Law and Taxation
UPDATE (Feb. 16, 2021): Good news for non-resident Pakistanis (NRPs)! President Dr Arif Alvi has promulgated Tax Laws (Amendment) Ordinance 2021 to facilitate non-resident individuals who wish to open non-resident Pakistani Rupee Value Accounts (NRVAs). The ordinance has: – Extended 4 percent super tax on banks indefinitely beyond the tax year 2021 – Imposed withholding tax (Rs 50,000-Rs…
Estate attorneys, certified public accountants (CPAs) and the very wealthy will likely go to war with the federal government with President-elect Joe Biden come Jan. 20. The issue at hand? Biden’s tax reform proposals, including a little-known provision called step-up in basis. What Is Step-Up In Basis? When people inherit assets after the death of a…
A capital gain is when you sell an investment or an asset for a profit. When you realize a capital gain, the proceeds are considered taxable income. The amount you owe in capital gains taxes depends in part on how long you owned the asset: Long-term capital gains are from an asset you’ve held for…
Owning a home is a keystone of wealth… both financial affluence and emotional security.