IRS

Technology, declining budgets and other factors are radically changing how and which tax returns get looked at.

Despite recent tax law changes, recharacterizations are still possible and can prove a valuable strategy to correct such missteps.

Buyout amounts are high right now, but there are many other factors to consider when guiding your client to the right choice.

Payouts from pensions and tax-deferred accounts are usually not taxed in states without a state income tax or with levies only on interest and dividends.

Since 2011, when Occupy Wall Street protesters rallied under the slogan “We are the 99%,” the income threshold for the top 1% is up an inflation-adjusted 33%.

High-deductible plans open the door to tax breaks for high-income investors, an expert says.

The IRS estimates it sent about 113.4 million refund checks to taxpayers, down from 116 million sent a year earlier.

Retirees often only take distributions when they are forced to do so because of the IRS’ RMD rules, an expert says.

Armed with some specific details, advisors can explain why the seductive option is both too good and too good to be true.

The guidance is the first since 2014 and comes as tax auditors are increasingly focusing on examining individuals with cryptocurrency investments.

Despite raised thresholds, advisors can still find big itemization opportunities if they know where to look.

Establishing an S corporation would protect their profits from federal income taxes of more than 23.8%, an expert says.

Advisors may need to alert clients as to when these checks will be taxable.

Advisors may be able to shift taxable income and potentially save on employment taxes, as well.

LIMRA predicts that lower interest rates will cut into the record sales, but two top issuers received IRS rulings they say will help RIAs offer the products.

Some cryptocurrency investors are receiving a new round of letters from the IRS telling them that their federal tax returns don’t match the information received from virtual currency exchanges, a new front in the agency’s burgeoning scrutiny of the industry.

Clients are advised to consider delaying their Social Security benefits, as up to 85% will be subject to income taxes, an expert says.

More than 10,000 cryptocurrency investors received open letters from the IRS informing them that they may owe taxes on their digital holdings.

Taxpayers are advised to thoroughly review their tax withholding to ensure there is enough to cover their 2019 bills.

Those who fail to meet the cutoff face a hefty penalty that could hit as much as 25% of their dues.