Through a century of work with affluent clients, the Anchin Private Client team knows that most wealthy families are not living a “carefree life of luxury” – at least not without time being spent to manage their personal financial lives. In the pursuit of meaningful prosperity, many entrepreneurs, executives and innovators find the road to success quite demanding. In some cases, once the wealth is created, family members ultimately become consumed with managing a growing range of professional and personal responsibilities. While focusing on the day-to-day minutiae, families often overlook critical tax, accounting and estate planning opportunities. Facing these challenges alone adds to existing complexities, making it harder to find time for family, friends and finances – let alone pursuits of passion and philanthropy.
There is a solution. High-net worth families need someone at the center of it all with the perspective and experience to identify tax saving opportunities, manage processes, oversee third-party relationships and streamline operations. For many families, the Anchin Private Client team assists in bill payment, lifestyle management, and provides guidance on matters relating to art and other precious collections. Often, Anchin Private Client serves as the “family CFO,” immersed in day-to-day financial matters and tasked with aligning long-term goals with advanced planning components. Whatever the challenge, an unbiased and objective approach allows Anchin Private Client to coordinate with third-party financial managers, attorneys, insurance and other trusted advisors.
Relying on proven methods and a conservative approach, Anchin Private Client delivers effective coordination of financial and tax planning components. This allows our team to consistently achieve exceptional results and avoid the missteps that often prevent families from converting financial success into lasting wealth. Anchin Private Client measures impact not by assets under management, but by the ability to enhance the overall quality of life of our clients.
Find more time for the things that matter most. Contact Anchin Private Client at firstname.lastname@example.org for additional information or materials.
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WORK. LIFE. BALANCE SHEET.SM
Every ultra-wealthy family has a unique situation. The intricacies of everyday life, personal finances and philanthropic interests defy diagrams or demographics. With only complexity in common, each client needs a solution that is specifically tailored to family objectives and resources. Whether the situation calls for a dedicated “family CFO” to handle day-to-day personal financial matters, the creation of a family office structure to capitalize on potential tax benefits, or the outsourcing of critical tax and estate planning components, Anchin Private Client stands ready to assist. Supported by a team of more than 350 professionals under one roof with highly specialized industry and service groups, our team brings stability, foresight and discretion to advanced planning and business management processes.
Delivering value to our clients starts with our Work. Life. Balance SheetSM approach and a commitment to helping clients better manage tax, estate planning and wealth transfer strategies. Anchin Private Client combines experience with a talent for innovation to create customized solutions that fit each family’s distinctive situation and vision for the future.
The ability to seize opportunities and proactively address challenges is something that our clients and their professional service providers have come to expect. Our team is able to coordinate and oversee vital services and third-party relationships to ensure that our clients get the best possible results from their team of advisors. Anchin Private Client is able to provide an integrated financial strategy, encompassing Tax Planning and Compliance, Family Office Support and Business Management, Accounting, Trusts and Estates, Philanthropy, Art, and Matrimonial Advisory services.
Tax Planning and Compliance
In these times, it is an absolute necessity for every business to have the best tax advisors available.
The implementation of complex investment or estate planning strategies without consideration of potential tax implications is like carrying water in a leaky bucket. Large-scale liquidity events bring asset preservation and transfer possibilities that can greatly enhance family wealth. Anchin Private Client offers high level tax consulting and preparation of gift, individual, fiduciary, partnership, corporate and foundation tax filings.
Through years of experience and extensive training, our highly specialized partners and staff allow Anchin Private Client to keep pace with domestic and international filing requirements. Our service offerings include:
- Tax planning and compliance
- Trusts and estates
- Gift tax
- Private foundations
- International taxation
- Tax controversy
Family Office Support and Business Management
Anchin Private Client addresses often overlooked aspects including bill pay and household payroll as well as balance sheet and cash flow analysis reporting. Because each client situation is unique, the Anchin Private Client team is reinforced by organizational knowledge earned from a century of service to high-net worth clients. Solutions are enriched by a deep network of centers of influence and a firm-wide dedication to privacy and discretion. Our service offering includes:
- Business Management
- Payment of Bills and Vendor Liaison
- Cash Flow Management and Forecasting
- Payroll and Compliance for Domestic Employees
- Integrated Financial Strategies
- Coordination of Client Advisory Team
- Net Worth and Cash Flow Analysis
- Banking – Needs Assessment and Advisor Introductions
- Financing – Structuring and Resource Introductions
- Risk Management*
- Life and Disability Insurance
- Property and Casualty Insurance
- Personal Security
- Recordkeeping, Appraisal and Protection of Collectibles
- Process, Technology and Internal Controls*
- Internal Controls Review
- Information Technology – Networking, System Integrity and Applications
*These services are provided in coordination with Anchin affiliates or third parties.
