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The Bad Bet of Offering Self Directed Brokerage Accounts in 401(k) Plans

I love Las Vegas and I hate to gamble, which explains why I haven’t been to Atlantic City since 1995. I love the sights, sounds, the entertainment, the food, and everything but the gambling. I hate gambling because I don’t...more

Proposed Treasury Regulations Address Private Equity Management Fee Waivers and Profits Interests

The Internal Revenue Service ("IRS") and Treasury Department recently released proposed regulations under section 707(a)(2)(A) of the Internal Revenue Code of 1986 (the "Code) addressing the issuance of certain interests in...more

Applying The "Common Legal Interest" Privilege In The Context Of A Financial Transaction

Sophisticated and complex commercial litigation and criminal investigations often involve many participants and their lawyers. In these cases, it is often beneficial for the lawyers to share confidential information pursuant...more

IRS Issues Guidance on the Applicability of Section 162(m) to CFO Compensation

Summary: The IRS recently informally revised its guidance regarding which officers of public companies must be considered when determining the compensation deduction limitation of Section 162(m) of the Internal Revenue Code...more

Top takeaways from the 2015 Las Vegas Marijuana Business Convention

Joan Lebow, Carl Rowley, and Fred Roth of Thompson Coburn's cannabis practice attended Marijuana Business Media’s 2015 Marijuana Business Conference at the Rio Hotel, Las Vegas, where more than 5,500 attendees attended...more

Global Tax News - November 2015

HANDS OFF DIGITAL CURRENCIES! CANADA’S SENATE CALLS FOR A LIGHT REGULATORY APPROACH Formerly considered a gimmick for geeks and gamers, digital currencies, such as Bitcoin, have grown into a worldwide phenomenon...more

How to Get in on the Offshore Fund Flow to the U.S.

A recent report estimates that foreign investors are expected to spend more than $70 billion on U.S. commercial real estate in 2015. Another report states that nearly a quarter of all recent commercial real property sales in...more

Second Circuit Upholds Common-Interest Privilege for Borrower’s Sharing of Legal Advice with Consortium of Lenders

The Second Circuit held last week that a borrower did not waive the attorney-client privilege by providing documents to a consortium of lender banks that shared a common legal interest with the borrower in the tax treatment...more

Proposed Regulations Nix Foreign Goodwill Exception to Tax on Outbound Transfers

The IRS and Treasury recently issued proposed regulations under Section 367 with bad news for taxpayers. Citing aggressive taxpayer positions, the proposed rules do away with the foreign goodwill exception and restrict the...more

Radical New Partnership Audit Rules

Last week, President Obama signed H.R. 1314, the Bipartisan Budget Act of 2015 (the “Legislation”), which dramatically changes the manner in which partnerships (and LLC’s taxed as partnerships) are audited and taxed by the...more

The Acquisition and Leveraged Finance Review

During the decade preceding the financial and economic crisis, Austria has developed into a buoyant market for both domestic and international M&A activity, with some of the peak years seeing over 400 deals. Compared to...more

End of Year Tips For Retirement Plan Sponsors

With the Holiday season about to start, we know that the end of the year will soon follow. While plan participants maybe more concerned about holiday shopping or the firm’s annual holiday party, it’s a great and necessary...more

Conflating tax law and trust law: The strange case of Ciampa v. Bank of America.

Under the Internal Revenue Code, an Individual Retirement Account (IRA) may be a trust. See 26 U.S. Code § 408(a). Or it may be a custodianship. See sub-section (h) to §408. Here is sub-section (h) verbatim: FOR PURPOSES...more

Empathy and Communication by a Retirement Plan Provider Goes A Long Way

They say that game theory is the study of strategic decision making. It is “the study of mathematical models of conflict and cooperation between intelligent rational decision-makers.” I say I use game theory, but I really...more

Australian Tax Update - October 2015

The Chevron decision provides critically important guidance on both the 'old' (Division 13) and 'new' (Subdivision 815-A) transfer pricing laws in Australia. While not dealing specifically with Subdivisions 815-B to D, the...more

Fibra E Trusts | Energy and Infrastructure Investment Vehicle

On 29 September 2015, the Fourth Set of Amendments to the Annual Tax Regulations for the 2015 fiscal year (“Tax Regulations”), which create and regulate a new investment vehicle called an energy and infrastructure investment...more

Bundled vs. Unbundled 401(k) Plan Providers: The Choice Is Not Clear

In our lives, there are times when we have two important choices. It’s Coke vs. Pepsi, Mac vs. PC, Xbox vs. PlayStation (sorry Nintendo), Star Wars vs. Star Trek, and Marvel vs. DC. In the 401(k) space, it’s always bundled...more

It’s A 401(k) Revolution

’m a fan of Broadway musicals and my favorite of all time is Les Miserables. It may not be a Rodgers and Hammerstein classic, but it’s always been my favorite since I saw it more than 20 years ago. I’ve seen it a few times on...more

New Regulations on F Reorganizations

In late September, the IRS issued final regulations describing six requirements for a transaction or series of transactions to qualify as a reorganization under Section 368(a)(1)(F) (an “F reorganization”). The IRS...more

Global Private Equity Newsletter - Fall 2015 Edition: Proposed Partnership Treasury Regulations – Consider the Guaranteed Payment

Proposed regulations were issued under Section 707(a)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), that address circumstances when certain arrangements between partnerships and their partners will be...more

Final Regulations Under Section 871(m) Clarify Withholding Tax Rules for Equity-Linked Derivatives, Yet Many Challenges Remain

On September 17, 2015, the Treasury Department and the Internal Revenue Service (the “IRS”) issued new temporary and final regulations under section 871(m) of the Internal Revenue Code regarding the imposition of US federal...more

OECD Releases Final BEPS Recommendations – Now What?

On Oct. 5, 2015, the Organization for Economic Cooperation and Development (OECD) released a set of final reports on its 15 point action plan to address Base Erosion and Profit Shifting (BEPS). In an accompanying explanatory...more

The Small Stuff Creates The Biggest Liability Pitfalls For 401(k) Plan Sponsors

When I was a kid, I had an Intellivision. For those people born after 1980, Intellivision was a video game console that had better graphics than an Atari 2600 that people just didn’t buy. You could say Intellivision was the...more

Entering the U.S. Without Entering Its Tax System: Holding Company Structures for U.S. Operations

Foreign companies entering the U.S. market for the first time will want to consider how their operations can be structured to minimize U.S. taxes. Although sales into the U.S. can be arranged in some cases to keep profits...more

Focus on Tax Strategies & Developments - October 2015

Regulatory Developments Under § 367 Affecting Transfers of Appreciated Property to Foreign Corporations - Introduction: On September 14, the U.S. Department of the Treasury (Treasury) and the Internal Revenue...more

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