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Tax News
Archive - September 2012
Moving from FS-2011-13 to Streamlined FBAR Compliance
Moving from FS-2011-13 to Streamlined FBAR Compliance
So the IRS has moved one step closer to providing US taxpayers living abroad with somewhat of an easier and clearer compliance procedure for filing delinquent FBARs.  The possible recipient of this boon is a client with a story that goes like this. I lived in the US, I moved out, I paid taxes in the country I lived in, I haven’t been back in the US for many, many years. One day I wake up and I read in the news that there is a form called FBAR and the US Government is going after people that have not filed those forms, and possibly criminally prosecuting them.  A concerned citizen would...
September 04, 2012 read more
Management Fee Conversion Under Attack – Why now?
Management Fee Conversion Under Attack – Why now?
The New York Times and many other news sources broke a story this weekend about the NY attorney general subpoenaing several major private equity firms, including Bain Capital, among those, for allegedly abusive management conversion fee practices.  I don’t have access to the subpoenas but the NY Times article describes the strategy in sufficient detail, a strategy that has been known to me as “fee conversion” or a “fee waiver.”  In this strategy, the manager waives, or hard wires a conversion, of the management fee so that it receives a larger percentage in the carry.   I...
September 04, 2012 read more