Episode 76: SF Gross Receipts Tax with Kevin Leiske, Cole-Frieman & Mallon Artwork

Tokens of Wisdom

Do you love investing? Ever thought about turning that passion into a business? Listen up to learn to navigate the legal loopholes in forming, launching, and running a private investment fund, including considerations unique to digital asset/crypto funds. Dave Rothschild is a partner at Cole-Frieman & Mallon, one of the country's premier boutique investment management law firms with deep experience in traditional assets, as well as esoteric asset classes like digital assets. For questions or comments, email tow@colefrieman.com. Visit our website: https://colefrieman.com

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Tokens of Wisdom

Episode 76: SF Gross Receipts Tax with Kevin Leiske, Cole-Frieman & Mallon

December 15, 2025 • Dave Rothschild

Episode 76: SF Gross Receipts Tax with Kevin Leiske, Cole-Frieman & Mallon

On the very first Intrasquad edition of Tokens of Wisdom, my partner Kevin Leiske joins the show to tell us about recent changes to San Francisco’s gross receipts tax. Spoiler alert: even if you are an investment manager with zero operations in SF, the City is trying to extract its pound of flesh from any SF-based LPs.

Key Points From This Episode:

What is a gross receipts tax?
What is changing about SF’s gross receipts tax that might matter to asset managers?
Does this apply to management fees and incentive allocations?
How do I know if an investor is an SF resident?
Will my tax preparers know to do this?
Do we know how the city will enforce this?

Disclaimer:

This show is for informational purposes only. Nothing presented here constitutes legal, investment or tax advice. The guests that join us share their considerable fund-related wisdom, but everything they share here is their personal opinion and for educational purposes only. On this show, they are speaking for themselves, and not for their employer or any affiliated entity.

Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/

Links Mentioned in Today’s Episode:

Dave Rothschild - https://www.linkedin.com/in/davidcrothschild/

Kevin Leiske - https://www.linkedin.com/in/kevin-leiske-2a717b4/

Cole-Frieman & Mallon LLP - https://colefrieman.com/

Music by Joe Ginsberg - https://www.instagram.com/thejoeginsberg

For any questions or comments, email: tow@colefrieman.com