© 2018 The Texas Lawbook.
By Brooks Igo
(May 25) – Kirkland & Ellis has tapped accounting and tax power KPMG to deepen its tax bench in Houston.
The firm announced this week that David Wheat has joined the firm as a partner. Wheat was a principal in KPMG’s Washington National Tax Group. He specializes in corporate tax and financing transactions, particularly in the energy sector.
“Moving to Kirkland gave me the opportunity to join an elite law firm with a growing practice in my home state. Plus, returning to a law practice is a natural for me, particularly with Kirkland’s focus on energy in the Houston market,” said Wheat, who practiced for 25 years at Thompson & Knight prior to moving to KPMG.
Wheat says his time at KPMG brought the distinct roles of a law firm and accounting firm into clearer focus.
“I think clients get the best results when the law firm and accounting firm work together as a team,” he added. “I’ve always believed this, but now I expect to be even better able to team with the accounting firm to maximize the outcome for the client.”
Tax experts at the most sophisticated law firms and accounting firms will be sorting through the changes in the Tax Cuts and Jobs Act for years to come, Wheat says. With the corporate tax rate being cut to 21 percent, the most pressing issue for Wheat’s clients today is whether or not to convert a pass-through entity, such as a partnership or LLC, to a corporation.
“That new rate amounts to an invitation to convert to a corporation and many clients are evaluating whether to accept,” said Wheat, who advises clients on partnerships, LLCs, and Sub C and Sub K entities. “In the energy industry, this is a particularly burning issue for MLPs who have long operated as pass-through entities.”
© 2018 The Texas Lawbook. Content of The Texas Lawbook is controlled and protected by specific licensing agreements with our subscribers and under federal copyright laws. Any distribution of this content without the consent of The Texas Lawbook is prohibited.
If you see any inaccuracy in any article in The Texas Lawbook, please contact us. Our goal is content that is 100% true and accurate. Thank you.