John F. Heerdink, Jr.

Before the first priced round, founders should pressure-test entity elections, equity tax process, and contractor classification. This guide gives a practical startup tax framework and copy/paste checklist.

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The proposed 18.5% AMT on all LLPs and partnership firms—regardless of deductions—could reshape investment structures for startups, family offices, and promoter-led entities. While LLPs have long been favored for their tax efficiency, this shift raises concerns. The Select Committee’s report suggests this change may be unintended, calling for a clarification in the final Income Tax Bill, 2025. If left unaddressed, it may discourage the use of LLPs for genuine investment purposes, despite their acceptance under SEBI and IFSCA norms. To read the full article, click the link below: https://lnkd.in/dxYbSk4N Hemen Asher #IncomeTax2025 #LLP #AMT #TaxUpdate #Startups #FamilyOffice #BhutaShahAndCoLLP #PolicyWatch #FinanceIndia #InvestmentStrategy

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Headline LT flows, while largely known, were -$2bn of outflows (~-$27bn of inflows net of $29bn in reinvested distributions) and included ~$7bn of outflows related to Western. Excluding Western outflows, BEN saw inflows of $5bn during the quarter. Overall, LT inflows (including the benefit of reinvested distributions) were driven by Equities (+$19.8bn), Multi Asset (+$4.0bn), Alternatives (+$6.6bn), partially offset by Fixed Income (-$2.4bn, or +$2.6bn excluding Western). Within Alts, BEN raised $9.5bn in Private Markets in the quarter (relative to $7.2bn last quarter and $22.9bn in F2025), representing ~16% annualized organic growth on $254.7bn of private markets AUM. In terms of other forward indicators, BEN's Institutional pipeline remained flat q/q at $20.4bn.

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Fundraising cycles are longer. LP scrutiny is higher. And the firms that win allocations today aren’t the ones who “start raising” when Fund IV kicks off. They’re the ones who stay ready every single day. Here's why operational excellence, connected data, and daily investor readiness are now the strongest differentiators in private capital—plus what leading firms do differently. 👉 Read the blog: The Firms That Raise Every Day https://hubs.la/Q03ZQZYS0 #RaiseEveryDay #PrivateCapital #IRExcellence #Fundraising

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Concentric’s precision-led framework turns customization into something that can be delivered at scale.   InvestmentNews article, "Custom portfolios at scale...," breaks down the infrastructure behind managing portfolios at the tax-lot level and the discipline required to implement.   Learn more about why Concentric emphasizes managing assets at every level here: https://bit.ly/483us4g   #Concentric #AssetManagement 

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CAIS Partners With Solactive to Launch Private Credit BDC Index Alternative investment platform CAIS announced the launch of the Solactive CAIS Private Credit BDC Index, or CAISCRED. Available through CAIS’ registered investment adviser CAIS Advisors LLC, in partnership with global index provider Solactive, CAISCRED is a first-of-its-kind index designed to provide a transparent, rules-based benchmark for private credit exposure via perpetual non-traded business development companies. Read the full story on AltsWire: https://lnkd.in/gzaNsvVs Neil Blundell Steffen Scheuble Solactive AG

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Not Sure When (or How) to Pay the FTB? Start Here. 💡 California business owners—navigating your tax obligations with the Franchise Tax Board (FTB) can feel overwhelming, but it doesn’t have to be. 📘 Our latest guide breaks it all down: ✅ Key due dates ✅ How to make a payment ✅ Common pitfalls to avoid ✅ What to do if you’ve missed a deadline 👉 Read the full article: https://lnkd.in/gCvu3nWn At Accru Group, we help international and local businesses stay on top of complex U.S. tax rules—so you can focus on what matters most: running your business. #CaliforniaBusiness #TaxTips #FTB #BusinessTax #InternationalTax #AccruGroup

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Forget the gap - mind the private equity chasm in portfolios - Watch Five V Capital's Ed Bigazzi on Portfolio Construction Forum and earn 0.50 CE/CPD hrs https://lnkd.in/gqiiU_S3 #PortfolioForum #Strategies #Markets #Equities #Stocks #PrivateEquity #AustralianPrivateEquity #PublicMarkets #MidMarketPrivateEquity #BSBTech

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Circle’s IPO Could Imply a $316B Valuation for Tether? As Circle prepares to finalize its IPO pricing—likely valuing the company north of $7.2B—analysts are using it as a benchmark to extrapolate Tether.io’s potential valuation. 📊 Circle’s valuation is ~11.7% of Usdc’s $61.4B market cap. 💡 Applied to Tether, that ratio implies an ~$18B valuation. 💰 But Tether made ~$13B in 2024 profits, vs. Circle’s $156M. 🧮 Apply profit-based multiples? Tether could be worth $316B. This wide disparity highlights how revenue models, transparency, and risk profiles shape valuations differently across stablecoin giants. Meanwhile, an anonymous $31M Bitcoin donation to Ross Ulbricht’s wallet (via a mixer) sparked headlines over the weekend. Identity unknown—but it marks the largest contribution since his sentencing. 👀 The stablecoin wars aren’t just about peg stability—they're also about public perception, profits, and who commands institutional trust. #CryptoNews #Stablecoins #CircleIPO #Tether #Web3Finance #CryptoValuations #BlockchainAnalysis #USDC #USDT #Bitcoin #RossUlbricht #CryptoMarkets #Fintech

