Featured

Accounting Professionals Need to Understand Cryptocurrency and Blockchain

Over the past few years, cryptocurrency and its underlying technology, blockchain, have started to evolve from being misunderstood concepts into a mainstream means to conduct digital transactions. Cryptocurrency is a digital form of currency used as a medium of exchange for conducting internet-based sales and financial transactions. Unlike paper bills or coins, cryptocurrency lacks physical properties and is stored in virtual wallets rather than bank accounts.

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Accounting Professionals Need to Understand Cryptocurrency and Blockchain2019-10-09T15:23:11-04:00

Operating in a Complex World: The Argument for Not-for-Profits to Change Everything

Originally published by Long Island Business News Profit. When we hear the word profit, we think of Wall Street, shareholders, stocks, global conglomerates, and billionaire CEOs; we don’t conjure up the image of a not-for-profit organization helping provide services to the community.

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Operating in a Complex World: The Argument for Not-for-Profits to Change Everything2019-09-17T10:48:57-04:00

New Opportunity Zone Regulations: What They Are and What They Clarify

In December of 2017, the Tax Cuts and Jobs Act outlined a new program called “Opportunity Zones” (OZs) that offered tax breaks for investing in underdeveloped/distressed communities via Qualified Opportunity Funds (QOFs). In October 2018, substantially more detail on the OZs was provided, and in April 2019, the IRS and Treasury Department issued a 169-page document that detailed regulations governing OZs. According to the IRS, a QOF is set up either as a partnership or corporation (LLCs qualify also) for investing in an eligible property located in one of the OZs.

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New Opportunity Zone Regulations: What They Are and What They Clarify2019-08-21T11:22:09-04:00

Selling Across the Pond: What UK Residents Need to Know When Selling US Property

For UK citizens selling a property in the USA, completing the sale is only your first hurdle. Your next challenge is tax - both in the UK and the USA - neither set of rules being straightforward. Taking UK tax first, if you are resident and domiciled in the UK, you will have capital gains tax (CGT) to pay on any gain achieved on the sale of US property.

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Selling Across the Pond: What UK Residents Need to Know When Selling US Property2019-07-23T15:08:44-04:00
Featured
|By Karen H. Kerby & Robert Crowley
| Jun 20, 2019

Fund Support

Audit & Accounting
|By Karen H. Kerby & Robert Crowley
| Jun 20, 2019

How can Prager Metis help new managers when they are in the pre-launch stage? We can help in a number of ways. We would work closely with their attorneys to determine what the fund structure should look like.

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Fund Support2019-07-29T10:46:18-04:00

Valuation Theory & Your Life: Why What Happened to The King of Pop’s Estate Should Matter to You

In the last few years, some of entertainment’s most iconic performers have left us. Both Prince and David Bowie passed in 2016, and just this year we lost Aretha Franklin. It seems a lot more recent, but it has been almost ten years since Michael Jackson passed away at age 50.

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Valuation Theory & Your Life: Why What Happened to The King of Pop’s Estate Should Matter to You2019-06-06T14:01:53-04:00

US Tax Compliance for Foreign Trusts: A Primer

A threshold question in determining how a trust will be taxed in the US is whether the trust is foreign or domestic. The default rule is that a trust is foreign, unless the trust fails both the “Court Test” and the “Control Test.” The Court Test is met if a US court is able to exercise primary supervision over the administration of the trust. The “Control Test” is satisfied if one or more US persons have the authority to control all substantial decisions of the trust.

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US Tax Compliance for Foreign Trusts: A Primer2019-06-06T16:02:52-04:00

Tax Planning Under the New US Tax Reform

The US Tax Cuts and Jobs Act, passed on 17 December 2017, has dramatically changed the analysis and available strategies for structuring cross-border operations. Meaning, to realise tax optimisation, business owners must be aware of those changes. For example, in addition to a decreased corporate rate from 35% to 21%, and the full expensing of plant and equipment acquisitions, there is a now a reduced effective rate of 13.125% for domestic companies’ income from selling products or services to foreign customers directly or through related parties.

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Tax Planning Under the New US Tax Reform2019-06-06T16:03:37-04:00
Featured| Apr 18, 2019

Practical Considerations Regarding Section 199A of the New US Tax Law

Featured| Apr 18, 2019

The Tax Cuts and Jobs Act passed by the US Congress on 17 December 2017, includes Section 199A, a provision that can afford pass-through businesses a 20% deduction of: Qualified business income (QBI) from a domestic qualified trade or business (QTOB) operated as a sole proprietorship, partnership, S corporation, trust or estate; Combined qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income.

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Practical Considerations Regarding Section 199A of the New US Tax Law2019-06-06T14:06:36-04:00