Nearly a century of experience as a premier accounting firm allows Anchin Private Client to provide a broad range of financial reporting services, treating family finances similar to those of an operating business. Reliable quarterly reports are client-customized and include cash flow transactions, consolidated net-worth statements and recordkeeping for personal properties. Bookkeeping assistance for businesses and for families, litigation support and succession planning are sought after services for Anchin Private Client; the group often provides recommendations to improve controls and operations. Our team is able to leverage industry specialized talent to provide high level accounting and reporting advice, allowing our clients to achieve their long-term objectives Our accounting service offerings include:
- Preparation of personal financial statements
- Outsourced accounting and bookkeeping
- Litigation support
- Review of internal control systems
- Consolidated investment reporting
Trusts and Estates
Even when appropriate planning is executed, estate tax can often be one of the largest expenses ever incurred by a family. Anchin Private Client provides tax planning for families, trusts, estates and beneficiaries. Our team overall first gains an overall understanding of the family picture before working on matters including trust formation, succession planning and other wealth transfer strategies. Our service offerings include:
- Assistance with development of long term and short term objectives
- Review of existing multi-generational wealth transfer strategies
- Financial modeling of alternative strategies
- Action plan to implement changes
Once families have created exceptional wealth, much of their energy can be focused on enhancing their charitable goals. The Anchin Private Client team has deep expertise in designing, implementing and maintaining sophisticated philanthropic strategies that help to establish family legacies. Our team understands issues involved with establishing a private foundation, how to structure a grant, and on a more global basis, how philanthropy intersects with estate planning considerations. The Anchin Private Client team understands the passion that families can bring to philanthropic goals and will work to help achieve them. Our experience shows philanthropy can unite multiple generations within a family. Our service offerings include:
- Structuring of personal giving programs
- Attestation services for established not-for-profit entities
- Foundation management
- Strategy analysis and grant implementation
Being an art collector, foundation or gallery comes with a unique suite of tax implications. Whether the issue is to mitigate the tax burden of collecting or selling art, or a family is looking to efficiently transfer wealth to future generations, it is critical to work with advisors with a comprehensive knowledge of the tax codes and legislatures governing the art and collectibles world. Under the umbrella of Anchin Private Client, Anchin’s Art Group offers high level, value added services solving a variety of needs and issues Our service offering includes:
- Art collectors and investors
- Tax strategies
- Wealth transfer planning
- Tax-free exchanges
- Asset tracking
- Art galleries
- Financial statement preparation
- Needs assessment and advisor introductions - banking and other specialists
- Specialized accounting requirements
- Artist endowed foundations
- Entity formation
- Governance and board development
- Family participation
- Staffing and foundation management
- Inventory control and monitoring
- Strategy analysis and grant implementation
Divorce may not always derail family finances, but it often impacts their lifestyle and long-term planning. Emotional aspects are further complicated when the well-being of children, businesses and investment assets are at stake. Anchin Private Client has the expertise to guide family members during trying times such as divorce or the death of a spouse and to help restore a sense of normalcy. Through long-term planning and the need for ongoing support, parties are more likely to regain the financial and emotional freedom needed to move forward in the next phases of lives and careers. Our service offering includes:
- Review of previously filed income and gift tax returns
- Assistance with data collection for financial affidavits
- Preparation of net worth statements
- Review of separation/divorce agreements for tax implications on proposed settlements
- Assistance with innocent spouse relief
- Assistance with locating hidden assets through forensic examination
- Assistance with determination of alimony/palimony requirements
- Personal budget preparation
- Assistance with the calculation of child support needs
- Post-divorce income and estate tax planning and compliance
- Bill paying and other personal financial services
- Analysis of retirement planning options
- Analysis of mortgage and debt
- Analysis of life insurance levels and types
- The First-Generation Family Office
Given the recent and continuing proliferation of wealth creators, family office services are in higher demand.
- Outsourcing Critical Family Office Functions
For some high-net worth families, several important and impactful decisions and events can occur concurrently, making life seem like an overwhelming juggling act.
- Archdiocese of New York
Anchin’s client discussed with the Archdiocese of New York an idea to help them increase their fundraising for the Parochial School System.
- Private Foundation
Anchin assisted a private foundation client with their idea to establish matching grant programs which leveraged their philanthropy by enabling the recipient charities to raise additional funds.
- The 2018 Gift Tax Return Deadline Is Almost HereMarch 20, 2019
Large gifts made last year, such as ones made to children, grandchildren or other heirs, require filing a gift tax under certain circumstances. It is important to determine whether filing a 2018 gift tax return is required – or whether filing one would be beneficial even if it isn’t required.
- A Total Return Unitrust Can Help Maintain Family Harmony March 20, 2019
A traditional trust can sometimes create a conflict between the lifetime and remainder beneficiaries. For example, investment strategies that provide growth that benefits remainder beneficiaries can leave lifetime beneficiaries with little or no annual payouts. This makes it more difficult for a person’s estate plan to achieve his or her objectives and places the trustee in a difficult position. A total return unitrust (TRU) may offer a solution.
- Family Financial FitnessMarch 20, 2019
Sometimes a change in circumstances forces a change in responsibilities at a time when all parties are not necessarily ready. In instances when the family member who typically takes care of the finances falls ill and is unable to continue, a spouse or child may need to step in.
- A SLAT Offers Estate Planning Benefits and Acts as a Financial Backup PlanFebruary 28, 2019
Some of the most effective estate planning strategies involve the use of irrevocable trusts, but it can be uncomfortable for someone to place assets outside of his or her control. What happens if a grantor’s financial fortunes take a turn for the worse after a large portion of wealth has been irrevocably transferred?
- The Financial Considerations of Marrying Later in LifeFebruary 28, 2019
While there are benefits to later-in-life marriages, there are also financial considerations to keep in mind, as each spouse is more likely to enter into the marriage with their own financial assets and responsibilities. As a lot of planning goes into the “big day”, there are a few details that should not be overlooked.
- Domestic Employee Payroll: What You Need for Tax Time February 28, 2019
When does an individual qualify as a domestic employee? This is an issue that is often misunderstood, and can potentially result in a scenario whereby a household is actually an employer without even realizing it. Many families believe that only full-time employees count for tax purposes. With the new year underway, households should consider consulting with their tax and financial advisors to make sure they are properly tracking, paying for and insuring their household help.
- Automatic Extension Available for Making Portability ElectionJanuary 31, 2019
An unfortunate reality about outliving a spouse is that during the time when the pain and grief are very new, important financial and estate planning activities must be carried out. Often times, even when careful plans are made, some details get lost in the shuffle. One item that sometimes goes unnoticed that also has a limited window of opportunity is the portability election.
- Estate Planning for Unique Family Situations January 31, 2019
It may be best to think about estate planning as more of a process than a destination. While families may have an idea of how they want their assets distributed at death, changing circumstances can necessitate making changes to even the best laid plans.
- Hastily Choosing an Executor Can Lead to Problems After Your DeathJanuary 31, 2019
Choosing the right executor — also known as a “personal representative” — is critical to the smooth administration of an estate. Sometimes people make this decision without giving it proper consideration. Given an executor’s many responsibilities and complex tasks, it is important to put some thought into the selection.
- How Does the Government Shutdown Affect Your Taxes?January 25, 2019
Many of you may be concerned about how the government shutdown will affect the IRS and the upcoming tax filing season. Certain departments are open, but these are mainly for tax return processing.
