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Ted Benna, father of the 401(k), thinks tax reform that favors Roths is 'pretty stupid'

October 30, 2017

Ted Benna, widely known as the father of the 401(k) plan, believes an idea being debated in Washington to lessen the pre-tax contributions workers can make to a retirement plan is "pretty stupid." Mr. Benna was a pioneer of the 401(k) plan,...

8 top tax and estate-planning tips

October 28, 2017

​ Let's face it, tax and estate planning can be complicated. The good news is, it doesn't always have to be. We talked to experts to get the lowdown on their top techniques for tax and estate planning. In other words, what underutilized yet...

Maximizing the tax benefits of mortgage interest, home equity loans

October 28, 2017

The tax reform framework recently released by President Donald J. Trump proposes eliminating most itemized deductions, except for those regarding mortgage interest and charitable contributions. It also nearly doubles the standard deduction,...

Tax plan secrecy evokes frenzy of concern from lobbyists and lawmakers

October 27, 2017

Republicans are barreling into a lobbying frenzy next week, when House Ways and Means Chairman Kevin Brady plans to unveil a sweeping tax bill to remake the U.S. economy that's being crafted with rigorous secrecy. The stage was set with the...

Top 10 overlooked tax deductions

October 26, 2017

As the year winds down and the process of gathering documents for 2017 tax filing gets under way, many advisory clients skip over deductions that can add up to hundreds of dollars. Here are the top 10 tax deductions taxpayers are overlooking,...

Trump, House tax chief send mixed signals on 401(k) tax break

October 25, 2017

President Donald J. Trump repeated his desire to keep tax breaks for workers' 401(k) contributions Wednesday — just hours after the chief tax writer in the House said his panel was exploring ways to change retirement savings in legislation...

Trump rejects idea of new caps on 401(k) savings in tax plan

October 23, 2017

President Donald J. Trump said there will not be changes to tax-deferred retirement savings plans under his proposed tax plan, shooting down reports that House Republicans were considering tweaking or capping one of the most popular breaks....

Rushed tax reform would cause more harm than a delay

October 21, 2017

Time is running out for Congress to propose and pass a well-thought-out tax​ reform bill that includes a tax cut, and that's not a bad thing. The House of Representatives is scheduled to adjourn for the year on Dec. 15 and the Senate on Dec....

Shift to Roth 401(k)s 'highly likely' part of tax reform: former Treasury official Mark Iwry

October 19, 2017

Optimism from past weeks regarding the fate of 401(k) tax benefits under tax reform is beginning to wane, with some signaling that employees would have to pay taxes upfront on at least a portion of their retirement savings. Mark Iwry, a non-resident...

IRS alerts tax pros to insurance form scam

October 13, 2017

The Internal Revenue Service has alerted tax professionals and their clients to a scam where cybercriminals gain access to annuity and life insurance accounts. In one variation of the scheme, the IRS warned in a release, a cybercriminal impersonates...

Social Security benefits to increase by 2% in 2018

October 13, 2017

Monthly Social Security benefits for more than 66 million Americans will increase by 2% in 2018, the largest increase in retirement and survivor benefits for workers and their families since 2012. The higher payments will begin in January. The...

Retirement planning challenges under tax reform

October 13, 2017

During retirement, clients may be counting on certain deductions to reduce their taxable income, but under the latest tax proposal some of the biggest deductions are on the chopping block. Advisers will have to address what might happen, before...

Trump reconsiders plan to eliminate deduction for state, local taxes

October 12, 2017

Months after the White House proposed ending a tax break for people in high-tax states, President Donald J. Trump grew angry when he learned that the change would hurt some middle-income taxpayers, according to two people familiar with his thinking....

Trump may tout $4,000 worker benefit in tax pitch

October 11, 2017

President Donald J. Trump will try to make the case that corporate tax breaks would benefit middle-class wage earners Wednesday evening – and an excerpt of his speech suggests he'll use a measure of salesmanship. Trump is expected to say the...

GOP tax battle looms over advisers and their clients

October 10, 2017

President Donald Trump and Republican congressional leaders unveiled a framework in September for far-reaching changes to the U.S. tax code. Now it's up to the House and Senate tax-writing committees to turn the framework into legislation that...

Trump vows to make changes to tax plan

October 10, 2017

President Donald Trump said Tuesday he plans to make changes to his tax plan within the next few weeks, while dismissing concerns that his public spat with Senator Bob Corker would scuttle an overhaul. "We'll be adjusting a little bit over the...

Trump administration scrapping estate-tax rule affecting wealthy business owners

October 5, 2017

The Treasury Department is withdrawing a proposed regulation that would have changed how wealthy business owners can pass on businesses to children and other heirs. Currently, individuals are able to discount valuations of stakes in family-controlled...

How investors can leverage tax alpha to increase returns and savings

October 5, 2017

Benjamin Franklin astutely observed in 1789 that "…in this world nothing can be said to be certain, except death and taxes," but investors can use the latter to their advantage to potentially increase the value of their portfolios. There is...

Trump tax plan draws concerns of GOP budget hawks

October 3, 2017

The White House is showing "softness" on ending a $1.3 trillion federal tax deduction filers get for their state and local taxes, Senator Bob Corker said Monday, warning that it raises questions about the GOP's "intestinal fortitude" and could...

Trump's tax blueprint opaque on fate of deferrals for retirement savings

September 30, 2017

A faint cheer​ could be heard all over the nation from financial advisers who structure their businesses as pass-through entities when the Republican tax-reform framework was released last Wednesday. For the highest-income advisers, it would...

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