The Los Angeles wildfires are severely impacting a large number of individuals and businesses. To that end, below is some important federal and state tax filing information and a tax planning opportunity for victims.

With the recent release of its updated Strategic Operating Plan (SOP) and annual update supplement, IRS has outlined how it is ramping up its enforcement efforts.

As America settles into a post-election period, tax issues that each presidential candidate put on the table for the American electorate to consider in casting their ballot now come into focus and urgency with President-elect Donald Trump set to be inaugurated on January 20, 2025.

What trends should investors consider when analyzing potential real estate investments?

With former President Trump's victory in the presidential race and the Republican party's control of both the U.S. House of Representatives (House) and Senate, the framework of potential tax policy changes is coming into focus. With single-party control of the executive branch and Congress, the Republican party is in a favorable position to shape tax proposals and guide them to enactment. However, their slim majorities and budgetary pressures will complicate the implementation of President-elect Trump's tax agenda.

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.