- Examining Home Mortgage Interest and Home Equity Loan Interest Deductibility under the TCJANovember 30, 2018
The Tax Cuts and Jobs Act (TCJA) brought about changes in the rules for deducting qualified residential interest, i.e., interest on a mortgage.
- Exploring the Benefits of Donating Appreciated StockNovember 30, 2018
As the end of the year approaches, families often consider finalizing their year-end philanthropic giving. If making a substantial contribution to a charity or college is on the horizon, donating appreciated stock from an investment portfolio in lieu of cash is a strategy worth considering. The tax benefits from the donation can be increased and the organization will be just as happy to receive the stock.
- The Rise of Impact InvestingNovember 30, 2018
Investors are increasingly spending more time thinking about what their investments will mean for the world instead of just their portfolio. Yet for all the interest in impact investing, many are unsure of what it is and how to get involved, should they deem it is appropriate for their investment portfolio.
- Use the Proper Tools to Fix a Broken TrustOctober 31, 2018
An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves its original purpose? Is it too late to change it? Depending on applicable state law, there may be options to fix a broken trust.
- Key Considerations for Settling a Loved One’s EstateOctober 31, 2018
The loss of a loved one is an emotionally taxing event. While family and friends come together to grieve and support one another, a death also prompts action for settling of the estate. A family member may end up as the executor or executrix but not have the professional background that would lend itself to the role. Considering the following items will help alleviate some of the difficulties that may arise when executing an estate.
- Decanting an Irrevocable Trust in Need of ChangeOctober 31, 2018
Over time, the terms of an irrevocable trust may no longer be applicable to an individual or family’s current situation. While irrevocable trusts are typically created with the intent of remaining unchanged, trustees may also have the option of decanting a trust when it makes sense. To decant a trust, a trustee distributes assets from one irrevocable trust into a new irrevocable trust that contains modified terms. This may be beneficial for when the terms of a trust have become outdated.
- Five Things to Consider Regarding a Second Residence in the Big AppleSeptember 27, 2018
New York can be a magical city, and many people dream of making the Big Apple their forever home. Yet for those that want to enjoy the city on a part-time basis, there are a number of things to consider to make sure the decision is appropriate. This piece highlights five.
- Post-Retirement Planning: A Checklist for Seniors September 27, 2018
As high net worth individuals enter their retirement years, they may think that the bulk of their financial planning needs are over, when in fact a new phase of financial planning is just beginning. Even though some of these wealthy families may not have to worry about outliving their savings, there are still reasons to periodically review their financial plan.
- Philanthropy and Tax Reform: Is it Advantageous to Accelerate Contributions?September 27, 2018
The Tax Cuts and Jobs Act, signed in December 2017, raised questions about how charitable gifts can be deducted. With the standard deduction limits for individuals and married couples nearly doubled under the new law, the financial incentive to donate has largely disappeared for most families.
- Beware IRD If Anticipating an InheritanceAugust 29, 2018
Most people are genuinely appreciative of inheritances, yet sometimes a well-intentioned gift can have steep tax consequences. While inherited property is typically tax-free to the recipient, this is not the case with an asset that is considered income in respect of a decedent (IRD). If someone inherits previously untaxed property, such as an IRA or other retirement account, the resulting IRD can produce significant income tax liability.
- Considerations in Choosing a Guardian for your Minor ChildrenAugust 29, 2018
One of the hardest things for a parent to imagine is not being there for their children. This is one typical reason why many delay choosing a guardian. However, despite the challenge, parents of minor children should incorporate into their estate plan who will take care of their children in the event of their death. By planning today, parents can help to ensure that their children are well cared for should the worst happen. If there is no plan in place, guardianship decisions are likely to be made by the state and are often not what the parents would have chosen.
- 529 Plans and Tax ChangesAugust 29, 2018
Under the Tax Cut and Jobs Act of 2017, funds in 529 Plans are no longer restricted to college and university expenses. This means that families who used to foot the bill for private school tuition (kindergarten through 12th grade) from already-taxed assets can now use the tax-advantaged accounts to minimize some of the costs.
- Naming a minor as beneficiary of a life insurance policy or retirement plan can lead to unintended outcomesJuly 31, 2018
Challenges often occur in instances when a minor is designated as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. While making a young child the beneficiary of such assets may seem like an excellent way to provide for him or her, in the case of a parent’s untimely death, doing so can have significant undesirable consequences.
- Self-employed? Don’t Forget to Fund a Retirement PlanJuly 31, 2018
As a self-employed small business owner, you have numerous responsibilities on your plate that a salaried employee does not encounter. One critical but easily overlooked responsibility is to plan for your post-career financial well-being, by establishing, maintaining and funding your own retirement plan.
- Imparting Financial Lessons to College-Bound ChildrenJuly 31, 2018
Parents of college-bound children may have a long summer to-do list to get their children ready for school. But amid the family vacations and mile-long shopping lists, parents may also want to think of ways to financially equip their children for college.
- Evaluating the Use of the New York Charitable Gift Reserve Fund to Secure Tax DeductionsJuly 23, 2018
As a result of the federal Tax Cuts and Jobs Act, the maximum deduction for state and local income taxes combined with real estate taxes on the federal return will be limited to $10,000 for years beginning in 2018. In an attempt to mitigate the negative consequences of this lost deduction for New Yorkers, the recently passed New York Executive Budget has several provisions that provide potential relief.
- Changes Affecting Divorce in Light of the Tax Cuts and Jobs ActJune 28, 2018
The new law applies to divorce or separation agreements executed after December 31, 2018, which means that divorcing spouses will have a good reason to finalize their divorce by the end of the year.
- Tips for Minding the House During a Summer Away June 28, 2018
Families will want to make sure they take proper care of their primary residence so that they do not find any unpleasant surprises awaiting them when they return from the summer break.
- Security Risks with Smart Homes and IOTJune 28, 2018
Every device that is added to the home Wi-Fi network opens up potential risks. Following smart security practices can help protect both property and personal information.
- Important Conversations: Talking to Kids About MoneyMay 31, 2018
Initiating conversations about money is not typically easy, and many high-net-worth families struggle with determining when to broach this topic with their children.
