Results for "tax"

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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...

About 2.7 million fewer people got tax refunds after law change

October 18, 2019

About 2.7 million fewer people got tax refunds this year under the tax law overhaul that altered rates and paycheck withholding starting in 2018, according to new figures from the Internal Revenue Service. The IRS estimates it sent about 113.4...

Billionaires could see tax rates as high as 97.5% under Sanders

October 14, 2019

Billionaires may have much more to fear from a Bernie Sanders presidency than they do from an Elizabeth Warren administration, according to two economists advising both candidates. That's one of the conclusions of a new interactive website developed...

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...

How independence helps Andrea Broughton meet the complex needs of affluent clients

September 16, 2019

Andrea Broughton's route to independence as a Registered Investment Advisor (RIA) was fairly unique. Her previous employer essentially walked away from its financial planning business, effectively handing it over to the firm's advisors. With...

Finra censures, fines UBS $2 million over muni improprieties

October 2, 2019

The Financial Industry Regulatory Authority Inc. has censured and fined UBS Financial Services $2 million for "repeated failures" in addressing municipal short positions in a timely way and for inaccurately representing the tax status of thousands...

SALT tax-cap challenge by New York and New Jersey is tossed

September 30, 2019

Four states in the eastern U.S. lost a legal challenge to a provision of the 2017 tax law that limited write-offs for state and local taxes, as a federal judge threw out a lawsuit seeking to block the cap. The Republicans' 2017 tax law capped...

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...

Don't confuse old tax rules with new ones when selling a home

October 25, 2018

When the first versions of the Tax Cuts & Jobs Act were released last year, Congress looked to rework the rules on the sale of a personal residence. By the time the bill was finalized, however, all those proposed changes were eliminated. So...

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...

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...

Richest would have lost half their wealth under Warren's tax plan

September 10, 2019

Billionaires such as Jeff Bezos, Bill Gates and Warren Buffett could have collectively lost hundreds of billions of dollars in net worth over decades if presidential candidate Elizabeth Warren's wealth tax plan had been in effect -- and they...

Warren's wealth tax could create compliance challenges

September 19, 2019

Senator Elizabeth Warren's campaign promise to fund social programs by making America's wealthiest pay a small percentage of their fortune every year could create a costly and difficult compliance system for both the taxpayers and the IRS. [More:...

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,...

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...

Senator Ron Wyden suggests annual tax on assets of rich

September 12, 2019

Senator Ron Wyden unveiled his own wealth tax on Thursday, taking a slightly different approach to targeting the same nonwage income as proposals from Democratic presidential hopefuls Elizabeth Warren and Bernie Sanders. [More:​ Richest would...

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...

GOP tax battle looms over advisers and their clients

October 10, 2017

President Donald Trump and Republican congressional leaders unveiled a framework in September for far-reaching changes to the U.S. tax code. Now it's up to the House and Senate tax-writing committees to turn the framework into legislation that...

Deadline for disclosure of foreign bank accounts approaches, grace period narrows

June 14, 2016

In 2013, the Financial Crimes Enforcement Network (FinCEN) posted an online notice that released new FBAR rules and deadlines. The FBAR, or Form 114 of the Report of Foreign Bank and Financial Accounts, has been around since 1970, but it has...

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