News & Analysis as of

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New Limitations on Deductions for Interest Payments May Impact Many Family Businesses

The new Tax Cuts and Jobs Act limits the ability of many businesses to deduct interest payments. Under prior law, any interest expense was generally deductible. Now, many businesses are prohibited from deducting any interest...more

Intangible services acquired from affiliated entities - limitation in the treatment of expenses incurred as revenue generating...

by Hogan Lovells on

On 1 January 2018, the amendments to the CIT Act entered into force. As pointed out in the explanatory memorandum to the bill, the principal objective of the introduced changes is the closer monitoring of the Corporate Income...more

Health Care Attracts Corporates and PE - MIDMARKET TRENDS // Robust Deal Flow Shows No Sign of Slowing

by Pepper Hamilton LLP on

M&A in midmarket health care services has benefited from steady growth. Enterprise values and EBITDA multiples remain strong, as sponsors and corporate buyers seem willing to spend on quality assets with sizeable growth...more

7 Things to Know About Physician Practice Recapitalization Transactions

by Foley & Lardner LLP on

A tremendous amount of capital has been, and continues to be, dedicated by private equity sponsors, and private equity backed companies, toward the recapitalization of physician practices...more

The Growth of European Covenant Lite

by Latham & Watkins LLP on

In 2016, global sponsors and their advisers were successful in continuing to export their experiences from financing transactions in the US leveraged loan and global bond markets to the European leveraged loan market and this...more

Proskauer’s Study Examines 2017 IPOs

by Proskauer Rose LLP on

Welcome to this fifth edition of Proskauer’s IPO Study. In it you will find our analysis of market practices and trends for U.S.-listed initial public offerings (IPOs). Our proprietary database and analyses now cover 462 IPOs...more

Proskauer’s Second Annual Survey on Trends in Private Credit Markets

by Proskauer Rose LLP on

We are delighted to share with you the results from our second annual Trends in Private Credit survey. This year’s survey was conducted via web from January 9th to February 9th 2018. In this report, we will share...more

Decoding the Tax Cuts and Jobs Act – Part IX: Impact on M&A Transactions

by Garvey Schubert Barer on

The Tax Cuts and Jobs Act (“TCJA”) will significantly impact merger and acquisition (“M&A”) activity. Although billed as tax reform, the TCJA did not reform or simplify the Internal Revenue Code (“Code”). Virtually none of...more

Global Private Equity Newsletter - Winter/Spring 2018 Edition: Snapshot of Tax Act Changes for PE Funds and their Portfolio...

by Dechert LLP on

President Trump signed into law tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”) on December 22, 2017. The Tax Act implemented the most far-reaching changes to the Internal Revenue Code (the...more

IRS Issues Guidance on the Business Interest Expense Limitation

by Clark Hill PLC on

On April 2, the Treasury and the IRS issued Notice 2018-28 which provides guidance concerning the business interest expense limitation enacted as part of tax reform. The guidance includes the application of the rules to...more

Tax Reform’s Impact on Financing Strategies

by BakerHostetler on

As more of the dust settles after the December 2017 passage of the Tax Cuts and Jobs Act, P.L. 115-97, borrowers and lenders alike are reconsidering their future financing strategies. One of the more significant changes in...more

Why dealmakers have great expectations for 2018

In 2017 global dealmaking surpassed expectations, with M&A above US$3 trillion for the fourth year in a row. Will 2018 also exceed expectations? ...more

Practical Insights on Tax Reform: Impact on the Real Estate Industry

On December 22, 2017, President Trump signed into law legislation, known as the Tax Cuts and Jobs Act (“TCJA”), which is the most extensive overhaul of the United States of the Internal Revenue Code (the “Code”) in 30 years....more

U.S. Tax Reform Has A Profound Impact On Inbound Investment

The current focus of the international tax community is on the United States, and for good reason. In the midst of a contentious political landscape, months of anticipation, and a decidedly clandestine drafting process, U.S....more

OCC Head Says Banks Need Not Comply with Leveraged Lending Guidance

by Ropes & Gray LLP on

The head of the Office of the Comptroller of the Currency (the “OCC”) announced at a conference in Las Vegas on Tuesday that banks no longer need to adhere to Leveraged Lending Guidance (the “Guidance”) when providing...more

It’s a Fixer-Upper

by McGuireWoods LLP on

A technical corrections bill is still all talks at this point. Congressional tax writers are unlikely to drop a bill until the Joint Committee on Taxation (JCT) issues its bluebook. Even if a package of corrections is...more

The Effect of Tax Reform on Financing Transactions: Thoroughly Review Your Company's Situation

by Foley & Lardner LLP on

In general, the effects of the new tax law should be very favorable to most corporate borrowers. Nevertheless, there may be situations where a corporate borrower benefits economically from a lower tax rate and other favorable...more

Impact of the Tax Cuts and Jobs Act on the Real Estate Industry

by Shearman & Sterling LLP on

On December 22, 2017, H.R.1, commonly referred to as the Tax Cuts and Jobs Act (“Tax Act”) was signed into law. The Tax Act made the most significant changes to the U.S. tax code since 1986, and will have an effect on...more

Africa Focus: Spring 2018: Exiting African PE investments - While IPOs remain scarce, other promising exit strategies are gaining...

by White & Case LLP on

Historically, one of the key concerns of LPs regarding African private equity has been the number and quality of available exit routes. Illiquid domestic exchanges as well as political and foreign exchange risk have all...more

Impact of Recent Tax Legislation on M&A Transactions

by Proskauer - Tax Talks on

This post outlines at a high-level certain provisions under the recently enacted 2017 tax legislation (Pub. L. 115-97, the “Tax Act”) that may affect M&A Transactions. Some of these rules are very complex, particularly in...more

Tax Considerations for Foreign-Owned U.S. Corporations After 2017 Tax Act

Following the enactment of the 2017 Tax Act, foreign-owned U.S. corporations are, in general, subject to a federal corporate income tax rate of 21% of their world-wide taxable income, as well as to state income taxes that...more

Orrick's Financial Industry Week In Review

CFTC Files Eight Anti-Spoofing Enforcement Actions against Three Banks (Deutsche Bank, HSBC & UBS) & Six Individuals - On January 29, 2018, the Commodity Futures Trading Commission ("CFTC"), along with the Department of...more

Delaware Law Updates – HBMA Holdings LLC v. LSF9 Stardust Holdings

by McCarter & English, LLP on

Application of a survival clause as a contractual statute of limitations to indemnification claims on an earn-out agreement. In HBMA Holdings LLC v. LSF9 Stardust Holdings LLC, C.A. 12806-VCMR (Del. Ch. Dec. 8, 2017), the...more

Decoding the Tax Cuts and Jobs Act – Part V: Changes to IRC §163(j) and the Business Interest Deduction Rules

by Garvey Schubert Barer on

“Neither a borrower nor a lender be...” or at least, if you insist on borrowing (and we understand the appeal), we are here to help you stay abreast of the new rules on deducting interest. BACKGROUND/PRIOR LAW - Interest...more

Private Equity Fund Taxation Post-Tax Reform: What Really Changed?

Congress has passed the tax reform bill, known as the “Tax Cuts and Jobs Act” (the “Act”), and President Trump signed it into law on December 22, 2017. The Act contains wide-ranging changes to the tax law, many of which will...more

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