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Is US Tax Policy Pitting Corporate Giants Against Small Business?
The federal government shutdown may have put federal tax reform efforts on hold officially, although lobbying no doubt continues behind the scenes. Unfortunately, lack of official information makes longer-term business and corporate tax planning a bit more challenging. More >
BlackBerry Buyout Negotiations Continue, Drive Up Stock Price
As we discussed on this blog in August, BlackBerry Ltd. (formerly Research in Motion) had appointed a special board of directors committee to consider its strategic alternatives in light of its enormous drop in global market share. At that time, the New York Times’ DealBook blog had reported that BlackBerry’s market share had fallen to only 2.9 percent, and its value had fallen by 92 percent over the previous five years. Faced by these poor business prospects, the company was considering the sale of some assets or even the whole company, going private, or a joint venture. More >
Comcast Gunning to Force Sale of Houston Regional Sports Network
The major creditors of the Houston Regional Sports Network, which does business as Comcast SportsNet Houston, have filed an involuntary Chapter 11 bankruptcy petition against the network. The three listed creditors are Houston SportsNet Finance LLC, National Digital Television Center, LLC, and Comcast Sports Management Services, LLC, a subsidiary of Comcast Corp, which owns NBCUniversal. More >
What Is a Business Incubator?
Business incubation programs can provide an array of benefits to start-up business owners. Think of them as a support service — they provide entrepreneurs with valuable resources. The goal of a business incubator is to "produce" a business that will exit the program and be able to successfully operate on its own. More >
Key Considerations in Your Family Business's Succession Planning
According to Forbes magazine, family businesses are responsible for 50 percent of the U.S. gross domestic product. Moreover, they account for 80 percent of all new job opportunities and make up 60 percent of all American jobs. Some 35 percent of Fortune 500 companies are still family firms. More >
The IRS/Treasury Department Announcement & Estate Planning
On August 29, 2013, the Treasury Department and the Internal Revenue Service ("IRS") issued Revenue Ruling 2013-17. The ruling establishes that the IRS will recognize same-sex marriages for all federal tax purposes regardless of where the couple lives, as long as the couple was married in a jurisdiction that recognizes such marriages. So, for example, if a couple was married in Connecticut (a recognizing state), but now live in Kentucky (a non-recognizing state), they will receive the same federal tax treatment as heterosexual couples residing in Kentucky. The ruling clarifies that a "state of celebration" approach will be used versus a "state of residence" rule. Treasury Secretary Jacob J. Lew says the decision "[a]ssures legally married same-sex couples that they can move freely throughout the country knowing that their federal filing status will not change." It is important to note that, according to the ruling, "marriage" does not include a registered domestic partnership, civil union or other similar arrangement. The ruling applies to all federal tax provisions where marriage is a factor, including: filing status, estate tax exemptions, personal and dependency exemptions, the standard marriage deduction, IRA contributions, earned income tax credits and employee benefits. More >
Equity Contribution Requirements Dropping in Large-Market Buyouts
According to Reuters Loan Pricing Corporation, which provides market information and analysis for the credit industry, the balance of power in large-market buyout negotiations has shifted. As economic conditions in the U.S. improve, we appear to have entered a stronger credit cycle, according to the RLPC. Add to that a shortage of availability in mergers and acquisitions, and sponsors of leveraged buyouts are pushing for more advantageous terms. More >
The Facts on FATCA
On August 19, 2013, the Internal Revenue Service introduced its new registration portal to assist Foreign Financial Institutions ("FFI") as they make efforts to comply with the Foreign Account Tax Compliance Act ("FATCA"). Financial firms (banks, investment funds, and insurance companies) around the world must comply with the law, aimed at keeping US persons from hiding income and assets overseas, or risk serious consequences that could shut them out of financial markets. In recent years, the U.S. government has suspected that U.S. persons are underreporting massive sums of money hidden in offshore accounts. More >
Canada Pension Plan to Acquire Neiman Marcus Despite IPO Registry
In July, the distinguished luxury retailer Neiman Marcus registered for an initial public offering. The current owners of the department store chain are a group of investors led by private equity firms TPG Capital L.P. and Warburg Pincus LLC. In response to losses in Neiman’s credit facilities, according to Reuters, the group had been seeking a non-public buyer among private equity firms and even sovereign wealth funds, but the offers did not meet price expectations. Those efforts were exhausted, and an IPO seemed to be the best remaining option. More >
The Need for a Special Needs Trust for Children with Special Needs
All parents worry about their children's future. When you have a child with special needs, however, that worry is often increased ten-fold. For parents with a special needs child, great care has to be given to not only the child's emotional, mental, and physical health, but also to their financial well-being. More >
