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Recently Introduced Tax Legislation of Interest to Funds and Fund Managers
by Brian W. Kniesly
Fried, Frank, Harris, Shriver & Jacobson LLP - New York Office
David I. Shapiro
Fried, Frank, Harris, Shriver & Jacobson LLP - New York Office
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November 5, 2009
Previously published on October 30, 2009
Earlier this week, the "Foreign Account Tax Compliance Act of 2009" (the "bill") was introduced in the Senate and the House. The bill is another effort aimed at curbing tax evasion through use of foreign financial accounts and investments by United States persons, although many of the provisions apply more broadly, and if passed in its current form, the bill will have significant implications beyond offshore bank accounts and their equivalents, in particular for hedge funds and private equity funds that are formed offshore.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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