01/26/2022
Increased US Gift and Estate Tax Exemptions and Further Planning Opportunities in 2022
The maximum gift and estate tax rate remains at 40% of the fair market value of the relevant assets.
Tax
01/26/2022
US Tax Issues For Non-US Crypto Investors
This is because, for US tax purposes, gain on the sale of property is generally treated as tax-free foreign source gain in the hands of a foreign seller.
01/21/2022
New Attribution Requirement Denies Foreign Tax Credits for Certain Withholding Taxes (And Other Taxes)
In particular, the Final Regulations adopt a new “attribution requirement” (Attribution Requirement) that restricts the availability of FTCs to foreign taxes that the Treasury and the IRS consider to be similar to US taxes.
01/14/2022
RSM reports 15.8% revenue growth, promotes 83 to partner and principal in US
North America recorded 15% revenue growth, with consulting services growing by a blistering 50% in 2021. RSM’s Europe and Africa regions also had 15% revenue increases, while the Middle East grew 23%, Asia grew 20%, and Latin America grew 11%.
01/03/2022
Elon Musk says his taxes are simple and that he doesn’t use offshore accounts or tax shelters in response to Sen. Warren’s ‘freeloading’ claims
The Democratic senator had accused him of “freeloading” over taxes after he was named Time’s Person of the Year, and Musk snapped back by calling Warren “Senator Karen.”
12/28/2021
Major Canadian Tax Avoidance Cases at Risk After Loblaw Ruling
Agency lost several big court battles in 2021
12/27/2021
The Top HNW Story of 2021: Possible Tax Changes Coming for HNW Investors
The ever-shifting bill and the byzantine machinations that are being employed to potentially push it through with a slim Democratic majority has already experienced enough twists and turns to make it look like something out of a Hollywood movie.
12/21/2021
Super-Rich Americans Feel Relief as Tax Hikes Are Canceled for Now
Though many of Democrats’ more radical tax proposals were scaled back or dropped in negotiations, the bill would be “a meaningful step for reducing inequality,” said Carl Davis
12/21/2021
The ‘cowboy cocktail’: How Wyoming became one of the world’s top tax havens
An oligarch, a dictator’s aide and a beverage tycoon turned to America’s least populated state to shelter assets, the Pandora Papers show.
12/21/2021
Canadians want more taxes on offshore real estate deals
Prime Minister Justin Trudeau last August 24 said a re-elected Liberal cabinet would legislate an outright ban on new foreign purchases of Canadian real estate for at least two years.
12/17/2021
House taxwriters discuss implications of Pandora Papers
Burton also agreed with Republicans that small businesses and farms use trusts for legitimate planning purposes.
12/15/2021
How Taxes Can Support Growth and Reduce Inequality in Latin America and the Caribbean
Santiago Acosta Ormaechea and Samuel Pienknagura Loor Western Hemisphere Department
12/08/2021
Panama says it doesn’t deserve to be considered an offshore tax haven. Here’s what experts say.
In its efforts to shed its decades-long reputation as a center for tax avoidance and money laundering, the country is embracing transparency.
12/05/2021
Required Minimum Distributions and Charitable Deductions in 2021
One other charitable provision from 2020 that has been extended for 2021 is the $300 above the line charitable deduction for taxpayers who do not itemize.
11/26/2021
RSM Canada buys two tax credit consulting firms
The acquisition expands RSM Canada’s growing credits and incentives practice
11/23/2021
Tax Reform: What's In and What's Out (For Now)
The summary below describes provisions in the House-passed bill that are most likely to affect individual taxpayers and also discusses portions of the original proposal that were cut from the legislation that passed the House.
11/14/2021
The Nonqualified Financial Property Limitation
Investments in qualified opportunity funds (QOFs) offer a number of distinct tax benefits
11/02/2021
The Build Back Better Act: Tax Reform Implications for Private Equity M&A
Following is a brief summary of certain BBBA concepts which, if enacted in its current form, would potentially increase the overall tax burden on certain parties involved in private equity mergers and acquisitions (M&A) transactions and may have year-
10/29/2021
Qualified Opportunity Funds / OTS Series
Investments in qualified opportunity funds (QOFs) offer a number of distinct tax benefits
10/28/2021
U.S. has become haven for tax dodgers
Dynasty trusts have been established that allow wealth to be transferred from generation to generation, while avoiding federal estate taxes.