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Recently the IRS released proposed regulations under Chapter 14 of the Internal Revenue Code that would severely limit—if not eliminate—the application of valuation discounts, including lack of marketability and minority discounts, to interests in closely held family entities for gift, estate, and generation-skipping transfer tax purpos...

Proposed regulations covering the valuation of family controlled entities for transfer tax purposes—12 years in the making—were published by the IRS on August 4, 2016. If newly proposed IRS Regulations are finalized in their current form, nearly all valuation discounts on family controlled entities will be eliminated. Given the December...

The long-awaited and much-speculated about regulations to Section 2704 were issued in early August 2016. As issued, the proposed regulations expand the scope and reach of section 2704 to preclude use of various structural techniques to artificially suppress the value of interests in entities transferred by taxpayers or owned by them at death. The I...

Under the IRS’s proposed new regulations, they would permanently and profoundly change estate planning for families that own a controlling interest in a privately held corporation, partnership, or limited liability company. The IRS has requested comments on the proposed regulations by November 2, 2016, and will hold a hearing on December 1, 2...

Selling a business can be a long and complicated process. One of the more strenuous and time-consuming aspects of selling a business is the due diligence process. Assisting with a buyer’s due diligence can take a significant amount of resources of your family office or employees of the business. Accordingly, if you plan on selling a business ...

Data breaches have become an accepted fact of modern business. According to the Privacy Rights Clearinghouse, twenty-nine businesses reported data breaches in August of 2016 alone. No industry was safe. For many organizations, the question now is not “if,” but “when.” This year appears to be on pace to surpass the number of ...

Commercial agreements come in a variety of types, but most have certain common provisions that should be carefully reviewed in the context of the underlying transaction covered by the agreement. When entering or reviewing one of these agreements, it is important to address the five key provisions that sometimes go unnoticed or are not given proper ...

A significant step in the acquisition process is determining the structure of the deal. The two most common deal structures are: (1) the purchase of the ownership interests of the target (such as a stock deal), and (2) the purchase of substantially all of the target’s assets (or an asset deal). In an asset deal, the implication is that the ta...

Recently proposed IRS changes to reduce or eliminate valuation discounts could dramatically increase the transfer tax cost of shifting property to members of your family in the future. The loss of valuation discounts is of significant concern for high-net-worth individuals for whom federal transfer taxes are an issue. It’s possible that some ...

Based on the voices of 2,650 successful business owners across Europe, Asia, the United States and the Middle East, the Global Entrepreneur Report examines the characteristics and motivators of Elite Entrepreneurs with a total net worth of $40 billion. They are highly motivated, resourceful and skillful in the art and science of entrepreneurialism....

An at-a-glance summary of the 2017 Global Entrepreneur Report that draws upon the views of 2,650 successful business owners across 21 countries and explores their characteristics, actions and ambitions. In addition, the Report examines the differing approaches of five business owner profiles: the Millennipreneurs, the Women Entrepreneurs, the Ultra...

As the benefits and capabilities of the Internet of Things (IoT) accrue, so does the amount of data that must be collected, managed, and integrated with connected devices—and by enterprises everywhere. It’s a challenge that demands a new kind of digital trust and data sharing tradeoffs. For more insights from this IoT se...

The Internet of Things (IoT) has inspired unprecedented cooperation and coordination for the businesses and industries interested in ensuring a sustainable future for themselves. From the lens of eleven case studies, see how the IoT revolution is transforming the world in which we live in. For more insights from this IoT series, see:Part ...

The Internet of Things (IoT) connects machines and devices to one another. Today’s devices have between 6 to 9 sensors capturing and transmitting data to help all industries become more efficient, productive and safer. The 2020 annual global economic potential across all sectors is estimated up to $14.4 trillion—that is the current GDP ...

In May 2014, FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), changing the way revenue is recognized. As of January 25, 2017, the FASB has issued ASUs to revise and clarify the guidance on the original Topic 606. In accordance with the core principle of Topic 606, there are five key steps to ...