April 04, 2014

Increased Enforcement by the U.K.’s Serious Fraud Office

The U.K. Bribery Act (the ‘Act”) came into force in July 2011 and, broadly speaking, states that companies with a presence in the U.K. can face prosecution under the Act for bribery or failing to prevent bribery regardless of where the alleged activity has taken place. In its ongoing effort to fight crime and corruption, the U.K. Ministry of Justice is now aggressively enforcing the Act. More

April 03, 2014

Internal Revenue Code Section 831(b) and Small Captive Insurance Companies – A “Must Do” Idea or the Next Big IRS Target?

Captive insurance companies have been utilized by large corporations for years as a means to manage corporate risk, often providing coverage otherwise unavailable or unreasonably priced.  Indeed, according to The CPA Journal (June 2008), upwards of 80% of the Standard & Poor’s 500 companies use captive insurance programs.   More

April 02, 2014

FATCA Reminder for Investment Funds

FATCA and important considerations and actions investment funds should not wait on. Submitting electronic registration on the IRS FATCA portal. Processes and procedures need to be in place in order to properly document the FATCA status of investors admitted thereafter. More

March 31, 2014

DEBT…It’s Not Always Just a Four-Letter Word

How Can Debt Be Good? Example of how debt can be used to maximize profitability. Successful businesses that used some form of Debt to finance and grow their business. Not all debt is the same and not all debt fits every situation. Good debt can be used to grow a business. More

March 31, 2014

New York State: Is New York Now A 'Better Place to Die?

The New York State budget bill, scheduled to be signed on April 1, contains good news for most New Yorkers. By making its estate tax less onerous, New York hopes to offset Forbes Magazine’s recent assessment of the Empire State as “a place not to die.” More

March 26, 2014

Attention U.S. and Foreign Multinationals: Approaching Registration Deadline Under FATCA for Your Non-U.S. Retirement Plans

FATCA compliance is now an essential part of providing employee benefits outside of the U.S. FATCA withholding and reporting deadlines for FFIs. Exemptions for non-U.S. retirement plans under FATCA and filing IRS Form W-8BEN-E and individual taxpayer compliance. More

March 25, 2014

Wealth of Knowledge - Spring 2014 - Let’s Get It Right the First Time: Avoiding Conflicts with Trusts Established to Benefit Same-Sex Couples

Trust and estate planning for same-sex couples. Not all 50 states recognize same-sex marriages and there are many issues that need to be carefully considered in trust and estate planning. An example was highlighted at the Heckerling Institute on Estate Planning. More

March 25, 2014

Wealth of Knowledge - Spring 2014 - A Trap for the Wealthy Do-Good Child

Is there a gift tax consequence if someone allows a parent or sibling to (on a rent-free basis) occupy real estate owned by them? Example of the US Supreme Court’s decision where the Supreme Court held that the foregone interest on an interest-free loan was a taxable gift. More

March 25, 2014

Same-Sex Couples: A Lack of Conformity in State Tax Filing Status

On June 26, 2013, in U.S. v. Windsor, the U.S. Supreme Court found section 3 of the Defense of Marriage Act (DOMA) to be unconstitutional. That section of DOMA had defined marriage, for all federal government purposes, as a union of one man and one woman and had defined spouse as a person of the opposite sex. More

March 25, 2014

Wealth of Knowledge - Spring 2014 - Portability and Credit Shelter Trusts

Portability refers to the estate tax provision that effectively allows a surviving spouse to inherit her deceased spouse’s unused estate tax exclusion DSUE. Advantages to both portability and a credit shelter trust. Estate tax exclusion to shelter the trust assets from estate tax. More

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