Global Family Offices

10/05/2021

On Monday, the U.S. Supreme Court declined to review the John Doe Summons challenge brought by Taylor Lohmeyer Law Firm PLLC. You may recall that a John Doe Summons is an IRS summons that demands a broad scope of information, and failure to respond will subject the recipient to IRS prosecution as well. Unlike a warrant, the IRS is not required to demonstrate a standard of suspicion, like probable cause....

On Monday, the U.S. Supreme Court declined to review the John Doe Summons challenge brought by Taylor Lohmeyer Law Firm PLLC. You may recall that a John Doe Summons is an IRS summons that demands a…

09/29/2021

From Bloomberg Law. About 5 years ago, a Panamanian law firm named Mossack Fonseca was exposed to a leak of more than 11 million documents. The leak was called the Panama Papers. The firm used Panamanian secrecy laws to create offshore entities and build structures that allowed clients to illegally conceal income and assets from the IRS. The scandal grabbed headlines for the recognizable names counted among Mossack Fonseca’s clients....

From Bloomberg Law. About 5 years ago, a Panamanian law firm named Mossack Fonseca was exposed to a leak of more than 11 million documents. The leak was called the Panama Papers. The firm used Pana…

09/28/2021

So thankful that I was able to spend time at my alma mater, , this past week.

Great school and wonderful people! Also, thank you to and for taking some time to talk with me- your company is second to none! 😃

And did I mention the view?!?! 🤩

09/28/2021

The IRS recently released a memo (AM 2021-004) providing instruction on how to treat companies’ tax arrangements in the wake of Intel-owned Altera Corp’s unfavorable 2019 court decision. That decision required chip-maker Altera to include stock-based compensation in the costs it shared with its foreign subsidiary—resulting in a higher tax bill. The memo, from IRS Associate Chief Counsel (International) Peter Blessing, addresses situations where companies didn’t include stock-based compensation in their cost-sharing agreements—as Altera did in its lost court battle—but have what’s known as a “...

The IRS recently released a memo (AM 2021-004) providing instruction on how to treat companies’ tax arrangements in the wake of Intel-owned Altera Corp’s unfavorable 2019 court decision. That decis…

09/28/2021

Good news for charities! After California imposed regulations requiring the disclosure of donor information on returns filed by tax-exempt organizations registered in the state, the U.S. Supreme Court held that that “California’s blanket demand that all charities disclose Schedule Bs to the Attorney General is facially unconstitutional.” (Americans for Prosperity Foundation v. Bonta, No. 19-251, 2021 U.S. LEXIS 3569.)...

Good news for charities! After California imposed regulations requiring the disclosure of donor information on returns filed by tax-exempt organizations registered in the state, the U.S. Supreme Co…

09/27/2021

In an IRS Employee Plans Compliance Resolution System (EPCRS) development, long-awaited updates were issued in Revenue Procedure 2021-30. The update permits retirement plan sponsors and administrators to correct compliance failures that may adversely impact the tax-qualified status of their defined contribution (including 403(b)) and defined benefit plans. There are a number of highly-anticipated updates to: Increase certain de minimis correction thresholds;...

In an IRS Employee Plans Compliance Resolution System (EPCRS) development, long-awaited updates were issued in Revenue Procedure 2021-30. The update permits retirement plan sponsors and administrat…

09/27/2021

Happy Monday!⁠⁠
You've got this ⁠⁠💪🏼
⁠⁠
⁠⁠

09/24/2021

In an IRS Employee Plans Compliance Resolution System (EPCRS) development, long-awaited updates were issued in Revenue Procedure 2021-30. The update permits retirement plan sponsors and administrators to correct compliance failures that may adversely impact the tax-qualified status of their defined contribution (including 403(b)) and defined benefit plans. There are a number of highly-anticipated updates to: Increase certain de minimis correction thresholds;...

In an IRS Employee Plans Compliance Resolution System (EPCRS) development, long-awaited updates were issued in Revenue Procedure 2021-30. The update permits retirement plan sponsors and administrat…

09/22/2021

Earlier this year, the U.S. Department of Labor (DOL) released new guidance for plan sponsors, plan fiduciaries, recordkeepers and plan participants on best practices for maintaining cybersecurity, including tips on how to protect the retirement benefits of America’s workers. This is the first time the DOL’s Employee Benefits Security Administration (EBSA) has issued cybersecurity guidance. The guidance is important in light of the DOL’s…...

Earlier this year, the U.S. Department of Labor (DOL) released new guidance for plan sponsors, plan fiduciaries, recordkeepers and plan participants on best practices for maintaining cybersecurity,…

09/22/2021

Here we go, more digital ground is breaking! Of course, the IRS isn’t sure what to do with it yet, but we can use general principles of income taxation to guide us in the meantime. The world of digital currency has created an income stream from an activity called “staking.” The term is short for the blockchain term…...

Here we go, more digital ground is breaking! Of course, the IRS isn’t sure what to do with it yet, but we can use general principles of income taxation to guide us in the meantime. The world of dig…

09/21/2021

Fees Identify fees. You have a fiduciary duty to (1) be aware of all of the fees that are being charged to the plan, and (2) ensure that plans are not being overcharged or overpaying for services. Review fee disclosures. You have a statutory duty to ensure that the fees are properly disclosed to participants. This requires affirmative action, as merely posting disclosures on a participant’s online account login can be insufficient....

Fees Identify fees. You have a fiduciary duty to (1) be aware of all of the fees that are being charged to the plan, and (2) ensure that plans are not being overcharged or overpaying for services.R…

09/20/2021

Bloomberg, Ledecky May Owe U.S. $44,000 in Taxes for Olympics Glory: As the Olympic flame went out in Tokyo, marking the end of the 2020 Games, swimming phenom Katie Ledecky and pole vaulting sensation Katie Nageotte will both be leaving with gold. A hefty tax bill awaits back in the U.S., but only for one of them. Ledecky, now the most decorated female swimmer of all time, likely owes the U.S....

Bloomberg, Ledecky May Owe U.S. $44,000 in Taxes for Olympics Glory: As the Olympic flame went out in Tokyo, marking the end of the 2020 Games, swimming phenom Katie Ledecky and pole vaulting sensa…