News & Analysis as of

High Net-Worth Reporting Requirements

Levenfeld Pearlstein, LLC

Establishing Your Financial Presence Outside the United States: A Strategic Guide

High-net-worth individuals and families contemplating diversifying their wealth beyond U.S. borders, also known as outbound wealth planning, may be motivated by concerns about domestic political developments, economic policy...more

McDermott Will & Schulte

West Coast Forum 2023 | Key Takeaways

McDermott’s Private Client Practice led interactive discussions on a broad range of topics pertinent to ultra-high-net-worth families, their family office representatives and other advisors at our Private Client West Coast...more

Allen Barron, Inc.

IRS Focuses Scrutiny on High-Income Taxpayers, Partnerships and Corporations

Allen Barron, Inc. on

New issues come into focus as the IRS focuses scrutiny on high-income taxpayers, partnerships and corporations, as well as those who promote the abuse of tax rules.  The IRS has formally given notice that it intends to...more

Foodman CPAs & Advisors

The Tax Gap To Rise To Approximately $7 Trillion

The US Treasury reports that it is expecting the tax gap to rise to approximately $7 trillion over the course of the next decade if left unaddressed.   In May 2021, the US Department of the Treasury issued the “THE AMERICAN...more

Sheppard Mullin Richter & Hampton LLP

The New Anti-Money Laundering Act of 2020 and Potential Effects on Foreign Businesses and High Net Worth Individuals

On January 2, 2021 the National Defense Authorization Act (“NDAA”) became law. Importantly, the NDAA included sweeping legislative reforms to anti-money laundering (“AML”) laws, which are now codified in the Anti-Money...more

Foley & Lardner LLP

IRS Announces Plans to Increase Audits on High-Net-Worth Individuals and their Related Entities

Foley & Lardner LLP on

At the end of June, the Commissioner of the IRS Large Business and International Division announced a new campaign to audit high-net-worth individuals and the entities (such as partnerships, corporations, trusts, and private...more

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