- Estate Planning Under the New Tax LawMay 31, 2018
It is especially important to keep estate plans up to date during times of change—such as when a family grows or laws are modified. Staying informed about tax law provisions helps individuals make smart decisions for the distribution of their assets.
- New York Reacts to Federal Tax ReformMay 3, 2018
On March 30, 2018, the New York State legislature enacted its $168.3B budget for the fiscal year ending March 31, 2019. Provisions in the budget were designed to offset some of the negative effects of the recently-passed federal Tax Cuts and Jobs Act. Will these provisions hold up? Should you try to take advantage of them? Here are some early thoughts.
- Building Ownership and Compliance in New York CityApril 30, 2018
Whether they live in the building or rent it out, building owners in New York City are responsible for following the city codes to ensure the safety of residents and the surrounding areas.
- Keeping a Trust a Secret Could Violate State LawApril 30, 2018
When an estate plan includes one or more trusts, it is understandable to want to keep them a secret. Despite all good intentions, however, the law in many states requires trustees to disclose certain information to beneficiaries.
- New Section 179 and Bonus Depreciation Deduction Rules for Equipment PurchasesApril 30, 2018
When deciding whether to take Section 179 deductions or bonus depreciation, one must consider the other changes in the tax law, such as the excess loss limitation rules, to be sure that they can benefit from these deductions.
- The Modification of the Net Operating Loss Deduction: What Does This Mean To You?April 9, 2018
The Tax Cuts and Jobs Act imposes modifications to the net operating loss (“NOL”) deduction rules. These new rule changes affect tax years beginning January 1, 2018 and are scheduled to sunset on December 31, 2025.
- Seven steps to choosing a successor for the family businessMarch 29, 2018
Extra care can be taken when choosing a successor to give the family business the best possible footing going forward.
- Requirements to Keep In Mind When Making Charitable ContributionsMarch 29, 2018
There are certain rules that must be followed in order to document a donation of property to be able to receive a tax deduction.
- Beware the “Kiddie” TaxMarch 23, 2018
At one time years ago, parents could substantially reduce their families’ overall tax burden by shifting income to children in lower tax brackets (usually by transferring investments or other income-producing assets). The kiddie tax was designed to discourage this strategy by taxing most of a dependent child’s unearned income at the parents’ marginal rate. The tax applies to children age 18 or younger plus full-time students age 19 to 23 (with certain exceptions).
- Tax Cuts and Jobs Act Impacts 529 PlansFebruary 23, 2018
Under the Tax Cuts and Jobs Act, the definition of qualified higher education expenses has now been expanded to include tuition expenses for public, private or religious school from Kindergarten through 12th Grade if paid after December 31, 2017. Parents can now take a tax-free distribution of up to $10,000 per year per beneficiary for qualified K-12 tuition expenses.
- Individual Tax Rates, Brackets and AMT under the 2017 Tax Reform Act February 21, 2018
The 2017 Tax Cuts and Jobs Act introduced some significant changes to the individual income tax structure. Individual income tax rate changes, bracket changes, and changes to the Alternative Minimum Tax (AMT) can impact your overall tax profile.
- Individual Income Tax Deductions under the 2017 Tax Reform Act February 16, 2018
The 2017 Tax Cuts and Jobs Act introduced some significant changes to the individual income tax structure. Income tax rate changes and income tax deduction changes will impact your overall tax liability. Here are some of the changes.
- Tax Cuts and Jobs Act Substantially Limits Meals and Entertainment DeductionFebruary 14, 2018
The 2017 Tax Cuts and Jobs Act introduced some significant limitations to the meals and entertainment deduction. The new law makes two major changes to the meals and entertainment rules, which can impact your business.
- Tax Court Ruling That Family Office Carried on a Trade or Business May Offer Tax Planning Opportunities February 5, 2018
On December 13, 2017, in Lender Management, LLC v. Commissioner, the U.S. Tax Court ruled that a family office, Lender Management, LLC (“Lender Management”), carried on a trade or business as an investment manager rather than as a passive investor and was therefore entitled to deduct expenses under §162 (“deductible above-the-line with no income limitation”) vs. §212 (“miscellaneous itemized deductions subject to the 2% of adjusted gross income (AGI) floor”).
- Taxation: More than just a NY “State” of MindJanuary 31, 2018
Families that live in one state may find that they have earned income in many states due to the various sources of their income.
- Estate Planning for Blended FamiliesJanuary 31, 2018
With an assortment of family members, individuals need to be diligent in maintaining updated documents to avoid or mitigate potential issues.
- What to make of Cryptoculture in 2018January 31, 2018
For households who are weighing getting into cryptoassets, here are some guidelines.
- 11 New Tax Deductions and Reductions Under the New Tax LawJanuary 17, 2018
Clarence Kehoe, Anchin's Tax Leader, makes observations about who can count as dependents as well as on the non-deductiblity of sports tickets.
- When Are Your Taxes Due? A Schedule and Primer for Filing for 2017January 11, 2018
Tax Partner Paul Gevertzman discusses the prudence of filing early in case of identity theft, as well as on the complications of S-corporation filings.
- Tax Cuts and Jobs Act: Key Provisions Affecting Estate PlanningJanuary 8, 2018
The Tax Cuts and Jobs Act of 2017 (TCJA) is a sweeping revision of the tax code that alters federal law affecting individuals, businesses and estates. Focusing specifically on estate tax law, the TCJA doesn’t repeal the federal gift and estate tax. It does, however, temporarily double the combined gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption.
- Why You Should File Your Taxes ASAPJanuary 5, 2018
Tax Partner Paul Gevertzman advises taxpayers to assume their data has been compromised and to use the IRS transcript service to monitor activity.
- Protecting Fine Art Investments with Title InsuranceDecember 29, 2017
When investing in fine art, collectors often worry about the potential decrease in value if the art or artist were to fall out of favor. While this is a reasonable concern, it will not result in an entire loss of the asset investment. Collectors need to be wary of two other risk factors when buying fine art: authenticity and clear title. While authenticity cannot be insured against, collectors can usually purchase title insurance to protect against potential loss due to a reclamation claim.
- Loyalty Returned - Caring for Fido From BeyondDecember 29, 2017
It has been more than 10 years since real estate investor Leona Helmsley bequeathed $12 million in trust to her Maltese named Trouble and nothing to two of her four grandchildren -- a move that was widely derided as frivolous at the time.
