Commentary.Omnibus.2019.07.10: Proposals to Tax Rich Gaining Steam, and More!

CNBC: Warren Buffett to MBA students: This is what ‘sets apart a big winner from the rest of the pack’The Divorce Rate is at a 40-Year Low, Unless You're 55 or Older: Younger married couples are less likely to split up, but "gray" divorces among older couples are on the rise, Wall Street Journal (subscription … Continue reading Commentary.Omnibus.2019.07.10: Proposals to Tax Rich Gaining Steam, and More!

Kapp v. Commissioner, T.C. Memo 2019-84 (July 9, 2019): CPA Held Liable for Aiding and Abetting Understatement of Tax; Penalties Imposed

In Kapp v. Commissioner, the Tax Court held a CPA liable for aiding and abetting understatement of tax on 3,218 tax returns of various taxpayers prepared by him for the tax years at issue. The opinion summary is as follows: P and his employees prepared thousands of tax returns and/or schedules for mariner taxpayers for … Continue reading Kapp v. Commissioner, T.C. Memo 2019-84 (July 9, 2019): CPA Held Liable for Aiding and Abetting Understatement of Tax; Penalties Imposed

IRS, Security Summit partners urge tax professionals to review their practices, enhance safeguards to protect taxpayer data

In a news release, leaders from the IRS, state tax agencies and the tax industry today called on tax professionals nationwide to take time this summer to review their current security practices, enhance safeguards where necessary and take steps to protect their businesses from global cybercriminal syndicates prowling the Internet. Despite major progress by the … Continue reading IRS, Security Summit partners urge tax professionals to review their practices, enhance safeguards to protect taxpayer data

Proposed Regs: Passive foreign investment companies (PFICs) and PFIC insurance exception

The Treasury Department and IRS has released proposed regulations (REG-105474-18) regarding passive foreign investment companies (PFICs) and specifically concerning legislative changes made by the Tax Cuts and Jobs Act of 2017 with regard to the “PFIC insurance exception.” The Regs summary is as follows: This document contains proposed regulations under sections 1291, 1297, and 1298 … Continue reading Proposed Regs: Passive foreign investment companies (PFICs) and PFIC insurance exception

Kitces Update – 2019.07.10: 529A Plans for Special Needs Beneficiaries, Owning Real Property in IRAs, Niche Marketing for Financial Planners, etc.

6 Types Of Niches For Financial Advisors To Differentiate Themselves.Choosing The Right 529A Plan For A Special Needs Beneficiary.Options For Allowing Family Members To Help Manage Accounts In The Event Of Diminished (or In)Capacity6 Types Of Niches For Financial Advisors To Differentiate Themselves.The Latest In Financial Advisor #FinTech (July 2019)Unique Planning Challenges Of Directly Owning Real Estate Inside … Continue reading Kitces Update – 2019.07.10: 529A Plans for Special Needs Beneficiaries, Owning Real Property in IRAs, Niche Marketing for Financial Planners, etc.

KPMG – Family Office Fridays: Wealth Transfer Tax and Succession Planning Considerations (Free Webcast)

KPMG is hosting a free webcast, Family Office Fridays: Wealth Transfer Tax and Succession Planning Considerations, which discusses estate planning in the current estate tax environment. The description is as follow: For tax years beginning after December 31, 2017, individuals have an unprecedented opportunity to reduce their gift, estate, and generation-skipping transfer tax exposure by … Continue reading KPMG – Family Office Fridays: Wealth Transfer Tax and Succession Planning Considerations (Free Webcast)

Tait, The Law of High-Wealth Exceptionalism

Professor Allison Anna Tait, University of Richmond School of Law had made available for download her article, The Law of High-Wealth Exceptionalism, published in the Alabama Law Review (2019). The Abstract is as follows. No family is an island. But some families would like to be – at least when it comes to wealth preservation … Continue reading Tait, The Law of High-Wealth Exceptionalism