Carried interest and the Trump administration, an optimistic outlook for community banks, and more in this issue of Fund Forum

This issue of Venable's Fund Forum provides (i) insight into the Trump administration and what it could mean for carried interest, (ii) an optimistic outlook for community banks, (iii) a report on the rise of the disregarded entities, and (iv) a collection of Venable's post-election resources.

The Trump Administration: What It Could Mean for Carried Interest

For the last decade, discussion in Congress has periodically centered on the tax treatment of so-called carried interests. Carried interests generally refer to the fee a manager receives on the profits of a fund he or she manages. Currently, carried interests are taxed on the appreciation of fund assets at capital gains tax rates (i.e., 20%). Commentators have argued whether capital gains or ordinary income is fair treatment for carried interests. Previously, the debate never was translated into legislation – this Congress may be different.

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Sun May Be Rising for Community Banks

For community banks, 2017 potentially holds promise that has not been present in recent years. Effective March 2017, the Federal Financial Institutions Examination Council (FFIEC) will implement a streamlined "Call Report" for banks with domestic offices only and total assets of less than $1 billion. The new FFIEC 051 Call Report reduces at least a bit of the burden for eligible small institutions and is intended to ease quarterly reporting requirements.

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Rise of the Disregarded Entities

A new U.S. tax regulation is bringing back to life entities the fund community has taken for granted as dead for U.S. tax purposes. It requires U.S. disregarded entities (DEs) to file an additional information return for taxable years beginning on or after January 1, 2017. To learn how this regulation may impact fund reporting, click below.

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Presidential and Congressional Transition Outlook Site

The Presidential and Congressional Transition Outlook site is your resource for Venable's ongoing analysis of the legislative and regulatory changes under the Trump presidency and the 115th Congress, and their potential impact on your business and industry.

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January 24, 2017: Consumer Financial Services 2017 Outlook: Post-Inauguration Day Insights, a Venable Webinar and CLE Session

Read past issues of Venable's Fund Forum.