Gary M. DuBoff

A lot has been said by policy experts, commentators, politicians and business groups about President Donald Trump’s tax reform plan. One of its cornerstones is a significant cut in the corporate income tax (CIT) rate. Is a CIT cut worthy of enactment? How does the United States statutory CIT rate compare with rates of other […]

The tax concept of “domicile” can be particularly complex, especially if you’re a high net worth individual who spends time in, and receives income from, multiple states. The IRS and most state tax authorities define domicile as “the place where the taxpayer has his true, fixed, permanent home.” Since this issue’s theme is America’s Most […]

When you draw back the curtain made up of the fans, the celebrity athletes, the competition and the entertainment, at its heart, professional sports is a business. However, it is unlike any other business, which means that pro sports team owners face tax and accounting challenges the likes of which few other business owners or […]

Worth Magazine is celebrating a quarter-century of providing valuable information for high net worth (HNW) individuals. Based on the financial climate of any given year, tax-planning strategies have come and gone. However, over those 25 years, several tried and true strategies have remained. Here is our list of the Top Ten (presented in no particular […]

Most high net worth individuals realize that the rewards of charitable giving stretch well beyond a tax-planning strategy. Your philanthropic pursuits reflect your personal values, ensure your legacy and in many ways give back to the communities that have helped foster your success. Still, that does not mean you should not take advantage of the […]

Politics and personalities aside, the tax plans of the major party candidates simply differing impacts on high net worth individuals. Without question, there are stark contrasts between Hillary Clinton and Donald Trump, and that also applies to their approach to taxes. Generally speaking, the basic difference between the two candidates is that Trump proposes an […]

Despite this country’s share of recent ups and downs, the United States is still perceived as having one of the most stable economic, banking and political systems in the world. This perception has made our nation an attractive place for non-U.S. businesses and individuals to invest. As many countries around the world face increasing destabilization, […]

A “boomtown” is an area that undergoes unexpected and rapid population and economic growth, or a community that seems to spring up overnight because of a sudden influx of people. What makes a place become a boomtown is complex. Some of the places that are currently “booming” and expected to continue to do so over […]

High net worth individuals have attorneys, financial advisors and CPAs on call. They seemingly have access to many more financial protections than average citizens. However, high-income earners are still far from immune to fraud, identity theft and related cybercrimes. In fact, they are high-value targets. In such a threatening environment, the question becomes: What is […]

The colloquial warning “Don’t let this happen to you” contains sage advice when it comes to high wage earners’ problems with taxes. Many high-profile athletes, for instance, have run afoul of the IRS and other taxing authorities. Whether that resulted from poor advice, celebrity ego or a combination of both, there are lessons to be […]

The absence of earth-shattering headlines about major tax code revisions in 2015 doesn’t mean there were no changes that could, and should, impact your tax planning. In fact, several changes and significant court rulings occurred, which particularly affect high net worth individuals. Here is a rundown of the ones you need to be aware of […]