All matters or postings related to finance in the U.S. and abroad.
Signed into law in early July, the One, Big Beautiful Bill Act (OBBBA) introduces significant changes to tax law— impacting high-net-worth individuals (HNWIs). From new rules on global income tax (GILTI) to expanded opportunities for Qualified Small Business Stock (QSBS) investments, and much more, understanding and planning for these changes is essential.
Younger, affluent investors are increasingly turning to alternative investments, and may overlook the complex tax consequences that arise from these investments, including K-1 and pass-through income, which can lead to tax and estate planning headaches.
High-net-worth and ultra-high-net-worth individuals are increasingly going outside their primary wealth management relationships to invest in alternative investments, cryptocurrencies, and ESG, according to a survey by PWC.
Is this the end of shifting profits from high-tax to low-tax jurisdictions?
The landscape of international taxation is undergoing a seismic shift with the implementation of the Organization for Economic Co-operation and Development’s (OECD) Global Minimum Tax (GMT).
While U.S. citizens and persons who are deemed to be domiciled can enjoy an estate tax exemption in 2022 of $12,060,000, that figure does not apply to nonresident aliens. The exemption amount for a nonresident alien decedent is actually only $60,000, and any amount that exceeds that figure is subject to estate tax that ranges anywhere from 26% – 40% . The estate tax exemption applies to all assets, not just real estate. Real estate property falls under the blanket estate tax exemption if the property is an asset in a decedent’s estate.
It is evident that the Covid economy has only intensified the thirst of investors, entrepreneurs and increasingly, average citizens, for an economic model that more seamlessly marries with life-in-the-digital-lane. This article updats the shifting landscape of cryptocurrency, banking and finance and taxes. The future is here and traditional banking must ride the cryptocurrency blockchain or go the way of the abacus.
The U.S. Congress designed the Foreign Investment in Real Property Tax Act (FIRPTA) to collect tax on the sale of a U.S. property by a foreign person or business entity in order to ensure that foreign persons and entities paid tax on their U.S. source (situated) income (i.e., extract a type of capital gains tax that would normally not apply). Looking to boost tax revenues in a tough year of the Covid-19 pandemic, on On October 5th and Sept. 14. 2020, the IRS Large Business & International Division (LB&I) issued notices regarding their resumption of a FIRPTA enforcement campaign.
In Dec 2019, the National Association of Realtors (NARS) announced their top 10 U.S. cities for real estate investment…
GILTI tax was enacted under the TCJA (new IRC 951A). IWTA Founder Jack Brister explains…
As the use of cryptocurrency becomes increasingly common, regulation is quickly catching up –and that includes the IRS.