Estate taxes

The outcomes of two elections in Georgia that are scheduled for Jan. 5 are expected to determine the balance of power in the Senate and may also have an impact on the kind of tax planning that accountants should be advising their clients to do.

Whether the law changes next year or in 2025, wealthy clients can save by using the generous provisions now.

Whatever the outcome in November, taxpayers and their advisors should prepare for changes, an expert says.

Gifting embedded loss assets can avoid a step-down in basis and preserve capital losses. Here's how to go about it, under several scenarios.

The Internal Revenue Service is giving taxpayers a break if the checks they mailed in to pay their taxes still haven’t been opened up yet and are sitting in the trailers the IRS set up during the pandemic.

Many clients have seen the value of their investment accounts drop, making this a good time for planners to prove their value

The funds may be gaining traction among older investors with significant assets, but rarely live up to their billing.

When his dad passed away, my client would have to probate 60 different stocks and a New York property, plus handle charitable contributions. At the same time, 13 grandchildren would breathe down his neck for their inherited shares.

Without the marital deduction, a certain category of married clients will have challenges inheriting property outright.

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