What would you say was the most disruptive trend of the 2010’s decade ending today? The iPhone? Facebook and Twitter? Cloud computing? Okay, they were extremely disruptive, but I’d throw out another trend into the ring – the shale oil boom. For me, it’s been the hidden disruptive trend – the one we don’t talk […]

How did you do this year? Let’s take a hypothetical portfolio of 60% S&P 500 and 40% Barclays Aggregate Bond Index, on a total return basis. Assuming a single rebalance at the mid-point of the year, you’re up 20.1% for 2019. Let’s say you had international exposure – this hypothetical portfolio consists of 30% S&P […]

I’ll be taking the week off from posting at The Reformed Broker for my family’s annual trip down to Delray Beach in South Florida. I look forward to this annual tradition all year. This time I’m leaving the laptop home. I’m exhausted, but in a good way. In 2019, we hired five new employees bringing […]

This year we will interview over 50 financial advisors. We will only hire three. This year we talked with amazing financial advisors from all over the country. There’s a self-selecting portion of the total advisor population (which is now around 300,000 in the US) that get what we’re doing and understand what the opportunity is […]

[embedded content] Special thanks to my pal Doug for being a good sport and teaching me about good coffee.  These were the most read posts on the site this week, in case you missed it:

The Maryland Tax Court held the Comptroller overreached his authority in limiting a corporate taxpayer’s net operating loss. The Comptroller impermissibly created a modification to “federal taxable income” through regulatory amendments. Merger of Businesses and NOL Deductions The taxpayer, Sunbelt Rentals, acquired and merged with two entities in 2006. Sunbelt claimed net operating loss (NOL) […]

Taxpayers have asked the U.S. Supreme Court to review if Maryland can base corporate income tax nexus on “enterprise dependency.” Taxpayers’ Business The taxpayers (Staples, Inc. and Staples the Office Superstore, Inc.) have no physical presence in Maryland. However, their subsidiaries have nexus in Maryland through retail and catalog businesses. Staples received royalty and interest […]

A bill introduced in the Wyoming 2019 legislative session that would have imposed a corporate income tax on specified business has failed. The bill would have imposed a corporate income tax on: retailers with more than 100 shareholders; or accommodation and food service providers with more than 100 shareholders. However, after easily passing the House, […]

Beginning in 2020, New Mexico combined reporting will be mandatory for corporations that are members of a unitary business group. New Mexico has an exception, however, for corporations that properly elect to report and pay tax on taxable income as a: water’s edge group; or consolidated group. Currently, the state permits elective combined reporting; though […]