Results for "tax"

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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...

Doing the right due diligence when investing in ETFs

September 4, 2019

Instead of researching individual issues or trying to find highly ranked active mutual fund managers, many advisers now often choose a few broad ETFs to track the entire equity and/or fixed-income market and then add selected, narrower ETFs...

Lyft founders giving more than 1.5 million shares to donor-advised fund

August 30, 2019

Lyft Inc.'s co-founders are donating more than 1.5 million shares of the company to the National Philanthropic Trust, one of the largest operators of donor-advised funds, a controversial type of charity. The founders, Logan Green and John Zimmer,...

This new tax rule could be a 'recession bomb'

August 13, 2019

A new rule imposed by the 2017 tax law could prove troublesome for businesses and their owners — as well as the broader economy — in the next recession. The tax law changed provisions around "net operating loss," a part of the tax code that...

Crypto tax avoiders face IRS roulette: Confess, or try to hide

August 1, 2019

More than 10,000 cryptocurrency investors face a decision as they open letters from the Internal Revenue Service informing them that they may owe taxes on their digital holdings. Should they quickly file amended tax returns correcting prior...

IRS is tracking down 10,000 cryptocurrency owners who may have failed to pay taxes

July 26, 2019

The Internal Revenue Service is warning more than 10,000 holders of cryptocurrency that they may be subject to penalties for skirting taxes on their virtual investments. The IRS has begun sending letters to taxpayers who potentially failed to...

Should we treat the super-rich as our piggy bank?

February 1, 2019

A friend sent me an email the other day, complaining about the 70% marginal tax rate floated by Democratic Representative Alexandria Ocasio-Cortez and the new wealth tax proposed by Democratic Senator Elizabeth Warren. Ms. Ocasio-Cortez first...

Wealthy clients likely missed out on pass-through tax deduction

August 8, 2019

Wealthy clients of financial advisers likely missed out on the lucrative new pass-through tax deduction in the most recent tax filing season. Of the more than 14 million taxpayers who claimed the pass-through deduction this year, the vast majority...

Recession indicator pushed to highest alert since 2007

August 5, 2019

The latest eruption in the U.S.-China trade dispute pushed a widely watched Treasury-market recession indicator to the highest alert since 2007. (More:​ Advisers investing in technology to prepare for possible recession, Schwab study finds)...

Alternative minimum tax a casualty of tax reform nobody will miss

August 24, 2018

The tax reforms enacted under President George W. Bush in 2001 and 2003 were highlighted by cuts to ordinary tax rates at all income levels. However, the savings from those cuts were muted for many taxpayers because the alternative minimum tax...

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...

Homebuyers in New York's most posh county take shelter in multifamily houses

October 11, 2018

The highest property taxes in the nation and new federal limits on deductions have scared many homebuyers from New York's tony Westchester County. Now, some have discovered a workaround — buy multifamily. Purchases of two- to four-family houses...

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,...

IRS takes on cryptocurrencies

August 1, 2019

The Internal Revenue Service is going after more than 10,000 cryptocurrency holders who failed to report income and pay taxes, and not a single person should be surprised. Skirting the law isn't a bug in bitcoin, ethereum, litecoin or any of...

Top 10 overlooked tax deductions

October 26, 2017

As the year winds down and the process of gathering documents for 2017 tax filing gets under way, many advisory clients skip over deductions that can add up to hundreds of dollars. Here are the top 10 tax deductions taxpayers are overlooking,...

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...

Trump vows to make changes to tax plan

October 10, 2017

President Donald Trump said Tuesday he plans to make changes to his tax plan within the next few weeks, while dismissing concerns that his public spat with Senator Bob Corker would scuttle an overhaul. "We'll be adjusting a little bit over the...

How over-emphasizing tax deductions can get your clients into trouble

May 22, 2017

Now that the tax season is over, this is perhaps the slowest time on the calendar for many financial advisers. Some big financial planning and tax-related decisions have just been made, and while other important ones loom, many clients prefer...

Free online tax filing proposed in Senate

April 12, 2017

A bill simplifying and eliminating the cost of tax-filing for the average taxpayer has been re-introduced by Senate democrats. The Tax Filing Simplification Act of 2017, originally introduced in the last Congress, would direct the Internal Revenue...

Schwab Charitable pegs 33% rise in grants to market strength, tax changes

July 23, 2019

Schwab Charitable said it facilitated over $2.4 billion in grants to over 83,000 charities during its 2019 fiscal year, attributing the results in part to current market valuations that can provide tax benefits to those making donations. That...

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