Management Fee Waivers: IRS Proposed Regulations By: Anthony Tuths, JD, LLM Partner– WithumSmith+Brown, PC For more than a year now tax practitioners and industry insiders have been waiting for the IRS to clamp down on a compensation strategy common in the private equity arena known as a “management fee waiver.” Generally speaking, a management fee…
In April 2015 the FASB issued proposed Accounting Standards Update 2015-230 (the “ASU”) titled Presentation of Financial Statements of Not-for-Profit Entities. This paper will discuss the changes proposed by the ASU; these represent the most significant changes in not-for-profit (“NFP”) financial statement presentation since the issuance of FASB statements 116 and 117 in 1995. What…
The Liquidity Option for Equity Based Plans “Winner must be present to win.” – common note on many raffle tickets How many times have you participated in a raffle and noticed this “condition” boldly printed on your ticket? I have been at more rubber chicken events than I care to acknowledge and I always cringe…
Lease Accounting Standards for Professional Services For several years now, the accounting standard-setting body in the United States, the Financial Accounting Standards Board (FASB), and the international accounting standard-setting body, the International Accounting Standards Board (IASB), have been working on various convergence projects in an effort to achieve more uniform accounting standards worldwide. Among the…
It is difficult to find someone who does not use models in their personal or professional lives on a regular basis. To avoid common mistakes and pitfalls arising in the development or use of models, it is imperative that the process by which a model is developed and implemented follows several key steps. Sound model…
While the majority of commercial real estate loans scheduled to mature in the coming years are healthy and should have little trouble refinancing when they mature, distressed debt continues to present unique loan strategies and restructurings, including discounted loan payoffs. Some of these distressed loans were extended during the financial crisis of 2007/2008, offering modest…
Book Review: The Real-Life MBA and The CEO and Board Members Survival Guide THE REAL-LIFE MBA / YOU NO-BS GUIDE TO WINNING THE GAME, BUILDING A TEAM, AND GROWING YOUR CAREER BY JACK & SUZY WELCH Jack Welch was one of the most successful CEOs and Suzy was editor of the Harvard Business Review and…
Following the recent outbreak of Legionnaires’ disease in the South Bronx, Mayor de Blasio signed into law amendments to the New York City Administrative Code in relation to the regulation of cooling towers. The legislation, which contains stiff penalties for noncompliance, requires all cooling towers to be registered with the Department of Buildings and inspected…
Calorie count labeling regulations, which came as an extension of the 2010 Affordable Care Act, apply to food retailers with 20 or more locations and extends beyond restaurants to any preparer of food including supermarkets, convenience stores, bakeries, movie theaters, pizzerias, amusement parks and coffee shops. The U.S. Food and Drug Administration (FDA) made the…
What Do You Know About Your Financing? Barf: “I’m a mog: half man, half dog. I’m my own best friend! “– quote from Mel Brooks Spaceballs :The Movie I continue to experience some confusion by owners as to the nature of their financing agreements. When I ask what form of financing they have, I get…