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Fate of estate tax worries planning lawyers

August 13, 2007

WASHINGTON — Estate planning lawyers are increasingly worried that Congress may not act on estate tax reform before the estate tax repeal expires at the end of 2010. “The current state of the law is clearly unstable,” said Ann Lesk, a partner...

FINRA eyes IRA withdrawal abuses

August 8, 2007

Intensifying its recent focus on protecting retirees, FINRA of Washington last month began a sweep of broker-dealers that focuses on clients' retirement accounts and the use of a section of the tax code allowing them to withdraw money before...

Edwards would hike capital gains tax

July 26, 2007

Democratic presidential candidate John Edwards wants to raise the capital gains tax from 15% to 28%, according to published reports. In remarks prepared for delivery this morning in Des Moines, Iowa, Mr. Edwards presented his plan, which would...

Report: High taxes hobble U.S. business

July 23, 2007

As other countries reduce their corporate tax rates, the U.S. is becoming less competitive, the Department of the Treasury said today in a background paper on “Business Taxation and Global Competitiveness.” Treasury is holding a conference...

Advisers face fines from IRS on more kinds of returns

July 23, 2007

CHICAGO — Financial advisers who prepare various tax-related documents for their clients will likely think twice before signing off on returns that include dubious or aggressive tax positions. A new law, enacted in May, allows the Internal...

Black is the new red for ledger at H&R Block’s broker unit

July 16, 2007

SAN FRANCISCO — After a long, hard slog, H&R Block Financial Advisors Inc. has found its way to profitability, and it expects to stay there, but its parent company’s long-standing goal of turning millions of tax clients into brokerage clients...

Carried tax studied by Senate

July 11, 2007

The Senate Finance Committee is scrutinizing a bill that could raise taxes paid by hedge fund managers and private equity heads. In a hearing today, Senator Charles Grassley of Iowa said that carried interest—the profit shares investment firm...

Edwards backs 'Blackstone bill'

July 9, 2007

Presidential candidate John Edwards stands behind proposed tax hikes for private-equity and hedge fund managers, the Wall Street Journal reported. Campaigning in New Hampshire, Mr. Edwards told the Journal that he not only supported the so-called...

Tax experts argue AMT reform

June 27, 2007

Limiting deductions for state and local taxes could pay for reforming the alternative minimum tax, said experts at a Senate hearing today. At the Senate Finance Committee hearing on the AMT, committee members as well as speakers agreed that...

IRA wrinkle in tax law a boon to charities

June 25, 2007

CHICAGO — IRA investors have given at least $75 million to charitable organizations through June 4 as a result of a provision in the Pension Protection Act of 2006 that allows distributions from the qualified plans to be rolled over to a charity...

Bill would tax 'carried interest'

June 22, 2007

The lower capital gains tax rates now enjoyed by hedge fund and private-equity fund managers would be scrapped under a bill introduced today. If the bill is enacted, Investment managers who are paid “performance fees,” which are based on a...

Bill would hike private-equity taxes

June 21, 2007

Congressional leaders are weighing a new proposal that could raise taxes for private-equity firm managers and take a bite out of their pay. The proposal would end a tax break that allows fund managers to pay a capital gains tax of 15% on their...

Company-stock tax strategy poses opportunity and risk

June 18, 2007

CHICAGO — According to a recent report, there is ample opportunity for financial advisers to work with clients who own company stock using a little-known technique called net unrealized appreciation. The research, released last month by the...

IRS ices tactic used by holders of fee accounts

June 11, 2007

CHICAGO — The IRS has put a damper on a tax saving strategy that has been used by some investors with fee-based accounts. In a recently released memo of guidance aimed at helping its agents, the Internal Revenue Service stated that fees charged...

Advisers, clients ignoring disability risk, experts say

May 14, 2007

NEW YORK — Financial advisers and their clients aren’t giving the risk of becoming disabled the attention it deserves, according to disability insurance experts. “Some people think that Social Security, personal savings and home equity loans...

Abolish AMT, says Baucus

May 7, 2007

The chairman of the Senate Finance Committee said this morning that he would like to abolish the alternative minimum tax, but failing that, he expects that legislation delaying its impact on middle-income taxpayers will be approved by Congress...

House Democrats eyeing reduction in the AMT

May 7, 2007

WASHINGTON — House Democrats are hoping to appeal to the middle class with a plan to shift to wealthy taxpayers the responsibility for paying the alternative minimum tax, but financial advisers in general think that it is a bad idea. “Anytime...

It’s never too early for AMT avoidance strategies

April 30, 2007

CHICAGO — Even though tax season just wrapped up, financial advisers and tax specialists say that it isn’t too early to help clients try to avoid the alternative minimum tax for 2007 returns. Many advisers are hoping that Congress fixes what...

Mutual Fund Store nabs executive from H&R Block

April 23, 2007

SAN FRANCISCO — David Byers was hired away last month from H&R Block Inc. to apply big- company retailing tactics to The Mutual Fund Store LLC. The former chief operating officer and head of the tax division at the Kansas City, Mo.-based tax...

H & R Block to sell mortgage unit

April 20, 2007

H & R Block announced today that it will sell its Option One Mortgage Corp. unit to private equity firm Cerberus Capital Management LP. New York-based Cerberus, which created a company called OOMC Acquisition Corp. to execute the purchase, agreed...

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