Most advisers are clueless about important tax rules that impact individual retirement accounts, CPA Ed Slott said.
The mutual fund industry's push for raising taxes on exchange-traded notes may come back to hurt the industry when it asks Congress to defer taxes on mutual funds, the ranking minority member of a House Ways and Means subcommittee said.
Pay tax on such financial products, even though no payoff from such investments is assured, would unfairly limit trade of the financial products, according to the group.
The Securities Industry and Financial Markets Association has endorsed President George W. Bush 2009 budget proposal.
The Senate is planning to vote on a $160 billion version of the stimulus bill tomorrow.
Speaking at the annual World Economic Forum in Davos, Bob Greifeld urged Congress to speedily pass a stimulus package.
The tentative deal involving $150 billion worth of tax rebates would provide $300 to $1,200 per household.
Sales of new one-family homes fell to an annual rate of 647,000, according to the U.S. Census Bureau.
Up to 13.5 million taxpayers won’t be able to file their AMT-related returns until Feb. 11, said the IRS.
The tax package also includes a seven-year renewal of a terrorism-insurance program.
About 21 million taxpayers will be spared the AMT for 2007 after the House approved an "AMT patch."
Replacing the business income tax with a tax based on gross receipts would be beneficial, suggested the Treasury.
The House approved legislation that would shield millions from the AMT by raising taxes on hedge fund managers.
H&R Block will record $74.8 million in restructuring charges related to shutting down its Option One Mortgage division.
The tax preparer's second quarter saw the shuttering of its troubled Option One Mortgage business.
The Senate approved a bill that would prevent 19 million middle-class taxpayers from paying the AMT this year.
The controversial 6% tax on investment advice was repealed in a late-night session of the state legislature.
Mark Ernst resigned as chairman, president and CEO of H&R Block following losses tied to subprime mortgages.
There will be delays for the 2007 tax year both in processing and sending out refunds to the taxpayer.
Because Congress was slow to take up legislation to protect taxpayers with moderate income from having to pay the alternative minimum tax, it is likely that the Internal Revenue Service will have to delay processing 50 million taxpayers, the acting chief of the agency told the nation's accountant association last week.
