IRS

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.

Contribution limits in a Roth IRA could shrink for couples after marriage.

Overall donations to charity organizations fell by 1.7%, while total individual giving decreased by 1.1%, the first drop since 2013.

Which is better? An SEP plan or solo 401(k)?

Clients won't be taxed as the result of a deal if they hold the shares in ETFs or index mutual funds.

Despite changes in the new law aimed at scrapping a penalty for most new couples, those from high-income households may owe more this year.

The agency is asking taxpayers to account for multiple jobs within a household and to factor in the $2,000 child tax credit for each kid under 17.

The limit on deductible contributions to health savings accounts will jump by $50 for individuals and $100 for families next year.

A lump-sum distribution for net unrealized appreciation on employer stock can slash a tax bill in half, but there’s plenty of fine print.

With income taxes attached to hardship withdrawals, they are often advised to carefully weigh other options.

The agency processed more of every major type of form during FY 2018 than during the prior year, with the exception of estate tax returns.

The chances of getting audited for people making at least $10 million plunged during the last fiscal year, IRS data shows.