Insights

Tax
| Karen H. Kerby, CPA
| Aug 19, 2019

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

Featured
| Karen H. Kerby, CPA
| Aug 19, 2019

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
Featured UK
| Arvinder Matharu, BA (Hons), ATT
| Jul 22, 2019

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

Featured
| Arvinder Matharu, BA (Hons), ATT
| Jul 22, 2019

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
Audit & Accounting
|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
Entertainment and Music
| Joseph Rust, CPA, CFP
| May 29, 2019

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

Entertainment and Music
| Joseph Rust, CPA, CFP
| May 29, 2019

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
Tax
| Ladidas Lumpkins, CPA, JD, LL.M.
| Apr 18, 2019

US Tax Compliance for Foreign Trusts: A Primer

Featured
| Ladidas Lumpkins, CPA, JD, LL.M.
| Apr 18, 2019

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
International Services
| Fernando R. Lopez, JD, MBA
| Apr 18, 2019

Tax Planning Under the New US Tax Reform

Featured
| Fernando R. Lopez, JD, MBA
| Apr 18, 2019

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
Tax
| Jerry Eitel, CPA
| Apr 18, 2019

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

Featured
| Jerry Eitel, CPA
| 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
Featured UK
|By: Dandan Li, Assistant Tax Manager
| Mar 06, 2019

Preparing for Changes at the UK Border After a No Deal EU Exit

Featured UK
|By: Dandan Li, Assistant Tax Manager
| Mar 06, 2019

Summarised below is our understanding of the changes and necessary steps which may be required to be undertaken for UK businesses trading within the EU in the event of a No Deal EU Exit. We have principally focused on the impact on Customs and Excise and VAT. Most of the contents are taken from the published documents by UK government and HMRC.

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Preparing for Changes at the UK Border After a No Deal EU Exit2019-04-11T10:20:29-04:00
Tax
| Robert Crowley, CPA
| Feb 11, 2019

The Taxation of Income from Cryptocurrencies in Various Jurisdictions — USA

Tax
| Robert Crowley, CPA
| Feb 11, 2019

Recently, we have seen a growth in the sale or exchange of cryptocurrency, or the use of cryptocurrency to pay for goods or services. Unfortunately, guidance from the Internal Revenue Service (IRS) pertaining to related US income tax issues has not kept pace with the proliferation of cryptocurrency trading. This article highlights fundamental income US tax compliance issues for investors dealing or transacting in cryptocurrency.

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The Taxation of Income from Cryptocurrencies in Various Jurisdictions — USA2019-03-28T16:34:35-04:00
Tax
| Joseph Cain, CPA
| Feb 04, 2019

IRS Clarifies 199A Section of Tax Law, Provides Safe Harbor and a 20% Deduction To Rental Real Estate Enterprises

Tax
| Joseph Cain, CPA
| Feb 04, 2019

If you own rental real estate, the fact that the IRS just issued Notice 2019-7, which clarifies Section 199A of the Tax Cuts and Jobs Act of 2017 could work to your benefit. The clarification will help in determining whether a rental real estate enterprise is a trade or business for the purposes of section 199A. From the outset, Section 199A sought to extend benefits of the Tax Cuts and Jobs Act to small businesses.

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IRS Clarifies 199A Section of Tax Law, Provides Safe Harbor and a 20% Deduction To Rental Real Estate Enterprises2019-03-28T16:35:53-04:00

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