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The perils of do-it-yourself IRA transactions

July 2, 2019

Do you have clients who are do-it-yourselfers? While consulting YouTube for tips on a minor home improvement project may work out just fine, DIY can create serious problems when it comes to moving retirement funds. The tax laws are particularly...

White House considers capital gains tax break that would benefit wealthy

June 27, 2019

The White House is developing a plan to cut taxes by indexing capital gains to inflation, according to people familiar with the matter, in a move that would largely benefit the wealthy and may be done in a way that bypasses Congress. Consensus...

3 things to consider when advising blended families

June 26, 2019

One of the most difficult tasks for many newlywed couples is marrying their finances. Blending families rather than individuals is trickier but it can be done if there is open communication with clear and full disclosure of both families' finances....

Repeal of SALT cap would be $40 billion windfall for millionaires, according to new data

June 24, 2019

More than half of the benefit of repealing the $10,000 deduction cap for state and local taxes would go to millionaires, according to Congress' nonpartisan tax scorekeeper. (More:​ SALT apocalypse predictions have not come true) Getting rid...

Wall Street lashes out at Bernie Sanders' plan to pay off student debt with a securities trading tax

June 24, 2019

Bernie Sanders wants Wall Street to pay off America's student debt. Wall Street, predictably, says that's a bad idea. Patent self interest aside, Wall Street has a point, economists say. Even before the Vermont senator and Democratic presidential...

Charitable donations fall as result of Republican tax law changes

June 21, 2019

Americans gave less money to charities last year partly because the Republican tax law changes made many people ineligible for tax breaks that can inspire donations. Giving by individuals fell an estimated 3.4%, after adjusting for inflation,...

Tax considerations when gifting stock

June 19, 2019

Gifting stock to friends and family members can be tricky — there are several ways investors can get tripped up and make a poor decision from a tax standpoint. Below are some considerations for financial advisers to ensure their clients are...

4 strategies for Roth conversions

June 13, 2019

The time is ripe to convert traditional, pretax retirement accounts to Roth-style accounts. Low individual tax rates by historical standards and a pending reversion in 2026 to the higher rates that preceded the new tax law make this an opportune...

States losing battle over SALT cap deduction

June 13, 2019

New York, New Jersey and Connecticut have been fighting a new cap on state and local tax deductions ever since it was included in the 2017 Republican tax overhaul. They are losing. [More:​ Treasury deals final blow to states' SALT deduction...

Treasury deals final blow to states' SALT deduction workarounds

June 11, 2019

The Treasury Department dealt the final blow to programs in states like New York and New Jersey designed to help residents circumvent the new $10,000 limit on deductions for state and local taxes. The regulations, issued Tuesday, prohibit workarounds...

Trump tariffs have wiped out most families' tax-cut gains

June 7, 2019

President Donald J. Trump's trade wars have already wiped out all but $100 of the average American household's windfall from Mr. Trump's 2017 tax law. And that's just the beginning. That last $100 in tax-cut gains also could soon disappear —...

One of the most hated tax breaks in America just won't die

June 3, 2019

One of private-equity and hedge-fund managers' most prized tax breaks is again in politicians' cross hairs, but Democrats would need to sweep the 2020 election if they want to pull the trigger to kill it. President Donald J. Trump said in May...

New W-4 form aims to prevent tax refund surprises

May 31, 2019

Upset with a smaller-than-anticipated tax refund this year? The IRS has a remedy for that. The Internal Revenue Service is redesigning the key tax withholding form, the W-4, which tells employers how much to take out of employees' paychecks....

Is Roth participation in DC plans being suppressed by record keepers?

May 30, 2019

Every day, employees meet with pension record-keeper advisers and have a typical discussion about their 401(k), 403(b) or 457 defined-contribution plans: Employee: "I can only afford to contribute $400 per paycheck to my 401(k) plan." Adviser:...

Retirement bill would allow tax-free financial planning

May 30, 2019

Recently introduced legislation includes tax incentives for financial planning related to retirement. The provision, contained in section 113 of the Retirement Security and Savings Act, would permit employees to use pre-tax dollars through employer-based...

How to replicate a stretch IRA

May 28, 2019

The end of the stretch IRA is nigh, and that's bad news for clients of financial advisers. The good news: There are ways for advisers to simulate the benefits of a stretch IRA. The term "stretch IRA" refers to an individual retirement account...

Attempt to ban SALT weakened by strong data

May 23, 2019

It was always a long shot, but a quixotic lawsuit by four northeastern states to squelch the Trump tax law's cap on state and local tax deductions is being undermined by a repetitive drip of strong economic data. New York, Connecticut, Maryland...

4 top surprises from the new tax law

May 22, 2019

We recently completed the first tax season following passage of the Tax Cuts and Jobs Act. There were sweeping changes, and most taxpayers — and their advisers — experienced many unforeseen surprises. Rather than lament, we should learn...

SALT apocalypse predictions have not come true

May 21, 2019

To listen to New York Governor Andrew Cuomo, the 2017 Republican tax overhaul that limited state and local deductions to $10,000 was a devastating blow. The rich would flee, the middle class would suffer and blue state budgets would bleed. Perhaps...

New tax rules raise the cost for most kids — but not all

May 20, 2019

When word about changes to the kiddie tax rules started getting around, the response was mostly confusion. Were parents supposed to be happy about these changes, or would the changes increase taxes and hamstring investment strategies? The answer,...

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