Since the passing of the Tax Cuts and Jobs Act in 2017, several states have enacted or are contemplating enacting pass-through entity taxes (PTETs) as workarounds to the $10,000 cap on the federal state and local tax deduction.

Taxpayers with audited financial statements (AFS) have new opportunities under the final Sec. 451 regulations to defer recognizing income under the Sec. 451(b) book acceleration rule (see this Tax Release for a summary of the final Sec. 451 regulations). Those taxpayers with unbilled revenue or contract assets on the GAAP balance sheet may be able to defer such revenue for tax purposes under the new guidance.

In some families, younger generations start private equity funds and raise capital from both family and outside investors.

In trust and estate tax planning, a well understood and often used tax saving transaction is the partial interest gift discount when a non-controlling partial (or fractional) ownership interest is gifted between family members. In this case, once the fair market value of 100% of the subject real estate portfolio is established, a discount study is performed for the partial interest of the ownership amount that is transferred via a gift.

As we enter the second quarter of 2022, businesses and their owners face a state of change, disruption and uncertainty on both the domestic and international fronts. Despite the pending developments that have the potential to impact tax planning opportunities and challenges in 2022, there are some areas where tax planning needs are clear and where taxpayers must give their immediate attention. To that end, below are several tax-related moves that business should consider in 2022 including amending returns to capture tax benefits from the pandemic, leveraging deductions that may soon expire, and planning around expired tax benefits and current legislative uncertainty.

Andersen Global expands its presence in Africa through a Collaboration Agreement with ISHARA Consulting Limited (iSHARA), a tax and business advisory services firm in Tanzania.

Managing Director Mary Duffy's thoughts regarding the planning opportunities and potential pitfalls of owning and operating a private aircraft are featured in an interview recently published by CFO Dive , a business publication aimed at chief financial officers.

Andersen Global continues to cultivate its platform in East Asia through a Collaboration Agreement with Eiger, a full-service law firm headquartered in Taipei, Taiwan.