Publications
Year-End Tax Planning Considerations for Families with Property Interests in the US
The end of the year presents a strategic opportunity for family enterprise advisors to guide their clients in reviewing their wealth and estate planning strategies.
This is the perfect time for clients to reflect on their financial objectives and align them with their current and future financial commitments. Whether their interests lie in philanthropy, planning for generational business transitions, or navigating surplus wealth goals, effective year-end planning can help optimize their financial outlook.
What to do When You win the Lottery
Receiving a windfall is both exciting and overwhelming; something estate planners should anticipate while creating an estate plan for their client. Even smaller windfalls can be a life changing event. Here are some recommended actions to consider taking to manage your newfound wealth responsibly.
The Biggest Issue You Have Never Heard of - Complying with the Corporate Transparency Act
Are you an owner of a business, of real estate, or of other property organized as a corporation, limited liability company, limited partnership or other entity created by filing with a Secretary of State office? If yes, then you and your company will need to file information with the Treasury Department on yourself, your company, and every beneficial owner of an interest in your company starting January 1, 2024. If you do not, you face a fine up to $10,000, up to 2 years in jail, or both for each failure to report. Get started now. how to comply with the strict requirements of the new Corporate Transparency Act. (CTA). Determine whether the CTA applies to you and your company and if so, what you will need to report
The New Biden Green Book: Tax Law Changes And Unintended Consequences
The Coming Storm
Yesterday, May 20, 2021, Senator Bernie Sanders (I-VT) introduced S. 994, the "For the 99.5 Percent Act," to "reinstate estate and generation-skipping taxes, and for other purposes.". This Act amends the Internal Revenue Code by increasing the gift and estate tax rates from 40% to a high of 65% and decreasing over the basic exclusion amount from $10 million, adjusted for inflation to now over $11.7 million, to $3.5 million with no adjustment for inflation .
The Year Ahead - Proposed Tax Changes And Their Impact.
Tomorrow, January 2oth, Joe Biden will be sworn in and for the first time since 2009, the Democrats will control the White House, the House, and the Senate (though with Vice President Harris providing the tie-breaking vote). During the campaign there where a number of proposals, here are some:
● Increase corporate tax rates from 21% to 28%,
● For companies with over $100 million in net annual income, a corporate minimum tax of 15%, though net operating losses and foreign tax credits still apply,
● Increase the Global Intangible Low-Tax Income tax rates, imposed on foreign subsidiaries of US companies, from 10.5% to 21%,