Tax

April 15, 2012

Avoiding a retirement 'tax torpedo'

By Mary Beth Franklin

If your clients can wait, here is yet another reason why it can pay to delay claiming Social Security benefits: a smaller tax bite in later years. Income in the early years of retirement that exceeds certain modest levels can trigger a “tax torpedo” that subjects up to...

April 15, 2012

The 'Buffett rule' is getting old

Enough already, with the Buffett rule. Once again, President Barack Obama is pushing the idea of imposing higher taxes on the rich as a way to solve the nation's budget deficit problem. In reality, however, his campaign season rhetoric is less about getting the country's books in order and more...

April 15, 2012

When an IRA deduction is denied

In a recent Tax Court case, a taxpayer's $5,000 IRA deduction was disallowed because she and her husband were active participants in company retirement plans, and their joint income exceeded the limit to be able to deduct her IRA contribution. The couple claimed that this was unfair since the...

April 11, 2012

UBS wins dismissal of billionaire's tax lawsuit

A lawsuit filed by Igor Olenicoff, who blamed UBS for his failure to disclose about $200M in offshore accounts, has been dismissed

April 11, 2012

Death and taxes collide as fatal crashes mount on IRS filing day

Deaths from traffic accidents around April 15, traditionally the last day to file individual income taxes in the U.S., rose 6% on average on each of the last 30 years of tax filing days compared with a day during the week prior and a week later.

April 8, 2012

It's time to plan for 2012 taxes

By Liz Skinner

The deadline for filing 2011 taxes is one week away, but many Americans should be more concerned with how they are going to pay their 2012 tax bill. “Give them a week to 10 days to recover, but then it's critical that investors, high-wealth individuals and business owners ...

April 8, 2012

Buffett rule faces Senate vote; opposition from GOP is solid

By Mark Schoeff Jr.

When the Senate returns from the congressional spring recess next Monday, it will take a procedural vote on legislation that would require people making more than $1 million annually to pay a tax rate of at least 30%. It's unlikely that the so-called Buffett rule, named after...

March 26, 2012

Senate Democrats to offer their own small-business tax cut

By Mark Schoeff Jr.

Senate Democratic leaders will introduce a bill that would provide tax relief for small businesses that hired new workers and purchased new capital equipment this year.

March 25, 2012

Ryan budget calls for two tax brackets

By Mark Schoeff Jr.

A budget plan poised for House approval this week includes tax reforms that many investment advisers embrace — even as they doubt that Congress can make it happen. Last week, Rep. Paul Ryan, R-Wis., chairman of the House Budget Committee, introduced a budget resolution that...

March 25, 2012