For high net worth individuals with a flexible work/life schedule, relocating to Puerto Rico could provide a potential opportunity to reduce federal and state taxes without having to give up U.S. citizenship. While the potential tax savings (and the local beaches) may be attractive, IRS has come under pressure to crack down on individuals who are claiming U.S. tax benefits but not adhering to all the requirements. Any individuals considering a move to Puerto Rico, as well as those who have already relocated, should make sure that they have qualified for the U.S. tax benefits and are also properly reporting them.

Although 2023 didn't bring large-scale changes to federal tax law, recent court cases, phased-out provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) and COVID-19 relief acts, state legislation, and potential regulatory changes, may have a major impact on taxpayers in the coming years.

The year 2023 saw a rebounding stock market, reduced inflation, and growing hopes for a soft landing for the economy. Amidst this economic environment were bank failures, congressional gridlock, and the continuation of geopolitical international conflicts. With 2024 underway, businesses are likely to encounter their own unique combination of new opportunities, changes, and challenges. This is especially the case from the standpoint of tax planning. Below is an overview of the top areas to consider in your tax planning for 2024.

Just months after announcing its global valuation practice, Andersen, the fastest-growing independent, multidisciplinary professional services firm in the world, has expanded its valuation coverage to more than 16 countries throughout Europe.

Andersen Managing Director Bryan Collins comments are featured in the recent Tax Notes article, Revived Reg Project Won't Address Consolidated Subgrouping Rules.

Andersen, the fastest-growing independent, multidisciplinary professional services organization in the world, has extended its valuation capabilities and team through the addition of collaborating firms in Argentina, Chile, Colombia, and Mexico.

Taxpayers who currently have a traditional IRA and who do not anticipate needing their IRA balance to fund retirement may want to consider moving their traditional IRA account balances to a Roth IRA.

An Employee Stock Ownership Plan (ESOP) is a tax-qualified defined contribution retirement plan for the benefit of employees.