Tax

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RETIREMENT TAX APR 28, 2009
Estate tax proposal would maintain current exemptions

What’s the future of the estate tax after 2009? This is a question that your clients have probably been asking a lot lately because the estate tax is scheduled to sunset in 2010 and then rise again like a phoenix in 2011 at higher tax rates and with a substantially lower unified exemption credit equivalent, or estate tax exemption, of $1 million.

RETIREMENT TAX APR 26, 2009
Tax hikes likely to hit middle class

Middle-class taxpayers likely will face a wide swath of tax increases in the years ahead, according to economists at The Brookings Institution.

RETIREMENT TAX APR 24, 2009
Study: 44 states face budget deficits in the current fiscal year

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.

RETIREMENT TAX APR 24, 2009
Majority of clients change advisers once they receive inheritance

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.

RETIREMENT TAX APR 21, 2009
Estate tax proposal looks to maintain current exemptions

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.

RETIREMENT MUTUAL FUNDS APR 15, 2009
Mutual fund investors paid $15.8B in taxes on distributions in '08

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.

RETIREMENT TAX APR 15, 2009
Obama says working families' tax burden is lessened

President Barack Obama seized the opportunity on tax-filing day to assert that his administration is easing the tax burden of working people.

RETIREMENT TAX APR 15, 2009
With pitchforks and picket signs, anti-tax protesters turn out for dreaded April 15

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.

RETIREMENT TAX APR 14, 2009
IRS programs, tax credits can help clients fund education costs

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.

RETIREMENT TAX APR 12, 2009
Web-based tactics publicly embarrass tax cheats

Tax day is Wednesday, and once again the Internal Revenue Service won't collect billions of dollars owed by taxpayers.

RETIREMENT TAX APR 10, 2009
Tax cheats get creative

As the Obama administration scrambles to tighten tax loopholes, the strategies for dodging income taxes continue to evolve.

RETIREMENT TAX APR 08, 2009
U.S. accountant granted $12M bail in UBS tax case

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.

RETIREMENT TAX APR 07, 2009
Making a retirement plan contribution before filing a tax return

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.

RETIREMENT TAX APR 05, 2009
Tax cheats get creative

RETIREMENT ALTERNATIVES APR 03, 2009
Carried-interest tax bill in the House once more

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.

RETIREMENT TAX APR 02, 2009
IRS, taxpayers hit by uneven interest on late returns

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.

RETIREMENT TAX APR 02, 2009
First U.S. citizen arrested in UBS tax evasion case

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.

RETIREMENT TAX MAR 31, 2009
IRS offers Ponzi victims safe harbor

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.

RETIREMENT TAX MAR 27, 2009
Fork over estimated tax now, and save

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.

RETIREMENT TAX MAR 25, 2009
Obama tax proposal could hinder giving, charities fear

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.