Blog - "Altman Speaks"

International Tax Series Part 3: The Taxation of Superannuation (Australian Retirement) Accounts

U.S. Income tax, Estate tax, and Inheritance tax In Part 1 and Part 2 of this series, we discussed that having an Australian superannuation account can create additional U.S. tax and reporting obligations, and these obligations were not adequately addressed in treaties between the U.S. and Australia. We now delve into the Internal Revenue Code […]

The Inflation Reduction Act

Little pieces at a time! The Inflation Reduction Act is a skinny version of President’s Biden Build Back Better Bill, which did not pass this Spring. It is a significant piece of legislation passed in August in relation to combating climate change and lowering prescription drug costs. It also allowed for the continuation of the […]

The Powerful Tax-Planning Strategy You’ve Probably Never Heard Of

Often overlooked, the Section 1202 Qualified Small Business Stock gain exclusion is a powerful tool that business owners should consider when starting a new business. In essence, Section 1202 allows individuals to avoid paying taxes on up to 100% of the taxable gain recognized on the sale of a Qualified Small Business Stock (QSBS) that […]

Back to School: 529 College Savings Plan

I thought it might benefit our readers to review the significant change to the 529 College Savings Plans as kids go off to college this month. As a grandfather and an uncle, I contribute to several plans to help with college education for the next generation. A 529 Plan allows families or parents to save […]

International Tax Series Part 2: Australian Superannuation (Retirement) Accounts and The US-Australia Tax Treaty

Continuing on from our previous post on superannuation accounts, retirement accounts can form a significant part of an individual's estate. Where there are inconsistencies in the tax treatment of such accounts, both the income from and the balances of such accounts can be considerably affected. In this blog, we examine this issue in the US-Australia cross-border […]

International Tax Series Part 1: U.S. Consequences of an Australian Superannuation Retirement Account

Retirement accounts can be an integral part of wealth accumulation and estate planning. In this blog series, we consider the issues in Australian superannuation (retirement) accounts. Many Australians live in the US on E-3, O-1, and EB-2 visas, or as U.S. green card holders, or citizens. These U.S.-based Australians, have likely, accumulated retirement benefits in […]

Extension of Time to file Portability Return

Effective July 8, 2022, the IRS has extended the time frame for electing portability from 2 years to 5 years after the decedent’s death under IRS Revenue Procedure 2022-32. What is portability? Portability is an estate planning tool and a way for spouses to combine their exemption from estate and gift tax. A surviving spouse […]

Tax Codes

The Tax Cuts and Jobs Act (TCJA) The Tax Cuts and Job Acts of 2017 made significant changes to the IRS tax code. While most people were looking at the reforms to the individual income tax, itemized deductions, childcare tax credit, and more, our job was to pay attention to the estate and gift tax exclusions. The […]

QTIP Trust - Will My Spouse Have What They Need?

What is a QTIP trust? A qualified terminable interest property (QTIP) trust is an estate planning tool that married couples can use to minimize uncertainty about the future and maximize certain tax advantages. Since no one can predict how much they will own during their death, which spouse will die first, whether the surviving spouse […]

Estate Planning for the Family Business

Business owners are playing with fire without a business succession plan. A business succession plan is key to the continuity of operations of a family business, and an estate plan should integrate the succession plan for a family business with estate planning. Many people recognize the need for such a plan, but they struggle with understanding why […]

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