Situation: Your clients have come to you interested in ways to avoid the alternative minimum tax. They currently reside in Kentucky and make a combined income of $85,000 from salary and wages.
The incoming Obama administration is likely to act quickly to kill the Bush tax cuts for households with incomes over $250,000 a year, and they may move to make any new tax law retroactive to Jan. 1, 2009.
Transit authorities, which are now facing about $4 billion in fees for AIG-backed tax shelters, are reaching out to the government for help, according to The New York Times.
Suppose one of your clients received a large amount of stock in the New York-based Metropolitan Life Insurance Co. when MetLife converted from mutual to public ownership in 2000.
Barclays Capital is combining its family of indexes with those of Lehman Brothers under the Barclays Capital Indexes name, said Waqas Samad, head of Barclays Capital’s index products group.
The dramatic drop in stock holdings has advisers working closely to help investors determine whether to claim tax losses.
Investors are more likely to change their investments strategies if government raises the capital gains tax, according to a survey released today by Eaton Vance Corp. of Boston.
The TCJA enacted major changes on what expenses investors can claim on their tax returns. Find out which portfolio management fees are tax-deductible
By following some very specific rules set forth by the Internal Revenue Service, your client can choose to participate in a Section 1031 exchange and defer payments of federal income taxes on the gains.
An Internal Revenue Service notice, which became effective Sept, 22, provides guidance on the use of the Exchange Stabilization Fund.
The House of Representatives approved legislation yesterday that would relieve about 25 million middle-class taxpayers from paying the alternative minimum tax this year.
Your clients, who are ordinary investors, still hold substantial positions in Lehman Brothers and Fannie Mae stock in their portfolio and are wondering what they should do to claim a tax loss for the year.
An employer provided a worker with a lump-sum payment of approximately $35,000 during the first year of his disability, which he declared as income when he completed his tax return.
Handful of firms peddled equity swaps, stock loans to clients; 'IRS pussyfooted on this.'
Generally, under Internal Revenue Code Section 61(a)(12), income from discharge of debt is includible in gross income. This
The TCJA eliminated the tax deductibility of most portfolio fees. So, when are investment management fees tax deductible? Read on and find out
Selling covered calls is a common strategy employed by many investors to en-hance the return of their equity position.
A married couple has cut back on their charitable donations and are instead volunteering their time and services.
Under IRC Section 108, certain exceptions allow a taxpayer to exclude COD income from gross income.
Martin Liechti has returned to Switzerland more than three months after he was detained material-witness warrant.