In the years since Helmsley’s passing, many people have started to pay closer attention to how their furry family members would be cared for should they outlive their owners.
- Turning Over the Keys to the Family BusinessDecember 29, 2017
Owning a business is one part of the American Dream, and seeing it successfully transferred to the next generation ensures that dream continues. Yet with competing interests among family members in addition to financial considerations, transferring a business to the next generation is often a daunting task. Having frank conversations with family members early on and employing the right experts can make the transfer easier.
- New Tax Law Brings Big Changes for Individual TaxpayersDecember 26, 2017
On December 22nd, President Trump signed the Tax Cuts and Jobs Act of 2017 (“TCJA”) into law. It is the most sweeping federal tax legislation in more than three decades. While many of the new law’s provisions affect businesses, it also includes significant changes for individual taxpayers, most of which take effect for 2018 and expire after 2025. Here are some of the most notable changes.
- Congress passes biggest tax bill since 1986December 21, 2017
On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986. The bill makes small reductions to income tax rates for most individual tax brackets, significantly reduces the income tax rate for corporations and eliminates the corporate alternative minimum tax (AMT).
- Tax Bill ReleasedDecember 18, 2017
Late Friday night, a written version of the Republican tax proposal was finally released. The bill represents a substantial revision of our country’s tax code.
- Tax Plan Moves ForwardDecember 14, 2017
The Senate and House conference committee made further progress on its tax reform plan.
- Senate Passes Tax BillDecember 5, 2017
The Senate voted and narrowly passed its version of tax reform legislation clearing another significant hurdle in the progress of changing our nation's tax system. There still remains significant differences between the House and Senate versions which will require reconciliation of the two bills.
- Domestic Employee Payroll: When Running a House is the Same as Running a BusinessNovember 30, 2017
When becoming a domestic employer, there are a number of factors to consider in order to be in compliance with labor and tax laws.
- Cruising the Friendly Skies: Own or Charter Your Own Plane?November 30, 2017
For people who travel frequently for business and pleasure, owning a private jet may feel like a necessity. However, outright ownership may not be the best option.
- Important Considerations for Living and Working AbroadNovember 30, 2017
Many people dream of living abroad. But for all the wanderlust, it is important to stay organized to prevent unnecessary financial burdens.
- Tax Reform AdvancesNovember 20, 2017
Last week saw some major progress on the tax reform proposals. Despite a handful of Republicans from high tax states defecting, the House passed its proposed reform bill. The Senate completed its mark up and will debate the bill when they return from Thanksgiving recess next week.
- Compare and Contrast the House and Senate Tax BillsNovember 14, 2017
Many of the House and Senate provisions are similar. For example, both plans would repeal the alternative minimum tax and retain the charitable contribution deduction. However, there are a number of key differences. Here’s a look at some of the most significant.
- Senate GOP Releases Tax Reform PlanNovember 14, 2017
The Senate released its long awaited tax reform proposal. While many similarities exist with the House bill many differences also exist. Here are a few observations.
- House Bill Repeal Of GST Would Defuse A Ticking Time Bomb For Trust Fund KidsNovember 13, 2017
Tax Partner E. Richard Baum shares his observations on non-skip beneficiaries.
- Tax Proposal UpdateNovember 13, 2017
One of the reasons we don’t report extensively on the details of proposed tax law changes is just that – they are proposed and it can be very difficult to keep up with the details and extensive changes. Proving our theory, the House Ways and Means Committee just concluded its markup on the tax proposal and it contains a number of significant changes. The proposal will likely be considered by the full House for a vote this week, so stay tuned.
- More Thoughts on Tax ReformNovember 9, 2017
There are always winners and losers when major tax reform proposals are released. We all need to be cautious about being swayed by the usual political rhetoric.
- Anchin Insights on Tax ReformNovember 7, 2017
As our tax department continues to navigate through the House’s proposed tax changes, a few other surprise revenue raisers were noted impacting individual taxpayers.
- Legal Issues Facing Women in RetirementNovember 2, 2017
Tax Principal Mela Garber shares her perspective on late-in-life financial management and what is necessary for women to have financial success.
- Why Couples Should See a Financial Adviser Before They Get MarriedNovember 1, 2017
Mela Garber, Leader of Anchin's Matrimonial Advisory Group, describes how older engaged couples with unequal means sort in advance how they will pay expenses in their marriage.
- Does Taking Care of My Parents Mean That I've Made a Taxable Gift?October 31, 2017
As baby boomers age, younger generations must contemplate the question of what needs to be done when it comes to taking care of their parents. The answer depends upon where you reside and how payments are made.
- Putting Leverage to Good Use - PhilanthropyOctober 31, 2017
Leveraged philanthropy was born out of the desire for donors’ contributions to work for the charity that they support, typically involving terms that must be met in order to receive the donations, and the terms generally being actions that will be helpful to the recipient organization as well as their charitable purpose.
- A Prenup Can Protect Your InvestmentsOctober 18, 2017
Lydia Vercelli, Member of Anchin's Matrimonial Advisory Group, presents some viable alternatives to the standard agreement.
- How to Protect Your Assets Without a PrenupOctober 14, 2017
Mela Garber, Leader of Anchin's Matrimonial Advisory Group, shares how—and why—to keep your premarital funds safe.
- 7 Little-Known Financial Benefits of DivorceSeptember 29, 2017
Mela Garber, Leader of Anchin's Matrimonial Advisory Group, discusses the benefits of conservative investing, and home downsizing.
- Simple Techniques to Actively Reduce the Size of Your EstateSeptember 29, 2017
Families may want to simplify and reduce the size of their estate while they are alive to minimize the future tax consequences for their beneficiaries.
- How to Protect Yourself Against a Recent Social Security ScamSeptember 29, 2017
A recent social security scam has appeared on the radar targeting the generation of Americans receiving benefits.
- Wine, Art, Cars: Alternative Luxury InvestmentsSeptember 14, 2017
Partner Russell Shinsky advises on boat ownership regarding depreciation, sales tax and mortgage interest deductibility.
