Prior to 2023 and 2024, taxpayers faced significant challenges in challenging penalties for failing to report foreign accounts through Foreign Bank and Financial Accounts (FBAR). However, recent court decisions signal a change in the legal landscape. Despite this change, FBAR litigation remains far from straightforward. The cases discussed below share a common theme: They explore…

Congress introduced the controlled foreign corporation (CFC) rules in 1962 to prevent U.S. taxpayers from deferring federal income tax on income earned in closely held foreign companies, that is, by binding U.S. shareholders to the levels of ownership requirements to recognize certain types of income earned by CFCs regardless of whether these earnings are actually…

For several decades, there have been strong US tax reasons for holding a foreign trust offshore in order to have reduced tax friction on the trust's current earnings, thereby increasing overall family wealth outside the tax net of the USA. Unfortunately, both U.S. practitioners and beneficiaries tend to underestimate the magnitude of compounding tax savings…

Raymond James has recruited a team of five advisors to the firm's employee advisor channel. The Williamsville, NY-based group previously managed over $1 billion in client assets at Merrill Lynch. The team is led by Christopher Scott, Kevin Klein, Michael Gates and Salvatore Gandolfo and will operate as Scott Klein Gates Gandolfo Wealth Management of…

BlackRock's head of ETFs told CNBC that 13F filings have revealed that 80% of investors in bitcoin spot ETFs are direct investors and 75% have never owned his ETFs before. JP Morgan Asset Management has split its alternative investment business into two segments, FundFire reports. These are among the investment must-reads we found this week…

According to a new report from Morningstar, investors continue to show interest in thematic funds, a type of fund that invests in multiple sectors and assets based on a key theme such as AI, clean energy or cannabis. Over the past five years, the volume of assets in thematic funds globally increased by approximately 108%…

The Internal Revenue Service has published Revenue Procedure 2024-40, which specifies tannual inflation adjustments for tax year 2025. Here are some of the highlights: • Gift, estate and inheritance transfer tax exemption amounts: $13.99 million (up from $13.61 million). • Annual gift tax exemption (IRC Section 2503): $19,000 (up from $18,000). •…

Carl Sprinkhorn The pink tree sold for $11,875 at Swann Auction Galleries' American Art sale on September 19, 2024, in New York City. Sprinchorn moved to the United States from Sweden as a teenager to pursue his artistic career. He studied at the New York School of Art under Robert Henry, the renowned portrait and…

Private businesses are vital to the economy, with more than 25 million operating in the United States. However, an alarming survey finds that more than a third (37%) of these business owners are looking to sell in the next two years – with more than half (55%) citing retirement as a reason for leaving. Based…

As interest in alternative investments grows, financial advisors have the opportunity to expand their services. Success depends on integrating alternatives in key areas such as portfolio management and client reporting. In our next webinar, you'll learn how the right technology can help. By integrating alternative investment data into your existing wealth stack, you can provide…