U.S. related tax matters and news
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.
Yale’s Budget Lab (TBL) estimated the effects of all US tariffs and foreign retaliation implemented in 2025 through September 3 under two scenarios.
The One Big Beautiful Bill Act (OBBBA) permanently extends key provisions of the 2017 Tax Cuts and Jobs Act, including the SALT deduction cap. From 2025 to 2029, the cap increases to $40,000, but phases down for households earning over $500,000—reverting to the original $10,000 cap for those above $600,000.
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.
When one thinks of tax havens, Bermuda, the Cayman Islands, and Switzerland will often come to mind. These countries are some of the most well-known examples of tax havens—countries or independent areas where taxes are levied at zero or a very low rate. But are recent proposals to lower taxes and decrease transparency turning the United States into the next global tax haven?
2025 was set up to be a significant year for global tax updates—most notably the continued implementation of Pillar Two, the global tax agreement designed by the OECD. And in December, the list of countries that have introduced Pillar Two rules, or that have committed to doing so, grew…
It’s been a busy year for global tax issues, between the Global Minimum Tax, worldwide calls for a wealth tax, and significant judicial decisions in the United States…
How has a relatively minor tax bill — $14,729 to be exact — turned into one of the most important tax cases for the United States? The matter at hand is whether the United States federal government can tax unrealized gains as income in Moore v. United States (Docket 22–800)…
Amidst the upheaval of the COVID-19 pandemic, some U.S. taxpayers were unable to file their 2019 or 2020 income tax returns within the IRS’ filing deadlines The Internal Revenue Service, in a show of understanding, fully waived penalties for individual taxpayers and businesses who filed certain late returns by September 30, 2022.
In the first 12 years of the U.S. Foreign Account Tax Compliance Act, the IRS has spent nearly $600 million on enforcement but has only managed to collect $14 million in penalties in return. This poor performance indicates that the agency strongly needs to revise its enforcement strategy according to a recent audit report by the Treasury Inspector General for Tax Administration.