Despite easing through mid-2024, the U.S. economy remained surprisingly resilient. Real gross domestic product (GDP) was up by 3% in the second quarter, while inflation trended lower. The Federal Reserve appears to have successfully navigated a soft landing for the economy through a combination of interest rate hikes and quantitative tightening. Though inflation is higher than the 2% target, the Federal Reserve recently cut rates for the first time in four years.

Maintaining wealth across multiple generations is complex. Success involves combining experience and expertise into a coordinated strategy of investment, tax, wealth transfer, and cash-flow planning. In recent years, an increasing number of family offices have been created to help ultra-high-net-worth families manage their wealth. Wealthy families can hire in-house personnel for all these areas, but as outlined below, they often find it helpful to engage third-party providers to complement their family office.

As the sunset of the Tax Cuts and Jobs Act approaches, the time for planning before gift and generation-skipping transfer tax exemptions are cut in half is now.

More and more, venture capital funds are moving their cash balances to money market funds. Holding money in these funds allows for greater flexibility in cash management, as well as providing greater yield while also reducing the risk of a potential banking crisis. However, for funds with foreign investors, U.S. money market funds can create certain tax complications for both the fund and investors that should be considered.

In the latest installment of Sodium Podium – the Andersen SALT team's regular column in Tax Notes, Eric Anderson, Catherine Chiou, and Michael Beck examine the key state and local income tax considerations for sellers of pass-through entities in Just Passing-Through? State Income Tax Issues for Sellers of Passthroughs.

With the presidential election race heading down the final stretch, the candidates are explaining how their tax policies will spur economic growth and reshape America.

Andersen Managing Director Joe Calianno's Comments are featured in the recent Tax Notes article, "Proposed DPL Rules May Have IRS Authority Hiccups."

Andersen Global adds member firms in Asia Pacific as the VDB Loi offices in Cambodia and Vietnam adopt the Andersen brand.