Search Results

Don’t miss this in-depth tax, trust, and estate planning update. Recent trust and estate litigation cases will be examined, as well as trust and fiduciary state laws. Current UHNW tax audit practices will be addressed in addition to a discussion on how to manage the tax challenges that come along with states trying to tax beneficiaries who live in ...

The Biden administration’s fiscal year 2023 budget blueprint that was released on March 28, and it consisted of a mix of familiar proposals and brand-new initiatives that reflect the President’s policy objectives. The familiar included calls for increasing the top corporate tax rate to 28% and the individual rate to 39.6%. Among the new...

Non-fungible Tokens (NFT) now represent a broad class of investments, from collectibles to more financial-type assets. As the applications advance, the existing consensus on the tax treatment of NFTs may change. While there is limited guidance from the IRS, there are considerations for creators and investors to keep in mind.

In this Tax Outlook Survey, 150 tax executives were polled on questions ranging from their tax planning strategies to their views on environmental, social, and governance (ESG) initiatives. The findings indicate that the recently enacted and proposed tax policy changes continue to pose challenges to tax executives and their teams as they strive to ...

The House Budget Committee released a third version of H.R. 5376 (the Build Back Better Act) on November 3, 2021. This draft increases the state and local tax deduction, brings back many of the retirement proposals from the original September 13 draft of the Bild Back Better Act, and retains the surcharge on high-income individuals, estates, a...

The House Budget Committee released a version of H.R. 5376 (the Build Back Better Act), which eliminated many of the previously proposed tax increases that would have impacted individuals. However, the rewrite of the Build Back Better Act includes a tax surcharge on high-income individuals, estates, and trusts that would be imposed and be...

While the gift and estate tax exemption is scheduled to drop to approximately one-half the current amount of $11.7 million on January 1, 2026, there are tax proposals in play that could change the estate and gift tax laws much sooner. Uncertainty abounds, but planning options still exist through various trust instruments, including gifting to the n...

The Biden administration’s American Families and other tax proposals may complicate the tax landscape for high-income owners. Given the real possibility of targeted tax increases on the wealthy and President Biden earmarking $80 million for IRS audit efforts, business owners and family offices should review their current situations to identif...

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 contin...

On September 13, 2021, the House Ways and Means Committee released draft legislation that proposes a series of tax increases and tax cuts, which will undergo a round of markups by the Committee. Most tax proposals were anticipated, including the tax increase in capital gains; however, the Committee provided a few surprises.

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, ...

With the rise of the Tax Strategist, a trend is taking shape past the normal tax planning: Tax leaders who use a strategic approach are becoming key contributors to driving positive business performance. To uncover what’s behind this trend, tax executives were surveyed about their involvement in overall decision-making, as well as their top p...

It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025. Furthermore, legislation could curb lifetime exemption limits even sooner. The opportunity is even more pressing because the current market ...

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....

With so many priorities on the Biden administration’s tax policy agenda, the biggest question for businesses and individuals alike is: How will this impact me? Regardless of whether the administration accomplishes everything outlined in the Treasury’s Green Book, businesses and individuals must take a proactive approach to tax planning....