The new tax, slated to go into effect on Dec. 1, applies to 23 services deemed by proponents to be non-essential.
Private-equity and hedge fund managers should pay higher taxes on their fees, according to some financial advisers.
Another threat to hedge fund managers: A new proposal may keep them from deferring taxes on compensation, The Wall Street Journal reports.
Pension funds would be adversely affected if taxes on private-equity were raised, said witnesses.
Senate hearings on taxing-carried interest begin tomorrow, but reports predicting its impact are out now.
The chairman of Josephberg Grosz & Co. was sentenced to four years and two months in prison for evading tax payments on the sale of tax shelters.
The tax-services giant reported a first-quarter net loss of $302.86 million, or $0.93 per share.
Blackstone Group claims its yearly tax tab would increase by $525 million under legislation proposed in the Senate.
Raising taxes on private equity managers probably won’t generate a whole lot of money, according to a new study.
Proposed IRS regulations that affect trusts and estates would carry with them a host of ills — including more trust fees for beneficiaries, additional work for financial advisers and increased client exposure to the alternative minimum tax — advisers and industry experts say.
Sen. Schumer wanted to increase the carried interest tax for a variety of partnerships that use a “two-and-20” structure.
The Senate is investigating another tax perk enjoyed by the hedge fund industry.
WASHINGTON — Estate planning lawyers are increasingly worried that Congress may not act on estate tax reform before the estate tax repeal expires at the end of 2010.
FINRA is sweeping B-Ds looking for improper early withdrawals from client retirement accounts.
Private equity executives today warned the Senate that higher taxes on carried interest would severely harm enterprises.
Democratic presidential candidate John Edwards wants to raise the capital gains tax from 15% to 28%.
As other countries reduce their corporate tax rates, the U.S. is becoming less competitive, according to the Treasury department.
Financial advisers who prepare various tax-related documents for their clients will likely think twice before signing off on returns that include dubious or aggressive tax positions.
The IRS is seeking information from Citigroup and Lehman Brothers, The Wall Street Journal said.
After a long, hard slog, H&R Block Financial Advisors Inc. has found its way to profitability, and it expects to stay there, but its parent company’s long-standing goal of turning millions of tax clients into brokerage clients remains elusive.