- Large Equifax Cybersecurity Breach Could Affect 143 Million People – Are You One Of Them?September 11, 2017
Last week, Equifax announced a large cybersecurity breach that compromised personal information of up to 143 million Americans. The breach, which occurred between mid-May and July was discovered in late July.
- Tax-advantaged ways grandparents can give to grandchildrenSeptember 10, 2017
Jane Bernardini, Partner and member of Anchin Private Client, shares some tips on tax advantages for grandparents providing support for future generations.
- How Grandparents Can Care For Future Generations in a Tax-Advantaged WayAugust 22, 2017
Grandparents that provide financial support for their grandchildren should be aware that there are certain tax advantages available to them.
- Donating Art and Collectibles - A Discussion of Important FactorsAugust 22, 2017
As opposed to selling art, which results in capital gains tax, or keeping art in the family, which may result in estate or gift taxes, donating art will bring a federal and possibly a state tax deduction.
- Alternatives to a Prenuptial AgreementAugust 22, 2017
In this day and age when the divorce rate is trending up, one can never be too prepared. In the absence of certainty, planning for the unknown and learning your options are the next best thing.
- Anchin Private Client Wins NYSSCPA Family Office Cup for Second Consecutive YearAugust 14, 2017
Anchin Private Client, the preeminent accounting, tax and consulting firm for high net worth individuals, families, and family offices has captured the New York State Society of CPAs’ annual Family Office Cup for the second consecutive year. Anchin Private Client, a specialized group within New York-based accounting firm Anchin, Block & Anchin LLP, developed the winning presentation based on the topic of “Family Legacy.”
- What to Consider When Buying a BoatJuly 31, 2017
Enjoyment of boating and the life at sea is a passion that is truly timeless. Throughout history, advocates have spanned all ages, professions and tax brackets. While many find falling in love with boating to be almost automatic, making the decision to own a boat requires careful consideration.
- Art and Other Collectibles - Tax ConsequencesJuly 31, 2017
Question: Why do you purchase and collect artwork and other collectibles? At first glance, such a question may not seem to have any connection to filing your annual tax return. However, the answers you give will go a long way in determining how any income you receive and expenses you incur as well as any gains or losses upon sale or disposition relating to your collectibles are reported on your tax return. Consider which of the following responses apply to you. Then continue reading to see the tax consequences of your answers.
- The Remodeling of the Luxury HomeJuly 31, 2017
The accumulation of wealth is often followed by the acquisition of more than one luxury property. Spending time and entertaining guests at a vacation or primary home becomes a source of pride and enjoyment for many families. To maximize their enjoyment in the time spent at each property, there is a trend of families reimagining the design of the luxury home, and remodeling it based on the latest trends.
- Haven’t Updated Your Estate Plan in a While? It’s time.July 26, 2017
Co-Leader of Anchin Private Client, Jared Feldman, discusses the financial complexity and emotional issues around estate planning.
- Will Millennials Be Ready for the Great Wealth Transfer?July 18, 2017
Co-Leader of Anchin Private Client, Jared Feldman, comments on the different approaches families take to educating their children about wealth and the importance of preparation.
- How to Protect Your Digital Life After You’re GoneJune 30, 2017
With so much personal information stored online, it is crucial that families organize a coordinated and consistent strategy to ensure that their legacy and assets are preserved and handled as intended.
- How to Minimize Estate IssuesJune 30, 2017
In recent years, the passing of pop culture icons has brought attention to the issue of estate matters. Michael Jackson’s death in 2009 posed an interesting estate valuation issue.
- Utilizing a Roth IRA in Your Estate PlanJune 30, 2017
Roth IRAs have long been a popular tool for individuals to save for retirement, but how many people are aware that they can also be used as a key component of an estate plan?
- Your Child’s Tuition Is Paid While You’re in TahitiJune 16, 2017
Co-Leader of Anchin Private Client, Jared Feldman, explains how high-net worth individuals can best manage their personal affairs while on extended vacations.
- Trends in Portfolio DiversificationMay 30, 2017
Real estate, private equity and hedge funds were once a main haven for investors who were looking to diversify their portfolios, but today’s high net worth families are also looking to other asset classes such as cryptocurrencies, farmland and timber to invest their money.
- When Pursuing Your Passion for Wine is a Good InvestmentMay 30, 2017
While art, comics, classic cars, and even film financing are all areas where an enthusiast’s investment could yield personal fulfillment as well as financial gains, wine continues to be among the most popular passion investment vehicles.
- The Pitfalls of Keeping the HouseMay 30, 2017
One of the most common questions during a divorce is “Who gets the house?” Though maintaining the ownership of the family home may be the desired result, there are potential financial burdens that should be considered before making this decision.
- Staying Cyber Safe While Traveling Outside of Your NetworkApril 28, 2017
A guide for understanding criminal infiltration tactics, including methods to avoid potential breaches to help achieve safe, secure device usage
- Are you a member of the Sandwich Generation?April 28, 2017
Five critical steps for adult children to take when handling the financial affairs of their parents
- Gray Divorce: The Financial Challenges and OpportunitiesApril 20, 2017
Mela Garber, Leader of Anchin's Matrimonial Advisory Group, explains why some older couples may separate and advises women who married young and may not have financial experience to work with a financial planner.
- Collectibles: Alternative Investing Beyond Private Equity and Hedge FundsMarch 31, 2017
Collectible items are also a type of alternative investment — and, like all the others — come with their own rules and considerations.
- When is it time to update your estate plan?March 31, 2017
Because it is implied that the documents are supposed to outlive the deceased, many people wrongly assume that they just need to create a set of documents one time and not review them again.
- How to Prepare to Care for a Sick SpouseMarch 31, 2017
At a time when people are at their most vulnerable, they are often expected to make some of the most difficult financial decisions. This is why putting a plan in place when all parties are healthy is so important.
- How Uncle Sam Factors into Your Wedding PlansFebruary 28, 2017
Couples will have to factor in how their taxes will be affected after they change their status from single to married on their tax forms.
- Preservation of Your Art CollectionFebruary 28, 2017
Art has become an increasingly popular investment vehicle in recent years and as with any investment, it must be protected.
