Articles
The Internal Revenue Service (IRS) recently issued final regulations that allow decedents’ estates and non-grantor trusts to claim certain deductions that would otherwise have been disallowed under the 2017 overhaul of the tax code. The Tax Cuts and Jobs Act (TCJA) barred individuals, estates and non-grantor trusts from claiming miscellaneous itemized deductions for any taxable […]
The Financial Crimes Enforcement Network (FinCEN) today postponed the 2023 Report of Foreign Bank and Financial Accounts (FBAR) filing deadline from Oct. 15, 2024, to May 1, 2025, for taxpayers who live in federally designated disaster areas in the wake of Hurricane Helene. This six-and-a-half-month filing extension applies to qualifying taxpayers in Alabama, Georgia, North […]
The IRS today is providing tax relief for individuals and businesses affected by Hurricane Helene and Hurricane Milton by extending various tax-filing and tax-payment deadlines to May 1, 2025. The delayed deadline applies automatically to taxpayers with homes or businesses in jurisdictions declared federal disasters by the Federal Emergency Management Agency (FEMA), which includes the […]
The IRS scored significant wins in two separate cases before the U.S. Supreme Court and D.C. Court of Appeals. While both matters addressed different provisions of the tax code, the court’s decisions essentially fortified the IRS’s international reach and its ability to enforce compliance with various U.S. tax laws regarding taxpayers’ foreign investments and business […]
The IRS has extended until Feb. 3, 2025, various tax-filing and tax-payment deadlines for individuals and businesses recently impacted by Hurricane Debbie, which first made landfall on Florida’s Gulf Coast in early August. The postponed deadline applies automatically to taxpayers with homes or businesses located in the following jurisdictions declared as federal disaster areas: Florida: […]
One of the more challenging tax reporting requirements for multinational businesses is the translation of gains and losses of their foreign branch offices and qualified business units (QBUs) into their home country’s functional currency. This process is often complicated by exchange rate fluctuations, including currency devaluations, that can have a material impact on the principal […]
In May 2024, the IRS issued proposed regulations concerning the reporting requirements and tax consequences of U.S. persons who create, fund, transact with and receive gifts or loans from foreign trusts. The guidance, which applies to Sections 643(i), 679, 6039F, 6048, and 6677 (the foreign trust and gift provisions) of the U.S. tax code, updates […]
A recent decision by the U.S. Court of Federal Claims may open the door to a potential deluge of requests for tax refunds from U.S. citizens and resident aliens living or working in foreign countries with which the U.S. has an income tax treaty. In Christensen v. United States, the court interpreted the U.S.-France Income […]
The IRS announced it is resuming mailing automated collections and reminder notices to taxpayers with outstanding tax liabilities from 2021 and earlier, a practice it suspended in 2022. In certain circumstances, the agency will waive failure-to-pay penalties that accrued in tax years 2020 and 2021 during the height of the COVID pandemic. It is estimated […]
According to a recent study by Art Basel and UBS, global art sales in 2022 exceeded pre-pandemic levels, reaching $67.8 billion in transactions. Buyers, ranging from high-end collectors to Gen Xers and Millennials, increasingly recognize art’s value as an alternative investment in a fragile economic and geopolitical environment. However, as buyers grow their collections, they […]
In a global society where business and family affairs are conducted regularly across international borders, it is very easy for individuals’ activities to fall unintentionally under the taxing authority of another country. This is especially true when it comes to foreign persons making gifts and passing inheritances to heirs located in the U.S. With a […]
The pandemic has spurred a tsunami of entrepreneurial new businesses. According to the U.S. Census Bureau, a record 5.4 million new business applications were filed in 2021, compared to 4.4. million in 2020 compared to 3.5 million before the pandemic in 2019. Whether these ventures will prove successful remains to be seen, but each one […]
Under the IRS’s 65-day rule, estates and certain complex trusts still have some time to reduce their income-tax liabilities for 2021, but immediate action is required. Calendar year-end trusts have until Sunday, March 6, to distribute trust income to beneficiaries and treat those payments as if they occurred in 2021. Doing so not only reduces […]
If and when Congress passes a law reforming the tax code, there is a general expectation that taxes will increase, and some commonly used estate planning strategies will be added to the endangered species list. Among the tools being targeted are irrevocable grantor trusts, which have long enabled grantors to remove appreciating assets from their […]
As the government begins deliberating the Biden administration’s $2.3 trillion infrastructure bill and $1.8 trillion American Families Plan, one thing is for certain: individual and corporate taxes will be impacted. Now is a critical time for high-net-worth families and businesses to get ahead of proposed tax increases and meet with their CPAs and advisors to […]
People
Guillermo Campos has nearly 25 years of experience handling international and domestic tax matters for clients. He specializes in helping high-net-worth individuals, trusts and estates, closely held family companies, including corporations and partnerships with their pre-immigration tax planning issues. Campos advises foreign and domestic high-net-worth families on U.S. income, gift and estate tax matters, cross-border […]
Sarah Gaymon helps high-net-worth individuals create sophisticated trust and estate structures that enable them to plan for wealth transfer and advantageous tax status. Multi-generational families benefit from her depth of knowledge and skill. With more than 10 years of experience, Gaymon also handles trust accounting services, foreign trusts and year-round tax planning. Her clients represent […]
Art Dichter has more than 30 years of experience assisting international private clients with planning and compliance for foreign trusts, cross-border estates, pre-immigration strategies, investments in US real estate and US tax compliance matters. He is the leader of BPB’s International Tax Services Group, one of South Florida’s largest international tax teams with more than […]
Rick Bazzani specializes in the taxation of estates, trusts, gifts and individuals. He is experienced in estate tax planning, individual tax planning and representation before governmental agencies in connection with tax audits. Bazzani has diversified experience consulting with personal representatives, trustees, beneficiaries and professional service providers regarding tax, administrative and probate issues.
Press Releases
MIAMI, February 27, 2020 – Berkowitz Pollack Brant Advisors + CPAs has promoted Guillermo Campos, CPA, to director. Multi-lingual in English, Spanish, Portuguese and Italian, he focuses on international and domestic tax matters for high-net-worth individuals and families, trusts and estates, and closely held family companies. “We are proud to recognize Guillermo’s achievements,” said Joseph […]
July 13, 2023 – Berkowitz Pollack Brant Advisors + CPAs today announced the promotion of nine professionals to associate directors within the firm’s Tax Services and Assurance and Advisory Services practices. “Our firm was founded on the principle of creating a life-long learning environment, where every firm member receives the tools to cultivate knowledge, enhance […]
MIAMI, FL., – October 11, 2021 – American Lawyer Media appointed Berkowitz Pollack Brant Advisors + CPAs Director of International Tax Services Arthur Dichter, JD, LLM, to its Private Client Global Elite Directory. Private Client Global Elite is a global directory of the world’s elite lawyers advising ultra-high-net-worth clients. The directory is made up of […]