Results for "tax"

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Lawmakers want to reform rules around RMDs

September 18, 2018

Washington is eyeing an update to rules around required minimum distributions, which could result in big changes for financial advisers' retiree clients in the near future. Two retirement bills winding their way through Congress' legislative...

House committee passes open MEP bill

September 14, 2018

The House Ways and Means Committee passed a retirement savings bill Thursday that seeks to expand access to workplace retirement plans. The Family Savings Act of 2018, introduced by Rep. Mike Kelly, R-Pa., was approved in a 21-14 vote. Perhaps...

House Republicans hit pause button on tax-reform legislation

September 4, 2018

House Republicans had planned to use a second phase of tax cuts to force Democrats into a difficult vote ahead of mid-term elections. Now, party leaders may drop the effort, fearing it could backfire by antagonizing voters in some hotly contested...

Trump touts advantages of capital gains break, but experts aren't convinced

August 31, 2018

President Donald J. Trump says giving investors a tax break on their capital gains would trigger growth — but economists question how much it would juice the economy, especially if he tries to do it without Congress. For the first time since...

New York, Connecticut taxpayers look to Plan B options to avoid SALT

August 27, 2018

Taxpayers in New York and Connecticut still have a few potential options to avoid the hit from a new cap on state and local tax deductions, while residents of other high-tax jurisdictions may only have creative estate planning as a last resort....

U.S. banks continue to slash exposure to muni-bonds made less valuable by tax cuts

August 27, 2018

Some of the biggest U.S. banks have continued to slash their exposure to state and city debt since the federal government cut corporate tax rates, leaving the securities less attractive to the companies. JPMorgan Chase & Co., State Street Corp.,...

Alternative minimum tax a casualty of tax reform nobody will miss

August 24, 2018

The tax reforms enacted under President George W. Bush in 2001 and 2003 were highlighted by cuts to ordinary tax rates at all income levels. However, the savings from those cuts were muted for many taxpayers because the alternative minimum tax...

New York taxpayers have four-day window to try to beat SALT cap

August 24, 2018

Some New Yorkers successfully prepaid some of their property taxes at the end of last year in a bid to ease the hit from a new federal cap on state and local tax deductions. Those who want to try to ease the pain this year may just have a few...

Here's what could happen to your taxes if Democrats regain control of Congress

August 23, 2018

Republicans thought the historic overhaul that slashed taxes would be one of their main campaign selling points ahead of November elections. Instead, Democrats are talking more about the law — and how they want to undo it. In their bid to...

IRS blocks New York, New Jersey plans to elude cap on SALT deduction

August 23, 2018

The Internal Revenue Service put the tri-state area on notice: The charitable workarounds that New York, New Jersey and Connecticut approved in response to the new federal cap on deductions for state and local taxes aren't acceptable to the...

Aretha Franklin estate echoes planning problems of Prince

August 22, 2018

Aretha Franklin's death is going to cause some headaches for her heirs. The legendary Queen of Soul didn't have a will or trust at the time of her death from pancreatic cancer last Thursday, according to news reports. That's especially surprising,...

Are Roth conversions after 70½ advisable? 5 factors to consider

August 9, 2018

The biggest benefit of a Roth conversion of an individual retirement account is the tax-free compounding over time. Those who are over age 70½ obviously have less time to make the upfront tax cost of a Roth conversion worth the benefit, given...

IRS provides guidance on pass-through taxes, targets loophole

August 8, 2018

The Internal Revenue Service provided some long-awaited answers for business owners hoping to dodge the limits on a juicy new tax break. The IRS's proposed regulations make it clear that the agency considers a planning technique known as "crack...

Wages can boost Social Security taxes, Medicare premiums

August 7, 2018

My recent column on how income from a job can temporarily reduce or even eliminate Social Security benefits claimed before full retirement age prompted some interesting questions from readers. Those questions allow me to clarify how earnings...

Where does the proposed indexing of capital gains leave retirement accounts?

August 1, 2018

There has been talk in Congress about indexing capital gains for inflation. This talk was largely under the radar until this week, when the story hit the front page of the New York Times. Its story says that the White House might try to make...

Digital plus human equals the future of advice

August 1, 2018

Speculation about the future of advice will never end, and with good reason: The future is unpredictable. But when the future conversation about the future focuses solely on technology and the disruptions that will emerge as a result, we lose...

New tax rules strike fear into U.S. expat business owners

July 31, 2018

The four-employee business of Travis Baldwin, who hasn't lived in the U.S. for nearly a decade, is about to get hammered by a pair of tax provisions that were aimed at corporate behemoths like Microsoft Corp. A Republican law signed by President...

Indexing capital gains for inflation would be tax windfall for clients

July 31, 2018

A proposal being floated by Treasury Department officials to index capital gains to inflation would, if enacted, bestow a significant tax windfall on many clients of financial advisers. Treasury Secretary Steven Mnuchin has indicated he is considering...

Wall Street fears new international tax

July 30, 2018

A new international tax that was supposed to deter U.S. technology and pharmaceutical companies from shifting their profits offshore could instead catch Wall Street banks in its crosshairs. The levy on international profits — called Gilti...

A new tax break for impact investing has arrived

July 30, 2018

Financial advisers have a new way to deliver impact investing to wealthy clients — one that comes with substantial tax benefits — courtesy of a fledgling federal tax law. The law created a way to invest in "qualified opportunity zones,"...

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