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February 2018
Navigating the New 20 Percent Tax Deduction for Qualified Business Income

Roadmap for Transition from LIBOR Launched
WhatsnewWHAT'S NEW 2018
ImpactoftaxreformImpact of Tax Reform for Businesses
Business Observer 
On December 22, 2017, President Trump signed into law the most important rewrite of the US tax code in decades.The link below provides a non-exhaustive list of some of the key changes which will impact businesses.
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The new tax deduction taking effect in 2018 under the new tax law can provide a substantial tax benefit to individuals with "qualified business income" from a partnership, S corporation, LLC, or sole proprietorship.  The link below describes certain features of the deduction and who can and cannot take advantage of it.

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Middlemarketsurvey2018 Middle Market M&A Survey
Citizens Commercial Banking Survey
A continued bullishness on the health of the economy and growing cash levels have bolstered optimism that 2018 will see robust M&A activity in the middle market sector. As the Citizens Middle Market M&A Outlook for 2018 survey linked below illustrates, this rising tide of optimism particularly benefits potential sellers due to the limited number of quality targets and a glut of available acquisition capital.  Of the 400 middle market executives polled, nearly 60% of them reported that they are either currently involved in or considering an acquisition in the next 12 months.
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FinancingFINANCING
IncreasedmovementThe Increased Movement Away from LIBOR and the Development of New Reference Rates
Martin LLP
At the annual Primary Dealer Meeting in New York City, Lorie K. Logan, Senior Vice President of the Federal Reserve Bank of New York, discussed the movement away from the use of the LIBOR rate as a reference rate and the New York Fed's role as a producer and administrator of new reference rates that are being developed as possible LIBOR substitutes. 
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Roadmap2Roadmap for Transition to LIBOR Launched
The International Swaps and Derivatives Association, Inc. (ISDA) and several other financial market focused associations recently published a transition roadmap that focuses on the issues, steps and key challenges that will arise as the financial markets transition from utilizing interest rates based on LIBOR and other interbank offered rates (known as IBORS) to interest rates based on to-be-developed alternative risk free rates (RFRs).   

The roadmap aggregates and summarizes in one place information published by regulators and various public-/private-sector RFR working groups in order to provide a single point of reference for the work done so far to select alternative RFRs and plan for transition.   

Given the widespread use of IBORs in financial transactions including syndicated loans, derivatives contracts, public debt instruments, and deposit contracts, the task of  moving to new RFRs rates is immense and raises a multitude of legal, accounting, tax, regulatory and market issues .  Please see the press release  and the  Transition Roadmap  referred to in the press release for details.

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