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Tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. It’s time for individuals, business owners, and family offices to review their current tax situations to identify opportunities for reducing, deferring, or accelerating their tax obligations. This article, which is based on the U.S. federal laws and policies in effect as of the publication date, provides the information that will help you with your tax planning.

Over the past 15 years, the IRS has attempted to ramp up its scrutiny of wealthy individuals. With billions in new funding promised under the Inflation Reduction Act, the IRS has announced additional tax enforcement efforts focused on the wealthiest filers, including high-income individuals, partnerships, and large corporations. Attorney Erin Lasenby discusses some of these enforcement efforts and the filers that would be affected by each. With the revitalized efforts, the targeted filers should be prepared for the IRS shifting their audit attention to them.

Creating an enduring financial legacy becomes more challenging with each branch that is added to the family tree through marriage. With divorce rates at a high level, it is important for families to understand the wealth management considerations related to marriage and take a proactive approach to planning for changes to their family dynamics.

The IRS is increasing its audit of large partnerships and is increasingly scrutinizing the validity and deductibility of management fee arrangements. In the case, Aspro, Inc. v. Commissioner, it offers a warning to taxpayers, including private equity and venture capital funds seeking to establish similar arrangements with their portfolio companies. But perhaps more importantly, this case provides a roadmap for taxpayers to follow when structuring and documenting these arrangements.

Social media and other digital accounts have a life of their own. Managing them is one aspect of managing a deceased person's digital estate. Sometimes the problem is simply closing an account while other times, you hope to gain access to a loved one's accumulated photos, videos, or other important files. To help manage your digital accounts and plan ahead, know the rules governing Google accounts, Facebook, Instagram, LinkedIn, Twitter, and Dropbox.

With increasing interest rates, the Treasury Department's recent publication of long-awaited proposed regulations will change the life-expectancy factors used in life expectancy-based estate planning. While the changes may not seem drastic, they should be considered by individuals contemplating its use. For most types of planning, when increased interest rates are favorable to the taxpayer, increased life expectancy is unfavorable to the taxpayer.

In preparing for the birth of his daughter, David Slover developed a to-do list each parent should think about executing. Topics shared include Last Will and Testament, Financial and Healthcare Powers of Attorney, Living Will, Life Insurance Policies and Retirement Accounts.

Families with the means and flexibility to choose where they live, particularly those anticipating a liquidity event or a life change such as retirement may be looking for a more tax advantageous place to call home. Changing your tax residency has many potential positives, but it’s not as simple as filing a change of address with the U.S Postal Service.

Before changing your residency to a new state for income tax purposes, consider the items outlined in this checklist. For additional insights, read more on how to successfully change your tax residency.

For families with significant wealth, a new IRS Revenue Procedure could result in millions of dollars in tax savings. The procedure makes the Deceased Spouse Unused Exclusion available up to five years after the death of the first spouse of a married couple.