- New Foreign Bank and Financial Accounts (FBAR) Filing DeadlinesFebruary 28, 2017
Those who have a financial interest in or signature authority over a foreign financial account may be required to report the account annually to the Department of Treasury.
- Bitcoin: It’s Not Just a Currency, It’s an Asset ClassJanuary 31, 2017
Individuals may know Bitcoin as a volatile digital-based currency that has been attracting headlines, but in the IRS’ eyes, Bitcoin is considered property. Commentators have noted that Bitcoin represents a new type of asset class. For investors and philanthropists, the IRS classification of Bitcoin as an asset class (and not as a currency) may provide unique gifting and estate planning opportunities.
- Protect Yourself Against Scams This Tax SeasonJanuary 31, 2017
Tax-payers are encouraged to be extra vigilant this year about IRS scams. Despite a raid in October 2016 in which 70 people in an international call center were charged with fraud, tax scams remained the most common type of scam last year according to a report by the Better Business Bureau (BBB).
- Make Sure Your Business is on the Path to Comply with PATHJanuary 31, 2017
In December 2015, President Obama signed the Protecting Americans from Tax Hikes (PATH) Act. The purpose of the legislation was in part to protect businesses and individuals from tax fraud by lengthening the time the IRS has to review claims. The law also extends some tax credits for businesses and working families.
- Avoid Letting Two Homes Become One Big Problem at Tax TimeJanuary 31, 2017
Having a second home can be a source of joy and relaxation, yet it can also increase stress, especially to future tax bills if households are not careful.
- The Value of Life Insurance if Trump Repeals the Federal Estate TaxDecember 19, 2016
A few things to consider before making any hasty cancelation decisions
- Planning with Charitable Gift Annuities: The Gifts that Keep on GivingDecember 19, 2016
Charitable annuities continue to be a valuable tax & financial option for many individuals.
- Planning Ahead by Looking Back and Using the Team of AdvisorsNovember 29, 2016
High net worth families must always have someone minding the store in order to make sure important items aren’t missed.
- Fourth-quarter tax strategiesOctober 31, 2016
Jared Feldman, Co-Leader of Anchin Private Client, points out some tax issues that may confront high earning individuals.
- Special Election Edition: Taxation and PoliticsOctober 14, 2016
Whether you are voting Democrat, Republican or this year perhaps not at all, there is a good chance that this November’s election results will have a significant impact on our country’s federal tax system.
- Top Considerations for Educational DonationsSeptember 29, 2016
A significant charitable grant can help create a legacy and example for future generations
- Wills Can Provide for Both Education and Starting out in BusinessSeptember 29, 2016
Planning for the education of your family should be a consideration as part of a will
- A College Savings Plan Is Also Great for Estate Planning Across GenerationsSeptember 29, 2016
A 529 plan can be an especially efficient vehicle for gift-giving to multiple generations with maximal tax efficiency
- Do’s and Don’ts of Investing in Private Companies September 20, 2016
Jared Feldman, Co-Leader of Anchin Private Client, advises on the danger of investing based on personal relationships.
- Avoiding an Art Collection “Fire Sale”August 31, 2016
Some key planning factors to consider
- Skipping a Generation - Why and HowAugust 31, 2016
Leaving assets to grandchildren might make sense for some estates with multi-generational goals
- Structuring Life Insurance Correctly to Fit into a Buy-Sell AgreementAugust 31, 2016
How it can protect the business and the family
- IRS Proposed Regulations Target Gift and Estate Tax Planning StrategiesAugust 11, 2016
The IRS has released proposed regulations that would close so-called tax loopholes that many wealthy taxpayers have used to minimize transfer taxes (such as gift and estate taxes) when transferring interests in a closely held family business to relatives.
- High End Travel TrendsJuly 29, 2016
Many high net worth travelers are seeking unique experiences that educate, surprise and expand horizons – both abroad and domestically.
- Philanthropy: An Opportunity to Connect with the NexGen July 29, 2016
Growing in popularity among high-net-worth travelers are multigenerational vacations and trips with a philanthropic spin, also known as philantho-travel. Combining the two can be very powerful, both in terms of creating bonds, relaying values, and empowering the next generation.
- Mixing Business with Pleasure? July 29, 2016
Many business travelers are making side trips to explore personal interests or spend time with family members in a new place. The number and size of tax deductions will vary depending on the blend of business and pleasure. Here are a few tips to help avoid common pitfalls pertaining to tax deductions.
- Looking Beyond Brexit: Planning for What May Come NextJune 30, 2016
The chief challenge to consider is the heaping dose of uncertainty that has suddenly been thrust into the political and economic global scene. Uncertainty is unsettling.
- How to Talk About a Prenuptial AgreementJune 1, 2016
It’s hard to think of a good time to introduce a contractual component to unconditional love.
- How the Wealthy Teach Children about the Value of MoneyJune 1, 2016
Typically, parents would like to provide a secure future for the next generation.
- Thinking About “Death” Can Improve Quality of LifeJune 1, 2016
Estate planning is critical to generational wealth transfer and preservation strategies.
- Whaling Attacks Present a Larger Challenge for Businesses and Their OwnersJune 1, 2016
Phishing schemes have become increasingly clever and complicated. A new trend called Whaling Attacks has started to hit businesses and their executives.
- Family Financial Meetings Should Have a Place on Your CalendarApril 11, 2016
Mela Garber, Trust and Estates Services Chair, explains how parents can avoid estate issues with a letter explaining any distribution inequalities to their children.
- 5 Boomer Tax Traps to AvoidApril 6, 2016
E. Richard Baum, Tax Partner, touches base on various tax traps for baby boomers such as taxes on municipal bonds, the required minimum distribution and the income level for social security taxability.
- Stock(ing) StuffersApril 1, 2016
A Year-Round Strategy for Charitable Giving
- Why You May Need A PrenupApril 1, 2016
If a prospective couple plans to sign a prenuptial agreement, it’s wise to design the agreement with an estate plan in mind.
- Anchin Private Client appoints Jared Feldman as Co-Practice LeaderMarch 30, 2016
Anchin appoints Jared Feldman as Co-Practice Leader of Anchin Private Client, a specialty group devoted to working with affluent clients.
