Income taxes

A chief counsel memo says taxpayers who want to claim tax deductions for donating cryptocurrency need to first receive a "qualified appraisal" if the amount exceeds $5,000.

The Internal Revenue Service pledged to improve taxpayer service this year.

Amid the end of pandemic credits and investment losses, filing a federal return this year has sobering moments.

Thomas Pacilio admitted that he hid more than $1 million in proceeds over four years from the sale of his practice to RSM Wealth.

The new year brings a new tax season and the opportunity to advise clients on ways to save money on their taxes.

From sea changes with inherited retirement plans to the ETF juggernaut, here's what advisors grappled with for affluent clients.

More tax savings means happier clients and potentially wealthier financial advisors.

Donor-advised funds are under scrutiny for providing a tax break but not funneling money to charities.

Taking the prize in annual installments over 29 years, rather than all upfront, dramatically increases the windfall. Lottery victors with seven-figure winnings can also reduce their tax bill.

The flow of money from private foundations to donor-advised funds has jumped substantially in recent years, highlighting the increasing use of a controversial loophole in charitable law, a new audit shows.

Inflation adjustments to tax brackets mean many Americans will owe less money to the IRS. But persistent inflation may erode the boost.

Florida, Texas and Arizona are the top destinations; the first two have no income tax, and the third is moving to a flat rate soon.

Donor-advised funds, favored by rich businessmen and celebrities, rack up tax benefits while delaying charitable giving.

Many see Social Security reform as needed but question remedies put forward by Rep. Angie Craig and others in Congress.

The Empire State is expanding a tax break that allows smaller companies to circumvent the $10,000 limit on state and local tax deductions.

DAFs have been receiving more than half their contributions from complex assets such as shares of public and private companies, real estate and cryptocurrency in the past five years.

Senator Joe Manchin and Majority Leader Chuck Schumer have struck a deal on a tax, energy and climate bill, breaking a deadlock on the Democrats’ long-sought legislation to enact major parts of President Joe Biden’s agenda.

The guidelines can help planners with charitably minded clients steer clear of compliance thickets and run-ins with the IRS.

Workers in the U.S. who are increasingly job-hopping these days risk making one of the biggest financial mistakes out there.

While the chances of scrutiny are relatively low, these issues can put a wealthy taxpayer on the agency’s radar.