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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)...

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...

Democrats warn Trump not to index capital gains to inflation for tax purposes

July 15, 2019

Senate Democrats are warning the Trump administration not to take regulatory steps to index capital gains to inflation for tax purposes, asserting authority for such a change lies with Congress. In recent weeks, published reports have suggested...

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...

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...

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....

Battle against SALT deduction reignited by lawsuit

July 17, 2019

New York, New Jersey and Connecticut are again suing President Donald J. Trump's administration over a provision in the 2017 tax law that limited write-offs for state and local taxes. The lawsuit filed Wednesday asks a court to stop recent Internal...

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...

Repeal of investment expense deduction may change advisers' fee strategy

January 24, 2018

The last two months of 2017 were a blur of activity when it came to income taxes, as financial advisers and clients scrambled to decipher what was rumor, what was actually proposed and what finally became law. One change that may have slipped...

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 —...

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...

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...

Changing state residency: Tax planning headaches and opportunities

May 16, 2017

When it comes to tax planning, the federal income tax receives the lion's share of the attention, and rightly so. But what about state income taxes? State tax rates vary wildly around the country, with California leading the charge with a top...

Advisers resist SECURE Act provision to limit inherited IRAs

August 2, 2019

Major retirement-savings legislation working its way through Congress mostly draws praise, but investment advisers are concerned that a provision in the bill that would limit inherited individual retirement accounts will hurt their clients....

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...

Tax Cuts and Jobs Act takeaways

April 12, 2019

The Tax Cuts and Jobs Act was enacted in late 2017 but individuals are now grappling for the first time with many of its temporary provisions as they prepare their 2018 income tax returns. Wealthy donors may be eyeing the chance to pass more...

Illinois governor pushes to replace flat tax

April 2, 2019

Illinois Governor J.B. Pritzker is targeting the richest residents in a push to raise more revenue for his cash-strapped state. It may help that the billionaire Democrat would have to pay more taxes, too. Mr. Pritzker, an heir to the Hyatt Hotels...

Tax planning doesn't stop on Tax Day

June 8, 2018

My father, Paul A. Samuelson, and I shared the same name and a strong interest in personal investing. While his primary job was professor of economics at MIT, he took on various investment advisory roles and served for many decades as a trustee...

The end of discounts for FLPs?

October 4, 2015

Rumors have abounded in the estate planning community that the IRS was working on regulations designed to change the gift and estate tax rules applicable to valuing interests in family-controlled entities, such as corporations, limited partnerships...

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