In the venture capital and start-up world, Simple Agreement for Future Equity (SAFE) instruments have been used to raise funds by new business ventures since 2013.

Navigating the complexity and breadth of IRS reporting requirements for U.S. individuals with foreign financial investments requires a holistic understanding of the scope of possible penalties, as well as the current state of related IRS enforcement.

Many companies are currently in the process of completing their annual goodwill impairment tests under the requirements of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 350 Intangibles – Goodwill and Other. In order to comply with Securities and Exchange Commission (SEC) requirements, public registrants are expected to perform an analysis that reconciles the fair value of the reporting unit tested (or reporting units) to the public market capitalization of the company. During the reconciliation process, companies may face several roadblocks that require careful consideration.

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.

Taxpayers and their advisors face an uncertain future due to volatile markets, the potential for recession still looming, and increasing interest rates. While this uncertain market presents challenges, it also creates certain wealth planning opportunities.

In a recent Q3 2023 Newsletter article, we outlined how Qualified Small Business Stock (QSBS) can be a powerful tool for certain taxpayers and how proper documentation and technical analysis are important to ensuring that your QSBS position can withstand an IRS challenge.

The economics of college sports changed in a seismic shift on July 1, 2021, when the National Collegiate Athletic Association (NCAA) adopted an interim policy allowing student-athletes to be compensated for the use of their name, image, and likeness (NIL) without impacting their NCAA eligibility. The earnings potential for nearly half a million college athletes changed radically overnight following this policy change. Boosters, supporters, and fans of college athletic programs quickly raced to establish "NIL collectives" to develop, fund, or otherwise facilitate NIL deals for student-athletes.