Foley & Lardner LLP Partner Jason Kohout is quoted in the Bloomberg article, “Renaissance Ends No-Fee Investment Perk After IRS Complaints,” about how Renaissance Technologies has ended its no-fee Medallion investment fund for employees after the IRS argued that such fee waivers should be considered taxable compensation.
Kohout said that while it is murky territory, “It is kind of common to say ‘we are not going to take compensation to avoid any self-dealing issues.’”
“IRS guidance in this area is pretty limited, especially when it comes to the ways investment managers are paid,” he added.
The article also ran in Accounting Today and Financial Advisor.
People
Related News
03 May 2024
In the News
Jeff Symons’ Move to Foley Featured in Press
Foley & Lardner LLP partner Jeff Symons is featured in legal press for his recent arrival to the firm
03 May 2024
In the News
Nathaniel Lacktman on Healthleaders Podcast– ‘We’re seeing maturity in the telemedicine market’
Foley & Lardner LLP partner Nathaniel Lacktman discussed the upcoming American Telemedicine Association’s annual conference, new developments in telemedicine and digital health, the regulatory context, and the prospects for the industry’s future
02 May 2024
In the News
Jennifer Hennessy on American Privacy Rights Act – ‘This law does have teeth’
Foley & Lardner LLP partner Jennifer Hennessy assesses the prospects of what could be the first federal data privacy law passed in the United States