Private trust companies present a unique option for affluent families to utilize as part of their multigenerational wealth strategy.

Andersen Global continues to build its platform in Asia through Collaboration Agreements with two Nepal-based firms, tax firm Four Symmetrons Business Consulting Pvt. Ltd. (FSBC) and law firm Gandhi & Associates. The firms will work together seamlessly to deliver integrated solutions for clients in Nepal and the region as a whole.

Join Andersen's unclaimed property group for a discussion around the top unclaimed property concerns raised by our clients throughout 2023.

Andersen Managing Director Jessica Hawn's comments are featured in the recent Tax Notes article, "Automatic Revenue Recognition Method Change Window May Close".

Non-fungible tokens (NFTs) experienced a huge spike in investor interest in 2021 before collapsing in 2022 along with the broader financial markets. However, there continues to be excitement around NFTs. Along with this interest, there remains much ambiguity in the taxation of gain from the disposition of NFTs by investors. If NFTs are considered collectibles for tax purposes, investors may be surprised by the significant difference in capital gains tax. Until there is clarity around how NFTs are taxed at the point of investment or sale, individuals or funds invested in NFTs will remain in suspense.

After a more than 20-year debate regarding tax affecting, the U.S. Tax Court recently sided with the taxpayer in the case of Estate of Cecil v. Commissioner (Cecil) in its March 2023 ruling. Since 1999, the Tax Court, IRS, taxpayers, and appraisers have been challenged with the question of whether it is appropriate to apply an entity-level corporate income tax to an S corporation in determining value. As tax affecting is commonly accepted and performed in the appraisal practice in a variety of areas, this recent court ruling is welcome news for taxpayers and appraisers alike.

Capital gains taxes can severely erode investment performance over time. Effectively managing portfolio gains through strategic tax loss harvesting can create significant annual tax savings and increase real portfolio returns over the long term. Tax loss harvesting involves selling investments at a loss to offset taxable gains in an investor's portfolio, thus reducing annual tax liability. Capital losses that exceed capital gains each year (in excess of the $3,000 generally allowed against ordinary income) can be carried forward to offset gains realized in future years.

In the world of gift and estate tax, for the tax year 2023, a U.S. citizen and/or resident decedent currently receives a $12.92 million lifetime exemption from tax on their worldwide assets.