Ian Weinstock quoted in "Foreign Individuals, Trusts Face New U.S. Tax on Some Income", Bloomberg Tax
Wealthy foreigners who live in the U.S. face the prospect of an unexpected new tax on non-U.S. income.
Drafters of the 2017 tax overhaul repealed a rule that kept some foreign-held assets outside the U.S. tax net, meaning foreigners who become U.S. residents now have to report the worldwide income of their families’ foreign businesses in the U.S. and pay tax on the income of each company and subsidiary.
The repeal of tax code Section 958(b)(4) not only affects multinationals and private equity firms that have foreign subsidiaries but also domestic trusts, partnerships, and estates in ways that leave the U.S. individual with tough options: pay taxes on more income, dispose of foreign shares, or leave the U.S—a move that could bring its own income and estate tax consequences.
Jerald David August and Ian Weinstock Participate in The 8th Annual NYU Wealth Planning for High Net-Worth Individuals and Closely-Held Companies Seminar
On July 27-29, 2016, Jerald David August and Ian Weinstock, Partners at Kostelanetz & Fink, LLP., spoke at the three-day component of the NYU Wealth Planning Conference at The Westin New York at Times Square as part of the Summer Institute in Taxation. The Wealth Planning Conference features a nationally-recognized group of speakers on a variety of wealth planning and tax planning subjects geared for high-net-worth individuals and owners of closely-held businesses.
Ian Weinstock Presents "Cross-Border Estate Planning-What Every Financial Planner Should Know in an increasingly International World" at New York State Tax & Financial Planning Conference
More and more, wealthy non-U.S. people are moving to the U.S. or investing here, and wealthy U.S. people are spending substantial amounts of time abroad. Unique issues arise in both inbound and outbound tax planning and tax compliance. A working knowledge of the basic concepts involved in cross-border estate planning is therefore more and more critical to U.S. tax advisers. This presentation will help familiarize you with an area that used to be thought of as esoteric but is becoming more mainstream.