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Kirsten Bischoff, Opalesque New York: On Tuesday, hedge fund professionals met in New York for the second of four Opalesque Hedge Fund Workshops covering tax and legal issues. The morning’s discussions, which covered “Key Tax and Accounting Issues for Hedge Funds” focused on four different areas of interest.

UBTI Viva Hammer, esq, partner in the Tax and Financial Services groups at Crowell & Moring began the day with an overview of the Unrelated Business Tax. Hammer, who until recently was with the US Treasury Department’s Office of Tax Policy, began by delving into the intricacies of the question “when does participation by a tax-exempt entity in a business or investment partnership with a non-exempt party jeopardize its tax exempt status?”

The minefield of NY sales and withholding taxes An overview of “hot” New York State tax developments led by Mark S. Klein, esq, partner in the tax department of Hodgson Russ LLP, focused on two areas which have seen an increase in attention from the IRS of late: withholding tax and sales tax. The focus on these areas is of particular importance because they are personal liabilities of the officers of a company. Or, as Klein pointed out – they are the tax areas where an officer of the company can lose their house and personal assets if miscalculated or misrepresented.

Particular NY State sales tax issues faced by hedge funds include soft doll......................

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