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Rush to munis could boost Medicare premiums
The income calculation for Medicare and Social Security includes tax-exempt interest on municipal bonds.
Who’s worried about retirement? Young people
The pandemic has created concerns about retirement security among millennials and Gen Xers.
Senate bill would expand pass-through tax deduction to advisers
The bill, which was written by Senate Finance Chairman Ron Wyden, D-Ore., would limit the benefit to individuals earning less than $400,000 a year.
Rescuing baby boomers’ retirements
Given their limited savings, current low interest rates and the ongoing rise in prices and out-of-pocket health care costs, most boomers need a financial lifeline.
Social Security COLA likely to top 6% in 2022
Continued inflationary pressures could result in the largest cost-of-living increase in benefits since 1983.
Assessing the tax implications of Bitcoin
The IRS has clearly communicated that cryptocurrency assets are taxed when they are traded, but this is news to many of the investors who own cryptocurrencies.
Biden fires head of Social Security Administration
The political infighting won't affect the $1 trillion in benefits Social Security sends each year to 65 million Americans. But it will likely make it more difficult to begin work on a solution to the program's long-term financial challenges.
3 steps to prepare wealthy clients for higher tax rates
In the current tax-the-rich political environment, the wisdom of getting wealthy clients the insurance of an alternative citizenship or residence is obvious.
Senate retirement bill includes tax break for financial planning
While the provision helps level the playing field, prominent industry observers, like Michael Kitces, worry the benefit is too narrow. Investment Adviser Association, and other groups, are pushing for a broader tax deduction.
Time’s running out for a mega qualified charitable distribution!
2021 is the last year your clients can use their retirement funds for unlimited charitable giving as a result of provisions in recent tax laws.
Private equity fights to keep tax break
A lobbying group for PE firms is rolling out ads targeting 25 members of Congress to try to protect the carried interest tax break.
Covid raises awareness, concerns about Social Security
71% of American adults worry that the program will run out of money during their lifetime and 19% say the pandemic has affected their plans to file for Social Security benefits, according to a Nationwide survey.
Biden wants to dismantle two tax strategies used by richest 0.1%
Technical provisions in the administration's tax proposals could disrupt dynasty trusts and intentionally defective grantor trusts, two ways that super wealthy people have legally avoided taxes for decades.
Beware the sleight of hand in ProPublica’s pitch to tax the wealthy
A sensational report arguing that the wealthy don't pay their fair share of income taxes starts to crumble when percentages are replaced with real money.
ProPublica report stokes debate on wealthy paying fair share in taxes
Advisers remain wary of President Joe Biden's proposals to raise capital gains taxes, which face political obstacles in Congress. There’s almost no chance any Republicans will support the administration's tax proposals.
Roth conversions may not pay off until age 90 for most
Tax-rate changes have minimal effect on the financial benefits of Roth conversions, Edward McQuarrie, professor emeritus at Santa Clara University, wrote in a recent paper. The most important factor is actually compounding.
3 Social Security do-over options
Here are strategies that can be helpful for clients who have regrets over the timing of their Social Security claiming decision, whether they claimed early rather than holding out for a bigger check or waited longer than necessary.
Congress’ inaction on Social Security could cost clients 2 months’ pay
The estimate of lost income, due to planning mistakes alone, is separate from actual cuts to benefits, according to a recent academic paper.
Advisers blast Biden’s retroactive capital gains proposal
The effective date for the capital gains tax hike would be April 28, 2021, when the American Families plan was introduced, according to the Treasury Department’s Greenbook, a compendium of revenue proposals for fiscal 2022 that was released with the administration's $6 trillion budget proposal in May.
Social Security announces partial reopening of field offices
The agency has unveiled a new 'express interview' process to help people apply for original or replacement Social Security cards and submit necessary proof of identity in person. But it encourages the public to continue to submit applications online.
