Results for "tax"

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5 reasons to keep some funds in traditional IRAs, even for Roth IRA lovers

August 19, 2019

Should clients convert all of their individual retirement accounts to Roth IRAs? The long-term benefits of tax-free accumulation and no lifetime required minimum distributions make a persuasive case to go all in on the Roth IRA. However, even...

IRS sends second round of warnings to crypto investors

August 16, 2019

Some cryptocurrency investors are receiving a new round of letters from the Internal Revenue Service telling them that their federal tax returns don't match the information received from virtual currency exchanges, a new front in the agency's...

Fee-based annuities still require caution, despite IRS olive branch

August 14, 2019

Financial advisers who use fee-based annuities are likely celebrating after the Internal Revenue Service extended an olive branch last week, ruling favorably on how advisers can charge for annuity advice. But registered investment advisers should...

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)...

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....

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...

Crypto tax avoiders face IRS roulette: Confess, or try to hide

August 1, 2019

More than 10,000 cryptocurrency investors face a decision as they open letters from the Internal Revenue Service informing them that they may owe taxes on their digital holdings. Should they quickly file amended tax returns correcting prior...

IRS is tracking down 10,000 cryptocurrency owners who may have failed to pay taxes

July 26, 2019

The Internal Revenue Service is warning more than 10,000 holders of cryptocurrency that they may be subject to penalties for skirting taxes on their virtual investments. The IRS has begun sending letters to taxpayers who potentially failed to...

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...

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...

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...

Adviser compensation is the challenge with fee-based annuities

July 15, 2019

Fee-based annuities are becoming more popular, but there's a thorny issue that could limit their uptake and negatively affect clients: the question of how an adviser is paid to help manage the annuity. Fee-based annuities are products meant...

The perils of do-it-yourself IRA transactions

July 2, 2019

Do you have clients who are do-it-yourselfers? While consulting YouTube for tips on a minor home improvement project may work out just fine, DIY can create serious problems when it comes to moving retirement funds. The tax laws are particularly...

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...

3 things to consider when advising blended families

June 26, 2019

One of the most difficult tasks for many newlywed couples is marrying their finances. Blending families rather than individuals is trickier but it can be done if there is open communication with clear and full disclosure of both families' finances....

Wall Street lashes out at Bernie Sanders' plan to pay off student debt with a securities trading tax

June 24, 2019

Bernie Sanders wants Wall Street to pay off America's student debt. Wall Street, predictably, says that's a bad idea. Patent self interest aside, Wall Street has a point, economists say. Even before the Vermont senator and Democratic presidential...

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...

Charitable donations fall as result of Republican tax law changes

June 21, 2019

Americans gave less money to charities last year partly because the Republican tax law changes made many people ineligible for tax breaks that can inspire donations. Giving by individuals fell an estimated 3.4%, after adjusting for inflation,...

Tax considerations when gifting stock

June 19, 2019

Gifting stock to friends and family members can be tricky — there are several ways investors can get tripped up and make a poor decision from a tax standpoint. Below are some considerations for financial advisers to ensure their clients are...

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