We are just midway through 2018 and already an array of new legislation has come into effect which will have a big impact on tax liability for both individuals and business. As expected, much of the new change in tax liability stems from the recently passed “Tax Cuts and Jobs Act” (otherwise known as the “Trump Tax Plan” or “TCJA”).
Singer Burke’s Managing Partner, Matthew Burke, recently sat down with the entertainment banking team at City National Bank to discuss tax strategies for athletes as part of CNB’s ongoing Building Your Team interview series.
What’s “conscious action?” Full disclosure: I made it up. But the idea behind it is certainly not mine, nor is it uniquely limited to use in my life or towards my values. In my mind, conscious action means doing what we know to be right, even if our efforts seem to do little to move the needle toward solving a problem.
The IRS issued another notice last Friday to remind taxpayers that they need to report any gains from the sale of cryptocurrency on their tax returns. While many people think of Bitcoin, Ethereum and the like as currencies, the IRS currently classifies them as property. This means that buying and selling virtual currencies has many of the same ramifications of buying and selling stocks. What’s more, “selling” may include more transactions than you think, including using cryptocurrency to purchase a product or a service.
Buying companies you know or whose products you use offers a persuasive sense of comfort to help combat the risk-taking involved in buying stocks. The strategy has even been touted by notoriously successful professional investors like Warren Buffett and Peter Lynch. Undoubtedly, many investors – including some of you reading this – have even made handsome profits buying the likes of Apple, Amazon, Google or Tesla in recent years. So is there something to this strategy? And if not, why does it seem to work?
Singer Burke’s Managing Partner, Matthew Burke, was interviewed for a recent article in The Hollywood Reporter to discuss how the new tax law’s heightened restrictions on entertainment and dining deductions affect our clients.
Last week congress passed the most comprehensive overhaul to the US tax code in decades. While the largest parts of that bill target large corporations (the drop in the corporate tax rate could save the six largest media conglomerates a combined $6 billion annually by one estimate), many of them will affect you directly.
I recently had the opportunity to watch all ten episodes of the brilliant Ken Burns’ documentary, “The Vietnam War.” In episode nine, I was introduced to the phrase (which was the title of the episode) – “A Disrespectful Loyalty.” Seeing the Vietnam War era footage of mass protests reminded me of the broad spectrum of local and national protests that have been building momentum since the presidential election about a year ago. And then this recent headline (October 28, 2017): Americans are facing the largest social and political crisis since the Vietnam War, according to new poll results
Long View thinking is invaluable at Singer Burke as tax and financial planners, portfolio managers, and investors in private companies. We are constantly considering worst, best and middle-case scenarios for the economy, assets classes, business plans, and our clients’ income. We then try to prepare for all of the above.
I would suggest Scott Pruitt, the US Environmental Protection Agency Administrator, needs to change course. Despite his agency’s tens of thousands employees and multi-billion dollar budget, it is clear to me that he is not utilizing sufficient resources to consider the Long View, and I fear we will pay dearly for his short-sighted approach.
We are pleased to share that Singer Burke has been recognized as one of the elite firms in our industry by Variety, a top entertainment trade magazine.