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IRS warns taxpayers about using property taxes as 'contributions' to charity

May 24, 2018

The Internal Revenue Service warned taxpayers to proceed with caution after states including New York and New Jersey approved workarounds involving charitable organizations to circumvent new federal limits on deductions for state and local taxes....

Tax reform puts prenups in jeopardy

May 23, 2018

President Donald J. Trump's tax overhaul could wreak havoc on prenuptial agreements across the country — maybe even his own. Prenups often contain provisions about how much a partner would pay in alimony, also known as spousal support. The...

David Lerner compliance officer loses 'nonsensical' and 'specious' appeal over reporting tax liens

May 22, 2018

A senior compliance executive at David Lerner Associates Inc. has lost his appeal of a fine and suspension by the Financial Industry Regulatory Authority Inc. over unreported tax liens, with the appeals committee calling the executive's explanation...

Pass-through tax strategies for business-owner clients

May 21, 2018

The pass-through deduction created by the new federal tax law has inspired a raft of planning opportunities for financial advisers looking to minimize business clients' tax bills. The provision provides a 20% tax deduction on qualified business...

All is not lost when it comes to the mortgage interest deduction

May 9, 2018

The recently enacted tax reform package changed the way we think about itemized deductions by placing caps on some items and outright repealing others. The change that's garnered the most attention is the new $10,000 cap on the state and local...

Roth conversions can boost Medicare premiums

May 22, 2018

The Tax Cut and Jobs Act of 2017 created generally lower tax rates for 2018 through 2025, presenting an enticing opportunity to convert traditional retirement savings to Roth accounts at today's lower rates. Under current law, individual income...

N.J. homeowners get law to skirt Trump's lowered tax deductions

May 7, 2018

New Jersey Gov. Phil Murphy signed legislation last week to let homeowners declare property taxes as charitable donations that are deductible on their annual Internal Revenue Service filings. The measure is a response to the law signed by President...

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...

Delivering tax refunds is the least of the IRS' problems

April 17, 2018

For Tax Day this year, House lawmakers are focusing on a familiar target -— the Internal Revenue Service. Pegged to Tuesday's tax-filing deadline, Republican leaders scheduled a floor vote later this week on a bipartisan package to retool...

Tax reform act still awaiting some important tweaks

April 16, 2018

As the 2017 tax filing season recedes into history, clients and advisers have to start planning for the 2018 tax year — and thanks to Congress, they'll need to use an extra pinch of caution. Tuesday is not only the deadline for filing 2017...

Treasury calculator helps taxpayers ensure accurate federal tax withholdings

February 28, 2018

The U.S. Treasury Department unveiled a calculator Wednesday to help Americans determine whether the amount of federal taxes being withheld from their pay is accurate under a new tax law. The tax overhaul, passed by congressional Republicans...

Repeal of investment expense deduction may change advisers' fee strategy

January 24, 2018

The last two months of 2017 were a blur of activity when it came to income taxes, as financial advisers and clients scrambled to decipher what was rumor, what was actually proposed and what finally became law. One change that may have slipped...

How over-emphasizing tax deductions can get your clients into trouble

May 22, 2017

Now that the tax season is over, this is perhaps the slowest time on the calendar for many financial advisers. Some big financial planning and tax-related decisions have just been made, and while other important ones loom, many clients prefer...

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,...

Free online tax filing proposed in Senate

April 12, 2017

A bill simplifying and eliminating the cost of tax-filing for the average taxpayer has been re-introduced by Senate democrats. The Tax Filing Simplification Act of 2017, originally introduced in the last Congress, would direct the Internal Revenue...

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...

New tax law offers opportunities for advisers and retirees

February 7, 2018

The most sweeping tax reform in a generation may have begun under the guise of simplification, but the application of the new tax rules will be anything but simple for financial advisers and their retired clients. The Tax Cuts and Jobs Act that...

Bunching expenses is one way to recover benefits lost under tax reform

March 12, 2018

With all the changes to the rules regarding tax deductions included in the most recent tax reform act, taxpayers and their advisers are looking for ways to recapture some of the tax benefits that were lost. It could be that the best strategy...

Why their 2018 tax bill could catch clients off guard

March 29, 2018

Most Americans will owe less in taxes as a result of President Donald Trump's overhaul of the U.S. tax code, but in a few jurisdictions, about one in 10 will be paying more, according to an analysis released Wednesday by the Tax Policy Center....

High-income professionals could exploit a tax loophole designed for farmers

March 6, 2018

Highly paid professionals including investment managers, doctors and lawyers are eyeing a loophole in what's supposed to be a mom-and-pop benefit of the new tax law as a way to supersize their savings. The loophole lies in the law's 20% deduction...

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