard. Instead, taxpayers must request IRS consent using Form 3115 to change their tax method of accounting for revenue recognition. The differences between accounting for tax and financial reporting may result in portfolio companies recognizing revenue for income tax purposes earlier than under previous guidance.

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Topics: Revenue Recognition Standard, Claudia Mullen, Revenue recognition, David Lewin, Private Equity & Venture Capital, PE/VC, portfolio companies, rev rec

Tax Implications of the New Leasing Standard for Portfolio Companies
Posted by Claudia Mullen on Sep 14, 2018 3:51:03 PM

The FASB released changes to accounting for leases to provide more visibility into leasing-related liabilities. Updates to ASC Topic 842, Leases (Topic 842) require lessees to record all leases, except for short-term leases, on their balance sheet and recognize a right-of-use (ROU) asset and lease liability arising from the lease. For lessors, the changes eliminate the concept of leveraged leases and requires that lessors recognize nonlease and lease components separately.

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Topics: Claudia Mullen, David Lewin, Lease Standards, Leasing, leasing standard, Private Equity & Venture Capital, PE/VC

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