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Investments in foreign mutual funds are PFIC investments. U.S. taxpayers entering  IRS voluntary disclosure with respect to previously undisclosed or incorrectly disclosed foreign income or assets may be able to discharge potential back taxes, interest and penalties at a somewhat reduced rate. U.S. tax liabilities in connection with an investment in a PFIC.

Trust and estate planning opportunities. The 2012 Tax Act enacts the first permanent provisions in the estate tax law in 12 years. Estate and gift tax planners see tax law changes every year. Income tax planning plays a greater part of trust planning.

The 46th Annual Heckerling Institute on Estate Planning was held January 2012. The Heckerling Institute is one of the largest annual estate and trust planning conferences. Portability exists for gift tax as well as estate tax purposes, which means that DSUEA can be used for lifetime gifts. A QPRT is a trust to which one transfers a residence and retains the right to live there for a term of years. A surviving spouse who rolls over the IRA, takes a distribution from the IRA at age 49 he or she would pay a penalty.  

The 46th Annual Heckerling Institute on Estate Planning was held January 2012. The Institute is one of the largest annual estate and trust planning conferences. Under The 2010 Tax Act the estate tax exemption of $5 million and the estate tax top rate of 35 percent applied on an elective basis. The 2010 Tax Act amended IRC Sec. 2010(c) to permit a surviving spouse to use the unified credit amount of a predeceased spouse that the spouse did not use.

A Q&A with Beth Mueller, Co-Founder & COO, Socium Fund Services on her outlook for closed-end funds, fund administration consolidation, and inspirational women mentors in her life.

As the negative economic impacts of COVID-19 continue, perhaps surprisingly, venture capital activity—including mega deals and fundraising—remains robust.

This articles discusses asking lenders for a waiver to cure the violation(s), the review of the waiver, and classification of long-term debt when a company is in violation of its bank covenants at the balance sheet date and has received a waiver from its lender.

A review of the Financial Accounting Standards Board (“FASB”) staff Q&A that addresses the accounting for rent concessions related to the effects of the COVID-19 pandemic under ASC 842 and 840.

A conversation with Amir Shaked of Shaked Capital Advisors on the impact of COVID-19 on alternative investments and his belief in liquid long/short strategies that can pivot with the virus-related data and fundamentals.

A study by EisnerAmper’s Compensation Resources on the impact of COVID-19 relative to compensation levels and college graduate hiring.

This article features a discussion of some of the likely areas of IRS focus as it resumes normal enforcement procedures after July 15, 2020.

Distressed real estate debt may present investors with opportunities to buy loans at discounted prices, however, consultation with a professional is recommended due to the tax implications and other unintended consequences.

On June 9, 2020, the Commercial Observer hosted a virtual roundtable with Silverstein Properties—a privately owned, family-held, real estate development firm based in New York City—for an exclusive interview regarding the steps being taken to reopen their buildings, including the World Trade Center.

The CARES Act provides opportunities for taxpayers to claim refunds and more quickly address liquidity concerns – there are three critical deadlines approaching for filing claims.

Some estimates put potentially fictitious PPP loans at approximately $81.4 billion. This widespread fraud could have caused truly needy business when the PPP program ran out of funds in May 2021.

Phantom income syndrome is the concept that a person or business experiences cash income, net of expenses or taxes, and is not a reliable source of operating income.

Large events and international travel are expected to recover in Q3 2021. Leisure travel is expected to recover more rapidly. Here are 10 strategies for hotel owners/operators to help navigate the recovery.

One of the most important tools companies going through a restructuring process use is called Quality of Earnings which is an assessment used to determine the ability of a company to perform given the new debt and/or equity structure.

Due to the unique nature of municipal bonds, restructuring them in the event the issuer defaults posts a host of considerations that differ from other forms of debt. This article explores those considerations and differences.

Effective turnarounds are second chances, where companies have the opportunity to learn from the past and establish new plans, goals and objectives. We have assembled a collection of articles and resources geared towards underperforming companies.realize success.