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2025 FASB Investor Outreach Report. Check out FASB's fifth annual investor input, which "helped shape standards on digital assets, software costs, and more. With over 2,100 investor interactions since 2021," FASB remains "committed to meaningful engagement and improving financial reporting." (FASB.org) Click below to read more. 👉 https://lnkd.in/ggeSSUF5 #malonebailey #fasb #leadership #accounting #houstoncpafirm #cpalife #business

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There is one silver lining for SEC-registered advisers that are now below $90M in AUM due to the recent market dip, and worried they may have to transition to state registration: You have until the time you file your 2026 annual ADV amendment to hit at least $90M in AUM to remain registered with the SEC. You can even dip to $1 in AUM during the year and remain registered with the SEC. The only point in time that matters for purposes of assessing whether you must transition from SEC to state registration is when you file your annual ADV amendment each year. And there's even a further grace period: An SEC-registered adviser that reports less than $90M in AUM as part of its annual ADV amendment filing has 180 days from its fiscal year end (i.e., the end of June, assuming a 12/31 FYE) to achieve at least $90M in AUM and remain registered with the SEC. This is all described in detail in my past article, "Switching Between State And SEC Registration: Evaluating Options (And Requirements) For RIAs Nearing $100 Million RAUM "

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Big changes to SEC Round Lot regulations are now in effect. The SEC’s updated Round Lot Regulation which came into effect on November 3, for the Consolidated Tapes (NASDAQ UTP and NYSE CTA) introduced a tiered definition of round lots for NMS stocks. Quote sizes are now displayed in actual share quantities, rather than round lots. These are being rounded down to the nearest multiple of the new round lot size, based on the stock’s price: • $0–$250 → 100 shares • $250.01–$1,000 → 40 shares • $1,000.01–$10,000 → 10 shares • $10,000.01+ → 1 share Learn what this means for your trading workflows in our on-demand webinar: https://lseg.group/4hKdJaG Interested in the upcoming 2026 US Equity regulatory changes? Keep an eye out for corresponding LSEG Academy webinars.

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🚨 Most investors never hear about these write-offs — until it’s too late. In this new podcast, Toby Mathis sits down with cost segregation expert Chris Streit to break down two high-impact depreciation strategies most accountants overlook: 🔹 Partial Asset Dispositions (PAD) 🔹 Qualified Improvement Property (QIP) Here’s why this matters ⬇️ 🏗 PAD lets you fully write off removed components, like an old roof, with no depreciation recapture when done correctly. 🛠 QIP can unlock 100% bonus depreciation for qualifying improvements placed in service after January 20, 2025, including commercial properties and certain short-term rentals. The big takeaway? Cost segregation isn’t a one-and-done event. Strategic depreciation continues after acquisition, especially if you’re renovating, repositioning, or converting properties. If you’re a landlord, investor, or advisor planning improvements, this conversation could meaningfully change your cash-flow and tax planning approach. 🎧 Watch the full discussion here: https://lnkd.in/gjpsQi-a Request a fully engineered Cost Segregation Benefit Analysis: https://lnkd.in/gdxmRsT4 #RealEstateInvesting #CostSegregation #TaxStrategy #PAD #QIP #BonusDepreciation #RealEstateTax #InvestSmart #CSAPartners

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Today, the Investment Adviser Association submitted a comment letter strongly supporting the SEC’s proposal to modernize the definition of a “small entity” for investment advisers for purposes of the agency’s analysis of the impact of its rules.    The investment adviser industry is overwhelmingly made up of small firms, yet the SEC’s current definition of what’s “small” captures only about 3% of SEC-registered advisers. This significantly limits, the SEC’s ability to fully evaluate how new rules affect the firms actually subject to them. The IAA applauds the SEC’s thoughtful proposal, which would would increase the regulatory assets under management (RAUM) threshold for what’s considered small from $25 million to $1 billion and introduce inflation adjustments. According to the SEC, this update would allow approximately 75% of advisers to be included in the Commission’s small-entity analysis. The IAA strongly supports this change, which reflects our long-standing advocacy, including in a 2023 rulemaking petition urging the SEC to modernize the definition. Updating this threshold will help ensure that future rulemakings are informed by more realistic, data-driven assessments of regulatory impacts on smaller advisers. Read our comment letter: https://lnkd.in/eQrcAzZQ

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Valuation multiples are a cornerstone of company analysis, but applying them effectively requires an understanding of how each one works. This breakdown covers the key metrics analysts rely on every day to assess value. 1️⃣ Equity Multiples 2️⃣ Enterprise Value Multiples 3️⃣ Comps & Precedents Swipe through to see how each multiple works, when to use it, and the advantages and limitations of each method. 👉 Follow CFI for clearer, practical insights that strengthen your valuation and modeling skills. #Valuation #CorporateFinance #FinancialModeling #InvestmentBanking #FMVA #Finance #BusinessValuation #EquityResearch #FinancialAnalysis #CFI

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