Resources – Barr My Taxes – Hedge Fund Managers https://hedgefundmanagers.barrmytaxes.com Fri, 15 Nov 2024 18:22:03 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://hedgefundmanagers.barrmytaxes.com/wp-content/uploads/2024/10/Advanced-Tax-Solutionsxxzw-120x120.png Resources – Barr My Taxes – Hedge Fund Managers https://hedgefundmanagers.barrmytaxes.com 32 32 Documents https://hedgefundmanagers.barrmytaxes.com/resources/documents/ Fri, 15 Nov 2024 17:59:39 +0000 https://hedgefundmanagers.barrmytaxes.com/?page_id=23607

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]]> Webinars https://hedgefundmanagers.barrmytaxes.com/resources/webinars/ Tue, 15 Oct 2024 21:13:41 +0000 https://hedgefundmanagers.barrmytaxes.com/?page_id=23213

Join our live webinars for expert-led discussions on pressing topics relevant to fund managers. Each session provides valuable insights and actionable strategies to enhance your fund management practices.

Quarterly Tax Update for Fund Managers

Stay informed with our Quarterly Tax Update, which covers the latest changes in tax laws and regulations affecting fund management. This session is designed to help fund managers navigate the complexities of the tax landscape effectively.

Carried Interest Masterclass

This masterclass offers an in-depth look at carried interest, including current trends, regulatory updates, and strategic planning for fund managers. Participants will gain a comprehensive understanding of how to manage carried interest effectively within their funds.

Fund Structuring for Tax Efficiency

Learn about the various fund structures available and how to select the most tax-efficient options for your fund. This webinar explores the advantages and disadvantages of different structures and provides practical advice for maximizing tax efficiency.

Private 401(k) Plan™ Strategies for High Earners

This session focuses on the unique benefits of the Private 401(k) Plan™ for high-earning fund managers. Gain insights into contribution limits, tax advantages, and strategies to leverage this powerful retirement tool for long-term wealth accumulation.

]]> White Papers https://hedgefundmanagers.barrmytaxes.com/resources/white-papers/ Tue, 15 Oct 2024 21:13:24 +0000 https://hedgefundmanagers.barrmytaxes.com/?page_id=23211

Our collection of white papers offers in-depth insights into various tax-related topics essential for fund managers. These resources are designed to educate and inform about current best practices and strategies.

Maximizing After-Tax Returns in Fund Management

This white paper explores techniques and strategies that fund managers can employ to optimize after-tax returns. It covers various approaches to tax-efficient investing and highlights the importance of tax planning in maximizing overall fund performance.

Navigating Carried Interest in the Current Tax Landscape

Understanding carried interest and its implications in the current tax environment is crucial for fund managers. This paper delves into the nuances of carried interest taxation, discussing potential strategies for minimizing tax liabilities while ensuring compliance with evolving regulations.

International Tax Considerations for Global Funds

For funds operating across borders, understanding international tax implications is vital. This white paper outlines key considerations for global fund managers, including tax treaties, compliance requirements, and effective strategies for managing international investments.

Leveraging Private 401(k) Plans for Fund Managers

This resource examines the benefits and strategies associated with Private 401(k) Plans, specifically tailored for fund managers. It discusses how these plans can enhance tax efficiency and provide significant retirement savings opportunities for high earners.

]]> Tax Calendar for Fund Managers https://hedgefundmanagers.barrmytaxes.com/resources/tax-calendar-for-fund-managers/ Tue, 15 Oct 2024 21:13:08 +0000 https://hedgefundmanagers.barrmytaxes.com/?page_id=23209

