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In this 10-minute interview, attorney Jordan Bergmann of Foley & Lardner joins Brian Lucareli to discuss qualified business stock (QSBS). During the interview, Jordan defined QSBS and the tax benefits they provide and how family offices can take advantage of the QSBS as part of their wealth management and tax planning strategy.

Effective pre-liquidity planning is always important for a business owner considering a business sale, exit, or other transaction. But several recent and upcoming developments—related to estate laws, small-business tax exemptions, residency trends, philanthropic endeavors, and high interest rates—make 2024 a uniquely challenging year. This article by William Blair outlines why these developments are particularly salient for founder-owned companies and offers guidance specifically tailored for them in the run-up to a liquidity event.

While the artificial intelligence (AI) transformation is a part of the larger digital change, it’s taking on a life of its own. Even if a company can adapt to the change, it doesn’t mean it’s ready for AI. There are many more considerations, and it requires a different approach where the audit committee plays a crucial role that will bring valuable oversight and guidance to this technological evolution through their understanding of risk and assurance.

The future of IT is changing and adapting to a cloud and artificial intelligence-enabled world that includes the exponential shift from on-premises to IT consumed as a service (XaaS) and accelerating data centricity. To face these challenges and drive successful digital competitive advantages, IT leaders and teams will need to master the six key priorities. Moving forward, the future of IT will show how IT can enable digital organization by informing technology investments, using artificial intelligence and automation, and harnessing the power of data.

The importance of meeting U.S. tax and reporting deadlines cannot be overstated. With the IRS continuing to strengthen its efforts to enforce compliance with initiatives specifically targeting foreign information reporting, this U.S. reporting checklist by Kozusko Harris Duncan can help family advisers and trustees of foreign trusts determine what if any U.S. reporting will be due.

The Corporate Transparency Act (CTA) is effective as of January 1, 2024. If a U.S. entity is not exempt, it is a reporting company and must file a “Beneficial Ownership Information” (the BOI). The same is true for a foreign entity registered to do business in a U.S. state. Given the penalties for failure to file, identifying reportable individuals and filing a reporting company’s initial BOI report is now a priority. This article from Kozusko Harris Duncan discusses some practical considerations for preparing a reporting company’s initial BOI report.

It’s a big job when it comes to choosing a technology platform to replace a platform that no longer meets your business needs and objectives. With a decision this important, you need to be confident that the new platform supports your multi-year benefits strategy, and that the vendor you select will meet your needs today—and in the future. To help with the selection process and evaluation, use these questions as outlined in the checklist provided.

The issue of concentrated low-basis holdings is a challenge that has vexed wealth managers and their clients for decades. Put simply, if a large majority of your wealth is concentrated in a single position, should you sell some of it and move the proceeds to a more diversified portfolio of investments? However, the sale position oftentimes carries enormous unrealized capital gains with a huge tax liability. But over the years, new ways of looking at the concentrated position have evolved to provide a more robust and meaningful solution.

In this podcast episode of "Corporate Transparency Talk," litigation attorney Eddie Jauregui is joined by corporate attorney Michael Titens as they discuss a recent federal court decision involving the Corporate Transparency Act (CTA). In the case, the plaintiffs challenged the constitutionality of the CTA and Congress' ability to enact it. The government argued that Congress had authority to pass the CTA because it exercised its power to regulate interstate commerce, national security, and tax administration. However, the court ruled against the government in each argument.

In the field of family wealth, increasing attention is being paid to the needs of human capital. With the needs extending beyond the reach of the quantitative disciplines that traditionally serve families of wealth, family mental health has become an integral part of protecting and fostering the wellbeing of the family—the most valuable family office asset. From this paper, you can learn more about how to build a safe, supportive, and resilient family culture by investing in family mental health.