Connect with me:

Website: ⁠www.LiliyaCPA.com⁠  

LinkedIn: ⁠Liliya Yerassilova⁠

YouTube: ⁠Liliya CPA

On todays' episode we'll be talking about Carried Interest finally! What carried interest is, how it's taxed, what the logic behind the current taxation and arguments to overhaul this so-called "Tax Loophole for the Wealthy".

Also, I have to put a disclaimer that the podcast is not your tax guide and not professional advice. This is just a way to have fun while learning something new and hopefully, useful! Alright, let’s get into it!

Music:

Medieval Fantasy by Aleksey Chistilin from Pixabay

https://pixabay.com/music/beautiful-plays-medieval-fantasy-142837/ Resources:

Investopedia Articles:

About Carried Interest:

https://www.investopedia.com/terms/c/carriedinterest.asp

Taxation of PE Firms:

https://www.investopedia.com/articles/investing/072215/how-private-equity-and-hedge-funds-are-taxed.asp

CNBC Article:

https://www.cnbc.com/2022/08/08/what-carried-interest-is-and-how-it-benefits-high-income-taxpayers.html

Tax Notes article on the new bill:

https://www.taxnotes.com/research/federal/legislative-documents/congressional-news-releases/wyden-announces-bill-to-change-carried-interest-tax-treatment/7hk8q

American Bankruptcy Institute article on Limited Liability:

https://www.abi.org/feed-item/private-equitys-abuse-of-limited-liability

In today’s episode, we’ll look into private equity firms, what they are, and what they do; the SEC news on regulating the 2% management fee reporting and a $20.5 Million settlement charge by a NY-based private equity firm.

SEC Enhances the Regulation of Private Fund Advisers:

https://www.sec.gov/news/press-release/2023-155

SEC Charges Private Equity Firm Prime Group for Inadequate Disclosure of Fees Paid to Affiliate:

https://www.sec.gov/news/press-release/2023-167

Website: ⁠www.LiliyaCPA.com⁠   

LinkedIn: ⁠Liliya Yerassilova⁠

YouTube: Liliya CPA - YouTube

Music Title: Village Consort

https://www.youtube.com/watch?v=eZ_r1H9vHkI&list=PLnuhlOfdJ2WKvIu8eaF3uel9p3VjuK10M

Todays’ first episode will include an interesting tax case, a news segment on clean vehicle tax credit, and answers to two frequently asked tax questions.

Videos mentioned:

Clean tax credits:

https://youtu.be/kozeKtAb5Bo

Resources used for the episode:

Cesarini v. United States, 296 F. Supp. 3 (N.D. Ohio 1969) https://law.justia.com/cases/federal/district-courts/FSupp/296/3/1982804/

U.S. Department of the Treasury, IRS Release Guidance to Expand Access to Clean Vehicle Tax Credits, Help Car Dealers Grow Businesses:

https://home.treasury.gov/news/press-releases/jy1783

Form 1099-NEC & Independent Contractors: https://www.irs.gov/faqs/small-business-self-employed-other-business/form-1099-nec-independent-contractors

Music: Waltz in e minor by Alexander Griboedov - performed personally

Palace of Roses - Aakash Gandhi