State, Federal and International Tax Implications of the 2020 Elections and the Coronavirus on the Alternative Investment Industry

With the dawn of a new financial year, the potential state, federal and international tax implications of the coronavirus pandemic and the U.S. elections are at the forefront of fund managers’ minds. To address those issues, the New York Alternative Investment Roundtable (NY‑AIR) recently hosted a webinar that explored how the incoming Biden administration and the Democrats’ victory in the Georgia run-off elections could impact the alternative investment industry, along with the coronavirus-related tax changes to watch. The program was moderated by Kunjan Mehta, vice president of NY‑AIR and partner at Grant Thornton, and featured Scott A. Harty, partner at Alston & Bird, and Jonathan Traub, managing principal of the tax policy group at Deloitte. This article summarizes the key takeaways and insights from the discussion. For additional commentary from Alston & Bird attorneys, see “How PE Sponsors Can Avoid Being Targeted by the DOJ for Parental Liability Under the False Claims Act” (Dec. 15, 2020). For further insights from Deloitte, see “How the Proposed Carried Interest Regulations Affect Fund Managers” (Nov. 10, 2020).

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