Currently, family offices are typically exempted from the requirement to register with the SEC as investment advisers. But this may change after the United States House of Representatives Committee on Financial Services gave support to the HR 4620 bill that may be a harbinger of efforts to impose additional oversight of family offices in the future.
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If passed, proposed legislation H.R. 4620 would change the definition used by the SEC for the Family Office Exemption resulting in some Family Offices no longer qualifying for the exemption. Also, under the legislation the SEC would require Family Offices to maintain such records and provide such annual or other reports deemed necessary to the SEC. While advisors continue to watch the legislative path of H.R. 4620, a private trust company—as a state chartered bank—is exempt from the definition of Investment Adviser.
The U.S. House Ways and Means Committee has released its draft budget reconciliation bill. While the provisions presented are subject to ongoing negotiations, some are more likely to pass than others. In this summary, some key provisions of the proposal are highlighted, including the tax rates on long-term capital gains and trusts and estates, elimination of valuation discounts for passive assets, and tax-free conversion of certain S corporations to tax partnerships.
Cryptocurrencies have rapidly gained market acceptance and the U.S. government is determined to establish rules for reporting cryptocurrency transactions. In the latest proposed tax compliance rules, banks and other financial institutions would be required to report information on the cryptocurrency transactions to the IRS to detect unreported income.
In anticipation of the expected tax changes that could be enacted under the Biden administration, it’s a good time to review and update your estate plan. As part of your review process, there are three proactive changes you can take before an overhaul of the tax code is implemented.
Increased complexity has become the norm in the world of tax. From the passage of tax reform to new legislation allowing states to levy taxes on remote sales, tax executives have had to flex their agility to steer their companies through a multitude of challenges. Looking ahead, tax executives predict that disruption and change will not only continue but accelerate. Tax executives are up to the challenge, focused on managing their total tax liability, and transforming their operations to adapt to whatever lies ahead.