When guiding how your organization drives value through tax efficiencies and financial reporting, don't be surprised if the C-suite is looking for tax leaders to be technology experts. The key is to be proactive in discussions with business leadership.
Trust and Estate Planning
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Needing to meet the challenges of tax compliance for investment partnerships, chief financial officers are demanding more timely tax and financial reporting, along with the need to report and respond to investors with speed and accuracy. Partnership tax technology allows funds to meet those demands, especially in the case of private equity and hedge funds. The automation of tax compliance using a technology platform will offer advantages such as providing transparency for investors, simplifying complex allocations, and allowing a deep enough simplification to fund entity tiering.
Even when there is a financial gift to sufficiently endow an art collection today, there is no certainty that the endowment will be able to fund the charity indefinitely into the future. When there is no charity willing to preserve the collection, the artist or collector should consider using a private foundation. Especially now as the future of museums is moving away from the brick-and-mortar and toward a virtual institution.
The economy is still aimlessly lurching from the impacts of the COVID-19 pandemic, and those fits may spill over into tax-filing season. It’s likely that a disproportionate number of filers will have some income and capital gains they weren’t expecting as the result of mutual fund distributions last year. Through an effective tax-managed investment strategy, even a tumultuous year like 2020 can produce benefits. If the investor structures realized losses to manage tax burden, even a difficult year can help you meet your investment goals.
Unlike trustees, who have very specific fiduciary duties spelled out for them in our trust laws, beneficiaries don’t have much guidance to help them in the role of beneficiary. Our answers to these frequently asked questions should help provide guidance on how to be a good beneficiary and your rights as a beneficiary under Michigan law.
Establishing residency in a state with lower tax rates can result in significant tax savings for some individuals and trusts. But changing residency is not as straightforward as it might seem. Additionally, states have become aggressive in challenging residency changes to avoid losing out on tax revenue. This paper reviews the residency rules for individuals, identifies steps to establish new residency, and addresses residency audits. It also provides an overview of the residency rules for trusts.
The New Inflation Reduction Act (the "IRA") was passed with a simple majority vote in the U.S. The IRA would raise approximately $450 billion to pay for deficit reduction, clean energy, and climate investments.
Many parents enjoy witnessing the positive effect a significant gift can have on their children's lives. For example, asset transfer can help children buy a home, raise a family, or start a business. With meaningful benefits to transferring assets during a lifetime from a gift and estate tax perspective, intergenerational planning can be a win-win for those giving and those receiving. Your family's unique goals will determine which annual exclusion gifts strategy is best for you.
To develop an effective succession plan for your personal collections and tangible assets—including art, fine jewelry, wine, and antiques—you must understand their monetary value. In this ten minute interview, Natalie Annis and Brian Lucareli discuss estate planning for personal collections and the additional tax considerations that apply to the transfer of tangibles, whether during one's lifetime or at death.
On September 29, 2022, the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued its Final Rule implementing the beneficial ownership information reporting requirements of the Corporate Transparency Act legislation. The Final Rule brings about significant revisions to the U.S. anti-money laundering/countering the financing of terrorism compliance framework, implementing sweeping beneficial ownership disclosure requirements applicable to all U.S.