KPMG has reported that the Biden Administration has released its FY 2024 Budget proposals, which contain significant tax proposals. The KPMG post begins as follows: The Office of Management and Budget (OMB) today released and transmitted to Congress its budget recommendations for fiscal year (FY) 2024. This release [PDF 9.8 MB] (182 pages) includes the budget message of the … Continue reading KPMG: Administration releases FY 2024 budget recommendations with tax proposals (Mar. 9, 2023)
Author: lsaret
Bridgewater Global Observations: Co-CIO Karen Karniol-Tambour On Global Investment Outlook (March 6, 2023)
In Bridgewater's Global Observations, co-CIO Karen Karniol-Tambour discusses why she sees a fundamental paradigm shift to a more inflationary world that markets are being slow to adjust to, as businesses and policy makers operate in a context of greater geopolitical tensions and decarbonization. She also shares how this is playing out in the current cycle … Continue reading Bridgewater Global Observations: Co-CIO Karen Karniol-Tambour On Global Investment Outlook (March 6, 2023)
Acquired Podcast: How Bernard Arnault Turned $15 Million into The Worlds Largest Individual Fortune
The Acquired Podcast devotes a lengthy episode to the story of how Bernard Arnault, the world's wealthiest man, became the world's wealthiest man. The summary is as follows: We tell the full history of LVMH, and how Bernard Arnault turned a $15m investment in a bankrupt French textile company into the world’s largest individual fortune. … Continue reading Acquired Podcast: How Bernard Arnault Turned $15 Million into The Worlds Largest Individual Fortune
Ray Dalio, The Farce and Consequences of the Debt Limit and the Debt (Jan. 25, 2023)
Ray Dalio has published an article that begins to analyze the impact of the debt ceiling on the economy. The first two parts are located here: Ray Dalio, The Farce and Consequences of the Debt Limit and the Debt (Jan. 25, 2023) A Two-Part Look at: 1. Principles for Navigating Big Debt Crises, and 2. … Continue reading Ray Dalio, The Farce and Consequences of the Debt Limit and the Debt (Jan. 25, 2023)
KPMG: Reported agreement on Senate reconciliation bill, legislative text and summary of bill after Manchin Agreement (July 27, 2022)
KPMG is reporting the following: Legislative text and a summary of the bill were released on July 27, 2022. Senator Joe Manchin (D-WV) late July 27, 2022, announced that he had reached an agreement with Senate Majority Leader Chuck Schumer (D-NY) on tax, climate change, energy, and health care provisions to be included in the Inflation Reduction … Continue reading KPMG: Reported agreement on Senate reconciliation bill, legislative text and summary of bill after Manchin Agreement (July 27, 2022)
ProPublica Free Webinar: The Billionaire Playbook on April 12
ProPublica is hosting a free webinar to discuss Biden's Billionaire Tax and it's impact on the affluent. The description is below. For the past year, ProPublica’s reporting for “The Secret IRS Files” has shined a light on the growing wealth gap, inequities in the tax system and billionaires’ playbook for dodging taxes. Using a vast … Continue reading ProPublica Free Webinar: The Billionaire Playbook on April 12
Biden FYE 2023 Budget – First Impressions
KPMG report: Initial impressions of tax proposals in Biden Administration’s budget for FY 2023Ernst & Young, What to expect in Washington (March 28)PBS News: Biden announces 2023 budget plan to reduce deficit by $1 trillion in a decadeRoll Call: Top takeaways from Biden’s fiscal 2023 budget requestPricewaterhousecoopers, President Biden’s FY 2023 budget proposes new “billionaire” … Continue reading Biden FYE 2023 Budget – First Impressions
Green Book Issued for Biden FYE 2023 Budget (March 28, 2022)
Treasury has released the "Green Book" (i.e., the "General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals") for the Biden FYE 2023 Budget. Click here to see the Green Book. Editors Note. The Green Book includes discussions of the following proposals: Income taxation of High Income TaxpayersIncrease the Top Marginal Income Tax Rate for … Continue reading Green Book Issued for Biden FYE 2023 Budget (March 28, 2022)
Biden FYE 2023 Budget Released (March 28, 2022)
The Office of Management and Budget today released an initial budget document for fiscal year (FY) 2023.The key links are below: •FY 2023 President’s Budget •Analytical Perspectives•Budget Appendix•Historical Tables•Supplemental Materials •Past budgets can be found here. See also: Bloomberg TaxNew York TimesBarronsWashington Post
NYT- White House Proposes New Billionaire Tax (March 2022)
The New York Times reports that the White House will ask Congress on Monday as part of its budget proposal to pass a new minimum tax on billionaires as part of a budget proposal intended to revitalize President Biden’s domestic agenda and reduce the deficit. See details at: .nytimes.com/2022/03/26/us/politics/biden-billionaires-minimum-tax.html
KPMG Analysis Re Tax Provisions in Latest Build Back Better Act (Nov. 11, 2021)
KPMG has released its analysis of the tax provisions in the latest House version of the Build Back Better Act. The summary is as follows: The U.S. House of Representatives released new text of proposed tax legislation as part of H.R. 5376, the “Build Back Better Act” (BBBA) legislative effort.This pending legislation differs in important … Continue reading KPMG Analysis Re Tax Provisions in Latest Build Back Better Act (Nov. 11, 2021)
Rev. Proc. 2021-45: 2022 Inflation Adjustments for Individuals – 2022 Estate Tax Exemption is $12,060,000 (Nov. 10, 2021)
The IRS released today Rev. Proc. 2021-45 with inflation adjustment amounts for individual taxpayers for 2022 tax returns. Click here to download Rev. Proc. 2021-45.
