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To the surprise of many, the new tax policy included changes to the carried interest provision. Under the new policy, carried interest now has a three-year holding period. The policy has significant implications for commercial real estate investors, who will need to make immediate adjustments to comply with the new provision. Reporters from this newsletter’s ALM sibling Globest.com sat down with Phil Jelsma, a partner and chair of the tax practice team at San Diego-based commercial real estate law firm Crosbie Gliner Schiffman Southard & Swanson LLP, to talk about the changes to carried interest, how this will impact commercial real estate investment and what investors should do now to comply.
By John Fitzgerald and Christopher Imperiale
Being asked to join the partnership of a firm is a measure of success as a legal professional. With that achievement comes tax and financial responsibilities that, surprisingly, few attorneys are fully prepared to deal with. These responsibilities include the unexpected individual federal and state and local tax filing and payments.
By Lawrence L. Bell
With the cost of doing business consistently on the rise combined with the increasing difficulty to find/retain great employees, there is no better time to pursue employment-based tax credits. There are both federal and state employment-based credits available that can help businesses offset income tax liability.
By Gregory N. Miskulin, Jamie Carstens and Lindsay Powell
Orion’s ePrebill Manager allows corrections to prebills to be tracked and applied in real time, with a one-click acceptance and approval process. Further, by distributing prebills electronically, attorneys can see the edits made by others, the overall net effect of write-downs, and how these affect the realization of both the working timekeepers and the client overall, in real time.
By Kent Zimmermann
Strengthening Cultural Expectations Is Key
Client relationship succession planning is a top concern among law firm leaders. Firms of all stripes frequently develop goals in their strategic plans to facilitate more effective client relationship transitions. However, there is room for many firms to take a more formal and proactive approach to effectively transition client relationships across generations.