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There is no opportunity cost with a Roth conversion

November 5, 2019

As the year winds down, financial advisers will be asked about the tax and retirement benefits of a Roth conversion. An accurate evaluation should address both the benefits and drawbacks. This is critical since Roth conversions cannot be undone....

Elizabeth Warren health care plan sparks outcry over 401(k) tax hike

November 4, 2019

Presidential hopeful Elizabeth Warren would partially fund her Medicare for All health care proposal — a key part of her campaign platform — through 401(k) savers, sparking a backlash from both industry trade groups and financial advisers....

What value do you add? Start by communicating

October 29, 2019

Our industry is changing. Asset allocation is now a commodity, investors are flocking to passive investments and the historical discount brokerages are offering financial planning. So the question independent advisers should be asking themselves...

The key to avoiding mutual fund capital gains distributions

October 22, 2019

It's that time of year again when the leaves start falling, everything becomes pumpkin- flavored and mutual funds announce their dreaded capital gains distributions. While the bulk of the cap gains distributions will be announced over the next...

About 2.7 million fewer people got tax refunds after law change

October 18, 2019

About 2.7 million fewer people got tax refunds this year under the tax law overhaul that altered rates and paycheck withholding starting in 2018, according to new figures from the Internal Revenue Service. The IRS estimates it sent about 113.4...

Charles Schwab slams wealth tax as destroyer of U.S. creativity

October 16, 2019

To Charles Schwab, who brought stock-market investing to the masses with his eponymous discount brokerage, socialism evokes a grim, unremitting sameness — a death knell for creativity. "If you'd like socialism, we all drive the same car or...

Billionaires could see tax rates as high as 97.5% under Sanders

October 14, 2019

Billionaires may have much more to fear from a Bernie Sanders presidency than they do from an Elizabeth Warren administration, according to two economists advising both candidates. That's one of the conclusions of a new interactive website developed...

October is the new April for taxpayers, accountants after tax law confusion

October 10, 2019

For Americans who couldn't figure out how to pay their taxes in April after Republicans overhauled the tax code, there is a new day of dread for accountants: Oct. 15. That's the filing deadline for individuals and corporations that asked the...

The most misunderstood Roth conversion tax rule

October 8, 2019

Once Roth IRA funds have been held for five years and the Roth owner is 59½ years old, there are no more tax rules to know because all distributions will be tax- and penalty-free forever, including distributions to beneficiaries. These distributions,...

Finra censures, fines UBS $2 million over muni improprieties

October 2, 2019

The Financial Industry Regulatory Authority Inc. has censured and fined UBS Financial Services $2 million for "repeated failures" in addressing municipal short positions in a timely way and for inaccurately representing the tax status of thousands...

SALT tax-cap challenge by New York and New Jersey is tossed

September 30, 2019

Four states in the eastern U.S. lost a legal challenge to a provision of the 2017 tax law that limited write-offs for state and local taxes, as a federal judge threw out a lawsuit seeking to block the cap. The Republicans' 2017 tax law capped...

New rules make it easier to access 401(k) funds

September 30, 2019

Final rules issued recently by federal regulators make it easier for 401(k) participants to withdraw their retirement savings early in the event of a hardship, which could have the effect of increasing so-called leakage from workplace retirement...

Taxes are one thing – not the 'only' thing

September 27, 2019

Tax Day has come and gone. As advisers to high-net-worth individuals and families, tax planning is a year-round priority. HNW clients have wide-ranging objectives that include everything from transferring large amounts of money to younger generations,...

Hunt for tax havens fuels $47 billion stampede into muni debt

September 27, 2019

Municipal bonds have never been at risk of becoming the next big thing for bubble-chasing investors, like crypto currencies or tech IPOs. But 2019 has been marked by an unusually large stampede into the $3.8 trillion market for state and local...

Big capital-gains tax hit on horizon for mutual fund investors

September 25, 2019

Some investors in actively managed mutual funds can expect to incur big capital-gains tax bills this year, as continued outflows and lofty returns combine to stymie those holding funds in taxable accounts. Assets have continued to bleed out...

SoFi refunds investors for tax hit caused by proprietary ETFs

September 23, 2019

When investors incurred capital gains taxes because Social Finance Inc. replaced Vanguard funds with proprietary ETFs in some portfolios managed by its robo-adviser, the company defended the move as a regular change relating to client investment...

Warren's wealth tax could create compliance challenges

September 19, 2019

Senator Elizabeth Warren's campaign promise to fund social programs by making America's wealthiest pay a small percentage of their fortune every year could create a costly and difficult compliance system for both the taxpayers and the IRS. [More:...

Funding an HSA with an IRA

September 17, 2019

Millions of Americans fund a health savings account each year. If the account is through their employer, it's likely funded through automatic payroll deductions. But most people aren't aware of a rule that lets them fund an HSA with their individual...

How independence helps Andrea Broughton meet the complex needs of affluent clients

September 16, 2019

Andrea Broughton's route to independence as a Registered Investment Advisor (RIA) was fairly unique. Her previous employer essentially walked away from its financial planning business, effectively handing it over to the firm's advisors. With...

The silver lining of a casualty loss: The tax deduction

September 12, 2019

The East Coast got another reminder of the destructive force of severe weather from Hurricane Dorian. Residents of the Carolinas and elsewhere are now dealing with the aftermath, as the strong winds and flooding caused significant damages to...

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