Taxation of Carried Interest – The Debate Continues as Legislation Looms

I first wrote about proposed changes in the taxation of carried interests (the manager’s share of income from a venture or private equity fund) in June of 2008 (see http://archive.constantcontact.com/fs056/1101631528224/archive/1102150842963.html). Last December, the House finally approved a bill to tax carried interests at ordinary income rates rather than capital gains rates (and subject such profits…

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COBRA Premium Subsidy Eligibility Period Extended

As discussed in a recent post regarding the government’s COBRA program, the American Recovery and Reinvestment Act of 2009 made certain individuals terminated in the period beginning Sept. 1, 2008 and ending December 31, 2009 eligible to receive a government financed subsidy equal to 65% of the COBRA continuation premium. Such program was initiated in…

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Finally, Some Good Tax News

The Obama administration has just made my year-end busier. On November 7th, the President signed into law the Worker, Homeowner, and Business Act of 2009 (the “WHB 2009 Act”) which, among other things, extends the period that businesses can carry back a net operating loss (NOL) arising in either 2008 or 2009. This is a…

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The Entertainment Industry and § 409A: That’s Hollywood!

By now, everyone has heard of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), which has turned traditional deferred compensation on its head by including deferrals in gross income unless they meet strict requirements.  While Hollywood may have been the furthest thing from Congress’s collective mind when Code Section 409A…

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