In the following WealthManagement.com Midyear Outlook article, Craig Walling discusses the impact of the digital age on the Wealth Management industry, and what it means for investors and advisors alike.

Tax departments of U.S.-based multinationals have a lot to think about right now. Not only is the global tax landscape in a state of flux, but the prospect of U.S. reform at the magnitude of the 1986 Tax Reform Act is very real.

The IRS recently re-released proposed regulations (REG-136118-15) implementing the centralized partnership audit regime enacted by the Bipartisan Budget Act of 2015, P.L. 114-74.

In the mid 2000s, an American energy renaissance began. As a result, an industrial renaissance also dawned in the U.S. Both are being driven by new fossil fuel technologies that make cheap energy possible.

The recent decision in Grecian Magnesiterevives a longstanding debate within the tax community over whether a partnership should be treated as an aggregate or an entity for tax purposes.

On June 8, 2017, the U.S. House of Representatives passed the Financial CHOICE Act (the “Act”), which if enacted as passed, would bring sweeping changes to our regulatory landscape, essentially gutting the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).

The past few weeks have brought a couple of significant course corrections in the field of U.S. tax law: one on the regulatory front, dealing with debt versus equity determinations, and a second on the legislative front, dealing with possible tax reform.

We know what drives you: applying complex tax rules to a rapidly changing industry. We share your passion. Having served many businesses in this industry over the years, we are proud to be in this high-skill and high-challenge environment with you, and we are eager to share what we've learned with our fellow industry mates.

The new accounting standard for Current Expected Credit Loss (CECL) that will be enforced in January 2018 will require significant changes for many banks and other institutional investors who own troubled debt.

While the discussion of intellectual property (IP) migration tends to focus on the internal sale of technology, another type of IP that is often sold between related parties and should enter the conversation are customer relationships to maximize operational efficiencies and correspondingly reduce their effective tax rate.

While there are many uncertainties in the House Republicans’ current tax reform blueprint, perhaps the item garnering the most attention is the potential decrease in the corporate tax rate from 35 percent to 15 or 20 percent.

2016 was an active year for global mergers and acquisitions (M&A), although by most measures total activity backed off slightly from the records set in 2015. 2017 has begun with deal volumes consistent with early 2016, both in terms of the total number of deals as well as overall volume.

Rejoice: investment into the U.S. may have just gotten cheaper and many inbound investors may be entitled to refunds.

In the midst of an administration that has been mired in legislative setbacks on both healthcare and tax reform (among various other “distractions”), President Trump has largely relied on the executive order to further his agenda thus far in Washington, D.C.

I vividly recall the moment in the summer of 2014 while attending a CPE event at the Miami Marlins Park. Sitting in a room of primarily controllers and chief financial officers, those on the front lines of what was about to come, it became clear that we were in for a heavy dose of CPE on a newly issued U.S. GAAP standard on revenue recognition for customer contracts.