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Made a killing in crypto? Your tax bill is coming due
Digital tokens like Bitcoin and Ethereum are classified as property by the Internal Revenue Service and taxed like stocks and bonds.
Social Security rules when widows remarry
Survivor benefits can continue for those who wait until they're 60 to wed.
How Biden’s billionaire tax would hit the wealthy
Under Biden's plan, wealthy individuals would owe taxes on the unrealized gains of their assets, in addition to realized gains, a change that would upend long-standing tax principles.
Taxing financial planning services is not the answer
Proposed legislation in Kentucky that would tax services including financial planning and investment management could significantly harm the way Kentuckians save and plan for retirement.
Advisers place little faith in Biden’s ‘billionaire tax’
The proposal, which goes after households worth at least $100 million, enters unprecedented territory by trying to tax unrealized gains.
Biden to propose 20% tax aimed at billionaires
The tax, dubbed the Billionaire Minimum Income Tax by the White House, would hit both the income and unrealized gains of U.S. households worth more than $100 million.
The new IRS 10-year RMD rule isn’t what we thought it was
The big surprise was the IRS' announcement that if an account holder dies after their required beginning date, required minimum distributions would be required for years one through nine.
Inflation a concern for those approaching retirement
More than half of investors expect inflation to increase this year, and 61% think the combination of low rates and rising price pressures will make it tougher to create a retirement income stream.
Tax planning for new retirees
The shift from having taxes withheld to making estimated tax payments can be challenging for people entering retirement.
Stock market pullback puts spotlight on Roth conversions
With most broad market indexes nestled into correction territory, financial advisers are steering clients toward Roth conversions in a tax management move.
New retirement guide focuses on longevity, inflation
J.P. Morgan Asset Management says that advisers should plan for 35 years in retirement for clients, rather than the previous 30 years, as average life expectancy continues to increase.
IRS backlog frustrates advisers, clients
In February, the agency continued to retain 17.6 million tax returns from the 2020 filing season and about 5.9 million pieces of taxpayer correspondence that required manual processing.
A taxing situation
Last year’s attempt to raise taxes on the wealthy has catalyzed conversations between advisers and clients about tax strategies this season.
Arguments for raising Social Security’s full retirement age
Increased longevity makes it likely that future reforms will mandate a higher retirement age, according to a new report from the American Academy of Actuaries.
SALT alternative takes shape as Democrats move past Biden plan
Bill would raise deduction cap for most and exclude millionaires. However, the plan is unlikely to be taken up in Congress anytime soon.
Avantax focuses on bigger advisers as head count continues to drop
The firm reported a 9.4% decline in the number of advisers last year, but said it had 2½ times more recruited assets in 2021, at $929 million, compared to $363 million in 2020.
Divorce complicates Social Security claiming options
The length of the marriage, whether the individual claiming benefits has remarried, and the age at which they're claiming all affect benefit amounts.
Confusion about 2022 required minimum distributions
Should a client use old tables, new tables, both tables or no tables to calculate their RMDs this year? It depends ... and advisers need to know the answer.
Workers show interest in Social Security bridge strategy
A study by the Center for Retirement Research finds that a third of 401(k) participants would choose to delay collecting benefits if they could use 401(k) assets as a temporary substitute.
Social Security faces a customer service backlog
Expect delays as the Social Security Administration's field offices reopen to the public after closing in March 2020 amid the pandemic.
