United States: Pass-Through Groups Push Back Against Corporate-Only Reform

Senate Finance Committee Chair Orrin Hatch, R-Utah, and House Ways and Means Committee Chair Paul Ryan, R-Wis., continued to advance the idea of corporate-only tax reform last week, but received resistance from groups representing pass-throughs.

For several weeks, Ryan and Hatch appeared to be abandoning efforts to pass a comprehensive tax reform bill that would lower both corporate and individual rates. The growing momentum for corporate-only reform has threatened many pass-throughs, whose business income is […]

By |April 24th, 2015|

United States: Tax Court Denies Individuals’ Charitable Deductions For Scholarship Payments Made From Trust

In a recent decision, Kalapodis v. Comm’r., TC Memo 2014-205 (Oct. 6, 2014), the Tax Court evaluated whether individual taxpayers were entitled to a charitable contribution deduction for scholarship payments made to certain individuals from an irrevocable trust established by the taxpayers.

The taxpayers in this case established an irrevocable trust with $75,000 of life insurance proceeds that they received by reason of the death of their son. The trust directed that all trust income […]

By |April 24th, 2015|

Malta: Wealth And Tax Management – Are You Up-To-Date?

The formula for successful wealth and tax management can be easily encapsulated in two words – planning and reviewing. As long as this circular process is undertaken regularly, according to your individual needs, you are sure to be capitalising on your assets in the optimal way.

The key to carrying out this process correctly is taking into account all the factors surrounding your wealth that may affect your ability to preserve it in the long […]

By |April 22nd, 2015|