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Tax Insurance: What It Is and Why You May Need It
Posted by George Cobleigh on May 26, 2022 4:03:56 PM

The current tax environment is complex, leaving many taxpayers feeling uncertain about their existing tax positions and future plans. In the face of an IRS audit or challenge, one unexpected tax liability can do severe damage, leading to a failed transaction or loss of expected tax benefits.

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Topics: Taxes, Insurance, Private equity, venture capital, Private Equity & Venture Capital, PE/VC, portfolio companies, tax insurance

The Biden Administration’s Renewed Tax Plan: Impacts to the PE/VC Industry
Posted by Nate Smith and George Cobleigh on Mar 30, 2022 5:08:29 PM

President Biden’s latest budget proposal calls again for higher corporate and individual tax rates, ordinary tax rates for carried interest, and proposes a new “Billionaire’s Minimum Tax” that would subject wealthy individuals to a minimum 20% tax rate on income that includes unrealized capital gains. These and other tax proposals were outlined in the Treasury Department’s annual Green Book on March 28. The Green Book represents the President’s “wish list” for tax policy, while Congress must draft and pass any associated legislation. Although the fate of the Build Back Better Act (BBBA) remains stalled in the Senate, the Green Book is intended to help shape ongoing and future negotiations in Congress.

The major points from this year’s Green Book and some observations follow. We begin with major business provisions, and continue with individual provisions most likely to be relevant to the Private Equity and Venture Capital (PE/VC) space.

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Topics: tax planning, Private equity, venture capital, Private Equity & Venture Capital, PE/VC, Biden, President Biden, Green Book, Biden Administration

SEC Proposes Disclosure Requirements for Hedge Funds and Private Equity Funds
Posted by Ryan Kuhn on Mar 18, 2022 2:49:27 PM

The SEC has recently proposed new disclosure requirements for hedge funds and private equity funds which have the potential to impact the extent and timeliness of reporting for these types of investment vehicles. 

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Topics: Private equity, Private Equity & Venture Capital, PE/VC, portfolio companies investment, SEC, hedge funds, Financial Stability Oversight Council

Tax Ramifications for Deferred Revenue in Purchase Accounting
Posted by Kevin Eagan on May 19, 2021 9:13:18 AM

As businesses gain a post-pandemic sense of cautious optimism, business acquisitions or combinations are on this rise. Factoring large in most transaction negotiations are the tax consequences to the deal, which requires businesses and their owners to understand and anticipate these tax consequences. While there are many to be concerned with, a popular concern pertains to the tax ramifications related to deferred revenue – the advance payment a company receives for products or services to be provided in the future. Organizations that are highly acquisitive need to understand these tax issues when negotiating the deal and when later completing purchase accounting.

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Topics: Taxes, deferred revenue, Private equity, venture capital, Private Equity & Venture Capital, PE/VC

Tax and SPAC – The Tax Ramifications of Going Public with a SPAC
Posted by George Cobleigh on May 19, 2021 8:35:01 AM

Special purpose acquisition companies, or SPACs, continue to grow in popularity as private companies look for alternative means of accessing the public market outside of a traditional initial public offering (IPO). SPACs raised a record level of capital in 2020 - $83.4 billion, and in the first quarter of 2021 have already surpassed that amount having raised $87.9 billion as of mid-March.

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Topics: Taxes, Private equity, venture capital, Private Equity & Venture Capital, PE/VC, SPACs, Special purpose acquisition companies, IPO, initial public offering

Biden’s American Families Plan Enhances Child Care and Education, Targets Wealthy Taxpayers
Posted by Bill Smith on Apr 30, 2021 11:25:41 AM

President Biden’s $1.8 trillion American Families Plan (AFP) represents the second installment of his “Build Back Better” campaign plan, and would more prominently position the government’s role in society. While his $2.3 trillion American Jobs Plan (AJP) would finance infrastructure spending primarily through additional taxes on corporations, the AFP has “wealthy” individual taxpayers footing the bill for child care and education spending. Congress must first agree on a strategy to formalize both the AFP and the AJP in legislation before it hones in on negotiations over the provisions from these two plans. But before the prospects are explored for the AFP becoming law, an analysis of its key components is in order.

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Topics: tax planning, Private equity, venture capital, Private Equity & Venture Capital, PE/VC, Carried Interest Regulations, Biden, President Biden, American Families Plan

Accounting for Lease Concessions Due to COVID-19
Posted by Thomas McGauley on Mar 16, 2021 12:31:00 PM

Due to the business disruptions and challenges caused by the COVID-19 pandemic that have affected the economy over the last year, many lessors have, or will be, providing lease concessions to lessees for a significant number of lease contracts. While the concessions could vary in form, payment forgiveness and deferral of payments are expected to be the most common types of concessions granted.

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Topics: Taxes, Private equity, venture capital, Private Equity & Venture Capital, PE/VC, lease concession, lease accounting

Diving Deeper into Carried Interest Regulations for PE/VC
Posted by George Cobleigh on Feb 15, 2021 4:54:09 PM

The final regulations for the carried interest rules, published on Jan. 7, 2021, will have an impact on private equity (PE) and venture capital (VC) firm taxation and for the most part are more taxpayer friendly than previously proposed regulations.

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Topics: Taxes, Private equity, venture capital, Private Equity & Venture Capital, PE/VC, carried interest, Carried Interest Regulations, section 1061

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