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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...

Donald Trump's tax law could worsen pain of divorce according to new survey

February 15, 2018

President Donald Trump's tax law could make divorce an even more miserable experience, according to a new survey of the nation's top matrimonial attorneys. Almost two thirds of respondents said they expect divorce negotiations to become more...

Tough tax season for victims of Social Security hack

February 13, 2018

As if discovering that someone fraudulently claimed Social Security benefits on your account wasn't bad enough, victims of recent identity theft now have to contend with another bureaucratic headache: 1099 forms documenting reportable income...

Pass-through provision could inspire creative tax planning

February 5, 2018

If exploiting a tax loophole is as much an art as a science, then the tax planning profession is poised for a creative renaissance. The inspiration is the tax law signed by President J. Donald Trump in December. The patrons are affluent Americans...

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...

Advisers probably don't know about this tax-saving strategy

January 29, 2018

There's a specific provision in the tax code that could help individuals save a greater amount of money through tax-loss harvesting, but the provision is one that's often overlooked by financial advisers. Tax-loss harvesting allows individuals...

Why the new tax law amounts to a 'stealth' tax increase

February 7, 2018

The new tax law changes how the federal government adjusts certain measures in the tax code for inflation, which could cost advisers' clients substantially over the long term. The change also could signal how lawmakers will elect to treat certain...

IRS releases new withholding tables

January 11, 2018

The Internal Revenue Service released guidance for employers about how much tax they should withhold from workers' paychecks in 2018 — and said it would soon offer an online calculator that employees can use to make sure the amounts are correct....

As tax season gets underway, clients are looking ahead to how tax bill will affect 2018 returns

January 29, 2018

The federal tax overhaul put in place by Republicans has produced an unusual show of bipartisanship now that tax season is here: We are a nation united in befuddlement. It should come as no surprise then that tax preparers and financial advisers...

Despite a pumped economy, Trump's approval remains low

February 3, 2018

Most American presidents would have envied Donald J. Trump's opportunity to deliver the State of the Union address last Tuesday. After all, he had a good story to tell: solid economic growth, a falling unemployment rate, rising home prices,...

Tax bill creates adviser challenges for long-term planning

January 17, 2018

The biggest problem with the new tax bill, according to Steven Siegel of consulting firm The Siegel Group, is that so much of it is temporary. Nearly every provision passed in the Republican Tax Cuts and Jobs Act will sunset in 2025. A more...

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...

BlackRock's Fink asks top CEOs to reveal plans for spending cash flow from tax overhaul

January 16, 2018

BlackRock Inc.'s Chief Executive Officer Larry Fink is asking leaders of the world's biggest companies to say how they'll spend extra cash from the U.S. tax overhaul. "What will you do with increased after-tax cash flow, and how will you use...

Cuomo seeks New York tax revisions to thwart federal changes

January 16, 2018

New York state would end income taxes on wage earners and make up the revenue with an employer payroll tax that's federally deductible as part of a restructuring plan that Governor Andrew Cuomo is recommending to mitigate harmful effects of...

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 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...

Citigroup uses tax break windfall to rain profits on investors

January 16, 2018

As big U.S. banks weigh how to divvy up their windfall from a massive U.S. tax cut, Citigroup Inc.'s approach appears to be set: Shower profits on investors. Lower tax rates mean the bank can stick to its multiyear plan to pay out at least $60...

States already seeking workarounds to Republican tax changes

January 4, 2018

Before the ink was dry on the Republican tax bill signed into law late last month, experts predicted that state governments would try to shield their residents from tax hikes they'll suffer from a sharp reduction in state and local deductions....

How 401(k) deductions were saved in budget drama

January 22, 2018

Fears of drastic changes to retirement savings tax advantages during the recent tax reform deal failed to materialize, thanks to the efforts of an unusual coalition, old-fashioned lobbying and a presidential tweet. The allure of reducing the...

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...

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