Results for "tax"

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Treasury cuts penalties for taxpayers confused about withholding

March 22, 2019

The Treasury Department is again reducing penalties for taxpayers who didn't pay enough of their tax bill throughout the year. Taxpayers who paid at least 80% of their estimated tax liability for 2018 through paycheck withholding or quarterly...

5 tips for people who don't have the money to pay their tax bill

March 21, 2019

As the Internal Revenue Service's April 15 deadline for filing 2018 U.S. personal income tax returns approaches, some taxpayers will find themselves short of the amount they need to pay their tax bill. Miron Lulic, founder and CEO of SuperMoney,...

Blucora to buy another broker-dealer with tax-focused advisers

March 19, 2019

Tax preparation software company Blucora Inc. said on Tuesday it intends to continue to add to its wealth management and tax preparation business and will pay $180 million in stock for 1st Global Inc., an independent broker-dealer that focuses...

Be sure your clients use nondeductible IRA contributions correctly

March 14, 2019

Back in the day, being a good financial adviser meant building a portfolio that provided investors with a maximum return for the minimum level of risk. Now the role of an adviser has evolved to offering thoughtful advice and guidance on a wide...

Capital gains increase at heart of Democrats' tax-the-rich plans

March 12, 2019

Bill Gates, Elizabeth Warren and Bernie Sanders all want the rich to pay more taxes, but Mr. Gates is saying what the Democratic candidates appear to be thinking: Go for the capital gains rate. Mr. Gates, the billionaire co-founder of Microsoft...

Baseball, taxes and retirement destinations

March 11, 2019

My husband is a huge baseball fan. Me, not so much. But I always appreciate it when he forwards articles about his favorite pastime that are relevant to my passion for retirement planning. Case in point: Bryce Harper's decision to sign a record-setting...

SALT stays: Limit on deduction for state and local taxes isn't going anywhere

March 8, 2019

Politicians from New York, New Jersey and other high-tax states may be making a lot of noise, but the new $10,000 cap on deductions for state and local taxes, or SALT, isn't going anywhere any time soon. Some 30 Democratic members of Congress,...

100% required minimum distributions

March 6, 2019

Can it ever be the case that an individual retirement account's required minimum distribution, or RMD, for a year equals the entire IRA balance? Yes, but that only happens if there is no designated beneficiary. A designated beneficiary means...

Wall Street levy gains steam among Democrats

March 5, 2019

Watch out, Wall Street. Democrats, who have so far focused on plans to tax the super-rich, are turning their sights to capital markets. Expect to hear a lot about financial transaction taxes. These are small levies on stock and bond trades meant...

Financial advisers take issue with Democratic plans to tax the rich

March 5, 2019

As Democratic contenders line up for a chance to take on President Donald J. Trump in the 2020 presidential election, the increasingly populist tone of calls to tax the rich is not lost on the financial planning community. "Those moving further...

Taxes, investment returns and the new Form 1040

March 5, 2019

Given that 2018 is the first tax year to reflect the Tax Cut and Jobs Act, there are a few changes advisers should understand to aid in client discussions. Even more important, understanding these changes will allow you to identify problem areas...

Many wealthy jolted by unpleasant tax shock this season

March 4, 2019

This tax season, many wealthy Americans are getting an expensive jolt. The Republican tax overhaul signed by President Donald J. Trump more than a year ago provides plenty of perks for the rich. But not all well-off folks are treated alike under...

Tax incentive for those who can afford to purchase a fancy jet

February 27, 2019

Wall Street money managers love to purchase fancy airplanes. Thrive Capital Management, the venture capital firm run by Jared Kushner's brother Joshua, bought a used Bombardier Challenger 300 earlier this year. Hedge fund manager Harsh Padia...

SALT cap will affect nearly 10.9 million people

February 26, 2019

About 10.9 million people are losing out on one of their most prized tax breaks — the deduction for state and local taxes. That's the number of people the U.S. Treasury inspector general for tax administration estimates had tax bills above...

Opportunity-zone investments — are they right for your clients?

February 25, 2019

The Tax Cuts and Jobs Act passed by Congress in December 2017 included many changes to the tax code. One was the creation of "opportunity zones": state-designated and U.S. Treasury-approved areas where "new investments, under certain conditions,...

Should you name a trust as an IRA beneficiary?

February 22, 2019

Financial advisers may be wondering how to best bequeath clients' individual retirement account assets to heirs in the event of their death. The question becomes, should they name a trust rather than an individual as a beneficiary of the IRA?...

UBS ordered to pay more than $5.1 billion in French tax case

February 20, 2019

UBS Group was ordered to pay more than 4.5 billion euros ($5.1 billion) by a Paris court that found the bank guilty of having helped wealthy French clients stash funds in undeclared Swiss accounts. Shares of UBS fell as much as 3.1%. The Paris...

Democrats have a game plan for taxing the rich more

February 20, 2019

As U.S. Democrats lay the foundation of their bid to unseat President Donald J. Trump in 2020, raising taxes on the rich is emerging as a central theme for a party being pulled to the left by its invigorated self-described progressive wing....

LifeYield provides advisers a roadmap to optimize portfolio tax efficiency

February 19, 2019

LifeYield, a technology firm focused on social security optimization and tax efficiency, has a new feature to help advisers explain to clients the tax benefits of asset relocation. Taxficient Asset Location Swaps is an update to LifeYield's...

The AMT is no longer a problem for many clients

February 19, 2019

The alternative minimum tax used to plague many clients of financial advisers, but the AMT has lost much of its bite due to tax reform. "No one's really paying it this year," said Jamie Hopkins, director of retirement research and vice president...

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