Asian Cities Seen As Where The World’s Rich Increasingly Want To Be

Via Forbes

Asian cities in the next 10 years increasingly will be where the world’s wealthiest people want to live, work and play, according to a new report by London-based property consultancy Knight Frank.

Singapore, Shanghai and Beijing will move up in a ranking of the top 10 cities popular among high net worth individuals, Knight Frank said yesterday, based on a survey of 400 global wealth advisors.

Moving down: New York and Geneva.

Knight Frank defines those with net asset of more than $30 million as high net worth individuals.

[Full article here]

What the New Law Means for Taxpayers

Via The Wall Street Journal

Here are questions and answers about what the newly passed tax bill means for millions of Americans. For a plain-language summary of the bill, click here. Some details remain unclear, however.

What happens to individual tax rates for 2013?

For most people they stay the same as last year, but for the wealthiest there’s a new permanent top rate of 39.6%, compared with 35% for 2012. The threshold for the top rate is $450,000 of taxable income for married couples filing jointly and $400,000 for single filers.

What about tax rates on investment income?

The bill does not tax dividends at the same rate as wages and other ordinary income, a change that was set to occur with the expiration of the 2001-03 tax changes. Instead, it leaves dividends in the same category as long-term capital gains.

But the bill does permanently raise rates on long-term capital gains and dividends for top-bracket taxpayers. People who owe at the 39.6% level for income tax will pay 20% on all their net long-term gains as opposed to 15% in 2012.

Meanwhile, the 15% rate will continue to apply to taxpayers in the 25%, 28%, 33% and 35% income tax brackets, and people in the 10% and 15% brackets will continue to have a zero rate on capital gains and dividends.

[Full article here]

Strategy for Business Owners as Tax Cuts Near Expiration

From Businessweek

Tax strategy is nearly always complex for small business owners. But this year, with a presidential election looming and the Bush-era tax cuts set to expire unless agreements can be reached before Jan. 1, yearend tax planning presents a historic challenge. “We’re in an uncharted place right now” in terms of uncertainty, says Louis Balbirer, director of tax services for accounting firm Kaufman, Rossin & Co. in Fort Lauderdale. In nearly two decades of work with entrepreneurs on tax compliance and planning, he says, “I can’t remember ever having confronted a situation like this.”

Now is the time to meet with your tax expert and make invoicing, purchasing, and giving decisions for the fourth quarter that can help predict your business and personal tax liability for 2012, says Melissa Labant, director of taxation for the American Institute of CPAs.“Having someone help you now will allow you to accurately calculate your estimated payments, avoid penalties, and give you an idea what to expect come April of next year so you can do cash-flow planning,” she says. “Do not sit and wait until the election.”

Despite the uncertainty, planning is indeed possible. “We’re coming up with Plan A if this happens in the next few months, and Plan B if that happens,” Balbirer says. “A lot of the typical advice we usually give won’t apply to some scenarios.” For instance, business owners are often advised to defer fourth-quarter income into the following calendar year to delay tax liability. But if tax rates rise in 2013, it might be better to recognize the income in 2012 and defer deductions to 2013 when they could have more impact.

Full article here

Are Retailers Reaching Consumers Of The New Millennium?

Via Forbes

Many of the retailers I meet tell me they want to reach “Millennials.” Why is this demographic so important?

Millennials – also called “Gen Y” – are defined as the 50+ million Americans ages 18-29 who are the first generation to pass into adulthood in the new millennium. According to Pew Research, this generation has a defined personality: “confident, self-expressive, liberal, upbeat and open to change.”

For retailers, brands and marketers, Millennials have created a conundrum. Although their entry into careers has been hurt by the Great Recession, 90% of Millennials say they currently have enough money or will eventually meet their long term financial goals. However, the current unemployment rate among workers ages 20-24 is 13% compared to 8% for older workers, according to recent economic data. They are the most educated generation in American history, yet approximately 12% of Millennials ages 22 and older have moved back with their parents because of the recession. And, according to PNC Financial Services, the average member of Gen Y carries $45,000 in debt, mostly due to student loans.

Full article here

The Tiny TV Broadcaster That Cable And Internet Giants Are Trying To Kill

Via Forbes

Sky Angel’s satellite farm outside Chattanooga, Tenn. looks like any cable-television headend–down to the gray-haired engineer who strides out of the electronics shed sporting a short-sleeved dress shirt, narrow tie and pocket protector. With 19 state-of-the-art satellite dishes, the faith-based and family-themed broadcaster can download more than 50 cable-television channels and deliver them potentially to hundreds of thousands of customers nationwide.

One big problem: Sky Angel distributes its signals over the Internet instead of a conventional cable-TV system. That’s got the cable-TV industry in a big-screen snit. If enough companies do what the Naples, Fla. firm is doing, a new wave of competition could demolish the cozy duopoly between land-based cable TV and satellite competitors like DirecTV. Rates could drop, and cable operators might lose their most cherished power: compelling consumers to buy bundles of programming instead of ordering channels à la carte.

Full article here

A Welcoming New Restaurant

Via WWD

Review by Amy Wicks

There is an eagerness to please at Ken & Cook that is kind of irresistible.

On a recent visit to the new “industrial brasserie” on Kenmare Street, there were two hosts waiting outside, ready to swing the doors open and welcome you inside. Servers responded to menu selections with smiles, suggestions and affirmations. There was no pretention and no fuss — which was interesting, considering the French-inspired restaurant, once home to Travertine, comes from two former employees of Jean-Georges Vongerichten’s empire. Richard Diamonte, former executive sous-chef at Jean Georges, partnered with Artan Gjoni, who used to work for Mercer Kitchen and Norwood.

Ken & Cook is the kind of place where you’ll go to be seen, as most tables are visible from the front door. During a preview dinner last week in the 65-seat space, diners’ eyes followed Emma Watson as she was escorted to a table. Model Hana Soukupova sat in the middle of the dining room with friends and Terry Lundgren and Jason Binn were by the doorway, allowing Binn, who seems to know everyone anyway, a convenient reception line. Salman Rushdie, Helen Lee Schifter and Carlos Mota also stopped in. And it seems the staff was equally helpful to those without a famous last name or reservation. When one woman, who claimed she lived in the neighborhood, stopped in on a whim, a host whispered, “Don’t worry, head to the bar. We will try and seat you.”

[Full article here]