Only a few months into fiscal year 2009, 44 states reported this month that they face a combined total of $62.4 billion in budget gaps, according to a report from the National Conference of State Legislatures.
Advisers need to work harder to include their clients’ heirs in estate plans because 92% of heirs change advisers once they receive an inheritance, according to one industry leader.
Your clients have probably been asking about the estate tax because it is scheduled to sunset in 2010 and then rise again in 2011 at higher rates.
Mutual fund investors paid $15.8 billion in taxes last year for distributions, according to a report released today by Lipper Inc. of New York.
President Barack Obama seized the opportunity on tax-filing day to assert that his administration is easing the tax burden of working people.
Protesters began gathering at state Capitols and in neighborhoods and town squares across the country Wednesday to kick off a series of tax-day protests designed to echo the rebellion of the Boston Tea Party.
For 2008, individual taxpayers can claim a non-refundable credit against federal income taxes of up to $1,800 per student for qualified tuition and related expenses in the first two years of the student’s post-secondary education in a degree or certificate program.
Tax day is Wednesday, and once again the Internal Revenue Service won't collect billions of dollars owed by taxpayers.
As the Obama administration scrambles to tighten tax loopholes, the strategies for dodging income taxes continue to evolve.
A wealthy accountant who is the first U.S. citizen charged in a wide-ranging tax probe of Swiss banking giant UBS AG was released from jail Wednesday on $12 million bail.
Situation: One of your clients wants to make a retirement plan contribution before filing his tax return. He has salary from his job and some self-employment income from a side business.
Legislation to tax carried-interest compensation at ordinary income tax rates instead of lower capital gains rates was reintroduced today by Rep. Sander Levin, D-Mich.
As tax day approaches, the Internal Revenue Service is not consistently using the same standards to fine late-filing taxpayers and losing millions of dollars in revenue, according to a new report.
A Boca Raton man appeared in federal court after prosecutors say he hid millions of dollars in assets from U.S. tax collectors in the Swiss bank UBS.
Your client was a victim of a Ponzi scheme and wants to know whether he can deduct a loss on his tax return for the fraudulent behavior of the investment adviser.
If you can’t file your 2008 federal income tax return with the Internal Revenue Service by April 15 and have to file for an Oct. 15 extension, you can still save on interest and penalties.
In his White House press conference last night, President Obama defended his proposal to reduce the tax deduction for philanthropic gifts, stating that the measure would not deter donors from giving.
While the IRS released new rules this week to help victims of Bernard Madoff’s Ponzi scheme recoup some of their losses with a tax break, private foundations will not be able to benefit.
Thirteen recipients of bailout funds from the Troubled Asset Relief Program owe more than $220 million in unpaid federal taxes.
