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Best practices for the family office tax function

May 23, 2022 White Paper 3 min read
Authors:
Brian Carter Chad McCoy
A best-in-class family office tax function goes beyond preparing timely tax returns to drive tax strategy and reduce the overall income, gift, and estate tax burden across generations. We share best practices for strengthening your family office’s tax capabilities.
Two business professionals discussing with one another at a table.In leading family offices, the tax function is integrated into all aspects of operations. Given the role taxes have on most families, it’s imperative for the family office to ensure it has the proper infrastructure and resources to understand, plan, and strategize from both the tax planning and compliance standpoint.

Historically, family offices hired individuals with previous public accounting experience, many of whom were tax professionals, to build a successful tax function. Although this is still a common practice for many family offices, the complexities and changing tax environment have led family offices to consider alternative approaches to meet the tax needs of the family. But in order for a family office to maintain the necessary software, provide appropriate levels of review, and stay abreast of tax law changes, the internal tax function must do one of two things: have the capacity to scale or take a “skinny” aka hybrid approach.

We explain the importance of a best-in-class tax function for the overall strategy and success of the family office and share best practices to strengthen your family office’s tax capabilities.

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