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Experiencing an investment loss is bad enough, but that situation is even worse when those losses cannot be used to reduce tax liability. Rothstein Kass explores the recent Garnett decision by the U.S. Tax Court, which broadened the rules used to determine whether participation in a business activity can be considered passive activity. This designa...

The federal estate tax is scheduled for repeal in 2010, with a less generous version expected to go into effect in 2011. This has Congress considering proposals that could change estate and gift tax laws. This paper from U.S. Trust, Bank of America Private Wealth Management explores six of these proposals – including limits on the generation-skippi...

Creating an estate plan can be a complex process, but it ensures security for surviving family members, serves as a core element of long-term wealth strategy and contributes to the family's long-term stability. Neuberger Berman covers the essentials of creating an estate plan, including basic planning documents, legal issues and lifetime wealth tra...

Many taxable investors are literally losing money by purchasing government bonds trading at a premium to their par value. A short article by Northwood Family Office notes that to understand the true rate of return, individuals must consider the impact of taxes on their bond investments.

Contrary to what some investors think, embedded capital losses in stock mutual funds may not be tax advantageous, according to Hammond Associates. If capital gains rates remain at current levels, those capital loss carry-forwards add value for shareholders, albeit modest. If capital gains tax rates increase after 2010, loss carry-forwards may impos...

Residency rules in the 1973 IR20 booklet were in question in the Gaines-Cooper case, but the HMRC6 guidance of April 2009 may be more relevant now to those wishing to lose UK residency, according to Macfarlanes. However, the new guidance has been described as deliberately vague and a work in progress. The authors argue that the time has come for a ...

Wealthy global families are becoming increasingly aware of their need for a well thought out citizenship and residency strategy to protect their wealth and to safeguard their freedom of movement. This paper from Northwood Family Office makes the case for Canada as a safe and surprisingly tax-efficient alternative to many of the more well known citi...

KPMG's 2009 Individual Income Tax and Social Security Rate Survey is a cross-border survey of personal tax and social security rates with historical data from 2003-2009. The report covers 86 countries, concentrating on the highest level of personal tax payable to the central government. For ease of comparison, the survey has excluded, where possibl...

Recent cases of misappropriation of client funds, breaches of fiduciary duty, theft and bankruptcy filings underscore the importance of qualifying one's 1031 qualified intermediary. This article from Strategic Exchange Advisors includes information of interest to any investor with real estate holdings in the United States.

In this set of short articles, WTAS addresses topics ranging from the tax impact of employee bonuses to factors to consider in assessing the fair market value of alternative investments. The authors also discuss changes in state personal and corporate tax rates, the impact of widening state budget gaps on state taxes, and complications of the curre...

Families who employ nannies may be violating federal and state tax and labor laws without even realizing it. And that includes nannies who are legal U.S. citizens, according to this article from Teresa Leigh Household Management. To stay in the clear, families need to collect and file appropriate payroll taxes, track hours worked, pay overtime and ...

This white paper from Atlantic Trust reviews the history of the Economic Growth and Tax Reconciliation Act of 2001, offers a look at recently proposed tax reform bills, and urges families to continue with careful estate planning, asset protection planning, business succession plans and charitable plans.

Since 6 April 2008 non-UK domiciliaries have only been allowed to claim foreign losses if they make an election for such losses to be allowable. However, making the election without careful consideration could mean losses being absorbed against foreign gains that would not have been taxable in the UK. Withers Worldwide outlines these considerations...

Proposed changes to information reporting on IRS Form 1099 would place a greater burden on businesses to accurately identify income taxable to others and assess larger penalties on businesses that fail to do so. In this report, Vogel Consulting details the cost of non-compliance and offers suggestions of what businesses can do to be prepared.

The unified managed household, the most recent extension of overlay portfolio management, extends overlay management services to households with multiple accounts, multiple individuals and multiple custodians. This paper from Natixis explains the evolution of overlay management and describes the benefits of the unified managed household, particular...