Biden Administration

With the White House’s proposed Build Back Better legislation and its impact on taxes in limbo, advisors have time to implement key tax planning techniques.

President Biden's executive order on cryptocurrency assets and a central bank digital currency marks the beginning of the administration's efforts to integrate crypto technology into the financial regulatory apparatus. That process has important implications for banks in the near term and down the road.

Advocates say they'll continue pushing for the write-off, but it is not widely popular.

The home buying process has undergone significant changes. The pandemic has profoundly altered the mortgage lending market. The continuation of remote work, relocation out of key urban areas, a growing preference for online possibilities, and the deployment of artificial intelligence applications are only a few trends that are shaping the industry. Join Heidi Patalano, Editor-in-Chief of National Mortgage News and Beth O'Brien, Founder and CEO of CoreVest Finance as they discuss how lenders can stay competitive and meet the needs of home buyers in the fast evolving mortgage business.

Well-off professionals in costly areas of the U.S. are set to get a windfall from competing plans to change the deduction limit for state and local taxes.

The Build Back Better reconciliation bill would raise the SALT cap to $80,000 from $10,000, and that impact varies widely from state to state.

Community banks have played and will continue to play a key role in supporting local economies across the country. Join us in a lively conversation with Dennis E. Nixon, President & CEO of International Bank of Commerce (Laredo, Texas) & Chairman, International Bancshares Corporation and Eddie Aldrete, Senior Vice President at International Bank of Commerce as we discuss: (1) the need for bankers and the business community to become involved in political issues. From minimum wage and issues that affect small businesses to regulatory issues that directly affect the banking industry, banking and business leaders need to be thought leaders in the public conversation and (2) how bankers can play a pivotal advocacy role in the free trade process.

Most advisors don’t know about the tax benefit for qualified small business stock, which can put millions of dollars tax-free into an entrepreneur-client’s bank account.

Eliminating the step-up in basis for calculating taxes may not become law, but it’s worth exploring options with your small enterprise-owner clients, says Sophia Duffy.

Trusts aren’t just for the .01%, as some advisors sell mass affluent and high-net-worth clients on their tax benefits.

Other banks, including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, have yet to resume giving to federal candidates or committees.

Eliminating the benefit often used by private equity firms is one of the reforms Biden and Democrats are planning to use to help pay for the biggest social spending expansion in decades.

The near doubling of the capital gains tax rate would have a large impact on the net profit from any sale of any capital asset.

(Bloomberg) — An unpleasant surprise for wealthy Americans lurks halfway through a 114-page document released by the U.S. Treasury late last month.

It’s counterintuitive, but the cash benefit of delaying payouts can outweigh rate increases, thanks to compounding over time.

Some clients may have to pay the money back if their jobs or salaries change.

The proposed changes are worrying investors and their tax advisors, especially the possibility of making them retroactive.

Individuals have already started receiving requests for information, according to tax attorneys.

Cryptocurrency exchanges, many of which aren't based in the U.S., don't require any registration or account information, writes Alexis Leondis.

"Inheritors are going to get killed" under the White House’s proposal to put the brakes on tax-free intergenerational transfers of wealth.