May 15
International law firm Reed Smith has appointed Thomas Gierath to its partnership. Thomas joined the firm on 1 May, from Dechert LLP, to launch Reed Smith’s tax practice in Germany.
Thomas advises on domestic and international tax matters across private equity, venture capital, corporate, real estate and financial products. He has structured cross border private equity and M&A transactions for European and international private equity funds and strategic investors as well as international mergers and joint ventures for multinational companies. In addition Thomas advises on the structuring of domestic and offshore private equity, real estate and other alternative funds, securitization vehicles, investment funds and other structured products, as well as in all matters regarding fund raising and the structuring of Shari’ah compliant financing.
Thomas’ appointment follows that of Dr.
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Apr 10
Attorney General Eric Holder has welcomed the confirmation of Kathryn Keneally as Assistant Attorney General for the Tax Division
Keneally most recently worked as a partner at Fulbright & Jaworski LLP in New York. For over 25 years, Keneally represented clients in tax controversies and defended against allegations of tax, securities and bank fraud, money laundering, currency transaction reporting, false statements and other financial crime.
Since 1994, Keneally has chaired numerous committees for the American Bar Association (ABA) Taxation Section. Most recently, she served vice chair for Committee Operations for the ABA Taxation Section and as co-chair of the ABA National Institute on Criminal Tax Fraud and Tax Controversy. She previously served as chair of the ABA Civil and Criminal Tax Penalties Committee, the ABA Standards of Tax Practice Committee and the ABA Subcommittee on Department of Justice Procedures.
From 1993 to 2008, Keneally served on the U.S.
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Mar 26
So what’s better, Buying or Renting? Whether renting is better than buying depends on numerous factors. The information listed here will help answer these questions for you.
How about Rent-to-Own Deals: Good Questions to Ask
For Buyers:
- How much of the rent is going to the down payment?
- How locked in are you if you change your mind?
- What will it cost you to get out of the deal?
- How long will it take to accumulate enough of a down payment that you are likely to qualify for a mortgage?
For Sellers:
- Who will tend to the property and pay for routine maintenance?
- Who pays for major repairs?
- What are the costs of setting up and managing an escrow account for the portion of rent allotted to the down payment?
- Will you manage the property yourself, or hire an agent?
- What if the renters change their minds?
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Mar 21
Grant Thornton UK LLP has appointed Kersten Muller as a Property Tax Partner for London.
Kersten joins from Deloitte where he was a director in the real estate team. Kersten has been advising a range of investors on the tax-efficient structuring of their UK and European properties ranging from asset acquisitions to complex acquisitions both in the UK and internationally. He has extensive experience of structuring property finance in a tax-efficient manner and reorganising portfolios to facilitate disposals. Kersten has also advised a number of corporate occupiers on ways to optimise lease transactions and is a property investor in his own right.
As property tax partner in London, Kersten will oversee a strong team of property tax specialists and is tasked with building Grant Thornton’s international property client base and further increasing the volume of transactional work in this sector.
Global Head of Property and Construction Clare Hartnell said; “I am delighted Kersten has joined the firm and I am excited to see how he will take the team to the next level.
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Mar 07
Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.
The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.
Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.
However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.
Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.
Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”
In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.
While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements.
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