Tax Issues for Family Offices: Structuring Options, Income Tax Planning, Allocations, Investments
Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
Intermediate
- work Practice Area
Tax Law
- event Date
Thursday, October 10, 2024
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
90 minutes
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
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BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
This CLE/CPE course will provide tax attorneys and professionals an in-depth analysis of key tax considerations for family offices under current tax law. The panel will discuss cases and legislation impacting the family office industry, considerations for structuring a family office, selected tax matters, and best practices and developments in the family office industry.
Mr. Tobey’s tax career got started with an introductory tax course at Western Michigan University’s Haworth School of Business taught by Dr. Kathleen Sinning. After graduating WMU, he started a practice in Chicago with a predecessor to one of the Big Four. After that, Mr. Tobey worked in industry as an income tax director of publicly held companies, at mid-sized CPA firms, and owned his own firm. His goal is to guide clients through the complexities of federal, state, and international tax laws to reach their economic objectives while explaining this to them in plain English.
Mr. Thomas is an associate in the Trusts & Estates Group. He received a J.D. from Harvard Law School and a B.A., summa cum laude, from Tulane University, and is currently a part-time student in the LLM in Taxation program at New York University School of Law.
Mr. Gross is a partner and the chair of the Tax Department at Kleinberg, Kaplan, Wolff & Cohen, P.C. His practice focuses on the taxation of hedge funds and private equity funds, including domestic funds, offshore funds, funds of funds, and real estate funds. Mr. Gross counsels clients on structuring (and restructuring) funds, structuring investment managers and general partners, compensating managers and employees, investing in funds, and seeding managers or being seeded. He also advises clients on insurance dedicated funds and private placement life insurance, and other international, federal, state, and local fund tax issues. Mr. Gross has been selected as a New York Super Lawyer for six consecutive years (2014 - 2019). He is a frequent speaker and author on fund tax issues and a member of a number of key industry organizations, including the New York State Bar Association (Tax Section, Committee on Taxation of Financial Instruments), Managed Funds Association (Tax Section), New York State Society of CPAs (Taxation of Financial Products Committee), New York City Bar Association (Taxation of Business Entities Committee (of which he was a former chair)), New York Tax Study Group and The Tax Club. Mr. Gross earned his LL.M. in Taxation from New York University School of Law, J.D. from Vanderbilt University School of Law, and B.B.A. from The College of William & Mary , Beta Gamma Sigma. He is a Certified Public Accountant.
With the creation of significant wealth, families may consider establishing a family office--or modernizing an existing one--to oversee the family's financial affairs rather than solely relying on institutions to provide those services. The tax framework for family offices is complicated, requiring the involvement of competent advisers. With appropriate facts and proper planning, tax professionals and advisers can assist the family in establishing a family office to meet their goals and objectives and further their overall tax efficiency.
Our panel has amassed a significant amount of experience working with family offices across the United States on various tax matters and will share leading practices and developments related to forming and restructuring family offices.
Listen as our experienced panel discusses tax provisions impacting family offices, structuring considerations, income tax issues, and other planning considerations.
- Review of family office types and structures
- Overview and comparison of recent cases
- Case study of an indicative family office structure
- Relevant federal tax considerations and proposed legislation
The panel will review these and other key issues:
- What are the necessary attributes for a family office activity to rise to the level of a trade or business for tax purposes?
- What are specific tax considerations in structuring family offices?
- How can investment partnerships help assist with the formation of a family office structure?
- How can a family office be funded and operated tax-efficiently?
- What current proposed legislation could impact family offices and the structuring of family offices in the future?
Learning Objectives
After completing this course, you will be able to:
- Recognize tax issues for family offices under current tax law
- Ascertain strategies for minimizing domestic and international tax issues for family offices
- Identify estate tax issues and methods to overcome them
- Ascertain methods for structuring family offices in a tax-efficient manner
- Field of Study: Taxes
- Level of Knowledge: Intermediate
- Advance Preparation: None
- Teaching Method: Seminar/Lecture
- Delivery Method: Group-Internet (via computer)
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
- Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations and sole proprietorships, qualified business income, net operating losses and loss limitations; familiarity with net operating loss carry-backs, carry-forwards and carried interests.
Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.
Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
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