Tax

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Advisers worry billionaires tax proposal would expand to other income levels
RETIREMENT REGULATION AND LEGISLATION OCT 26, 2021
Advisers worry billionaires tax proposal would expand to other income levels

An annual levy on the unrealized capital gains of ultra-wealthy people 'is a slippery slope' that could draw in millionaires and more, one adviser said.

Managing your clients' expectations around Social Security
RETIREMENT RETIREMENT PLANNING OCT 25, 2021
Managing your clients' expectations around Social Security

Don’t let clients sabotage their retirement plans because of fears about the program’s finances. Advisers can help clients put trust fund solvency woes into perspective.

Tax hikes could fall away as Democrats shrink Build Back Better bill
RETIREMENT RETIREMENT PLANNING OCT 21, 2021
Tax hikes could fall away as Democrats shrink Build Back Better bill

But an executive at Schwab says increasing the top capital gains rate and lowering the estate tax exemption could make it into a compromise measure.

Do you have undisclosed crypto? If so, it's time to decide your future
RETIREMENT OPINION OCT 15, 2021
Do you have undisclosed crypto? If so, it's time to decide your future

Claims that crypto is 'untraceable' and the 'perfect tax haven' have been exploded. Those who bought into this mythology have to decide what to do.

Social Security announces 5.9% COLA for 2022
RETIREMENT RETIREMENT PLANNING OCT 13, 2021
Social Security announces 5.9% COLA for 2022

The cost-of-living adjustment will result in the largest increase in retirement benefits and taxable wages in 40 years.

UBS sued over muni-bond snafu that cost clients
RETIREMENT FIXED INCOME OCT 08, 2021
UBS sued over muni-bond snafu that cost clients

UBS Financial Services misreported interest paid on taxable munis, resulting in higher tax bills for clients, according to a lawsuit.

Almost half of retirees won't have enough income by 2090
RETIREMENT RETIREMENT PLANNING OCT 06, 2021
Almost half of retirees won't have enough income by 2090

A report from the Urban Institute found Social Security cuts, tax increases, longer working years and higher savings levels are needed to keep retirees from funding crises in the coming years.

Ultra-rich have a tax problem: Not knowing when to sell
RETIREMENT RETIREMENT PLANNING OCT 01, 2021
Ultra-rich have a tax problem: Not knowing when to sell

Legislators are preparing to raise taxes on those earning more than $400,000, but almost everything about the tax package is up in the air, including the new rates and when the various provisions go into effect.

Media coverage of Social Security could affect claiming age
RETIREMENT RETIREMENT PLANNING SEP 27, 2021
Media coverage of Social Security could affect claiming age

A new study from the Center for Retirement Research at Boston College found news reports could lead to misconceptions about Social Security trust funds, and could influence retirement savers to claim earlier than otherwise planned.

Putting Social Security's financial outlook in perspective
RETIREMENT RETIREMENT PLANNING SEP 17, 2021
Putting Social Security's financial outlook in perspective

The acceleration in the projected depletion of the trust fund is bad, but given that this was the first report to include the effects of the pandemic-induced recession, the news could have been worse.

ETFs could lose key tax advantage
RETIREMENT MUTUAL FUNDS SEP 16, 2021
ETFs could lose key tax advantage

Draft legislation from Senate Finance Committee Chairman Ron Wyden of Oregon would end a system of deferred taxes on capital gains linked to ETFs.

House tax proposal would close door on popular back-door Roth IRA conversions
RETIREMENT RETIREMENT PLANNING SEP 15, 2021
House tax proposal would close door on popular back-door Roth IRA conversions

The Ways and Means Committee approved $2.3 trillion in tax hikes to pay for the Biden administration's sweeping social and climate spending plan.

Advisers express relief at tax increases proposed in budget bill
RETIREMENT REGULATION AND LEGISLATION SEP 13, 2021
Advisers express relief at tax increases proposed in budget bill

The House Ways and Means proposal does not include taxing unrealized capital gains on inherited assets and the hike it suggests in the capital gains tax rate is not nearly as big as some feared.

Democrats slim Biden tax plan
RETIREMENT REGULATION AND LEGISLATION SEP 13, 2021
Democrats slim Biden tax plan

In an attempt to appeal to moderates, House Democrats have proposed a package of tax increases that would raise the top rate on capital gains from 20% to 25%, instead of the 39.6% that Biden proposed.

House committee approves auto-IRA legislation
RETIREMENT RETIREMENT PLANNING SEP 10, 2021
House committee approves auto-IRA legislation

Two Democrats joined all Republicans on the panel in opposing the measure, which is designed to expand workplace retirement savings and would impose a tax on businesses that don't set up plans.

House Ways and Means Committee to vote on auto-IRA legislation
RETIREMENT RETIREMENT PLANNING SEP 07, 2021
House Ways and Means Committee to vote on auto-IRA legislation

Under the legislation, which could become part of the $3.5 trillion budget bill working its way through Congress, employers that don't offer a retirement plan would have to establish an auto-IRA or 401(k) for their workers.

Social Security trust fund to be depleted 1 year sooner than expected
RETIREMENT RETIREMENT PLANNING AUG 31, 2021
Social Security trust fund to be depleted 1 year sooner than expected

The 2021 Trustees Report shows the trust funds will run dry in 2034 as a result of the economic fallout from the pandemic.

Helping philanthropic clients get the most out of their giving
RETIREMENT RETIREMENT PLANNING AUG 30, 2021
Helping philanthropic clients get the most out of their giving

David Foster found his niche when he realized how difficult it was to make sure his donations were having the desired impact.

Social Security Trust Fund report to document impacts of Covid-19
RETIREMENT RETIREMENT PLANNING AUG 30, 2021
Social Security Trust Fund report to document impacts of Covid-19

The long-delayed report, which is due every year no later than April 1, is expected this week and should highlight the pandemic's impact on program funding.

Serial spouse has several Social Security claiming options
RETIREMENT TAX AUG 25, 2021
Serial spouse has several Social Security claiming options

The woman, who's twice divorced and widowed, can select the biggest of the benefits available.