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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...

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...

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...

The only certainty is death, taxes, and muni advantages

February 14, 2019

If the last few days are any indication, the denizens of Wall Street either aren't as sharp as they seem or they're dreading the prospect of paying more in taxes. I say this because two of the most popular articles on the Bloomberg terminal...

Bills would allow employers to help workers pay off student debt, tax-free

February 13, 2019

Bipartisan Senate legislation would provide favorable tax treatment to encourage employers to help their workers pay off student loan debt. Under the bill, the Employer Participation in Repayment Act, companies could contribute up to $5,250...

Rubio wants to curb stock buybacks encouraged by 2017 tax law

February 13, 2019

Sen. Marco Rubio is taking on the GOP's 2017 tax law by arguing that it's encouraging companies' rush to buy back stock, hurting the economy. The Florida Republican, as chairman of the Senate Committee on Small Business and Entrepreneurship,...

IRS sends out fewer refund checks first week of tax season than last year

February 8, 2019

The IRS sent out fewer refund payments in the first week of the tax season compared to the same period in 2018 as the agency struggled to recover from a government shutdown that hampered tax officials' ability to prepare. (More: Limited deduction...

Limited deduction rubs SALT into taxpayer wounds

February 8, 2019

Financial advisers and accountants for people who live in high-tax states will be delivering a difficult message over the next few weeks: You'll pay more in taxes. The reason for the increase is a limit on the deduction for state and local taxes...

Trump 'open to talking about' revisions on SALT cap

February 7, 2019

President Donald J. Trump said he would consider changes to a controversial cap on the federal deduction for state and local taxes, one of the most divisive provisions of the 2017 Republican tax overhaul. Mr. Trump told regional newspaper reporters...

Latest tax proposal from Democrats targets Wall Street

February 7, 2019

Wall Street would bear the brunt of the latest tax proposal as Democrats jockey for the most progressive tax ideas with the approach of the 2020 elections. Senator Brian Schatz, a Hawaii Democrat, is working on a plan that would tax financial...

Trump State of the Union: What advisers want to hear

February 5, 2019

Financial advisers want President Donald J. Trump to put aside divisive political rhetoric and give a positive message about the economy and solutions to pressing problems during his address to Congress tonight. In his State of the Union address,...

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