Important Tax Deadlines and Dates

  • January 15, 2025 – 4th Quarter 2024 estimated tax payment due. If you’re self-employed or have other income without any tax withholding, and you make quarterly estimated tax payments, this is the due date for your final quarterly payment for the 2024 tax year.
  • January 29, 2025 (approximately) – 2024 Tax season begins. This marks when the IRS will begin accepting and processing 2024 federal tax returns.
  • January 31, 2025 – Due date for employers to send W-2 forms. To ensure you’re able to complete your tax return on time, the IRS requires all employers to send you a W-2 no later than January 31 following the close of the tax year. Generally, this means W-2s get sent by January 31, but you won’t necessarily receive your form by this date.
  • January 31, 2025 – Certain 1099 forms are sent. Various 1099 forms, and forms 1099-NEC,1099-MISC, and 1099-K are used to report payments that typically don’t come from an employer, such as if you work as an independent contractor, gig worker, or self-employed person or if you receive income such as interest, dividends, prize winnings, rents, royalties, or brokerage account transactions. If January 31 falls on a weekend or holiday, these forms are due to be sent the following business day.
  • February 18, 2025 – Reclaim your exemption from withholding. If you chose to claim an exemption from your employer withholding taxes from your paycheck last year by filing a Form W-4, you’ll need to re-file the form by this date. You would file this exemption request if you anticipate having no tax liability this year and had none in the previous year.
  • April 1, 2025 – Required minimum distribution due if you turned 73 in 2024. If you turned 73 in 2024, you have until April 1, 2025, to take your 2024 required minimum distribution (your first required distribution) from your retirement account. After passage of the SECURE Act 2.0 in 2022, if you turned 73 years old on or after 2022, you don’t need to take RMDs until you reach age 73.
  • April 15, 2025 – Tax day (unless extended due to local state holiday). The tax deadline typically falls on April 15 each year but can be delayed if it falls on a weekend or holiday. Missing the tax deadline can have consequences like penalties and interest.
  • April 15, 2025 – Deadline to File Form 4868 and request an extension. The tax day deadline is also the last day to file Form 4868 requesting an extension to file your individual income tax return. If you won’t be ready to file your tax return by tax day, make sure you instead complete an extension request, granting you the ability to delay filing a completed return until October 15, 2025. But remember, even if you choose to file an extension, you are still required to pay any taxes you may owe by the April deadline.
  • April 15, 2025 – Deadline to make IRA and HSA contributions for 2024 tax year. For individual income tax return filers, this also marks the final day to make contributions to your IRA or HSA for the 2024 tax year. After this date, you generally can’t make contributions for the previous tax year.
  • April 15, 2025 – First quarter 2025 estimated tax payment due. Making estimated tax payments means that you need to estimate how much income you’re likely to make for the year and determine how much you will owe to the IRS for income taxes. You can use IRS Form 1040-ES to calculate how much tax liability you’ll have for the year. IRS Publication 505 contains all the rules and details you might need to know about how to calculate this amount. If you overestimated how much tax liability you’d owe for a year and are due a refund, you can choose to receive that money now or apply the overage to the following year’s quarterly tax payments.
  • June 16, 2025 – Second quarter 2025 estimated tax payment due. Despite the IRS referring to these payments as quarterly estimated taxes, the due dates don’t necessarily fall within “quarters” nor do they each represent three months of tax payments. They represent an equal quarterly share of your estimated income tax liability paid at uneven intervals. The first payment occurs 3 and a half months into the year. The second payment is five and a half months; the third payment is eight and a half months, and the fourth payment is due 12 and a half months after the year starts.
  • September 15, 2025 – Third quarter 2025 estimated tax payment due.
  • October 15, 2025 – Deadline to file your extended 2024 tax return. If you chose to file an extension request on your tax return, this is the due date for filing your tax return.
  • December 31, 2025 – Required minimum distributions have to be taken for individuals age 73 or older by the end of 2025. After taking your first RMD (for 2024) by April 1, 2025, if you turned 73 in 2024, you also need to take your 2025 RMD by the end of the year. This is also the deadline if you are otherwise required to take an RMD for 2025.
  • January 15, 2026 – Fourth quarter 2025 estimated tax payment due. This represents the final quarterly estimated tax payment due for 2025. If you choose the option to pay 100% of your previous year’s tax liability, any unpaid taxes will be due when you file your 2025 individual tax return by the April 2026 deadline.
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]]> FAQs https://hedgefundmanagers.barrmytaxes.com/resources/faqs/ Fri, 28 Jan 2022 13:48:13 +0000 https://hedgefundmanagers.barrmytaxes.com/?page_id=18420

Carried interest refers to the share of profits that fund managers receive as compensation, typically a percentage of the fund’s profits. This profit share is subject to specific tax treatment, which can significantly impact net earnings.

In many jurisdictions, carried interest is taxed at the capital gains rate, which is generally lower than ordinary income tax rates. However, recent regulatory changes may affect its treatment, making it essential to stay informed about current laws.

Key documents include financial statements, partnership agreements, prior tax returns, and any relevant supporting documents related to income and expenses.

The timeline varies based on fund complexity and the accuracy of records. Typically, it can take several weeks to compile and prepare everything for submission.

Fund managers can utilize techniques such as deferred compensation plans or specific retirement accounts to postpone taxable income to a future date.

Charitable contributions can provide tax deductions, helping to reduce taxable income while allowing fund managers to support causes they care about.

Typically, high-earning fund managers and their employees can participate, allowing for higher contribution limits compared to traditional retirement plans.

In 2023-2024, individuals can contribute up to $10,000,000 pre-tax using strategies like the “Double-Up” to maximize retirement savings.

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