Most tax planning in alternative asset management focuses on the fund and the general partner (GP). However, the management company often holds the most immediate, controllable opportunity to reduce taxable income in the form of expenses.

Since the enactment of the Tax Cuts and Jobs Act (TCJA) of 2017 on a temporary basis, and its permanent extension under the One Big Beautiful Bill Act (OBBBA) in 2025, Qualified Opportunity Funds (QOFs) have directed billions of dollars of investment capital into Qualified Opportunity Zones (QOZs) located in economically distressed communities across the United States.

In a prior newsletter article (2023 Q4.2), we outlined how Qualified Small Business Stock (QSBS) can be a powerful tool for certain taxpayers, and proper documentation and technical analysis are important to ensuring that your QSBS position can withstand an IRS challenge.

All U.S. states, the District of Columbia, Puerto Rico, and the Virgin Islands have laws requiring businesses to report and remit unclaimed property. The funds from unclaimed property compliance filings, amnesty programs, and audits have emerged as a material source of revenue for states. For example, in 2025, after accounting for reunited balances, Delaware's unclaimed property receipts were $426 million, or approximately 6.36% of the state's general fund.

For Family Offices, a key focus is employee retention. Compensation structures, specifically employee incentive compensation plans, are a method for Family Offices to retain high-performing talent. Different types of employee incentive compensation structures have different purposes. Therefore, it is important for these organizations to understand the different approaches and what aligns best with their business goals.

Founders are faced with a mountain of decisions to make about their businesses on a daily basis, particularly during the time leading up to an exit event.

Effective trust administration begins with a clear understanding of the trustee’s role. A trustee is charged with managing trust assets solely for the benefit of the beneficiaries and in strict accordance with the terms of the trust agreement. The very first step for any trustee—new or experienced—is to thoroughly read and understand the trust instrument. Only then can a trustee carry out the responsibilities and fiduciary duties that define the position. Not only must the trustee ensure the grantor’s intent is carried out, but must also be careful to avoid potential litigation for breach of fiduciary duty.

Every January, the same anxiety creeps back into the investment partnership world. Tax preparers send out their requests looking for timing of financials, changes to partner addresses, information on new investments, and more. As the weeks head into February and March, inboxes fill with “Any update on K-1 timing?” messages. Teams brace for late nights, version-control chaos, and the scramble to issue K-1s as quickly and as accurately as possible.

The year 2025 was highlighted by the enactment of the One Big Beautiful Bill Act (OBBBA) that created several business tax incentives and dealt with the expiring tax cuts in the Tax Cuts and Jobs Act (TCJA).