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Tax reform: Advisers spy loopholes in proposed pass-through tax rules

November 6, 2017

Financial advisory firms might feel snubbed by the House's tax-reform package that specifically excludes such service-sector businesses from a lower tax rate, but that doesn't mean advisers and tax planners won't be busy helping their business-owner...

GOP tax plan creates surprise divorce penalty

November 6, 2017

Apparently, nobody saw this one coming. The recently unveiled Republican tax plan would eliminate the current deduction for alimony, potentially changing the calculus of future divorce settlements. Currently, ex-spouses who pay alimony or similar...

Tax reform: Advisers will have plenty to digest as legislation works its way through Congress

November 5, 2017

And we're off. The starting pistol has been fired in the race to get a tax-reform bill to President Donald J. Trump before the year ends. Financial advisers should keep a close eye on changes made to the proposed tax bill put forth last Thursday...

Tax reform: How the House bill changes rules for retirement savings

November 3, 2017

The headline news for retirement plan advisers Thursday upon the unveiling of the House tax bill was that a reduction in the pre-tax 401(k) savings limit is off the table, for now. But there are plenty of other details in the tax-reform legislation,...

Tax reform: What advisers need to know about the House bill

November 2, 2017

Republican members of the House Ways and Means Committee released their long-awaited tax-reform bill on Thursday. Here are the highlights so far for financial advisers. Tax rates The plan would reduce the number of marginal income-tax rates...

Brace clients for a big capital gains season

November 2, 2017

Brace yourself – and your clients – for big capital gains distributions this year. The number of funds with estimated distributions of 10% or more of their share price have already passed the 2016 mark, says Mark Wilson, CEO of Mile Wealth...

Why the House tax bill could be a 'bonanza' for advisers

November 2, 2017

The tax bill unveiled Thursday morning has far-reaching implications for financial advisers and their clients, from an overhaul of individual tax rates to the elimination of useful tax strategies and deductions. "I think there's going to be...

Advisory firm owners unlikely to see windfall on tax returns from House bill

November 2, 2017

Financial advisers who own their own firms and pay their business taxes through their personal returns probably won't see a windfall from the House Republican tax proposal released on Thursday. Under the plan, small businesses that operate as...

Retirement-savings advocates to mobilize forces if tax-reform plan cuts benefits

October 31, 2017

On the eve of the release of the House Republican tax-reform proposal, retirement-savings advocates are hoping for the best but preparing to swing into action if the plan is too stringent on curtailing pre-tax contributions to retirement plans....

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...

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