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International Tax Articles

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May 28, 2019

Who Will Inherit Your IRA?

In this podcast, Angel Nevis and Anu Joshi from our Family Wealth and Individual Tax Planning Group discuss the various options and factors to consider when selecting who will inherit your IRA. You may choose one, or some combination of, the following:

  • Your Spouse
  • Your Children, Grandchildren or Other Individuals
  • Your Trust
  • Your Estate
  • Your Favorite Charity
  • No one
https://www.aslcpa.com/wp-content/uploads/2019/05/Anu-Angel-Podcast_Audacity-5.28.19.mp3

Read the Who Will Inherit Your IRA? article.

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Categories: Family Wealth & Individual Tax Planning, Spring 2019
Tags: Angel Nevis, estate planning, Individual Retirement Accounts, Required minimum distributions,
May 24, 2019

An Overview of the Proposed Regs on the FDII and GILTI Deduction

In March, the IRS issued proposed regulations that cover determining the amount of the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI). The regs also coordinate the FDII and GILTI deduction with other tax provisions. Here’s an overview.

Background

The Tax Cuts and Jobs Act (TCJA) established a “participation exemption system” under which certain earnings of a foreign corporation can be repatriated to a corporate U.S. shareholder without U.S. tax. (This occurs under Internal Revenue Code Section 245A.) (more…)

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Categories: International Business Issues, Spring 2019
Tags: Domestic Corporation, FDII, GILTI, international tax,
May 21, 2019

Recent IRS Pushback on Valuation Discounts for Estates

By Jeff Faust, CVA, Director of Valuation Services
ASL Business Valuation Services

Recently, the IRS began pushing back on discounts used within estate and gift valuations, specifically the discount for lack of control (DLOC) and the discount for lack of marketability (DLOM), calling for lower discounts to be applied. Valuation discounts have always been critical in estate and gift valuations because they measure the restrictions on the ownership interest being valued. These discounts also can be used as a planning tool to help lower overall estate and gift taxes. As a result, the IRS reviews these discounts carefully and can push back on them. The DLOC is typically applied when the non-controlling interest is being valued and the DLOM is applied to account for the limited liquidity of the ownership interest. (more…)

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Categories: Spring 2019, Valuation Services
Tags: Discount for lack of control, Discount for lack of marketability, Estate and Gift Valuations, Jeff Faust, Valuation Discounts,
May 21, 2019

Local Construction Industry Resources

By Jerry Quintos, CPA, Director
ASL Construction Group

Are you a construction industry company utilizing all your local resources here in Silicon Valley? Most of you probably are, but some of you… perhaps not. I’m thinking about the Construction Financial Management Association of Silicon Valley (CFMA), Builders’ Exchange of Santa Clara County (Builders’ Exchange), and the Construction Group here at Abbott, Stringham & Lynch (ASL). (more…)

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Categories: Construction Corner, Spring 2019
Tags: Builders’ Exchange, construction companies, Construction Financial Management Association of Silicon Valley,
May 20, 2019

Who Will Inherit Your IRA?

By Angel Nevis, CPA, Senior Tax Manager

Individual Retirement Accounts (IRAs) allow investments to grow tax-free over time and can be an effective way to pass wealth to future generations. Distributions from an IRA are subject to income tax in the year of withdrawal.  Required minimum distributions (RMDs), which are calculated based on the value of your IRA and your life expectancy, must be taken when you reach age 70 ½. (more…)

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Categories: Family Wealth & Individual Tax Planning, Spring 2019
Tags: Angel Nevis, estate planning, Individual Retirement Accounts, IRA,

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