- NYS Art Collectors Under Scrutiny for Taxes on Shipped ArtMarch 2, 2016
Law enforcement and tax authorities have been closely investigating electronic records and tax returns for the buying and selling of art in New York State. Art collectors and intermediaries have come under close scrutiny as to whether they have been paying taxes, maintaining shipping records and providing invoices during the sales process.
- 7 Toxic Money Habits You Need to Quit NowJanuary 6, 2016
Mela Garber, tax expert at Anchin, advises how to break common bad money habits.
- U.S. Supreme Court Decision in Obergefell v. Hodges Has Far-Reaching Tax and Benefits Implications for Same-Sex Married CouplesJuly 17, 2015
On June 26, 2015, there was a groundbreaking decision in Obergefell v. Hodges. Two years after the Supreme Court ruled Section 3 of the Defense of Marriage Act (DOMA) unconstitutional in United States v. Windsor, the Supreme Court declared that same-sex couples have a right to marry anywhere in the United States under the freedom to marry ruling.
- Why Your Spouse Should Be at the Center of Your Estate PlanningMay 27, 2015
If you’re wondering who’s going to make sure your wishes are met after you die, your spouse is likely the first person you should consider.
- How to Set Up a Trust Without Costing Your Children a CentApril 17, 2015
If personal finance was a teen movie, the trust would be the blonde, snotty rich kid who wins all the ski races and uses his flawless martial arts technique to sweep some working-class kid’s injured leg.
- Estate planning: How to leave IRA to heirsMarch 5, 2015
No one would accuse IRAs of being easy to understand. The retirement accounts seem fairly straightforward on the surface, but they can get complicated, especially after you die.
- The Art of Tax Planning - Part 3January 12, 2015
This is the third installment of an article about tax as it applies to the unique subject of art.
- The Art of Tax Planning - Part 2December 16, 2014
This is the second installment of an article about tax as it applies to the unique subject of art.
- The Art of Tax Planning - Part 1December 4, 2014
Fine art is increasingly making headlines as record breaking auction prices steal the attention of collectors, hopeful artists, and art market enthusiasts. At the same time, the perception of a rising art market has brought fine art to the attention of investors around the world, who now consider it an alternative asset class to be evaluated alongside real estate, hedge funds, and other investments.
- A Tax Victory for Art CollectorsOctober 7, 2014
In a decision on September 15, 2014, the Fifth Circuit reversed a 10% discount (previously applied by the United States Tax Court to a valuation of art) in favor of a more significant 47.5% discount. The careful consideration of evidentiary support provided by the art collector’s family, legal team, accountant and other experts in conjunction with the blatant randomness of the initial 10% discount yielded a very positive result that many think will help other art owners reduce taxes on their estates.
- New York State Gift, Estate and Trust Law ChangesMay 13, 2014
New York State recently enacted some significant tax law changes. Contained within the new budget are critical gift, estate and trust topics that should be addressed immediately by New York residents as well as beneficiaries of exempt resident trusts.
- Anchin’s Trusts and Estates Market UpdateMarch 26, 2014
Trust formation spiked in 2012, resulting in an increased need for formal (judicial) and informal accountings. The preparation of these formal (judicial) and informal accountings is a multifaceted process. Anchin’s Trusts and Estates Services Group provides expertise and in-depth knowledge essential to successfully prepare multistate judicial accountings.
- New York Non-Profit Revitalization Act of 2013January 27, 2014
The New York Non-Profit Revitalization Act of 2013 (the Act) was signed by Governor Andrew Cuomo on December 19, 2013. This act represents the first substantial reform to the New York Not-for-Profit law in more than forty years.
- How Does Tax Reform Impact You?
SAVE THE DATE: WTW New York Construction Conference5/14/2019 Automatic Extension Available for Making Portability Election1/31/2019 What Should Businesses Know About Qualified Opportunity Zones?1/15/2019 How Can a Cost Segregation Study
- 2018 - 2019 Tax Planning GuideDecember 12, 2018
We at Anchin firmly believe that tax planning is not a year-end event, but a year-round process. With last December’s Tax Cuts and Jobs Act
- The Art of Tax Planning: Federal Gift and Estate Taxes, Gifts and Bequests to Charities, and Art FoundationsJanuary 1, 2015
The Art of Tax Planning Fine art is increasingly making headlines as record breaking auction prices steal the attention of collectors, hopeful artists, and art market
- Anchin Webinar: A Wake Up Call: Some of the Eye-Opening and Under-Publicized Impacts of the TCJAFebruary 27, 2018
In this recorded webinar, Anchin Private Client assembled a panel of professionals to discuss some of the most impactful changes, share insight on common misconceptions and misunderstandings uncovered in our conversations with clients and contacts, and address questions from attendees.
- Anchin Webinar: Tax Reform Discussion - How will the Bill Affect You? Get the Answers; Not Just the FactsJanuary 12, 2018
In this recorded webinar, Anchin assembled a panel of top professionals from varying viewpoints, including Real Estate, Financial Services, Professional Services, Technology, and Private Client to have a Q&A session on the effects of the new tax reform.
- Valuation Discounts: Opportunities for Privately Held BusinessesJune 6, 2017
Anchin Tax Partner E. Richard Baum discusses valuation discounts and how older generations may gift interest in a business to the next generation at less than the full value through buy-sell agreements and cross-purchase agreements funded using life insurance.
- Gifting: How to Leverage 529 Education PlansJune 6, 2017
Anchin Partner E. Richard Baum discusses leveraging 529 education accounts, gift tax annual exclusions, gift maximums, the tax benefits of gifting in advance, and other important considerations.
- Anchin Private Client Presents: The Benefits of a Personal CFOJune 6, 2017
Anchin Partner and Private Client Co-Leader Jared Feldman discusses the complex issues that often accompany tremendous wealth for high net worth individuals and families, and the reasons why many HNW individuals and families choose to work with an outsourced accountant or a personal CFO.
- The Impact of a Potential Repeal of the Federal Estate TaxMay 22, 2017
Anchin Partner E. Richard Baum discusses the role of life insurance in planning for the federal estate tax and explores the potential repercussions, should these