Managers of Wealth Americas

A Decade in Tax: Issues of Fairness and the Digital Economy

In 2010 congressional Democrats passed then-President Barack Obama’s number one priority—a major overhaul of the U.S. health care system.

How Big Companies Won New Tax Breaks From the Trump Administration

As the Treasury Department prepared to enact the 2017 Republican tax overhaul, corporate lobbyists swarmed — and won big.

Tax Law, ‘Wayfair’ Fallout Top Legal Issues to Watch in 2020

The issue of when states can tax businesses that don’t have a physical presence may head back to the courts in 2020.

Congress Repeals Nonprofit “Parking Tax” and Provides for Single-Tier Excise Tax on Private Foundation Net Investment Income

The year-end act also simplifies the excise tax on private foundation net investment income under Code section 4940

Spotting Audit Dangers For Wealthy Clients

One factor that will reduce audits for some wealthy taxpayers is the increase in the standard deduction and elimination or curtailing of many itemized deductions.

Treasury And The IRS Release Final Foreign Tax Credit Regulations

The Final Regulations are substantially similar to the Proposed Regulations, with several important clarifications and amendments.

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Trusts and wills use “formula” clauses tied to the exemption amount – clauses that can quickly become outdated.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