Tax

For those who don't know K1X, probably a good opportunity to just like, let's level set because I know particularly with K1s, when a tax pro hears that, they automatically think,

yeah,

this is gonna be a lot of work.

I don't know that I've gone through or covered a tax year where it wasn't an issue for practitioners.

You know, just, oh, I got this done, this done, this done, but I still have X amount of K1s that I have to do.

So please introduce yourself and your company.

It's a pleasure to be here speaking with you.

Yeah, I'm John McCuso, CEO of K1X.

So I got a question for you.

It's not uncommon for people to think the ultra high net worth are cheating the system because they don't pay as much in taxes as everybody else.

Or at least that's the street view of it.

You know, they're looking at the Elon Musk's, the Buffett's, you know, all these people who are billionaires.

Maybe you could call Elon a trillionaire.

And they're barely paying any taxes.

So when people look at that, they think they're cheating.

They think they're doing something illegal.

So I'm Leslie Adamo.

I'm vice chair of the tax practice here at Lowenstein.

I'm also the office managing partner of the New York office, and I sit on our management committee as head of strategic growth and initiatives.

To start off today, can you please give us a brief overview of your career? How'd you end up with all of those positions that you have?

So when I was in law school, I wasn't quite sure what type of law I wanted to practice like most law students.

I was an economics major in undergrad.

I knew I really liked numbers and business, so I thought I might enjoy tax law.

So my 1L summer, I was fortunate enough to have a summer position at a big four accounting firm and I enjoyed it.

I couldn't help but wonder, if taxes are truly unavoidable, why do they always feel like a bad date we never agreed to? Welcome to Tax and The City.

I'm Julia Tatsch from Taxum, your personal tax boutique in Zurich.

Here we talk taxes simply and honestly, sometimes just you and me, sometimes with guests, always rooted in real life.

And just like that, something mandatory becomes a little more delightful.

I couldn't help but wonder, when you cross borders, why do your taxes suddenly feel like, like they multiplied too? You move for opportunity, love, adventure, maybe a better lifestyle, and suddenly you're living in two tax systems that don't speak the same language.

And there's the thing I keep seeing, people do everything right in Switzerland, only to accidentally do everything wrong in the US.

Today's episode is about one of the most dangerous assumptions in the international tax life of US taxpayers, that clever planning in one country automatically is clever planning in the other country too.

My guest today is someone I deeply trust when it comes to exactly this intersection.

Today, I want to talk to you about something that doesn't get nearly the attention it deserves.

That's the quiet tax drag that can shape your financial future.

If you're a woman earning high income, especially in tech, leadership, or business ownership, there is a moment that often happens.

Your compensation grows, your equity grows, your opportunities grow, and suddenly your tax bill grows faster than anything else.

It can feel disorienting.

You did everything right.

Most mainstream investing advice focuses on the things you know.

Fees, fund selection, and market returns.

And it is a direct threat to press freedom.

And finally, attacks on universities continue, but this time through the tax code.

So the Treasury and IRS, which is the Internal Revenue Service, have proposed a rule that would strip tax exempt status from any school or university that considers race in admissions, scholarships, athletics, or in the wording of the rule, every other school administered program.

and it could affect as many as 18,000 institutions.

The Treasury Secretary says it's all about ensuring that racial discrimination has no place in education, but the main professors' union calls it weaponising the IRS and blatant political coercion.