Karczewski, Pepin Present at IVCA CFO Summit
Ninth Annual CFO Summit Key Messages: More Regulations, Higher Taxes
Illinois Venture Capital Association, November 4, 2009
Almost 100 participants experienced a full day of informative presentations from some of the industry’s best known experts at the 2009 IVCA CFO Summit. The tone of the day was sober as CFOs learned about changes looming: regulations, taxes and a difficult fundraising environment. The impacts of all of these result directly in a greater workload for the firm CFO!
Tax presented by WTAS reviewed Federal and State & Local issues.
Federal issues were presented by Joe Karczewski and included change in treatments of: “clawbacks”, deal costs and debt purchased at a discount and debt modification. Joe also examined proposed legislation’s impacts and reviewed some planning opportunities.
State & Local issues were reviewed by Dorice Pepin who reminded us that almost every state is facing budget shortfalls, is looking for revenue, has very few limitations to raising taxes – particularly on non-residents – and is generally not transparent. These problems lead to many multi-state taxing issues. Dorice spent some time focusing on Illinois’ particular problems and some tax planning considerations…