KPMG Webcast: U.S. Tax Legislation Update: What We Know (and What We Don’t) – November 17, 2021
KPMG is offering a free webcast to discuss the status of tax legislation. The summary is as follows: Progress on new federal legislation appears to be moving quickly and slowly at the same time. Keeping track of what’s happening and what the tax implications may be for your organization is, no doubt, challenging.KPMG LLP (KPMG) … Continue reading KPMG Webcast: U.S. Tax Legislation Update: What We Know (and What We Don’t) – November 17, 2021
KPMG: House passes bipartisan infrastructure bill with tax provisions, completing congressional action (Nov. 5, 2021)
KPMG reports that the House has passed bipartisan infrastructure bill with tax provisions, completing congressional action (Nov. 5, 2021). It's summary begins as follows: The U.S. House of Representatives tonight passed H.R. 3684, the “Infrastructure Investment and Jobs Act.” The vote was 228 to 206. The legislation includes tax-related provisions.The U.S. Senate passed the same … Continue reading KPMG: House passes bipartisan infrastructure bill with tax provisions, completing congressional action (Nov. 5, 2021)
House Democrats Release Amended Tax Provisions Build Back Better Act (Nov. 3, 2021)
The House Democrats released a "managers amendment" in both amended legislative language and a section by section summary of amended Build Better Act Provisions. Click here to see the amended legislative language. Click here to see the section by section summary of the amended legislation. The tax provisions begin on page 159 of the section … Continue reading House Democrats Release Amended Tax Provisions Build Back Better Act (Nov. 3, 2021)
KPMG: IRS releases FAQs as reporting guidance for “carried interests”(Nov. 3, 2021)
KPMG notes that the IRS has released FAQs as reporting guidance for "carried interests." It's summary is as follows: The IRS today released a set of “frequently asked questions” (FAQs) providing detailed reporting directions for certain passthrough entities and taxpayers reporting partnership interests held in connection with the performance of services—often referred to as “carried … Continue reading KPMG: IRS releases FAQs as reporting guidance for “carried interests”(Nov. 3, 2021)
House Rules Committee Releases Text of Updated Build Back Better Act – October 28, 2021 (Updated 10.29.21 with Commentary Links Added)
The House Rules Committee has released an updated legislative text of the Build Back Better act. The tax provisions begin at page 1509 of pdf. Download text by clicking House Rules Committee Releases Text of Updated Build Back Better Act - October 28, 2021. See also the following: section by section summary of updated act.KPMG … Continue reading House Rules Committee Releases Text of Updated Build Back Better Act – October 28, 2021 (Updated 10.29.21 with Commentary Links Added)
Deloitte Private: 2021 Essential Tax and Wealth Planning Guide
Deloitte Private has released its 2021 Essential tax and wealth planning guide. The introductory summary is as follows: Despite the lack of clarity at this moment on what changes tax reform may bring, it is time to bring your overall tax goals into focus again and examine whether there are any steps that you should … Continue reading Deloitte Private: 2021 Essential Tax and Wealth Planning Guide
KPMG report: Year-end tax considerations for cryptocurrency investors (Oct. 20, 2021)
KPMG has issued a report on year end planning for crypto investors. The summary is as follows: As the year-end approaches, investors in cryptocurrencies need to consider certain year-end considerations and possible planning opportunities.Also, potential legislative developments that might affect cryptocurrency transactions and the cryptocurrency ecosystem more broadly may need to be considered.Read an October 2021 … Continue reading KPMG report: Year-end tax considerations for cryptocurrency investors (Oct. 20, 2021)
KPMG Podcast: Build Back Better: What’s Now, What’s Next? (Oct. 14, 2021)
KPMG has released its latest podcast discussing the status of the Build Back Better Act. The summary is as follows: It’s been a month since the tax aspects of the Build Back Better Act were released and now the legislative process in the House has gone quiet. Why, and what will it take to get … Continue reading KPMG Podcast: Build Back Better: What’s Now, What’s Next? (Oct. 14, 2021)
Wealth Strategies Journal 