Tuesday, 31 March 2015
Last updated 42 min ago
Apr 2 2013 | 10:29am ET
As the alternative investment industry girds for another fight over taxation of carried interest, a little-known new tax has already begun to eat into those profits.
President Barack Obama's 2010 healthcare overhaul included a new levy, the net investment income tax, which will take 3.8% of "unearned investment income" from the highest-earning taxpayers. And, according to a new white paper from law firm Hirschler Fleischer, the new tax is targeted specifically at hedge fund managers and gives them little opportunity to avoid it.
The NII, which took effect at the beginning of the year, taxes income from "trading in financial instruments."
Private equity fund managers, according to Hirschler Fleischer, may be able to avoid the levy, but only if they can demonstrate that their investments aren't passive. That could be hard: Federal tax law requires some 500 hours of work annually personally performing services for a business to shed the passive tag.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…