Carried interest (carry) refers to the profits interest that a fund's general partners (GPs) receive in addition to their direct interest and management fee. In many funds, the carry is a significant part of the partner’s compensation. With the elevated exemption expected to sunset at the end of 2025, now is an ideal time for estate planning when it comes to your client’s valuable carried interest.

The U.S. government has repeatedly revised the requirements for U.S. taxpayers to claim the Employee Retention Credit (“ERC”), also commonly known as the Employee Retention Tax Credit, since its initial codification into law.

DLOM is applied to a non-controlling interest in a privately held business to adjust for the fact that it is not readily sellable on the open market. If the value of an ownership interest is reduced due to DLOM, it can significantly impact the amount of estate tax owed.

It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025. Furthermore, legislation could curb lifetime exemption limits even sooner.

Millions of business owners are struggling to write the next chapter of their companies and their legacies. Prudent gift and estate tax planning can be the difference between creating generational wealth and squandering it.

The case of the Estate of William A.V. Cecil, Sr., Donor, Deceased v. Commissioner is one of the most important valuation cases certainly since Kress v. United States, but possibly ever.

As the idea of a wealth tax gains more mainstream attention, it’s important for high net worth individuals to stay informed about the proposals and potential implications. Check out this brief overview of recent state proposals for a wealth tax.

All expenses being treated as nontaxable under IRC Sec. 139 due to COVID-19 will soon lose that benefit.

Yes, they are fully deductible as an itemized deduction in the year they are paid.

The IRS released draft 2022 partnership instructions that include a new exception to filing and furnishing to partners Schedules K-2 and K-3 for 2022.

The benefits of a buy-sell agreement are only as good as its terms, effective execution, and regular updates.

A major factor in the car wash industry has been the increase in private equity activity.