On Thursday, January 30, 2020, the Tax Committee held another Tax Club dinner at Wu Liang Ye. The attendees discussed estate planning in light of the current transfer tax landscape with a specific focus on estate planning for the moderately wealthy, including both tax and non-tax ramifications. With the increase in estate and gift tax exemption as a result of tax reform, fewer individuals will be subject to transfer taxes. However, everyone should still have an essential set of documents prepared, and individuals who have at least $5.5 million in assets should consider taking advantage of the increased exemptions before these provisions sunset in 2026. Thanks to everyone who attended. To learn more about the Tax Committee go to https://www.aabany.org/page/453 .
On Tuesday, August 6, 2019, the Tax Committee held its quarterly Tax Club dinner at Tang Pavilion. Daniel Ng, Senior Manager at KPMG, presented on issues related to Controlled Foreign Corporations prior to and as a result of recent tax reform as well as Global Intangible Low Tax Income. The next Tax Club dinner will take place in the fall, and it is anticipated that the discussion will focus on estate planning and transfer tax issues.
The Tax Committee would like to thank everyone for coming out to this successful event. To learn more about the Tax Committee and how to contact the Co-Chairs, go to https://www.aabany.org/page/453.
On Tuesday, May 21, 2019, the Tax Committee held its quarterly Tax Club Dinner at Tang Pavilion. The diverse group of attendees discussed a wide variety of tax, business, and other non-tax considerations for qualified opportunity zones, a hot new tax incentive that promotes equity investments in certain designated low-income communities. Many qualified opportunity zones can be found in Asian communities, including Flushing, Sunset Park, and Chinatown in Philadelphia. It is anticipated that the next Tax Club dinner, during the summer, will discuss lending businesses and their tax implications for both U.S. and foreign investors.
To learn more about the Tax Committee and how to contact the Co-Chairs, go to https://www.aabany.org/page/453.
Thanks to Tax Committee Co-Chair Libin Zhang, Partner at Fried, Frank, Harris, Shriver & Jacobson LLP, for providing the write-up and photo for this blog post.
On October 9, 2018, the AABANY Tax Committee held its quarterly meeting and dinner at the offices of Ashurst LLP, in order to discuss the Wayfair Supreme Court decision and other state and local tax issues. Presenters Jessika Wong, of Grant Thornton LLP, and Rebecca Midori Balinskas, of Morrison & Foerster LLP, led a lively and informative discussion about the new landscape for sales taxes, particularly the issues for law firms and other service providers when they provide services to residents of other states. The discussion addressed the lack of foreign treaty protection for state sales and income taxes, which may be imposed on Asia-based foreign businesses that sell products online to U.S. residents. The group also discussed various questions related to the effects of the 2017 federal tax reform on state income taxation, such as whether state taxable income includes GILTI. Special thanks to Sharon Kim, partner at Ashurst LLP, for hosting the event.
To learn more about the Tax Committee and to contact the Committee Co-Chairs click here.