Managers of Wealth Americas

Proposed Foreign Tax Credit Regulations

Taxpayers should be aware of these new rules regarding the allocation of foreign taxes

U.S. Companies' Repatriated Cash Hits $1 Trillion Under Tax Law

Before the overhaul, companies were incentivized to keep profits overseas because they owed a 35% tax when bringing it back and could defer payment by keeping funds offshore. The law set a one-time 15.5% tax rate on cash and 8% on non-cash or illiquid ass

With Tax Reform, Wealthy Clients Should Update Estate Plans

Trusts and wills use “formula” clauses tied to the exemption amount – clauses that can quickly become outdated.

Awkward questions

Tax: a mulled whine?

TD Asset Management announces a change of Auditor for its investment funds

The Auditor Change was approved by TDAM's Independent Review Committee

Markowitz, Fenelon & Bank Joins Friedman

The agreement bolsters Friedman's technical and organizational resources dedicated to serving high-net-worth individuals, closely held businesses and family office clients.

International community achieves unprecedented success fighting offshore tax evasion

At the heart of this shift are thousands of bilateral exchange relationships now in place

INSIGHT: Double Taxation and the OECD Unified Approach—What it Means for U.S. Multinationals in China

The OECD asserts that the Unified Approach has been developed to “attract support from all members of the Inclusive Framework.” aily-tax-report/insight-23

Mercer Advisors Ramps Up Tax Preparation Division With Addition of Hewitt

The acquisition brings Mercer’s total number of offices to 45 and increases the firm’s total AUM to approximately $17 billion, the release noted.

The great American tax haven: why the super-rich love South Dakota

It’s known for being the home of Mount Rushmore – and not much else. But thanks to its relish for deregulation, the state is fast becoming the most profitable place for the mega-wealthy to park their billions.

OECD Digital Tax Proposals would Require Canadian Overhaul: C.D. Howe Institute

New OECD proposals on digital taxation would mean a substantial overhaul of Canadian tax rules if they are brought into effect, according to a new report from the C.D. Howe Institute.

IRS issues cost of living adjustments to retirement plan limits

"We believe the value of retirement plans with the potential for tax-deductible contributions will continue to offer advantageous ways for tax-favored retirement savings."

US IRS tells banks not to close accounts just because of missing tax ID number: FATCA

Thousands of ‘accidental' Americans have been told by their banks that they will lose their accounts unless they provide a US tax number before October 1.

Illinois 'pension funds are doomed,' says Taxpayers United of America president

Taxpayers United of America also recently released the state's 600 highest pension payouts.

Summers Lambasts Warren, Sanders Plans to Tax Wealth of the Rich

Former Treasury chief says proposals likely unconstitutional

Crypto IRS Audits: Hire Professionals or Do it Yourself?

The IRS has said that virtual currency is an ongoing focus area for IRS criminal investigations

America’s coming mega-battle over tax

If Warren becomes Democratic nominee, the 2020 election would turn into a contest with Capital

The IRS Just Issued Its First Cryptocurrency Tax Guidance in 5 Years

Resolving a long-standing question, the guidance says new cryptocurrencies created from a fork of an existing blockchain should be treated as “an ordinary income equal to the fair market value of the new cryptocurrency when it is received.”

U.S. Corporate Tax Code Still Ranks Below Average, Study Finds

The tax group gave the highest competitiveness rankings to the countries with the lowest rates and easiest processes to comply with the tax laws.

Senator Sanders Proposes a Tax on “Extreme” Wealth

The tax continues to increase with income, so net worth between $250 and $500 million is taxed at 3 percent, $500 million to $1 billion at 4 percent, $1 to $2.5 billion at 5 percent, $2.5 to $5 billion at 6 percent, $5 to $10 billion at 7 percent, and all