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Tax Proposal Could Bring Sweeping Changes to Estate Planning

By High Net Worth Individuals, Individual Tax, Insights, Tax Planning & Consulting

On Monday, September 13, 2021, House Ways and Committee Chairman Richard Neal released the first draft of the House Democrats’ tax legislation (including both tax increases and tax relief) they expect to consider as part of the budget reconciliation process, intended to fund key programs under President Biden’s “Build Back Better” program.

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Is Now the Time to Expatriate? Long-Term Implications of the Biden Tax Reform Plan for High Net Worth Families

By High Net Worth Individuals, Individual Tax, Insights, Tax Planning & Consulting

On Monday, September 13, 2021, House Ways and Committee Chairman Richard Neal released the first draft of the House Democrats’ tax legislation (including both tax increases and tax relief) they expect to consider as part of the budget reconciliation process, intended to fund key programs under President Biden’s “Build Back Better” program.

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New 1099-K Reporting Requirements Will Impact Reporting for the Gig Economy

By Individual Tax, Insights, Tax Planning & Consulting

Financial reporting for gig workers (temporary, flexible workers such as independent contractors and freelancers instead of full-time employees) has always been complicated and recent legislation under The American Rescue Plan Act of 2021 (ARPA) will continue this complexity and have a significant impact on gig economy workers and the companies and platforms who host them.

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The Virtual Currency Question is Front & Center in 2020

By Individual Tax, Insights, Tax Planning & Consulting

The IRS continues to increase their scrutiny of cryptocurrency and virtual currency activity in an effort to eliminate widespread noncompliance. The prioritization of virtual currency above other current tax issues reflects the scale of noncompliance and potential revenue collection opportunities. This is most evident in the annual revisions to 2020 Form 1040, where The Virtual Currency Question has been moved to the first page and is prominently featured—front & center.

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American Rescue Plan Act Signed into Law Authorizing a Third Round of Direct Payments to Individuals

By Individual Tax, Insights, Tax Planning & Consulting

The American Rescue Plan Act of 2021 was signed into law by President Biden on March 11, 2021, coinciding with the one-year anniversary of the COVID-19 pandemic. The legislation is the sixth federal relief package signed into law since the onset of the pandemic in the United States last year and addresses the continuing economic and health impacts of the pandemic.

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Spike in Cryptocurrency Market Value Fuels IRS Crackdown and Privacy Debate

By Individual Tax, Insights, Tax Planning & Consulting

In January 2021, the market value of the world’s cryptocurrencies passed $1 trillion – a record-breaking milestone for digital currencies that only six months prior had a total market value of around $260 billion. Although the masses have yet to adopt digital currencies as a widely used, primary medium of exchange, cryptocurrency is now the world’s fifth most circulated currency by value, suggesting it’s becoming more mainstream.

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New 1099 Reporting Requirements for Payments to Independent Contractors/Nonemployee Compensation

By Individual Tax, Insights, Tax Planning & Consulting

As the new year starts, it’s important to note that the IRS recently made some changes to common year end forms and updated filing deadlines that are quickly approaching. As a result of the Protecting Americans from Tax Hikes (PATH) Act,  Form 1099-NEC is being introduced for the 2020 tax year and is relevant for businesses who have nonemployee compensation and make payments to independent contractors.

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Uncertainty Complicates 2020 Year-End Tax Planning

By Business Tax, High Net Worth Individuals, Individual Tax, Insights, Tax Planning & Consulting, Trusts & Estate Planning

As 2020 comes to a close, individuals and businesses are looking to carry out their year-end tax planning in a potentially changing political landscape. Although Vice President Joe Biden is expected to be sworn in as president on January 20, 2021 and Democrats have maintained control of the House of Representatives, the Senate remains undecided because of two run-off races in Georgia scheduled for January 5, 2021.

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2020 Presidential Election Impact on Tax Policy

By Business Tax, Individual Tax, Insights, Tax Planning & Consulting

The upcoming presidential election could hold long-term implications for tax reform, no matter which candidate wins. While neither campaign has released a detailed tax plan on the campaign trail, former Vice President Biden has proposed high-level policies familiar of the Obama era, and an abrupt departure from the Tax Cuts and Jobs Act (TCJA) measures put into place in 2017.

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